China’s double tax avoidance agreements (DTAs) can be used to avail lower tax rates while making outbound payments. However, DTA benefits are not automatically applicable to everyone. ... - Continue reading
A little-noticed decision by the Internal Revenue Service’s appeals unit may spell trouble for legendary investor Jim Simons, who’s embroiled in a multibillion-dollar tax dispute with the agency. ... - Continue reading
On 30 October 2019, the Parliament of Ukraine ratified Protocols amending double taxation treaties with the United Kingdom and Cyprus. ... - Continue reading
Taxation has become an increasingly global issue as people, money and property move freely across borders. ... - Continue reading
In the wake of the Panama Papers, thousands of taxpayers around the world received notices from their respective tax authorities seeking clarifications, issuing fines, or requesting payment of taxes dodged. ... - Continue reading
Number of government transfers of records of bank accounts held by Canadian residents to U.S. has been rising ... - Continue reading
Draft legislation included in the Finance Bill 2019-2020 will potentially make directors and certain other individuals closely connected to a company jointly and severally liable for a company’s tax liabilities that arise from avoidance, evasion or repeated insolvency and non-payment of tax debts or tax-related penalties of the company. ... - Continue reading
Insights into the functioning of a trust ... - Continue reading
When multinational companies look to open up a new subsidiary or a regional headquarters, they tend to prefer certain countries due to their favorable tax policies. ... - Continue reading
Big changes ahead : Samsung Electronics, LG Electronics and other top-tier South Korean companies might have to pay corporate taxes even in countries where they have no physical presence. Here's how. ... - Continue reading
European Union finance ministers are set to remove the Central American country of Belize from the bloc's blacklist of tax havens in a meeting this week, an EU document said. ... - Continue reading
Substance is vital when it comes to the tax residency of companies and their management and control aspect. ... - Continue reading
The government is set to tighten rules on disclosure by Japan’s wealthier residents about their overseas assets in a bid to prevent tax avoidance, sources close to the matter said Sunday. ... - Continue reading
PHNOM PENH, Nov. 4 (Xinhua) — The Cambodian parliament on Monday ratified an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income that the country had signed with China’s Hong Kong Special Administrative Region (HKSAR). Ruling Cambodian People’s Party’s 110… – Continue reading
Wealthy UK offshore fund holders are to be targeted by the HMRC in a new probe of compliance and tax transparency. ... - Continue reading
According to the draft provision, any ruling granted by the Luxembourg direct tax authorities prior to 1st January 2015 will automatically expire and be null and void at the end of tax year 2019. ... - Continue reading
The bill foresees that the Ukrainian banks will open information about the accounts of U.S. citizens in this country; Ukraine, on the other hand, will not be able to get the respective information about Ukrainian accounts in the States The Verkhovna Rada of Ukraine has passed the document about ratification… – Continue reading
The Verkhovna Rada of Ukraine ratified an agreement with Malaysia on the avoidance of double taxation and the prevention of tax evasion and the protocol thereto, adopting Bill No. 0002. 333 MPs voted in favor of it. It was broadcasted by official Rada Channel. The agreement extends to individual income… – Continue reading
On October 9, 2019, the Organisation for Economic Co-operation and Development (OECD) issued its proposal for addressing the tax challenges of the digital economy. ... - Continue reading
Australian entities that meet certain requirements can shortcut the usual lengthy and expensive transfer pricing record keeping process. ... - Continue reading
Chairman Federal Board of Revenue (FBR) Shabbar Zaidi on Monday wrote letter to UAE authorities and asked for devising mechanism to share details of Pakistanis who are hiding behind Iqama based residential status to evade taxes. In a letter written to Ministry of Finance UAE by the Chairman FBR Shabbar… – Continue reading
Punjab Finance Minister Makhdoom Hashim Jawan Bakht has said that the government was making efforts for unification of taxes and harmonisation in revenue collection in all four provinces while clarifications would be made on the tax related litigations and GST on services related matters. The minister chairing a review meeting… – Continue reading
The Advocate General (AG) in an opinion issued 24 October (Case C-458/18) stated that a company incorporated in Gibraltar and subject to Gibraltar corporation tax cannot be considered to be a “company of a Member State” within the meaning of the parent-subsidiary directive (Directive 2011/96). ... - Continue reading
Turkey’s Ministry of Treasury and Finance on 23 October released a draft law introducing a digital services tax, sending it to the Turkish Parliament for ratification. ... - Continue reading
The OECD today announced that Jordan has become the 135th country to join the “Inclusive Framework on BEPS.” ... - Continue reading
Australians living and working overseas have until June 30 to sell their family homes or face being slapped with a hefty tax after the government reversed its position for exemptions. A A$581m federal government plan to change capital gains tax arrangements for expats originaly lapsed, but the Australian government is… – Continue reading
The U.S. government ended fiscal year 2019 with the largest budget deficit in seven years as gains in tax receipts were offset by higher spending and growing debt service payments, the Treasury Department said on Friday. It is the first time since the early 1980s that the budget gap has… – Continue reading
China’s efforts to cut taxes have taken effect as firms reported lighter tax burdens, a new survey showed. The ratio of the total taxes paid by firms to their business revenue stood at 2.3 percent in 2018, down from 2.62 percent in 2017 and 3.41 percent in 2016, according to… – Continue reading
The US Internal Revenue Service has eased the rules of FATCA compliance by telling banks overseas that they are not required to close the accounts of their accidental Americans clients who have not provided their tax identification number by January 2020. FATCA was passed in 2010 and forces banks wanting… – Continue reading
African tax bodies will mark the 10th anniversary of their umbrella organization, the African Tax Administration Forum (ATAF), in their efforts to reduce tax leakages. A total of 38 African countries are members of the ATAF, making the organization Africa’s largest body that collectively deals with global tax issues affecting… – Continue reading
Australians are avoiding their tax responsibilities in record numbers. The Australian Taxation Office (ATO) announced at a Senates Estimates hearing that the debt owed by Australians to the tax man has recently hit 45 billion Australian dollars (31 billion U.S. dollars), a record figure, according to the Australian Broadcasting Corporation… – Continue reading
HMRC is clamping down on the promoters and enablers of tax avoidance scheme as prison sentence lengths for tax evasion rose by 1% on average last year. Penny Ciniewicz, HMRC’s director general of customer compliance, said “We have more than 100 current investigations into promoters [and enablers] and we’re keeping… – Continue reading
Some 1,700 ‘accidental’ Dutch Americans have applied to give up their US nationality this year, a six-fold rise on three years ago, before a new tax law is implemented next year. As FATCA is enforced, these Dutch Americans must file a tax return in the United States. If they do… – Continue reading
October 8, 2019- New tax guidance for dual resident companies published by the Irish Tax and Customs ... - Continue reading
Mauritius on October 18 deposited its instrument of ratification or acceptance of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ... - Continue reading
A guide to the Irish Budget 2020 ... - Continue reading
Seattle’s luxury housing boom will worsen inequality and affordability in the city, according to a new report, which calls for officials to require more transparency on who is actually buying luxury real estate in the area. The report — “Who is Buying Seattle? The Perils of the Luxury Real Estate… – Continue reading
A note in newly filed accounts for Airbnb UK said it had been contacted by HMRC over "tax laws or regulations impacting the company's business". ... - Continue reading
On September 12, the Armenian government approved a set of amendments to the laws on Criminal Procedure and Bank Secrecy, which implies the disclosure of customers bank information. ... - Continue reading
The United Arab Emirates and Switzerland removed from European Union's list of non-cooperative jurisdictions for tax purposes on October 10. ... - Continue reading
HMRC has recently been consulting on how the UK will implement new EU disclosure rules contained in the latest Directive on Administrative Cooperation (DAC6). ... - Continue reading
With this new legal initiative, the taxpayers have the opportunity to clear tax debts without interests, surcharges and fines and to file forms past due without penalties. ... - Continue reading
Regulations governing BSA/AML compliance are often ambiguous, leading to disagreements with regulators about whether financial institutions are in compliance with those regulations. ... - Continue reading
Finance Ministry targets deliberate losses designed to slash bill ... - Continue reading
G20 finance ministers support taking the 'Unified Tax Framework' a notch higher - Multinational enterprises like Google, Facebook and Amazon with huge customer base to retain share of profits in concerned countries. ... - Continue reading
On September 20, the Peruvian tax authority issued guidance as to how to treat interest expenses on foreign debt. ... - Continue reading
The Irish Revenue has published guidance on dual-resident companies that explains new rules introduced under the BEPS multilateral convention on tax treaties. ... - Continue reading
A regional tax office posted 32 percent jump in revenue collection to Rs26.43 billion in the first quarter of the current fiscal year as tax rates on non-compliance increased during the period, sources said on Wednesday. Revenue collection by the Regional Tax Office (RTO)-II Karachi amounted to Rs19.98 billion in… – Continue reading
The Irish government today published Finance Bill 2019, which contains legislation to enact tax measures taking effect primarily from January 1, 2020. ... - Continue reading
