Category: Turkey

Pagcor: Government not inclined to impose higher taxes on POGOs

State-run Philippine Amusement and Gaming Corp. expressed optimism the government will not impose higher taxes on offshore gaming operators in the country to encourage them to stay here. Pagcor chairman and chief executive Andrea Domingo said at the sidelines of the opening of the first Philippine-Asian Gaming Expo held on… – Continue reading

Turkish gov’t to form special team to surveil, audit e-commerce

In order to tackle irregularities and unfair competition among e-commerce companies, Ankara is planning to form a special unit to track e-commerce activities and transactions in the country The Turkish government is planning to create a special unit of 200 people to track e-commerce activities in the country, Finance Minister… – Continue reading

Kuwait Signs OECD’s Multilateral Tax Pact

Kuwait became the 110th jurisdiction to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on May 5, 2017. The OECD describes the Convention as the most powerful instrument for international tax cooperation. It provides for all forms of administrative assistance in tax matters: exchange of information on… – Continue reading

Taxman targets Real and Barca over fraud, says report

Giants Real Madrid and Barcelona are among five La Liga clubs from whom the Spanish taxman is looking to recover €52 million (RM244 million), online newspaper El Confidencial claimed yesterday. Alongside Atletico Madrid, Sevilla and Valencia, the big two are accused of having avoided tax by paying player’s agents directly…. – Continue reading

IRD delayed multinational tax crackdown

New Zealand has delayed cracking down on multinational tax avoidance due to private sector concerns over timing and concerns about “scaring away” foreign investment, the Inland Revenue Department says. Wide-ranging reforms to corporate tax rules proposed by the Organisation for Economic Cooperation and Development (OECD), known as the base erosion… – Continue reading

PH eyes tax treaties with Asean peers

The Philippines is eyeing to seal tax treaties with all nine other Asean member-states, according to the Bureau of Internal Revenue (BIR). The country already has effective double taxation agreements (DTAs) with Indonesia, Malaysia, Singapore, Thailand and Vietnam, BIR Assistant Commissioner Marissa O. Cabreros noted in a presentation at last… – Continue reading

The OECD/G20 BEPS recommendations: boosting U.S. tax reform

Most American policymakers believe the U.S. corporate tax system needs reforming – and the facts back up their view The United States’ 39 percent combined statutory corporate tax rate is the highest among the largest 50 economies. The American tax and accounting system has trapped over $2 trillion of deferred… – Continue reading

Why tax technology is critical in 2016

2015 has officially come to an end. Amidst the ending celebrations, packing away of decorations, and last spoonful of dessert, many of us are putting together our work plans and resolutions for 2016. And looking back at last years’ list, there remains one capitalised, un-crossed-off item: BEPS Perhaps your organisation… – Continue reading

Brazil: Tax Treaty Series: The Bilateral Income Tax Treaty Between Brazil And Canada

This is the first of our series of posts on Brazilian tax treaties. In each post we will provide an overview of a specific tax treaty between Brazil and a particular foreign country, as well as comments on any Brazilian administrative or judicial precedents applying the treaty, and highlights on… – Continue reading

BOTSWANA, African tax haven?

About Botswana Botswana, a former British colony in Southern Africa, is one of the most prominent countries in Africa. The country has a strong economy,uses one of the most advanced banking systems in the continent, and maintains a stable tradition of representative democracy. After becoming independent in 1966, Botswana developed… – Continue reading

The deal between Turkey and FATCA

Turkey’s ruling Justice and Development Party (AKP) government, in power for 13 years, has been notoriously lax and often late when it comes to implementing stringent rules controlling money in order to ensure better transparency in financial movements, halt tax evasion, prevent illicit funding and disrupt money laundering activities. That… – Continue reading

China takes important step to boost international co-operation against tax evasion

16/12/2015 – Today the People’s Republic of China became the 77th jurisdiction to sign the Multilateral Competent Authority Agreement (MCAA), which allows it to move forward with plans to activate automatic exchange of financial account information in tax matters and commence exchanges with other countries in 2018. The G20 Leaders… – 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

SA ranks higher than Nigeria in illicit outflows

SOUTH Africa ranks seventh among developing countries in terms of illicit financial outflows, a Washington-based research organisation has found. Illicit outflows from the country are of great concern to the Treasury, which has introduced a number of measures to curb it, particularly the outflows achieved through profit shifting by large… – Continue reading

Parliament to approve Turkey-US deal on tax evasion

The Cabinet has submitted a bill to the Parliament Speaker’s Office for presentation and approval by the legislature of an agreement with the US that concerns the sharing of information between the countries to prevent tax fraud. A letter accompanying the legislation sent to the speaker’s office on Nov. 19… – Continue reading

Corporate tax revenues falling- OECD

Corporate tax revenues have been falling across OECD countries since the global economic crisis, putting greater pressure on individual taxpayers to ensure that governments meet financing requirements, according to new data from the OECD’s annual Revenue Statistics publication. Average revenues from corporate incomes and gains fell from 3.6% to 2.8%… – Continue reading

The Real Cost Of Global Tax Reform: An Unsustainable Increase In Accounting And Legal Fees

Leaders from the Group of 20 largest economies (G20) met in Turkey last month to put their final stamp of approval on a major overhaul of the international rules governing corporate taxes. The vote was the icing on a cake that the Organization for Economic Cooperation and Development (OECD) has… – Continue reading

Tax Policy Emerges As New Source of Friction As Europe Seeks Additional Revenue From US Multinationals

The 28 nations of the European Union lose up to $1 trillion per year in revenue thanks to multinational corporations that use a spider’s web of completely legal constructs to lower their taxes. Now, Europe’s law enforcers and lawmakers want to wipe away these intricate tax-avoidance systems. If they have… – Continue reading

Tax-Writers Take On BEPS, Tax Extenders

Legislative Activity Tax-Writers Begin to Focus on BEPS, Tax Extenders Still Remain Though international tax reform negotiations may have fallen apart for 2015, tax-writers this week will hold their first hearings to address efforts by the Organisation for Economic Co-operation and Development (OECD) to counter corporate tax avoidance as part… – Continue reading

Microsoft, Oracle under pressure over taxes

Government officials say multinational technology giants are reluctant to pay anything The Korean affiliates of Microsoft (MS) and Oracle are under increasing pressure to pay taxes here, with government officials saying the two multinational technology giants were reluctant to pay anything, although they generated huge a lot of money from… – Continue reading

East Africa: New Reporting Code for Mncs Could Save Africa $35b

East African countries expect to collect more revenue under a new code drawn, by the world’s richest economies to stop foreign multinationals from dodging taxes in host countries. The new code — Base Erosion and Profit Shifting (BEPS) — adopted by G20 at its meeting in Turkey two weeks ago,… – Continue reading

Israel becomes 91st country to join OECD tax avoidance effort

Israel has joined 90 other countries in signing up to the OECD’s instrument to combat offshore tax avoidance and increase transparency in tax matters. The middle-eastern country became the 91st jurisdiction to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters yesterday, which enables the exchange of information,… – Continue reading

Turkey launches golden visa residency scheme

Turkish Economy Minister Nihat Zeybekci says the country is set to follow in the footsteps of Spain, Portugal and Cyprus and launch its own Golden Visa scheme to grant citizenship to those foreigners who invest from €500,000-€1m in property, reports Property Showrooms. Leading Istanbul agent, Universal21, says the move could… – Continue reading

Ethiopia: Unmet Demands of the G20

The creation of the Group of Twenty (G20) was believed to serve as a remedy to the harsh realities of the world today. The initial formation of the Group of Seven G7 could do little to avert pertinent challenges both the developing and the developed nations face frequently. So a… – Continue reading

Stricter norms likely for transfer pricing

MUMBAI: India’s forthcoming budget may draw from some of the recommendations, especially in the realm of transfer pricing, contained in the final package of ‘Base Erosion and Profit Shifting’ (BEPS) measures, rolled out in October. Certain anti-abuse measures, such as thin capitalization, which for tax purposes disallows interest payments beyond… – Continue reading

2015- The end of tax neutral jurisdictions

On 18 June 2013, the Progressive led government issued a press release titled, “Cayman’s Action Plan Includes Beneficial Ownership”. The press statement came on the heels of the UK taking over the Presidency of G8, at the 17-18 June 2013 G8 Summit in Northern Ireland. The most interesting part of… – Continue reading

Turkey: The Refund Principles For The Taxes Imposed On Incomes Derived Through The Activities Of Independent Personal Services Obtained From Turkey Within The Scope Of Turkey-Germany DTT Have Been Announced

Under the Double Taxation Treaties (“DTT“) General Communiqué (Serial No. 3) (published in the Official Gazette dated July 15, 2015 and No.29417); it is stated that in cases where the incomes earned by individuals and legal entities resident in Germany through their professional services in Turkey are taxed through withholding… – Continue reading

Turkey: The Information Exchange Agreement Has Been Signed Between Turkey And USA Within The Scope Of Foreign Accounts Tax Compliance Act

It has been announced on the official website of the Directorate of Revenue Administration on July 30, 2015 that the “Agreement on Increasing International Tax Compliance through Extended Information Exchange” was signed in Ankara between Turkey and USA within the scope of Foreign Accounts Tax Compliance Act (“FATCA“). Under the… – Continue reading

South Korea Joins 94 Countries Enacting ‘Google Tax’

Google is said to have evaded paying an estimated $1.3 billion earned from selling apps in Korea based on the argument that their server is based in Ireland. The so called ‘Google Tax’, also known as the Base Erosion & Profit Shifting (BEPS) regulation, has been adopted this week by… – Continue reading

TaxTalk Today- 17th November 2015

PwC Australia Australian Taxation Office New or updated materials on ATO website, including: Decision impact statement on McGrouther & Anor v Commissioner of Taxation case concerning whether a taxpayer can waive or withdraw a notice given to the Commissioner under s14ZYA(2) of the Taxation Administration Act 1953 (requiring the Commissioner… – 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

FS visits Bucharest

Hong Kong (HKSAR) – The Financial Secretary, Mr John C Tsang, arrived at Bucharest, Romania today (November 17, Bucharest time), for his two-day visit to strengthen economic and trade ties between Hong Kong and Romania. Mr Tsang first held a meeting with the Representatives of the Romanian Banking Association. Mr… – Continue reading

BEPS tax reforms ‘cannot be the endpoint’, G20 told

The OECD’s base erosion and profit shifting (BEPS) reforms do not go far enough in changing the international corporate tax system, G20 leaders have been told. In a letter to leaders at the G20 summit in Antayla, Turkey, Nobel Prize-winning economist Joseph Stiglitz and others from the Independent Commission for… – Continue reading

MEPs accuse US multinationals of diverting profits to low tax havens

Amazon, Facebook and Google in line of fire after committee backs proposals to force multinational corporations to pay tax where they make their sales MEPs have launched a scathing attack on Facebook, Google and Amazon in the European parliament, accusing them of diverting profits worth billions of pounds to low… – Continue reading

Indonesia to end ‘bank secrecy’ in 2017

Indonesia is set to end its “bank secrecy” policy in September 2017, allowing the country to exchange tax information with other countries, which would be a major step in the fight against tax evasion and financial fraud. Finance Minister Bambang Brodjonegoro said that Indonesia would be an early adopter of… – Continue reading