Category: France

EU Seeks a Digital Tax to Stem the ‘Bags of Money’ Lost to Loopholes

Finance ministers discuss new tax plans in Tallinn, Estonia France’s Le Maire says EU citizens ‘outraged’ by situation European Union finance ministers are developing a new way to tax digital companies such as Amazon.com Inc. and Facebook Inc. to raise money from an industry that they say provides less than...

Corporate tax hike contradicts global trend

The government’s plan to impose more levies on large companies will undermine their competitiveness amid a rising global trend of tax reductions and further distort the country’s taxation structure, analysts say. A draft tax code revision unveiled early this month proposes raising the corporate tax rate for businesses with taxable...

Ending secret identities is the ‘new frontier’ in fighting tax evasion: OECD’s head of tax Pascal Saint-Amans

Revealing the secret identifies behind shell companies and opaque trusts is the “new frontier” in fighting tax evasion, says the OECD’s head of tax Pascal Saint-Amans. In an exclusive interview with Fairfax Media, Mr Saint-Amans also spoke about the Turnbull government’s tougher domestic laws aimed at cracking down on multinational...

Jaitley to visit Paris next week,sign OECD pact on tax evasion

Finance Minister Arun Jaitley will travel to Paris next week to sign the OECD multilateral convention that aims to check crossborder tax evasion by multinational companies. During his three-day visit beginning June 7, Jaitley will also attend the OECD Ministerial Council meeting, in which ministers from the OECD and partner...

Newcastle United and West Ham raided in HMRC tax fraud investigation

Newcastle managing director Lee Charnley released after HMRC investigation Offices at St James’ Park and club training ground raided by tax authorities The offices of Newcastle United and West Ham United were raided on Wednesday morning and Chelsea confirmed they were asked to provide information as part of a wide-ranging...

UAE inks multilateral tax co-operation convention

The United Arab Emirates (UAE) has signed an international tax agreement – Multilateral Convention on Mutual Administrative Assistance in Tax Matters(MAC), which is now seen as the ‘gold standard’ for co-operation in tax administration. With this move, UAE has become the 109th jurisdiction to join the most powerful multilateral treaty...

Focus BEPS Work on Practical Results, Not Participation: Stack

The OECD effort to rebuild the global tax system should focus on practical work that benefits the international tax community rather than trying to get as many countries as possible around the table, a former Treasury official said. The OECD’s so-called inclusive framework for implementing the four minimum standards of...

International tax-avoidance rules may override GAAR, other tax treaties

There is a possibility that the General Anti-Avoidance Rules (GAAR, on taxes) and the tax treaties signed by the government with those of Mauritius, Singapore and Cyprus, and even other nations such as Netherlands, could be overtaken by another event. These could, say experts, be partially or fully overridden by...

India may leave tax treaty with Netherlands unchanged

India is unlikely to amend its tax treaty with the Netherlands as it did with Mauritius, Singapore and Cyprus and this could shape the investment strategy of foreign portfolio investors (FPI) and private equity (PE) funds investing in India, said three people in the know. “There were talks to amend...

Snapchat opts for London over Dublin for international HQ

Move could be a worrying indicator of investment trends post-Brexit, post-Beps Snap, the company behind Snapchat, has opted to open its new new international headquarters in London, rather than Dublin, Amsterdam or Luxembourg, bucking a trend which for decades has seen US multinationals book their international sales in one of...

Juncker accused of blocking EU efforts against tax avoidance

Jean-Claude Juncker deliberately blocked the EU’s efforts to fight tax avoidance while in office as prime minister of Luxembourg, according to documents revealed by The Guardian and the International Consortium of Journalists. EurActiv France reports. Member states have supposedly spent the last two decades cooperating in the committee on business...

A Classic Case Of Double Taxation?

The Central Board of Direct Taxes in India issued Circular Number 41 on December 21, 2016 providing clarifications on applicability of ‘indirect transfer’ provisions under the Indian Income Tax Act, 1961 to investors of Foreign Portfolio Investors (FPIs) – earlier known as Foreign Institutional Investors (FIIs) in India. The circular...

UK opposes planned US dividend tax for offshore investors

The US government is facing calls to delay the introduction of a new tax on foreign investors in US equity-linked derivative transactions, after the G5 group of countries signalled their opposition and the US Securities Industry and Financial Markets Association (SIFMA) indicated its members would not be ready for the...

Richards accuses Oxfam of ‘serial errors’

Finance minister Bob Richards has expressed dismay at Oxfam’s claim that Bermuda is the world’s worst corporate tax haven. And the Progressive Labour Party joined him to condemn the report as “extremely disappointing”. Mr Richards pointed to “serial errors” in the global charity’s report on offshore centres, which found that...

Bermuda is world’s worst corporate tax haven, says Oxfam

Four UK territories in list ‘undermine Britain’s efforts to be responsible member of the international community’ Bermuda is the world’s worst corporate tax haven, according to a list by Oxfam, which includes three other UK territories among those it names and shames. The charity’s list of the “world’s worst” 15...

France’s honest tax system crusader convicted for hiding millions of euros

Jérôme Cahuzac, appointed by Hollande to lead clampdown on wealthy avoiders, hid cash in a secret Swiss account for 20 years Jérôme Cahuzac, the minister who led François Hollande’s drive for a more honest tax system, has been sentenced to three years in prison for tax fraud and secretly stashing...

ICC welcomes adoption of OECD Multilateral Convention

The International Chamber of Commerce (ICC) welcomes the Organisation for Economic Co-operation and Development’s (OECD)’s release last week of a multilateral convention which allows for swift implementation of a series of tax treaty measures encompassed in the OECD/G20 Base Erosion and Profit Shifting (BEPS) project. The release follows the conclusion...

Andorra to renounce banking secrecy as it sheds tax haven status

Pyrenees principality approves automatic sharing of information on accounts held by non-residents from EU countries Andorran lawmakers have agreed to end banking secrecy in the Pyrenees mountains principality, approving automatic sharing of information on accounts held by non-residents. The General Council, Andorra’s unicameral parliament, approved a measure that will come...

Implementation of Common Reporting Standard in Hong Kong – Implications for Family Trust with a Private Trust Company as Trustee

The Organization for Economic Co-operation and Development (OECD) issued the Standard for Automatic Exchange of Financial Information in Tax Matters (Standard for AEOI) in July 2014, which aims to prevent offshore tax evasion and maintain the integrity of tax systems. Over 100 jurisdictions have committed to comply with the Standard...

OECD Says Trump Tax and Spending Plans Will Boost Global Economy

A resurgent U.S. economy would help offset softness elsewhere in the world. Global growth will pick up faster than previously expected in the coming months as the Trump administration’s planned tax cuts and public spending fire up the U.S. economy, the OECD said on Monday, revising up its forecasts. In...

Action Against Tax Evasion/Black Money Is An Ongoing Process: Minister

Minister of State (Finance) Santosh Kumar Gangwar on Tuesday said action against tax evasion/black money, including in respect of black money stashed away abroad, is an ongoing process and such action under direct tax laws includes searches, surveys, enquiries, assessment of income, levy of penalties and filing of prosecution complaints...

French Panel Adopts ‘Google Tax’ on Diverted Profits

Big U.S. internet companies in France could get hit by a new BEPS-inspired penalty on “diverted profits” under a so-called Google tax measure that France’s National Assembly is set to consider next week. The amendment, proposed by Socialist Deputy Yann Galut and adopted by the Assembly’s finance committee, targets foreign...

Finland allowed to tax pensioners in Portugal

Following pressure from the Finnish government and public opinion in the Scandinavian country, Helsinki has announced a deal which will allow it to come after expat pensioners, who are residing in Portugal, for income tax payments from which they were previously exempt. Other EU states have also expressed their aversion...

Common Base Could End EU Patent Box, Transfer Pricing Disputes

Adoption of legislation for a common consolidated corporate tax base by 27 EU member states would resolve current patent box conflicts and end transfer pricing disputes that cost multinational companies hundreds of millions of dollars in double taxation, according to EU and industry officials. Speaking at a Nov. 15 conference...

Bermuda dodges EU tax-haven blacklist bullet

Bermuda has reportedly avoided being placed on an European Union blacklist after Britain blocked a French-led proposal that would have automatically branded the island a tax haven. Territories with a zero per cent corporate tax rate, such as Bermuda and the Cayman Islands, would have been denounced as potentially “non-co-operative”...

Fourteen football clubs to stand trial before the sports tribunal on tax evasion’s charges

The investigation, dubbed “Offside,” was launched three years ago and conducted by Naples Public Prosecutor’s Office. The alleged offense was criminal association aimed at tax evasion. Now that the sports prosecutor has completed the investigation, the first results are emerging. Fourteen football clubs will stand trial before the sports tribunal...

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...

EU Countries Block Use of Rates as Tax Haven Criteria

A “number” of European Union countries are blocking a push to include zero corporate tax rates as criteria for the bloc’s tax haven blacklist, according to Slovakia, which holds the rotating EU presidency. EU members have been unable to reach an agreement on cracking down on offshore structures aimed at...

Official hails program to track secret Swiss bank funds

A Justice Department official on Friday hailed a U.S. government program that’s helping tax authorities finally track criminal activity around the world. At issue is the Swiss Bank program, which has helped authorities follow funds moved from Swiss accounts to around the world. “A lot of the U.S. account holders...

Panama to join international tax convention on Thursday: OECD

Panama will take a big step towards ending its status as an offshore tax haven on Thursday by signing a multilateral convention to share foreign taxpayer details with other governments, the OECD‘s head of tax said. Panama’s role as a major offshore tax haven came into the public spotlight earlier...

Deal signed to counter profit shifting Read more at: http://www.iomtoday.co.im/news/isle-of-man-news/deal-signed-to-counter-profit-shifting-1-8198001

New Chief Minister Howard Quayle MHK has restated the island’s commitment to tax transparency at an Organisation for Economic Co-operation and Development event in Paris. Mr Quayle was in Paris for the Manx government’s signing of a new OECD agreement on automatic exchange of country by country reporting by large...

FinMin to issue rules for norms under BEPS

Applicable to transfer pricing for MNCs whose consolidated annual revenue is over Rs 5,000 crore The finance ministry will issue rules and guidance to address some concerns and ambiguity over mandatory reporting norms with respect to transfer pricing for multinational companies whose consolidated annual revenue is over Rs 5,000 crore....

EU Cautioned on Plans to Regulate Tax Advisers

European Union plans to regulate tax advisers in an effort to clamp down on aggressive tax planning and tax avoidance could prove excessive, ineffective and trigger unfair competition, accountants and lawyers warn. The caution comes after EU finance ministers moved Oct. 11 to authorize the European Commission to draw up...

OECD official says EU Apple ruling not precedent for future tax cases

A multi-billion euro back tax bill handed to Apple by the European Commission should not be seen as a precedent for future tax cases as it was based on state aid rather than tax law, the OECD official spearheading global tax reform said on Monday. European Union antitrust regulators last...