China has made significant strides in the past five years in building up its regulation in the area of double taxation avoidance, as well as implementation assurance techniques. Following the 2008 Corporate Income Tax Law, which laid the basis for anti-avoidance in China, the State Administration of Taxation (SAT) issued… – Continue reading
Offshore Incorporations Limited (OIL), a division of OV Group, a company formation and corporate service specialist focused on serving the financial and professional intermediary sectors, has released its fifth annual market research report “Offshore 2020”. This year, over 300 global senior industry stakeholders were surveyed, highlighting major trends and providing… – Continue reading
On Wednesday, when the Supreme Court accepted and handed over the sealed envelope from the government carrying the Swiss bank account details of Indians to the special investigation team, what seems to have won is the concern over the double taxation avoidance treaty (DTAT) and many such agreements that the… – Continue reading
HT Correspondent, Hindustan Times New Delhi, October 29, 2014 First Published: 09:16 IST(29/10/2014) | Last Updated: 10:26 IST(30/10/2014) The government on Wednesday submitted a list of 627 Indians holding accounts in HSBC Bank, Geneva, to the Supreme Court, which directed its special investigating team (SIT) to examine them and take… – Continue reading
VietNamNet Bridge – Recent surveys about the tax policies applied to foreign-invested enterprises (FIEs) show that Vietnamese have become choosier about foreign direct investment (FDI) and FIEs (foreign-invested enterprises). “Do you think that the FIEs in Vietnam are transparent in tax payments?” was one survey question raised by Thoi Bao… – Continue reading
NEW DELHI: The Supreme Court’s directive on sharing the names of overseas account holders has raised worries about India’s commitment to the confidentiality clause in various tax treaties and may impact remittances from the US. Any move to make the names public without prosecution may hamper signing of the Foreign… – Continue reading
Furious at what it sees as the Modi government’s flip-flops on the black money issue and selective revelation of names of Indians holding foreign bank accounts, the Supreme Court on Tuesday ordered it to disclose by Wednesday the names of around 800 holders of accounts abroad. A bench led by… – Continue reading
NEW DELHI: Even as the present debate over black money is focused mostly around the names of 628 Indians with account in HSBC, Geneva, the authorities have a list of another 612 Indians with accounts in tax havens around the world. The names of these 612 Indians emerged in 2013… – Continue reading
In its first report submitted to the Supreme Court, the Special Investigation Team (SIT) on black money has sought an investigation unit, with the Enforcement Directorate as the nodal co-ordinating agency. The court-appointed SIT, headed by retired Supreme Court judges M B Shah and Arijit Pasayat, has made several recommendations… – Continue reading
NEW DELHI – The Indian government has handed over to the Supreme Court a list of more than 600 Indians with unauthorized foreign bank accounts as it attempts to crack down on rampant tax evasion. Prime Minister Narendra Modi says he wants to prosecute people who park their money abroad… – Continue reading
* Leumi says working with NY State regulators on settlement * Says too soon to estimate final amount of deal * Bank rejects $300 mln settlement offer from NY State * Leumi has provisioned 950 mln shekels for final settlement * Share price falls 1.9 pct in Tel Aviv trading… – Continue reading
The United Arab Emirates (UAE) and Luxembourg on October 26, 2014, signed a protocol to amend their double tax agreement. The protocol revises provisions in the treaty, which dates back to November 2005, the UAE’s Ministry of Finance said. In particular, the scope of the treaty has been expanded to… – Continue reading
Bellary: While Union finance minister, Arun Jaitley has warned the Congress it could be embarrassed once the names of people holding illegal foreign accounts are made public, local mining industry sources say the BJP too could be in for some embarassment as its once powerful leader and jailed mining czar,… – Continue reading
KUCHING: Accounting firm Deloitte Malaysia stressed on the government increasing focus on transfer pricing whereby there is a new requirement for taxpayers to declare if one has prepared all the necessary transfer pricing documentations. In the past, one was only required to disclose related-party transactions but there was no requirement… – Continue reading
New York’s banking regulator will ask for more than $300 million to settle an investigation into whether Bank Leumi Le-Israel (LUMI) BM helped Americans evade taxes, a person familiar with the matter said. Benjamin Lawsky, head of the state’s Department of Financial Services, is seeking more than what the bank… – Continue reading
Move will have dramatic implications for both overseas investors with assets in Israel and Israelis with undeclared assets abroad. Israel will be joining an international mechanism for the sharing of information on financial accounts, the Finance Ministry announced Monday. The cross-border exchange of information, which is due to be in… – Continue reading
Background The “Authorized OECD Approach” (“AOA”) rule for taxation of permanent establishments (“PE”) was introduced in Japan’s 2014 tax reform and will be applied to fiscal year commencing April 1, 2016. The new rule includes changes to source rules, the introduction of transfer pricing to intra-company transactions, and the introduction… – Continue reading
Noting that tax evasion is not a criminal offence in Switzerland, a senior Swiss official has acknowledged differences with India on what can be made public about Indians having unaccounted money parked in Swiss banks. However, the Swiss Foreign Ministry official hoped that with the advent of the new government… – Continue reading
The government may have revealed the names of three black money account holders, but will it be able to get the money back or catch big fishes who have stashed the illegal money in tax havens across the globe. As of now it seems impossible. With at least three different… – Continue reading
On Monday when the Centre revealed the names of Indians with bank accounts in Switzerland, a customary call to a chartered accountant made sense. Straight up, the question was how to make sure that a person be financially healthy and disciplined, without having back-of-the-mind worries of the tax man knocking… – Continue reading
At the 68th Congress of The International Fiscal Association in Mumbai, CBC-TV18’s Payaswini Upadhyay spoke to Sanjay Puri, Director, CBDT on the OECD’s work on Transfer Pricing principle of intangibles and India’s position on it and the kinds of transactions that the Department is looking at in the intangibles space…. – Continue reading
Behind the step-by-step approach in the government’s disclosure of names of foreign bank account holders is the confidentiality clause under the Double Taxation Avoidance Treaty (DTAT) that prevents making public the identity of the account holders. Finance Minister Arun Jaitley had earlier said the names of persons would be disclosed… – Continue reading
Finance ministers from at least 37 countries will take the biggest step yet in fighting tax evasion at a conference this week hosted by Germany’s Wolfgang Schaeuble, German officials said. Fifty states and jurisdictions are sending representatives to Berlin to sign an agreement on Oct. 29 on the automatic exchange… – Continue reading
An informed, mature and realistic debate on black money is too much to ask for in a country where the issue attracts intense, almost emotional public reaction. It does not help when political games and systemic problems in the economy that aid tax evasion and stashing of illicit money in… – Continue reading
The amendments see the addition of new provisions that were determined based on the Ministry of Finance’s suggestions Abu Dhabi: Obaid Humaid Al Tayer, Minister of State for Financial Affairs and Pierre Gramegna, Luxembourg’s Minister of Finance, today signed a protocol to amend the agreement on the avoidance of double… – Continue reading
NEW DELHI: The renewed vigour to unearth suspected blackmoney of Indians in Swiss bank accounts after a recent meeting of top officials on both sides is expected to initiate final prosecution in one of the most prominent tax crime cases related to Pune-based stud farm-owner Hasan Ali Khan. Sources privy… – Continue reading
NEW DELHI: Amid a growing clamour for naming of alleged black money holders, industry body Assocham today said the government should not prematurely disclose the names of such persons as it could hamper battle against this menace. “The double taxation avoidance treaties are important for the Indian residents and corporates… – Continue reading
SINGAPORE – Singapore and Britain will step up their cooperation in the development of the offshore yuan market with the launch of a forum next year. Private-sector players from both countries will hold the forum in Singapore early next year. The forum is part of a series of initiatives aimed… – Continue reading
Oct 24 (Reuters) – Taiwan’s Financial Supervisory Commission (FSC) has launched an enquiry into 10 Taiwanese banks with the largest exposure to Chinese companies, following a similar investigation by the country’s Ministry of Finance (MoF), bankers said on Wednesday. As a major shareholder, Taiwan’s MoF asked eight Taiwanese state-owned banks… – Continue reading
Introduction The economy has come to the forefront of the Second U.S. House District race between incumbent Democrat Dave Loebsack and Republican challenger Dr. Mariannette Miller-Meeks. Loebsack’s campaign accuses Miller-Meeks of being in favor of “special tax breaks to outsourcing corporations” and claims she partnered with a company that sent… – Continue reading
India along with 20 other countries today signed an agreement to become founding members of the China-backed Asian Infrastructure Investment Bank (AIIB) to aid the infrastructure development in the Asian region and reduce the dependence on Western-dominated World Bank and IMF. Usha Titus, Joint Secretary, Economic Affairs division of the… – Continue reading
Oct 24 (Reuters) – China is studying pilot schemes that will allow domestic investors to make overseas investments using the Chinese currency, a move that could pump fresh oxygen into the stagnant offshore yuan pool. “The central bank is designing RQDII (Renminbi Qualified Domestic Institutional Investor) and QDII2 schemes to… – Continue reading
India Blooms News Service New Delhi, Oct 24 (IBNS): Supreme Court advocate Ram Jethmalani, who was also an ex-BJP member, has written a letter to Finance Minister Arun Jaitley accusing him of not taking proper steps to bring back black money. n his letter, Jethmalani has slammed Jaitley’s stand that… – Continue reading
Wednesday, October 22, 2014 – The BVI Advantage was the theme of a feature presentation at the recent China Offshore Summit. The summit was held from October 15-16 in Shanghai, China. Global Head of BVI Practice at Maples and Calder, Mr. Michael Gagie presented on behalf of the BVI International… – Continue reading
Star Business Report The National Board of Revenue is set to gather information on Bangladeshis who have bought properties abroad, its Chairman Md Ghulam Hussain said yesterday. The decision was taken to check whether the individuals have paid an appropriate amount of taxes to the state coffers, Hussain said during… – Continue reading
MUMBAI: Leading Swiss banks are trying to distance themselves from some of the dodgy Indian clients who have twisted rules and could be a cause of embarrassment in future. At least four individuals — three based in Mumbai and one in Delhi — holding the famously anonymous Swiss numbered accounts,… – Continue reading
The European Union and Singapore have announced the completion of negotiations towards a free trade agreement (FTA), after concluding talks on the investment protection portion of the pact. Negotiations on an FTA between the EU and Singapore began in March 2010 and a text including all but the investment portion… – Continue reading
Fast-rising smartphone maker Xiaomi plans to move non-Chinese user data from China-based servers to Amazon servers in the US and data centres in Singapore. The company said the move, which will happen over several phases, is driven by performance and privacy isues, Reuters reported. VP Hugo Barra (pictured) said that… – Continue reading
A week after a high-level delegation of the revenue department met Swiss authorities in a bid to persuade them to assist with details of the 700-odd Indians who are reported to have bank accounts with the HSBC Bank in Geneva, the NDA government is set to send the first batch… – Continue reading
Around $180 million in undeclared offshore income has now been recovered as part of the amnesty, the ATO said. A further $1 billion in assets has also been recovered. Photo: Louie Douvis The Tax Office is keeping a close eye on foreign banks as part of its push to stop… – Continue reading
Business Standard October 23, 2014 Last Updated at 23:20 IST The Bombay High Court recently in the case of Vodafone India Services Private Limited (Vodafone) held that the foreign direct investment (FDI) received by the Indian company in the form of share capital cannot be taxed in India under the… – Continue reading
On 29 July 2014, the China State Administration of Taxation (SAT) released an internal notice to the China tax authorities at the provincial levels, in the name of “Notice on Antiavoidance Investigation against Large Amount Outbound Payments” (Circular Shui Zong Ban Fa [2014] No. 146, Notice 146), urging a nationwide… – Continue reading
China is set to increase its investment in foreign countries by at least 10% per year over the next five years, according to a senior official at the ministry of commerce. If the promise is fulfilled, it would mean China would be spending more on outbound investment than inbound investment…. – Continue reading
The financial regulator said on Tuesday that it has ordered four foreign banks operating in Korea to strengthen their anti-money laundering protections. The Financial Supervisory Service (FSS) inspected some 60 local and foreign banks to check whether they are equipped with relevant safeguards. Among them were the Seoul branches of… – Continue reading
Standard Chartered has notified thousands of UAE small and medium enterprise customers it is closing their accounts as it responds to pressure from US regulators to cut its risks following an anti-money laundering settlement. “We regret to notify you that Standard Chartered Bank will no longer be able to provide… – Continue reading
Madhya Pradesh : Chief Minister Shri Shivraj Singh Chouhan has directed for strict action in cases of tax evasion. He said that a scheme should be chalked out to reward people giving tip-off regarding tax evasion. Shri Chouhan was reviewing fiscal management of the state here today. Finance Minister Shri… – Continue reading
As Indian tax authorities have been slapping foreign firms with billions of dollars in unexpected tax bills, hundreds of global companies are now negotiating with the taxman here to clarify ahead of time what they will owe in the future, hoping to avoid surprises. In the past five years there… – Continue reading
In determining the optimum gateway for investing into India, reliance on industry data may be the most prudent opening gambit. Data released by India’s Department of Industrial Policy & Promotion peg Mauritius and Singapore as the top two destinations through which foreign direct investment and private equity capital is routed… – Continue reading
NEW DELHI: Finance Minister Arun Jaitley said the government has never said that it will not reveal the names of Indians who have undeclared income parked in foreign bank accounts. “The Congress will be embarrassed by the names when we reveal them in court,” said Mr Jaitley in an exclusive… – Continue reading
Bombay High Court holds that shares issued at a premium by a resident entity to a non-resident entity is a capital account transaction and does not give rise to any income; Income arising from an International Transaction between AEs must satisfy the test of ‘income; as provided under the ITA… – Continue reading
