Will Singapore continue to be India’s largest foreign investor?
Which jurisdiction is India’s largest source of Foreign Direct Investment (FDI) in the 2018-19 financial year?
Which jurisdiction is India’s largest source of Foreign Direct Investment (FDI) in the 2018-19 financial year?
With the current administration ramping up efforts to encourage foreign nationals to invest in the Philippines, it is expected that there will be an increase in the number of foreign individuals who will either work in or visit the Philippines. As a result, foreign nationals are mandated to register with… – Continue reading
The prime minister is seeking to end Pakistan’s rampant tax evasion as he secures a major IMF bailout. Only about 2 million tax returns are filed in Pakistan annually. Pakistani Prime Minister Imran Khan, who ran on a campaign of tackling corruption, gave a televised address on Monday calling on… – Continue reading
Britain reprimanded by India? ... - Continue reading
Tax technology giants to be taxed by the Group of 20 nations ... - Continue reading
Minh Phu Seafood JSC, one of Vietnam’s biggest shrimp processors, is suspected of selling imported Indian shrimp to evade anti-dumping tariffs. On May 12, Illinois representative Darin LaHood said he had received an email petition accusing Minh Phu of evading anti-dumping duties on Indian shrimp in the U.S. The email… – Continue reading
Three Victorian properties valued at $4.2 million were today forfeited to the Commonwealth by order of the Melbourne Supreme Court. This is the first forfeiture action under the terms of the Joint Agency Arrangement (JAA) on economic crime cooperation between the Australian Federal Police (AFP) and the People’s Republic of… – Continue reading
Dual Residency gets attracted when an expat in the year of move qualifies as a resident of the host country (i.e., the country in which he is deputed) as well as home country (i.e., the country of his residence). On account of dual residency, an expat can be doubly taxed… – Continue reading
National Board of Revenue is building up profiles of the multinational companies operating in the country for the purpose of conducting audits on the MNCs’ accounts to prevent tax evasion through misuse of transfer pricing system. Transfer Pricing Cell (TPC) of NBR is also conducting risk assessment of the companies’… – Continue reading
Amendment in treaty for OECD/G20 base erosion profit shifting (BEPS) plan signed ... - Continue reading
The government is likely to introduce third-party information system from the next financial year to check tax evasion as part of the government aim to mobilise half of the total revenue from income tax by 2020-21. Officials said that of the introduction of the system is likely to be proposed… – Continue reading
Death and taxes. This pretty much sums up Revenue Regulations (RR) 6-2019, issued by the Department of Finance and the Bureau of Internal Revenue (BIR), implementing the estate tax amnesty provisions of Republic Act (RA) 11213, the “Tax Amnesty Act of 2019” or Tax Amnesty Act. The regulations take effect… – Continue reading
With the present outdated and corrupt tax system, FBR cannot collect taxes as per its real potential — even proposed target of Rs5500 billion for next fiscal year 2019-20 would be an uphill taskThe Pakistani state does not need any borrowing, if all the citizens, especially the rich, are taxed… – Continue reading
High Court sets aside section 197 order due to absence of prima facie evidence of tax avoidance Rejects factors such as lack of business activities and administrative expenses as conclusive of sham transactions Holds that a detailed inquiry can be conducted during normal assessment Directs refund of withheld tax subject… – Continue reading
Last week, the Bank of Russia has published data on key indicators of the balance of payments for the first four months of the current year. One of them — the balance of financial transactions of the private sector. It was negative and amounted to 34.7 billion dollars. Translated into… – Continue reading
The Bureau of Internal Revenue (BIR) filed on Thursday tax evasion charges against five corporate taxpayers under the jurisdiction of the Quezon City revenue region for alleged refusal to pay tax debts totaling to more than P71 million.The criminal complaints filed before the Department of Justice (DOJ) brought to 454… – Continue reading
“The FBR is contemplating upon options to reduce numbers of WHT by 50 percent bringing it down from existing 50 to 25 in totality in the upcoming budget,” top official sources in FBR confirmed to The News here on Wednesday. Official data shows that there are some withholding taxes where… – Continue reading
On 24 May 2019, Cyprus ratified the first-time double tax treaty it had signed with Kazakhstan on 15 May 2019 (the DTT). Certain legal procedures now need to take place in both states following which the DTT will ‘enter into force’. The DTT will be ‘in effect’ as from the… – Continue reading
On July 4, 2018, Hong Kong’s Inland Revenue Department passed the country’s final Inland Revenue (Amendment) (No. 6) Bill 2017, (the Amendment Bill). This Amendment Bill (which became law on July 13, 2018) specified the documentary requirements from a transfer pricing perspective and also introduced measures to address various recommendations… – Continue reading
The National Tax Service has launched an investigation into 104 individuals and corporations suspected of offshore tax evasion.The National Tax Service of South Korea launched an investigation targeting 104 individuals and corporations suspected of offshore tax evasion. The number is likely to increase over time. The targets include Orion Holdings… – Continue reading
Policy tweaks curb evasion, show India can woo investments without sops Singapore, another major FDI contributor to India, too, enjoyed the same tax sops under a similar treaty with India NEW DELHI: For about a decade-and-a-half, revenue authorities examining foreign investment proposals received by the erstwhile Foreign Investment Promotion Board… – Continue reading
The Bureau of Internal Revenue (BIR) will release within the next few days the final estate tax amnesty regulations to settle the estimated P6.2 billion outstanding tax debts due from the heirs of the decedents all over the country. Taxpayers are given two years from the effectivity of the finalized… – Continue reading
Under Modi government, the total funds held by Indians with Swiss banks in 2016 stood at a record low of 676 million CHF (Swiss francs), which was about Rs 4,500 crore In a significant move to share financial information with India, the Swiss authorities have shot notices to 11 Indians… – Continue reading
The National Board of Revenue recommended that the proposed guidelines on local entrepreneurs’ overseas investment should include provisions that the interested businesses have no overdue taxes in Bangladesh and have to employ minimum 30 per cent Bangladeshis in overseas projects. The NBR made the suggestions in its observations sent last… – Continue reading
Also arrested is a former senior local council figure suspected of advancing interests in return for benefitsFour people were arrested and five detained for questioning in connection with the suspected international laundering of millions of shekels over a long period, police said Sunday. The four include a former senior elected… – Continue reading
Lawmakers should consider the country’s latest credit rating standing in approving the remaining tax reform proposals of the government, Finance Secretary Carlos Dominguez 3rd said. “I hope that, with this credit rating upgrade recently, the Senate will really consider passing these bills that will redound to the benefit of the… – Continue reading
ISLAMABAD: Pakistan and Bulgaria on Tuesday signed an agreement to get rid of double taxation and cooperate in preventing tax evasion as a state delegation from the European Union member country concluded its two days visit. The Federal Board of Revenue (FBR) Director General and Deputy Minister of Economy Bulgaria… – Continue reading
India gaming giant Delta Corp. saw a substantial selloff if its shares last week after reports started surfacing that the country’s government could be investigating the company for possible tax evasion. Only on Friday, the amount of shares dropped 12% as shareholders became nervous and started looking at ways to… – Continue reading
Secretary of Foreign Affairs Teodoro Locsin Jr. had his introductory visit to Singapore on May 7 to 10 at the invitation of Minister for Foreign Affairs Dr. Vivian Balakrishnan. Locsin called on Prime Minister Lee Hsien Loong on May 8 where they both reaffirmed the warm and longstanding relationship between… – Continue reading
In our April 21 article, we discussed Revenue Regulations (RR) 4-2019, the implementing rules and regulations covering the Tax Amnesty on Delinquencies (TAD) under Republic Act 11213, the “Tax Amnesty Act of 2019.” The regulations took effect on April 24, 2019. Under the TAD, any person may enjoy the benefits… – Continue reading
Finance minister AHM Mustafa Kamal has said that the foreign companies will be required to have local partners for doing business in Bangladesh as the government wants to bring them under the tax net. ‘No foreign company can do business alone here any longer,’ he told reporters on Thursday after… – Continue reading
The Republic of Cyprus and Kazakhstan signed on Wednesday a Convention for the Avoidance of Double Taxation and for the combating of Tax Evasion with respect to taxes on income. According to a press release issued by the Public Information Office, the Convention was signed in Nursultan, Kazakhstan, by the… – Continue reading
Only a million people out of a population of more than 208 million pay income tax in Pakistan Recently signed IMF bailout plan requires government to squeeze around $5 billion in extra taxes ISLAMABAD: Pakistan’s government on Tuesday announced a new tax amnesty scheme aimed at broadening the government’s revenue… – Continue reading
Globalisation of the economy has resulted in a shift in the way Singapore corporations operate – from local country-specific business models, to global integrated supply chains which centralise functions at a regional or global level. Singapore, in particular is a popular location to house regional and global operations, due to… – Continue reading
The winners of International Tax Review’s 2019 Asia Tax Awards have been announced with Ernst & Young named Tax Firm of the Year. After three consecutive crowns in the Asia Tax Awards’ Tax Firm of the Year category, KPMG has this year been bumped from the podium by fellow Big… – Continue reading
KUWAIT: The Kuwaiti-Iraqi joint committee held its seventh session in Kuwait on Sunday under the chairmanship of Deputy Prime Minister and Minister of Foreign Affairs Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah and Iraqi Foreign Minister Dr Mohammad Ali Al-Hakim. The session resulted in the signing of a number of agreements, memorandums… – Continue reading
KARACHI: Number of tax return filers has increased around seven percent year-over-year to hit the record 1.96 million for the tax year 2018 as the government extended the deadline of filing three times to April 30, sources said on Wednesday. The FBR received 1,963,348 returns by April 30, 2019, which… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) has documented Rs75 billion worth of properties during the first nine months of the current fiscal year of 2018/19 under a tax amnesty scheme; although the revenue collection fell a quarter year-on-year on uncertainty about the concessions, sources said on Tuesday The sources… – Continue reading
A former chiropractor who evaded paying more than $500,000 in income taxes and didn’t report a Russian bank account where he deposited more than $1.5 million is now headed to prison. Federal prosecutors say Carlo Amato received a five-year sentence Tuesday. The 57-year-old Beachwood man owned and operated a Lakewood… – Continue reading
THE Bureau of Internal Revenue (BIR) will run after 19 service providers that employ unregistered foreign workers, and have initial tax discrepancies totaling P1 billion. In a statement on Monday, the tax bureau said it had created a task force to probe companies that employ foreigners for possible violations of… – Continue reading
The AML Council is seeking additional powers to combat financial crime, including the lifting of the bank secrecy law, which would allow it to check all accounts regardless of transaction thresholds. The Philippine AMLC (Anti-Money Laundering Council) is seeking additional powers to combat financial crime as part of the BSP… – Continue reading
Eleven Thai restaurateurs failed to declare $12 million cash income, drove luxury vehicles, had designer handbags and Rolex watches, prosecutors allege. At the High Court in Wellington on Monday, the 11 pleaded not guilty to 64 charges of evading or attempting to evade income and GST tax, filing false tax… – Continue reading
Bangladesh has lost $5.8 million in tax revenue in 2016 due to profit shifting in forms of royalties, fees and IT charges by British American Tobacco Bangladesh, according to a recent report of Tax Justice Network. The UK-based tax rights group in the report said from 2014 to 2016 BAT… – Continue reading
Tax amnesty is defines as “grant of an opportunity to a specific class of society to declare their undeclared assets by payment of a meagre amount of tax in addition to grant of immunity from default surcharge, penalties and prosecution”. It is introduced by the governments to fulfill the slogan… – Continue reading
For every dollar British American Tobacco (BAT) paid in tax in the countries it operates in, the giant multinational shifted more than half a dollar that would have been taxed locally to a UK subsidiary where BAT paid almost no tax. New analysis by the Tax Justice Network estimates Bangladesh,… – Continue reading
As per the agreement, it is intended to provide relevant and reliable information to perform an efficient and robust transfer pricing risk assessment analysis. Aimed at providing relief to subsidiaries of US multinationals and ensuring a check on cross-border tax evasion, India has notified the inter-governmental agreement with the United… – Continue reading
—Says exemption to facilitate capital inflow by relaxing account opening, registration process ISLAMABAD: The Pakistan Stock Exchange (PSX) in its proposals for budget 2019-2020 has recommended exemption of capital gain tax (CGT) on disposal of securities by foreign investors. Budget proposals for next fiscal year 2019-20, available with Pakistan Today,… – Continue reading
Bangladesh and the Maldives agreed to sign double taxation avoidance agreement (DTAA) to boost bilateral trade. To this end, both the countries on Wednesday held the second round of negotiation in Dhaka at the BCS (Tax) Academy and signed an agreed minutes for the DTAA, said a National Board of… – Continue reading
Finance minister AHM Mustafa Kamal has assured Bangladesh Securities and Exchange Commission that he would consider addressing the issue of double taxation against investment in listed companies, BSEC said on Tuesday. The minister gave the assurance at a meeting with officials of the market regulator held at the BSEC office… – Continue reading
According to sources, the raids were conducted at Mr Nath’s nephew Ratul Puri’s company, Hindustan Powerprojects Pvt Ltd on April 7. New Delhi: The income tax department has detected tax evasion of more than Rs 1,350 crore during search and seizure operations conducted against Hindustan Powerprojects, a company owned by… – Continue reading