Category: Philippines

‘Philippines should demand Thailand’s compliance with WTO cigarette ruling’

The Philippines should compel Thailand to abide by the World Trade Organization’s (WTO) ruling on the cigarette-tax case, after Bangkok slapped tax-evasion charges against Philip Morris Thailand (PMT), a legal expert said over the weekend. Lawyer Anthony Abad, who was part of the Philip Morris Philippines legal team that won… – Continue reading

Thailand Charges Philip Morris with Tax Evasion

BANGKOK—Thai prosecutors charged the Thailand subsidiary of global tobacco giantPhilip Morris International Inc. with tax evasion for allegedly under-declaring the value of cigarettes imported from the Philippines. The Office of the Attorney General said in a statement Tuesday it has filed a complaint with a Thai court after a long-running… – Continue reading

Philippines, Germany Update Tax Treaty

Germany and Philippines have completed the necessary domestic ratification procedures to bring their new double tax agreement into force. The two nations exchanged instruments of ratification on December 20 to replace their existing treaty, which was concluded in 1983. Negotiations on the upgraded treaty were concluded on July 20, 2012,… – Continue reading

Transfer pricing law in Thailand and the BEPS initiative

Initiated by the Organisation for Economic Cooperation and Development in 2013 and endorsed by the G-20, the OECD’s “Action Plan to Address Base Erosion and Profit Shifting (BEPS)” includes 15 key areas to encourage more transparency, better reporting and more cooperation between countries in which multinational companies operate. On October… – Continue reading

Senate approves tax treaties with Turkey, Italy & Germany

The Senate concurred, after hearing, the ratification of tax treaties between the Philippines and the governments of Italy, Germany and Turkey that will prevent double taxation. Sen. Juan Edgardo “Sonny” Angara said the approval on third and final reading of Senate resolutions 1540, 1541, 1542 on the double taxation avoidance… – Continue reading

GLOBAL TAXPAYERS CAN EXPECT TO PAY MORE TAX IN THE YEARS AHEAD

Global taxpayers can expect to pay more tax in the years ahead. Many governments worldwide continue to update their tax legislation and expand their tax systems to repay debt and pay for increased social welfare, even as the memory of the last global financial crisis lingers. These are the conclusions… – Continue reading

Italy: Transactions with tax havens governed by proportionality (and reason) | International Tax Review

ITR Correspondent Italy has updated its rules governing transactions with parties located in tax havens. Following a legislative process which began in 2013, the Italian Government on September 14 2015 enacted a decree addressing a wide array of international tax matters, including one of the most controversial Italian tax rules… – Continue reading

Oil And Gas Contractors Face Tax Hikes And Job Losses

British oil and gas contractors are amid a huge financial upheaval as a combination of job cuts and tax changes threaten their well-paid lifestyle. Thousands of contractors in the oil and gas industry worldwide have lost their jobs as companies look to protect their cash by sacking staff. The oil… – Continue reading

A Delicate Balance: Tax Competition Versus Cooperation

Tax administrators want to maximise the amount of revenue collected without stifling the county’s competitiveness as a business destination. How should ASEAN countries navigate changing international conditions to meet this goal? By Rebecca Tan – As Benjamin Franklin once famously said, “In this world, nothing can be said to be… – Continue reading

Park calls for careful adjustment of monetary policy

President Park Geun-hye called Monday for a careful adjustment of monetary policies of advanced countries amid lingering worries over a potential Fed rate hike. Last month, the U.S. Federal Reserve kept interest rates at near zero due to global headwinds but suggested that it could raise rates by the end… – Continue reading

Still Broken: major new report on global corporate tax cheating

“In 2013 the OECD, supported by the G20, promised to bring an end to international corporate tax avoidance which costs countries around the world billions in tax revenues each year. However, with the recently announced actions against corporate tax dodging, G20 and OECD countries have failed to live up to… – Continue reading

G20 among biggest losers in large-scale tax abuse – but poor countries relatively hardest hit

Headline: G20 among biggest losers in large-scale tax abuse – but poor countries relatively hardest hit G20 countries are the biggest losers when US multinationals avoid paying taxes where they do business. This is the main finding of a new report on the global tax system, ‘Still Broken,’ released by… – Continue reading

Meg Whitman: HP will offshore 60% of the jobs in its ‘essential’ business unit

Hewlett-Packard will offshore 60% of its workers at its consulting unit, HP Enterprise Services, CEO Meg Whitman told investors Tuesday during the company’s annual analyst meeting. In 2013, 36% of ES workers were in low-cost offshore locations like Manila, Philippines; Costa Rica; and Bangalore, India. By 2018, 60% of them… – Continue reading

Firms told to prepare for FATCA implementation

THE BUREAU of Internal Revenue (BIR) has advised Philippine financial institutions to start preparing for the implementation of a United States law requiring the reporting of bank accounts held by American taxpayers locally. In an advisory, the BIR said the start of reporting will not yet take place at the… – Continue reading

REFILE-Swiss law aims to return foreign funds stashed by erstwhile leaders

Aug 24 (Reuters) – Switzerland expects to adopt a new law by the end of the year that will speed restitution of illicit funds stashed in the Alpine country, where thousands of ‘politically exposed persons’ are believed to hold bank accounts, a top Swiss official said on Monday. Swiss authorities… – Continue reading

Asian economies need to increase tax revenues, OECD says

The governments of emerging Asian economies need to look at new revenue streams to make their economies more competitive and boost living standards, the OECD said in a new report, reports Tax News. The report, Revenue Statistics in Asian Countries: Trends in Indonesia, Malaysia, and the Philippines, notes these countries’… – Continue reading

Increasing tax revenues is crucial to development in emerging Asian economies

19/08/2015 – Increasing tax revenues and ensuring sustainable domestic resource mobilisation will be critical as emerging Asian economies seek to boost the provision of public goods and services and improve economic growth and living standards. Revenue Statistics in Asian Countries: Trends in Indonesia, Malaysia and the Philippines shows that the… – Continue reading

Endemic tax evasion costing governments at least $200 billion a year

DEVELOPED countries throughout the world are stepping up efforts to curb base erosion and profit shifting (BEPS), a scheme used by multinational companies to avoid paying taxes estimated as high as $200 billion globally, especially when doing business across different jurisdictions. At the 2015 Asia Pacific Tax Symposium hosted last… – Continue reading

Double taxation in the AEC and tax credits in Thailand

The long-awaited formation of the Asean Economic Community (AEC) is just over five months away. Drawn by the promise of a freer flow of goods, services, investment, capital and skilled labour, many businesses need to study how to prevent or reduce the effects of double taxation. Double taxation results from… – Continue reading

French tax updates – recently published noteworthy publications

The present French Tax Update will focus on an overview of several noteworthy French tax court decisions issued during the past few months, in particular in relation with double tax treaty conditions to benefit from a tax credit, abuse of law challenges, increased amortization rates, and priority preliminary ruling requests… – Continue reading

Countries and Companies Square Off Over International Tax

An OECD initiative on tax evasion is causing ripples around the world While a host of topics — from the necessity and the proposed scope of corporate tax reform, to corporate rate reduction and corporate inversions — are of major concern to those engaged in international tax, the overriding issue… – Continue reading

Government of India versus FPI: Is there a solution?

MUMBAI/NEW DELHI: Markets fell 500 points on Monday. Punters’ worries about current tax disputes between Modi Sarkar and foreign portfolio investors (FPIs) being one reason why the Sensex dived. There has been a battle of phrases between FPIs and North Block. And it looks as if this will be a… – Continue reading

Italy Amends Country ‘Black Lists

On April 1, Italy’s Minister of the Economy and Finance, Pier Carlo Padoan, signed two decrees that modify Italy’s “black lists,” and announced on the same day that Italy and the Vatican had signed their previously agreed tax information exchange agreement (TIEA). The two decrees follow the guidelines laid down… – Continue reading

BEPS Action Plan 8: Transfer pricing of intangibles

Last week, we discussed the revised set of standards for Transfer Pricing (TP) documentation and a template for country-by-country reporting (CBCR) of income, earnings, taxes paid and certain measures of economic activity as contained in Action Plan 13 of the Base Erosion and Profit Shifting (BEPS) Project. The CBCR provides… – Continue reading

China and Asia’s Free Trade Corridors and Beneficial Tax Agreements

Both China and most other Asian nations have been highly assertive in their use of Double Tax and Free Trade agreements over the past five years, as the reality of rising prices in China coupled with an emerging consumer class dictate that intra-Asian trade flows are growing as an astounding… – Continue reading

BEPS Action Plan 5: Countering harmful tax practices

IN LAST WEEK’S column we talked about the OECD’s BEPS Action Plan on Hybrid Mismatch Arrangements. This week’s column focuses on the OECD’s Action Plan on Harmful Tax Practices (HTP). As the world economy continues the process of globalization and technological advances, tax authorities from various jurisdictions are inevitably faced… – Continue reading

IRS Targets Banks In FATCA Crackdown

The US Internal Revenue Service (IRS) has posted tax investigators to foreign embassies to lead a Foreign Account Tax Compliance Act (FATCA) crackdown on suspected tax evasion. The Asia Pacific financial centres of Hong and Singapore are two of the main targets, according to industry experts. The move follows claims… – Continue reading

London: ‘a global haven for criminal financial activity’

London is a global haven for criminal financial activity – with billions of pounds laundered through British banks each day, according to the head of the UK’s National Crime Agency. “Many hundreds of billions of pounds of criminal money is almost certainly laundered through UK banks and their subsidiaries each… – Continue reading

Neutralizing the effects of Hybrid Mismatch Arrangements

IN THIS second installment of the series on Base Erosion and Profit Shifting (BEPS) 2014 deliverables, we will discuss the recommendations of the Organization for Economic Co-operation and Development (OECD) on how to neutralize the effects of Hybrid Mismatch Arrangements. A Hybrid Mismatch Arrangement refers to an arrangement whereby companies,… – Continue reading

Techie fee thorn in US ties

New Delhi, Jan. 23: India and the US have failed to make much progress in the totalisation pact that addresses the the problem of the double payment of social security taxes by Indian software professionals in America, dampening expectations surrounding President Barack Obama’s visit this weekend. Top officials said discussions… – Continue reading

Asia to test bond record again in 2015

[HONG KONG] Asia could set another record for international bond issues in 2015 if Chinese companies continue to borrow offshore at the same voracious pace they did this year, while bankers expect a heavy redemption schedule and larger pipelines from India and Indonesia to lift activity. Barclays is forecasting volumes… – Continue reading

Wolters Kluwer Financial Services Issues FATCA Guidance for Banks in Asia

Regional Adoption on Pace with Europe as Singapore Signs Agreement Experts at Wolters Kluwer Financial Services today issued guidance on the Foreign Account Tax Compliance Act in an effort to help support banks’ regulatory compliance efforts within the region. The commentary comes in reaction to the news last week that… – Continue reading

Manny Pacquiao Ordered To Explain His Taxes In Court: Is Pacman Now Taxman?

On top of his many boxing titles, including world championships in eight weight classes, Manny Pacquiao is on tap for a possible Senate seat in 2016. First, he has to get his taxes resolved. The Supreme Court of the Philippines ordered the boxing champ and potential Senator to answer the… – Continue reading

Manny Pacquiao Ordered To Explain His Taxes In Court: Is Pacman Now Taxman?

On top of his many boxing titles, including world championships in eight weight classes, Manny Pacquiao is on tap for a possible Senate seat in 2016. First, he has to get his taxes resolved. The Supreme Court of the Philippines ordered the boxing champ and potential Senator to answer the… – Continue reading

Philippines signs convention to fight tax evasion

MANILA, Philippines – The Philippines has signed a multilateral agreement to boost its efforts in fighting tax evasion and improving compliance of taxpayers. Bureau of Internal Revenue (BIR) Commissioner Kim Henares, through special authority from the Office of the President, signed the Convention on Mutual Administrative Assistance in Tax Matters… – Continue reading

More firms signing up with IRS

EVEN MORE Philippine companies have complied with a US tax law since a July 1 deadline, after which foreign financial institutions (FFIs) not yet registered with the US Internal Revenue Service (IRS) faced penalties. A list published by the IRS earlier this month showed that a total of 197 Philippine-based… – Continue reading

Double Tax Arrangements in Nigeria: Imperatives for a wider network

THE National Tax Policy (NTP) has identified double taxation as one of the major hindrances to the growth of the Nigerian economy. Double taxation has become an issue paramount to investors and top executives of multinationals as income is generally taxable both in source and residence countries. In order to… – Continue reading

Our Swiss dilemma

With new laws in place, recovery from Swiss banks can be little easier provided the government shows sincerity in taking action against tax dodgers   Finance Minister Senator Ishaq Dar in recent days has expressed the government’s firm conviction to bring back untaxed money of “US$ 200 billion” stashed in… – Continue reading

Regulated entities told: Observe new anti-money laundering strictures

INSURANCE Commissioner Emmanuel F. Dooc has ordered insurance companies to participate in the government’s information gathering to determine the country’s risks of involvement in money laundering and terrorism financing activities. Dooc issued Circular Letter 2014-33 requiring insurance companies, preneed companies and mutual benefit associations to submit information that will help determine… – Continue reading

Local brokers, save for a few brave souls, escape Uncle Sam’s tax-reporting embrace

InterAksyon.com means BUSINESS Majority of the local stock brokerages have remained outside the US-mandated reportorial compliance among foreign financial institutions, a worldwide campaign designed to flush out hidden overseas wealth and minimize tax abuse among Americans and green card holders through offshore accounts. A total of 178 Philippine-based financial firms,… – Continue reading

Tax chief clarifies FATCA reporting

FIRMS STILL HAVE to report transactions with US citizens to the Bureau of Internal Revenue (BIR) despite registering with the Internal Revenue Service (IRS), a government official said. BIR Commissioner Kim S. Jacinto-Henares said that while many local firms had committed to supply data to the IRS to comply with… – Continue reading