Category: Oceania

Macau | City sharing tax information with New Zealand

Macau and New Zealand have signed a tax-sharing information agreement, with the OECD stating that the city had exchanged tax information with 34 jurisdictions in 2018 Macau (MNA) – Macau has recently signed a tax-sharing information agreement with the government of New Zealand. According to a release from the Cabinet… – Continue reading

EU considers adding UAE, Oman on tax haven blacklist

European Union states have added ten jurisdictions to a draft tax haven blacklist, including the United Arab Emirates (UAE) and Bermuda, an EU official told Reuters on Tuesday, in a move that would triple the number of listed countries. The measure comes more than one year after the bloc decided… – Continue reading

Guam, other US territories in European Union’s dirty-money blacklist again

Guam, American Samoa, Puerto Rico and the U.S. Virgin Islands are included in the European Nation’s updated list of areas that are deemed hot spots for money laundering and terrorism financing. The U.S. Department of Treasury rejected the inclusion of U.S. territories, calling into question the substance of the EU… – Continue reading

Cook Islands joins coalition to fight tax avoidance

The Cook Islands has joined a coalition of countries aimed at fighting tax avoidance and easing cross-border tax dispute resolution. The country has joined 124 other countries in the Inclusive Framework on base erosion and profit shifting (BEPS), the Organisation for Economic Co-operation and Development (OECD) announced earlier this month…. – Continue reading

Worldwide: UK Tax Round Up – November 2018

General UK Tax Developments Finance Bill The Finance (No 3) Bill 2018-19 (which will become the Finance Act 2019) was published on 7 November and includes legislation to enact the changes highlighted in our UK Budget blog post ( UK Budget Blog). Another key area covered by the Finance Bill… – Continue reading

OECD comes to PNG’s aid to chase tax dodgers

Internal Revenue Commission is now in partnership with an international auditing organisation to help tackle multinationals that are avoiding paying taxes, Deputy Prime Minister and Treasurer Charles Abel, pictured, says. He said that Organisation for Economic Cooperation and Development (OECD), under its ‘tax inspectors without borders’ programme, would help IRC… – Continue reading

New Zealand Law Foundation Report suggests accepting cryptocurrency

A recent report published by the New Zealand Law Foundation on regulating cryptocurrencies in New Zealand suggests the regulators of the country to start taking tax in crypto and trial a CBDC. The report, that is commissioned by the New Zealand Law Foundation and written by the University of Auckland… – Continue reading

Australia’s fugitive Chinese accounts frozen

The top story in the finance section on Tuesday morning is about the Chinese government’s hunt for hidden assets (and unpaid taxes) overseas. The article mentions Australia and New Zealand freezing accounts from customers who don’t identify if they are foreign taxpayers. It goes on to say many of the… – Continue reading

Crypto Islands as Double Offshore

There is a small island in the Caribbean … You immediately imagine relaxation, a beach, palm trees. However today in these small areas a really big crypto history is being created. The crypto business is increasingly mastering the jurisdiction of “dwarf” states, such as Cyprus, Malta, Gibraltar, The Republic of… – Continue reading

HK-New Zealand protocol to tax treaty in force

Hong Kong (HKSAR) – The second protocol to the Comprehensive Avoidance of Double Taxation Agreement between Hong Kong and New Zealand (CDTA) entered into force yesterday (August 9), a government spokesman said. The second protocol was signed in June last year and amends the CDTA to pave the way for… – Continue reading

India’s sweeping anti money laundering agenda comes under scrutiny

Money laundering and abuse of sophisticated financial instruments have come under increasing scrutiny from regulators. However observers warn high-profile initiatives often act as a distraction from a lack of genuine political will to tackle global financial crime. For example, India’s leading stock exchange, the BSE, de-listed 222 dormant shell companies… – Continue reading

Tax chiefs unite to tackle international tax crime

HMRC has formed an alliance with tax enforcement bodies in 4 countries to share intelligence and expertise in the battle against international tax crime. The UK has joined forces with Canada, the Netherlands, the United States and Australia to launch the Joint Chiefs of Global Tax Enforcement (J5) – a… – Continue reading

Multinationals in New Zealand to pay fair share of tax

WELLINGTON, June 26 (Xinhua) — New measures to ensure multinational companies in New Zealand pay their fair share of tax will come into force next week. Revenue Minister Stuart Nash said the Taxation (Neutralizing Base Erosion and Profit Shifting) Bill, which passed its third reading in Parliament on Tuesday, takes… – Continue reading

Govt. moves to protect Samoa from “dirty money”

A bill tabled in Parliament last week aims to strengthen the Government’s ability to detect criminals who want to use Samoa’s offshore banking scheme to hide the proceeds of their criminal activities. That’s what Prime Minister Tuilaepa Sa’ilele Malielegaoi said when the Money Laundering Prevention Amendment Bill 2018 was tabled… – Continue reading

OECD backs BEPS plan in face of critics

The OECD has endorsed New Zealand’s crackdown on multi-national tax evasion, despite significant criticism from local businesses that it departs from OECD standards, Thomas Coughlan reports. David Bradbury, head of the OECD’s tax policy and statistics division, told Newsroom that the OECD was “very pleased with the strong support that… – Continue reading

Konrad Mizzi instructed accountants to backdate New Zealand trust documents

While Panama Papers revealed his offshore companies, Konrad Mizzi was giving instructions to backdate changes to his New Zealand holdings Konrad Mizzi instructed New Zealand accountants to backdate documents after the Panama Papers exposed his offshore interests in 2016, The Australian Financial Review reported. Last month, The Shift News reported… – Continue reading

Keith Schembri Once Again Contradicts His Own Statements Regarding His Offshore Company Network

His story has changed somewhere along the line Keith Schembri’s latest explanation today of his network of offshore companies flies in the face of his original statement when the Panama scandal first broke out two years ago. Reacting to stories published today by German paper Süddeutsche Zeitung and the Times… – Continue reading

Offshore Tax Haven Marshall Islands to Issue National Cryptocurrency

A small island nation with less than 60,000 inhabitants best known internationally as a former test site for nuclear weapons is joining the hottest new trend – issuing a national cryptocurrency. The planned Marshall Islands’ Govcoin is expected to be issued later this year. Marshall Islands Govcoin ICO The Republic… – Continue reading

Barbados Agrees To Phase Out Harmful Tax Regimes

Two Barbados preferential tax regimes have been labelled “potentially harmful” in additional guidance released by the OECD in connection with its base erosion and profit shifting (BEPS) project. The guidance singles out Barbados’s international financial services regime and its credit for foreign currency earnings/credit for overseas projects or services regime…. – Continue reading

US Treasury disputes EU decision to list Guam on tax haven blacklist

The U.S. Treasury Secretary is disputing a decision by the European Union to place Guam, and American Samoa, on its blacklist of noncooperating tax jurisdictions. In a letter to EU Secretary General Jeppe Tranholm-Mikkelsen, U.S. Treasury Secretary Steven Mnuchin wrote that “there is no basis for concluding that American Samoa… – Continue reading

New Zealand Tables Legislation To Tackle BEPS Issues

A tax bill to counter base erosion and profit shifting by multinational companies was introduced into Parliament on December 6. The Taxation (Neutralising Base Erosion and Profit Shifting) Bill contains measures to prevent multinationals from using: Artificially high interest rates on loans from related parties to shift profits out of… – Continue reading

New Zealand To Remove GST Exemption For Low-Value Imports

New Zealand’s new Revenue Minister, Stuart Nash, has said that the country will reduce or eliminate the goods and services tax exemption for low-value imports. Presently goods worth no more than either NZD226 (USD155.6) or NZD400 (depending on if they are subject to duty) are not subject to goods and… – Continue reading

Govt. of India and Govt. of NZ signs Third Protocol to the Convention for avoidance of double taxation and the prevention of fiscal evasion

The Ministry of Finance (Department of Revenue) vide notification S.O. 3512(E) dated November 2, 2017 sets out the Third Protocol to the Convention between the Government of the Republic of India and the Government of New Zealand for the avoidance of double taxation and the prevention of fiscal evasion with… – Continue reading

NZ’s IRD a global leader in shift to digital

NZ’s IRD a global leader in shift to digital, unobtrusive tax administration, Ferguson says Oct. 18 (BusinessDesk) – The Inland Revenue Department is leading the charge in a global shift to digitally-based tax administration that’s unobtrusive and easy to use, says commissioner Naomi Ferguson. The New Zealand tax department is… – Continue reading

Inland Revenue Ordinance to be amended to facilitate international tax co-operation

Hong Kong (HKSAR) – The Inland Revenue (Amendment) (No. 5) Bill 2017 (Amendment Bill) was gazetted today (October 6). The Amendment Bill seeks to pave the way for Hong Kong’s participation in the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, and to align the Inland Revenue Ordinance (IRO)… – Continue reading

New Swiss tax data exchange deals raise red flags

The automatic exchange of tax information (AIE) between countries is generally seen as an effective way of cracking down on tax cheats. But what if a country uses the data to politically oppress its citizens? It’s a burning issue facing Swiss lawmakers. This week, Swiss parliament will begin a debate… – Continue reading

Supermarkets under spotlight for tax evasion

Three major supermarkets are under investigation for tax evasion by the Fiji Revenue and Customs Services. In an exclusive interview with FBC News, Revenue and Customs chief executive, Visvanath Das says the non-compliance by any one of the three supermarkets could amount an average of fifty million dollars each. Hot… – Continue reading

New Zealand Moving Forward With Tax Treaty Amendments

The New Zealand Government has announced the signature of two Orders of Council that will implement amendments to its tax treaty arrangements with India and San Marino. The third protocol to the double tax agreement (DTA) with India updates the information exchange provisions and inserts an article on assistance in… – Continue reading

Labour plans crackdown on multinational tax avoidance to help fund spending plans

Labour is threatening to crack down on multinational companies that are dodging paying their fair share of tax in a move it believes will net $200 million a year in extra tax for the Government. Leader Andrew Little said according to Inland Revenue, New Zealanders were missing out by hundreds… – Continue reading

Hong Kong signs agreement with New Zealand on automatic exchange of financial account information in tax matters

Hong Kong (HKSAR) – Hong Kong has signed an agreement with New Zealand for conducting automatic exchange of financial account information in tax matters (AEOI) from 2018 onwards, a Government spokesman said today (July 14). “We have been seeking to expand Hong Kong’s AEOI network with our tax treaty partners…. – Continue reading

New tax law demands banks share customer info

Banks will have to share customer information after a new tax law took effect Saturday, according to New Zealand Bankers’ Association. The new law requires banks and other financial institutions to identify accounts held by foreign tax residents. This customer information will be provided to Inland Revenue, which will in… – Continue reading

New Zealand Clarifies Common Reporting Standard Exemptions

New Zealand’s Inland Revenue has issued clarification around the types of account that will be exempt from reporting under the OECD’s Common Reporting Standard for the Automatic Exchange of Information. The authority said that the exempted accounts include Whai Rawa Unit Trust Fund member’s accounts, dormant accounts, and accounts under… – Continue reading

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

Automatic exchange of financial information to begin in NZ

Hon Judith Collins Minister of Revenue 1 June 2017 Automatic exchange of financial information to begin in New Zealand Revenue Minister Judith Collins has today welcomed the start of Inland Revenue’s information campaign on the Automatic Exchange of Information (AEOI) which is part of the OECD-led effort to combat tax… – Continue reading

Tax predictability is key to driving investment

Deloitte survey highlights tax predictability as key to driving investment growth in Asia Pacific New Zealand well placed against backdrop of increased uncertainty in Asia Pacific’s tax landscape New Zealand’s tax policies are seen as relatively straight forward, consistent and predictable compared to other countries in the region, according to… – Continue reading

G20 Citizens Favor BEPS Crackdown Over Tax Competition

Citizens in G20 countries would prefer their government engage in international efforts to improve the functioning of international tax rules than compete for tax receipts, says a new survey. G20 public trust in tax, a report compiled by the ACCA (the Association of Chartered Certified Accountants), IFAC (the International Federation… – Continue reading