Category: Paris

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… – Continue reading

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… – Continue reading

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… – Continue reading

OECD Holds Global Forum On VAT

Approximately 300 participants, representing over 100 delegations from countries, jurisdictions, and international organizations gathered in Paris for the fourth meeting of the OECD Global Forum on VAT on April 12-14, 2017. The keynote address was delivered by Wang Jun, China’s Minister of Taxation, who discussed the implementation of value-added tax… – Continue reading

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… – Continue reading

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… – Continue reading

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… – Continue reading

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… – Continue reading

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… – Continue reading

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… – Continue reading

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… – Continue reading

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… – Continue reading

Deal signed to counter profit shifting Read more at:

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… – Continue reading

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…. – Continue reading

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… – Continue reading

Bahamas files: New leak exposes offshore ‘tax haven’ dealings of politicians, companies

Five months after the Panama Papers exposed the offshore dealings of government leaders and influential people, a new leak of 1.3 million files has revealed the names of individuals associated with companies registered in the Bahamas, a notorious tax haven. The files – received by the German newspaper Süddeutsche Zeitung… – Continue reading

Pakistan can access 15 years data of offshore accounts

The Federal Board of Revenue (FBR) will now be able to obtain the data of offshore bank accounts of Pakistani nationals for the last 15 years under the international tax treaty that it signed with the Organization for Economic Cooperation and Development (OECD), officials said on Saturday. “The signatories of… – Continue reading

New Zealand extends anti-money laundering rules to capture property agents

New Zealand will extend its anti-money laundering laws to cover real estate agents and other professions amid fears the country has become a soft target for illegal fund flows that have also helped inflate the property market. Soaring property prices have become a hot issue among the New Zealand public… – Continue reading

Apple May Face Double Tax on Profits If France Adds to Tab

Apple Inc. may face double taxation on some of its profits if the European Commission’s Aug. 30 ruling inspires France to slap its own tax adjustment on the company, practitioners said. Apple could even face “triple taxation” if it repatriates profits from the European Union to the U.S., Laurent Leclercq,… – Continue reading

More than 100 governments now signed up to international tax convention

Five more governments have signed up to an international convention on cooperating with tax authorities around the world, bringing the number of participating jurisdictions to 103. The OECD’s Convention on Mutual Administrative Assistance in Tax Matters is a wide-reaching agreement to exchange information about taxpayers between authorities either on request… – Continue reading

Pakistan to sign 98-state convention for tax information exchange

ISLAMABAD: In a major development, Pakistan has been formally offered to sign and ratify a 98-countries’ convention — “Multilateral Convention on Mutual Administrative Assistance in Tax Matters” — to check tax evasion and tax avoidance by any of its nationals living in any of the member countries. Signing the convention… – Continue reading

Google’s offices in Spain raided by tax authorities

Tax authorities in Spain have raided Google’s offices in Madrid as part of an investigation into tax evasion and fraud, TechCrunch understands. Local press and the Reuters news agency are also reporting the raids. The raid on Google’s Madrid headquarters and its Google Campus workspace are related to VAT payments… – Continue reading

Panama to now comply with OECD standards for exchanging tax information

Panama has officially signed on to comply with OECD standards on exchanging tax information, a move that comes more than a month after the Panama Papers data leak. The Organisation for Economic Cooperation and Development (OECD) officials say they have long tried to get Panama to agree to their common… – Continue reading

Hong Kong: Recent Development On CRS / AEOI & CbC Reporting

In August 2015, the Organisation for Economic Co-operation and Development (OECD) published the first edition of the Common Reporting Standard (CRS) Implementation Handbook to provide practical guidance to assist government officials in implementing the Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI). The AEOI and CRS… – Continue reading

Post-Panama: Why your AEOI frameworks must now be automated, auditable and adaptable

Hot off the heels of the Panamanian documents leak, 5 EU countries announced last month that they have agreed to exchange beneficial ownership information. France, Germany, Italy, Spain and the UK will now automatically exchange information on the ultimate beneficial owners of companies and trusts. These 5 EU countries are… – Continue reading

OECD chief expects Panama cooperation to prevent tax avoidance

The chief of the Organization for Economic Cooperation and Development said Monday that the Panamanian government is expected to cooperate in international efforts to prevent tax avoidance after the revelation of the so-called Panama Papers.      OECD Secretary General Angel Gurria said in a press conference in Tokyo that… – Continue reading

Kenyan appointed to head global tax administration program

Kenya has received global recognition from the Organisation for Economic Co-operation and Development (OECD), following the appointment of James Karanja, a career Kenyan tax administrator to lead the recently established Tax Inspectors Without Borders (TIWB) Secretariat. TIWB is a global scope initiative, that was launched mid last year at the… – Continue reading

Beps averts collapse of global tax rules, conference told

OECD’s head of tax policy says protectionist measures by national governments had to be avoided The risk of protectionist tax measures being taken by national governments has abated as a result of the OECD’s Base Erosion and Profit Shifting (Beps) project, a key official has told a conference in Dublin…. – Continue reading

Election is the calm in the storm of maintaining a competitive corporate tax regime

When Tim Cook and his two senior Apple colleagues were questioned by a US Senate sub-committee back in May 2013, the headlines generated in the world’s business press were unsettling. Some lawmakers repeatedly characterised Ireland as a tax haven, saying behemoth Apple channelled billions of dollars of global revenues generated… – Continue reading

French Tax Update – Recent Case Law and Other Noteworthy Publications

The present French Tax Update will focus on an overview of several noteworthy publications, including decisions issued during the past few months by the French Administrative Supreme Court (Conseil d’Etat) and French Constitutional Court (Conseil Constitutionnel), as well as the European Commission decision in respect of the Belgian Excess Profit… – Continue reading

Mauritius to begin automatic tax info exchange from Sept 2018

Mauritius will start automatic exchange of tax information with other nations only from September 2018, as it has postponed by a year implementation of global common reporting standard on tax matters. The delay could impact Indian authorities’ efforts to gather more tax-related information from Mauritius, which is allegedly being used… – Continue reading

Mandatory disclosure of tax bills closer as Australia joins OECD push

Australia is one of 31 countries to sign an agreement in Paris to confidentially share tax information on multinational companies in a bid to stamp out tax avoidance. The deal comes as Apple has taken advantage of accounting rules in its local business that could allow it to pay virtually… – Continue reading

Chinese bank becomes first to open on Swiss soil

Switzerland took an important step toward becoming a renminbi trading hub on Thursday with its inauguration of a new branch of the China Construction Bank, (CCB), one of the biggest financial institutions in the world. The Zurich branch of the CCB has been authorised by China’s central bank to operate… – Continue reading