Also commits to country-by-country reporting Cayman has committed in principle to a project reforming the application of tax rules in cross-border business to combat the erosion of tax bases and the artificial shifting of profits to low or no-tax jurisdictions. Developed by the Organization for Economic Cooperation and Development, base… – Continue reading
Switzerland, which has been working to end its years-long practice of banking secrecy, on Thursday said it aimed to dramatically increase the number of countries it cooperates with toward international fiscal transparency. The Swiss government said in a statement that it wanted to extend the automatic exchange of information (AEOI)… – Continue reading
Taxpayers with offshore assets urged to get affairs in order before May clampdown Taxpayers with offshore assets ranging from foreign properties to deposit accounts or structured investments are being urged to get their affairs in order ahead of a May clampdown by the Revenue Commissioners – even if they believe… – Continue reading
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… – Continue reading
European Union member countries are considering a “substance test” to determine whether a country or jurisdiction with a zero corporate tax rate qualifies as a tax haven that doesn’t reflect “real economic activity.” After a host of EU member countries rejected in early November the use of a zero corporate… – Continue reading
Switzerland’s Ordinance on the International Automatic Exchange of Information (AEOI) in Tax Matters will enter into force on January 1, 2017. The Swiss Federal Council adopted the ordinance on November 23. The ordinance contains the Federal Council’s implementing provisions for the Federal Act on the International Automatic Exchange of Information… – Continue reading
The double taxation agreement (DTA) between Switzerland and Liechtenstein will enter into force on 22 December 2016. The DTA contains a provision on the exchange of information upon request according to the internationally applicable standards. The DTA will contribute to the development of good economic relations between Switzerland and Liechtenstein…. – Continue reading
On 24 November 2016, Switzerland and South Africa signed a joint declaration on the introduction of the automatic exchange of information (AEOI) in tax matters on a reciprocal basis. Both countries intend to start collecting data in accordance with the global AEOI standard in 2018 and to exchange it from… – Continue reading
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… – Continue reading
Switzerland has signed declarations to exchange tax information automatically with Brasil, Mexico and Uruguay and Mexico in coming years, but the deals must still go before Swiss parliament for approval. Under the declarations, banking information would be collected from 2018 and exchanged by 2019, the State Secretariat for International Financial… – Continue reading
SEOUL, Nov. 17 (Yonhap) — U.S. President-elect Donald Trump’s pledge for a huge corporate tax cut could spur moves to reduce taxes on businesses and the rich across the world, a Seoul-based think tank said Thursday. During the campaign, the real estate mogul-turned-politician vowed to lower the business tax rate… – Continue reading
A series of companies associated with high-flying Sydney accountant who had scores of wealthy clients in Sydney’s eastern suburbs have been found to have avoided paying tax by the High Court, in a case that the tax office has described as “blatant tax evasion”. Four companies linked to accountant, Vanda… – Continue reading
Finns alarmed by cracks in the previously iron-clad Swiss banking secrecy have come forward to volunteer information about undeclared overseas income to Finnish tax authorities. They were hoping for immunity from fines or criminal sanctions but dozens now face police investigations. The Finnish Tax Administration has requested police investigations into… – Continue reading
The withholding tax (WHT) agreement between Switzerland and Austria will be terminated on January 1, 2017, when the agreement between Switzerland and the EU on the automatic exchange of tax information enters into force. On November 11, 2016, Switzerland and Austria signed an agreement to ensure a smooth transition between… – Continue reading
European Union finance ministers agreed on Tuesday how to screen countries for a blacklist of tax havens across the world, officials said, and said applying zero-rate taxes was not necessarily a factor, prompting an outcry. The bloc committed in May to agree on a common list of tax offenders by… – Continue reading
The United Arab Emirates’ tax-free perks could soon come to an end as the OECD group of wealthy nations lays down the pressure to tackle global tax-evaders. The Gulf state’s hesitation to sign up to a world treaty to assist in the exchange of information on tax evaders is a… – Continue reading
Network of foreign subsidiaries reported key to €923 million windfall over five years German chemicals manufacturer BASF has been accused of avoiding close to €1 billion of tax. In a report published on Monday, the company is alleged to have used aggressive tax-planning strategies in the Netherlands, Belgium, Switzerland and… – Continue reading
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… – Continue reading
Wednesday, 2 November, Finance Minister Dana Reizniece-oak and Swiss Ambassador Latvian Marcus Niklauss Paul Dutli ( Markus Niklaus Paul Dutly ) signed the Latvian Republic and the Government of the Swiss Federal Council Protocol amending the two parties on 31 January 2002 concluded the Convention for the Avoidance double taxation… – Continue reading
The OECD has started to review how effectively the U.S. and five other countries handle cases in which multinational companies assert double taxation under the mutual agreement procedure of bilateral tax treaties. As part of the review, the Organization for Economic Cooperation and Development is inviting multinationals to answer a… – Continue reading
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… – Continue reading
A United Nations human rights expert has urged the next UN secretary-general to make the elimination of tax havens a priority to ensure that corporations, billionaires and ‘kleptocrats’ pay their fair share of taxes. Speaking on Friday, American law professor Alfred de Zayas also urged Antonio Guterres, who will succeed… – Continue reading
Several Swiss banks have received a letter from the United States Ambassador to Bern, Suzan LeVine, asking them not to shun US citizens who want to open accounts in Switzerland. Many Swiss banks have frozen out US clients, and even closed down existing accounts, in the wake of a damaging… – Continue reading
On 30 September 2016 Ukraine signed a protocol (the “Protocol”) modifying the not-yet-in-force Convention between the Government of Ukraine and the Government of the Grand Duchy of Luxembourg for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and Capital (the “Convention”)…. – Continue reading
For years, strict Swiss bank secrecy laws helped the world’s super-rich keep their money hidden from the taxman. Spain has asked Switzerland for help on tax matters, UBS said on Friday, making it the latest European country to look into foreign account holders at Swiss banks. For years, strict Swiss… – Continue reading
German state prosecutors are investigating nearly 60 foreign banks for “abetting tax evasion,” a newspaper report has said. Self-declaring former tax-evaders are proving a particularly valuable source of information. Prosecutors in Germany’s most populous state are investigating 57 foreign banks on charges of abetting tax evasion, according to the “Süddeutsche… – Continue reading
Chances of tax evaders coming under the scanner is rising due to the implementation of the GST, greater use of technology and exchange of information between countries New Delhi: The noose is tightening around tax evaders. Be it the implementation of the goods and services tax (GST) or the greater… – Continue reading
A list on non-cooperative tax jurisdictions around the world, the first ever common EU list, is being under preparation, Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici has said. “This month, we started the process that will lead, by the end of 2017, to the first ever… – Continue reading
Paving the way for the automatic exchange of tax information with India and other nations, Switzerland has ratified the multilateral convention on administrative assistance in taxation matters. The move marks a significant step in the continuing global efforts to crackdown on illicit fund flows in the system and do away… – Continue reading
Switzerland’s Supreme Court has overturned the decision of a lower court preventing information on bank accounts held by Dutch citizens with UBS to be sent to the Netherlands tax authority. Upholding an appeal by a Dutch client of Swiss bank UBS in March 2016, the Federal Administrative Court blocked the… – Continue reading
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
Pakistan and Switzerland would exchange information on tax evasion once the contracting state exhausts all regular sources of information available under the internal taxation procedure. On August 31, 2016, the Federal Cabinet approved initialed draft for revision of the Convention between Pakistan and Swiss Confederation for the avoidance of double… – Continue reading
Officials said around 192 requests had been sent to a number of countries, while another dozen were being processed as part of their investigation. The Income Tax Department on Sunday said it had invoked several tax information treaties and made around 200 requests to collect banking- and finance-related evidence on… – Continue reading
Pakistan will sign Multilateral Convention on Mutual Administrative Assistance in Tax Matters with OECD on September 14 as the Federal Cabinet formally approved this on Wednesday. Minister for Finance Senator Muhammad Ishaq Dar termed the decision a historic one while briefing a crowded press conference regarding decisions of Federal Cabinet… – Continue reading
A coalition of Silicon Valley tech companies has urged the Dutch Government against making changes to the most “attractive” features of its corporate tax regime, warning that it risks damaging its traditionally strong tax competitiveness by doing so. The Silicon Valley Tax Directors Group (SVTDG), which includes more than 80… – Continue reading
Tougher stance follows Theresa May’s leadership campaign promise to be more punitive of tax evasion and avoidance The Treasury is proposing new rules to punish offshore tax evaders who fail to come clean about their finances before September 2018, with fines of up to 200% of the amount owed. Published… – Continue reading
Switzerland has informed Italy of its desire to sign the bilateral agreement on the taxation of cross-border commuters. The point was made by Didier Burkhalter, the head of Switzerland’s Federal Department of Foreign Affairs, during a meeting with the Italian Foreign Minister, Paolo Gentiloni. They discussed bilateral issues, Switzerland’s policy… – Continue reading
The U.S. has used judicial might to successfully pursue offshore tax cheats all over the world. A little-noticed new rule introduced by Barack Obama’s administration gets tough on U.S. states such as Delaware and Nevada, which are notorious for murky shelters often used for illicit purposes. But there is a… – Continue reading
Countries pursuing billions in unpaid taxes push region’s wealthy to pull cash from accounts LONDON — Switzerland’s private bankers fear cash-strapped Latin American countries pursuing billions of dollars in unpaid taxes will push the region’s wealthy to pull cash from their Swiss bank accounts. For these banks, still recovering from… – Continue reading
The government is hell-bent on cracking down on black money and undisclosed income of Indians within the country and safely stowed away abroad. While there is no proper estimation of the actual amount of black money in the economy, the government is actively taking measures to stop it. Recent media… – Continue reading
Italian-Swiss TIEA Enters Into Force The Italian Ministry of the Economy and Finance has announced that the tax information exchange (TIE) protocol to the existing double tax agreement between Italy and Switzerland, which was signed on February 23 last year, went into effect on July 13, 2016. The TIE protocol,… – Continue reading
Neutral Switzerland has got an overall rating of “largely compliant” in an international review of how well it shares information with other countries on tax matters, the finance ministry said on Tuesday. Swiss officials hailed the outcome as crucial recognition of their efforts to shed the country’s reputation as a… – Continue reading
The EU has signed a fiscal transparency agreement with Monaco in an attempt to stop Europeans hiding undeclared income in the Mediterranean principality. EurActiv Spain reports. Famous for its glamorous casinos and annual Formula One race, Monaco is also known for not levying income tax and for being somewhat of… – Continue reading
UBS (UBSG.S) has been ordered by Switzerland’s tax agency to provide France with tax information, the Swiss bank said on Tuesday, adding that it expected other countries to file similar requests. Since the financial crisis, cash-strapped governments around the world have clamped down on tax evasion, with authorities probing Swiss… – Continue reading
Government most likely not to access bank data of Argentines in States despite deal As the whitewash bill is set to be approved this week, the government seeks to sign an assets deal with the United States to have access to data of the bank accounts of Argentines in the… – Continue reading
In what could be a significant development moving forward, UBS has provided the IRS with tax records and offshore accounts. UBS Group AG has come to an understanding with the US Internal Revenue Service (IRS), following a disagreement over client accounts in Singapore that had alleged tax evasion. The latest… – Continue reading
On 9 May 2016, Singapore passed the Income Tax (Amendment No. 2) Act 2016 (Amendment Act). This is a first step towards the implementation of the Common Reporting Standards (CRS) developed by the Organisation for Economic Cooperation and Development (OECD) into Singapore law. The legislation sets up the legal framework… – Continue reading
The Netherlands and Switzerland have signed an agreement clarifying the tax treatment of certain collective investment vehicles (CIVs) in each jurisdiction under their bilateral double tax avoidance agreement. The Competent Authority Agreement was signed on June 8, 2016, and deals with the application of the 2010 Dutch-Swiss double tax treaty… – Continue reading
Pending before the United States Senate are a number of tax treaties. Seven of these are bilateral treaties between the U.S. and a foreign country, in this case Chile, Hungary, Japan, Luxembourg, Poland, Spain, and Switzerland. ATR urges all Senators to support these routine, yet important treaties that protect against… – Continue reading
The Indian government has signed up to a scheme to clamp down on tax evasion and corruption launched by Europe’s biggest nations, Britain’s government said on Wednesday. Signatories to the scheme – announced in April by Britain, France, Germany, Italy and Spain – undertake to give one another free access… – Continue reading
