Category: Europe

Vizor Software Launches CbC Reporting Solution for Tax Authorities

Tax Authorities in jurisdictions who have joined the OECD/G20’s Base Erosion and Profit Shifting (BEPS) inclusive framework can now avail of Vizor’s new Country-by-Country (CbC) Reporting module to fully meet their obligations set out under Action 13. DUBLIN (PRWEB) FEBRUARY 11, 2018 Today, Vizor Software announced the launch of its...

Swiss Taxpayer Wins US Tax Treaty Refund Dispute

The United States District Court for the District of Columbia on January 31 ruled in favor of Starr International Company in a case concerning an erroneous refund paid to the taxpayer, which the IRS sought to reclaim. In 2011, the IRS erroneously issued a USD21m refund to Starr International Company,...

Sherman Secures Treasury’s Commitment to Pursue U.S.-Armenia Double Tax Treaty

Secretary Mnuchin Commits During Congressional Testimony to Assign Treasury Department Officials to Work on Bilateral Accord WASHINGTON—Treasury Secretary Steven Mnuchin, during Congressional testimony Tuesday before the U.S. House Financial Services Committee, agreed – in response to direct questioning by Representative Brad Sherman (D-CA) – to commit Treasury Department officials to...

Digital firms with ‘big presence’ in India will have to pay taxes here

Finance Ministry’s move under BEPS treaty will impact Google, Facebook, Amazon MUMBAI, FEBRUARY 5 Digital players such as Google, Facebook and mobile application services providers must pay taxes in India on income generated from Indian consumers even if the companies’ infrastructure is physically located abroad. According to a new proposal...

Nigeria, others share data on overseas accounts, property owned by Nigerians

The Federal Government of Nigeria and some foreign countries, including the United Kingdom Government, have commenced the Automatic Exchange of Tax Information (AETI), particularly on overseas assets held by Nigerians. Minister of Finance, Mrs. Kemi Adeosun, confirmed this on Friday in Abuja during the presentation of Progress Report on Tax...

Bermuda Ranked 36th In Financial Secrecy Index

Bermuda is ranked 36th in the 2018 Financial Secrecy Index, which was recently released by the UK-based Tax Justice Network, who stated that some of the world’s “important providers of financial secrecy” are “mostly not small, palm-fringed islands as many suppose, but some of the world’s biggest and wealthiest countries.”...

Ukraine updates transfer pricing rules for 2018: key takeaways

Ukraine’s Law No. 2245-VIII “On Introduction of Changes to the Tax Code of Ukraine and Some Legislative Acts of Ukraine on Ensuring the Balance of Budget Revenues in 2018,” which came into effect on January 1, 2018, includes important changes to transfer pricing (TP) regulations. These changes are outlined below....

Malta makes 518 mln euros from its citizenship by investment scheme

VALLETTA, Jan. 24 (Xinhua) — Malta has generated 518 million euros since it started its citizenship by investment scheme, according to Prime Minister Joseph Muscat. Replying to a parliamentary question on Wednesday, Muscat said that of the total revenue generated, 363 million euros had entered in the country’s National Development...

Valadao and Sherman call on Treasury to stop double taxation of U.S.-Armenia profits

U.S. Representatives David Valadao (R-CA) and Brad Sherman (D-CA) are collecting signatures on a bipartisan letter urging their Congressional colleagues to request that Secretary of the Treasury Steven Mnuchin renegotiate the existing, outdated Double Tax Treaty with Armenia, an obsolete Cold War-era accord, recognized today by the U.S. but not...

France introduces strict cryptocurrency regulations to fight tax evasion

French finance minister, Bruno Le Maire wants a new legal framework for cryptocurrency regulations to overcome tax evasion and terrorist funding The finance minister has ordered France’s central bank chief to design the new regulations framework cautioning against ‘risk of speculation and possible financial manipulation‘ associated with cryptocurrencies. Cryptocurrency sceptics...

OECD report shows Malta is tax compliant jurisdiction: official

VALLETTA, Jan.11 (Xinhua) — The 2017 International Tax Co-Operation Report published by the Organisation for Economic Cooperation and Development (OECD)showed Malta to be a tax compliant jurisdiction ,the Maltese Finance Ministry said on Thursday. “This is exactly what we have been stating all along in the face of unfair criticism...

Facebook, Google Under Scrutiny for Tax in Israel

Israel is assessing Alphabet Inc. subsidiary Google and Facebook Inc. on their operations in the country, Tax Authority Director General Moshe Asher told the Knesset parliament Jan. 8. “The internet giants and other companies right now are undergoing a very significant assessment procedure which in the end will yield from...

There Is a Raging Battle of Tax Codes with China and the US Starting the Race

The GOP tax bill that was signed into law by the white house late last year, significantly reduced corporate taxes which has piled pressure on other significant economies around the world to adjust so as not to lose investors to the United States. Just hours after President Trump signed the...

Bulgarian Presidency Outlines EU Tax Plans

The “fair and efficient” taxation of corporate profits and the fight against tax avoidance and evasion through enhanced administrative cooperation are among the priorities of the new Bulgarian presidency of the European Union, which commenced on January 1, 2018. The recently released program of the Bulgarian presidency states that it...

Irish Revenue’s Tax Enforcement Work Yields Results

Non-compliance “interventions” by the Irish Revenue yielded EUR492m (USD594m) last year, according to the latest figures published by the tax authority. Revenue has published its preliminary results for 2017. They show that Revenue completed 646,633 compliance interventions during the year. There were 24 criminal convictions for serious tax and duty...

Swiss Come Clean Amid Data Swaps

Switzerland’s abandonment of banking secrecy for international tax dodgers is having an unexpected side effect at home: more domestic tax cheats with accounts around Europe are coming forward. If 2017 was the glide path for Switzerland’s international data-swapping agreements, this year means business: Swiss banks must automatically share client data...

Car inquiry finds billions of baht in unpaid tax

A joint investigation by the Department of Special Investigation (DSI) and related agencies has led to the retrieval of nearly Bt9 billion in luxury car tax and a case against tax-avoiding importers would soon be submitted for prosecution, DSI deputy chief Pol Lt-Colonel Korrawat Panprapakorn said on Tuesday. Korrawat reported...

Cayman Islands Country-By-Country Reporting Regulations Issued

As part of the Cayman Islands’ ongoing commitment to international tax transparency, the Tax Information Authority (International Tax Compliance) (Country-By-Country Reporting) Regulations, 2017 (the “CBCR Regulations“) were issued on 15 December 2017. The CBCR Regulations essentially implement in the Cayman Islands the model legislation published pursuant to the OECD’s Base...

State aid: Commission approves the Maltese tonnage tax scheme subject to commitments

Commissioner Margrethe Vestager, in charge of competition policy, said “Tonnage tax systems are meant to promote the competitiveness of the EU shipping industry in a global market without unduly distorting competition. I am pleased that Malta committed to adapt its tonnage tax system to achieve this. Moreover, by encouraging the...

US tax reform breaks global rules, EU says

European finance ministers are worried. They say the United States’ big tax reform bill contains measures that would unfairly disadvantage European business and contravene global fair-taxation rules. Are they right? Last week, the finance ministers of Europe’s five biggest economies — Germany, France, the UK, Spain and Italy — wrote...