Category: Turkey

Dividend imputation clears an early tax review hurdle

Government questions dividend imputation and company tax rate Australian investors appear to have dodged a bullet, with the government’s first paper on tax reform discussing the dividend imputation system but falling short of attacking it outright as an idea that has outlived its usefulness. David Murray’s inquiry into the Australian… – Continue reading

Luxembourg: Luxembourg’s Direct Tax Administration Publishes Circular On Residency Certificates For Funds

Luxembourg’s Direct Tax Administration has published a circular on February 12 clarifying issues relating to residency certificates for Luxembourg funds. These are applicable to both UCITS and non-UCITS funds regulated by Luxembourg’s investment fund legislation of December 17, 2010, which transposed the UCITS IV Directive, as well as Specialised Investment… – Continue reading

ANCA calls for increased Artsakh aid during Congressional testimony

Armenian National Committee of America Government Affairs Director Kate Nahapetian testified yesterday before a key Congressional panel in support of increased U.S. assistance to Nagorno Karabakh, Armenia, at-risk Middle Eastern Armenian communities, and the Javakhk region of Georgia. In her opening remarks, Nahapetian thanked House Appropriations Subcommittee on Foreign Operations… – Continue reading

Doha poised to develop Islamic finance in the UK

Many Islamic financial institutions like Qatar Islamic Bank have caught up to their Western counterparts in terms of efficiency and technology and are targetting new clients abroad. Also, given Doha’s expertise in the sector and its close ties with the UK, Qatari banks are well positioned to tap into British… – Continue reading

OECD To Update G-20 On BEPS Progress

On February 6, 2015, the Organisation for Economic Co-operation and Development (OECD) announced that it has reached agreement with the Group of Twenty (G-20) Finance Ministers on three key elements of its base erosion and profit shifting project. The three elements, which the OECD said will enable implementation of the… – Continue reading

OECD will update G20 finance ministers on BEPS project implementation next week

G20 finance ministers will hear about the OECD’s three-pronged approach to implementation of the BEPS Action Plan at their meeting in Istanbul on Monday and Tuesday of next week (February 9 and 10). The OECD, which is leading the work, outlined today what has been agreed so far with the… – Continue reading

Obama IRS Shares Private Financial Data With Foreign Tyrants

To comply with unconstitutional pseudo-treaties negotiated by the Obama administration without the consent of Congress or any semblance of constitutional authority, the IRS announced that it will be sharing private financial information on U.S. bank account holders with foreign powers. No warrant is needed for foreign governments or tyrants to… – Continue reading

G20 pledges to improve business environment, check tax evasion

ISTANBUL: Committing to resist protectionism, the G20 nations have pledged to improve business environment to promote growth and strengthen transparency to prevent cross border tax evasion. The G20 Ministers also expressed concern over terrorist activities and called upon the member nations to expeditiously comply with international norms concerning exchange of… – Continue reading

Jayant Sinha attended the G-20 Meeting of Finance Ministers and Central Bank Governors in Istanbul

Istanbul: Minister of State for Finance Shri Jayant Sinha attended the G-20 Meeting of Finance Ministers and Central Bank Governors in Istanbul, Turkey on 9th and 10th February ,2015. It was the First Finance Ministers’ Meeting under the Turkish Presidency.  During his interventions in different Sessions, Shri Jayant Sinha, MoS… – Continue reading

Corruption on rise in Turkey, China: Transparency Int’l

Corruption is feared to be worsening in China, Turkey and other fast-growing economies, an anti-graft watchdog warned Wednesday, also urging the world’s banking centres to help combat sleaze and money-laundering. Transparency International released its annual Corruption Perceptions Index (CPI), which ranked Sudan, North Korea and Somalia as the worst offenders… – Continue reading

Turkey: Off-Shore Banking In Turkey

The turning point for regulating the market dates back to 2001 for Turkish banking industry after a major banking crisis in Turkey. The remediation efforts of government authorities have been supported by private banks and Turkey has had a new code on banking ( Law No 5411) in 2005. The… – Continue reading

101 Countries Sign Up For FATCA Network

Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading

G20 to tackle transfer pricing with new tax exchange scheme

The days of multinational companies being able to use the Double Irish Dutch Sandwich to avoid taxation may soon be coming to an end, with the G20 group of nations looking to create a reporting standard to allow for automatic exchange of tax information. In the official communique coming at the end… – Continue reading