Proposals made by Nirmala Sitharaman at G20 Summit could alter the stasis between large corporations and tax havens. ... - Continue reading
The top 1% individual taxpayers contribute nearly one-third of India’s taxes, while the top 5% contribute nearly two-thirds of all the taxes collected ... - Continue reading
The EU Commission on July 25 decided to send a reasoned opinion to Denmark for its failure to communicate to Commission rules implementing controlled foreign company (CFC) rules required by the EU anti-tax avoidance directive (Council Directive (EU) 2016/1164 or ATAD). ... - Continue reading
The OECD today announced that Norway has deposited its instrument ratifying the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). ... - Continue reading
The OECD on July 26 announced the that southern Africa nation of Eswatini has joined the inclusive framework on BEPS. ... - Continue reading
The Hong Kong Inland Revenue Department (IRD) on 19 July published Departmental Interpretation and Practice Notes (DIPNs) Nos. 58, 59, and 60, and an updated version of DIPN No. 28. ... - Continue reading
Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions matters continue to be a core focus of regulators, law enforcement agencies, policymakers and Congress, and the story of the Obama and Trump Administrations on AML and sanctions is one of general continuity. ... - Continue reading
Article 7 – Prevention of Treaty Abuse – of the Multilateral Instrument (the MLI) contains three opt-in provisions. ... - Continue reading
In June, Vietnam’s National Assembly approved a new Law on Tax Administration 38/2019/QH14. Under the new law, tax authorities have been granted additional enforcement powers. At the same time, the new law has made it a little bit easier for both individuals and entities to file taxes. ... - Continue reading
Guernsey Finance Chief Executive Dominic Wheatley reflects on the findings of the latest OECD tax report to world leaders. ... - Continue reading
The US Treasury has announced on its website that the US-Dominican Republic Model 1 FATCA intergovernmental agreement (IGA) entered into force as of July 17, 2019. ... - Continue reading
The OECD has issued another update on jurisdictions' progress to amend their preferential tax regimes to remove harmful elements under the OECD base erosion and profit shifting Action Plan minimum standard on harmful tax regimes (Action 5). ... - Continue reading
India's traditional policy of non-alignment and the Swiss policy of neutrality, coupled with shared values of democracy and rule of law have forged close ties between the two countries. ... - Continue reading
India experiences a generation of exceptional wealth on one hand and fiscal deficit and tax revenue targets on the other. As a result of this, it is expected that the government may consider exploring the possibilities of Inheritance tax to increase the tax kitty. ... - Continue reading
On 31 May 2019, Malta published the "Consolidated Group (Income Tax) Rules". The rules will come into force as from year of assessment 2020 and the rules introduce the concept of fiscal units into Maltese tax law. ... - Continue reading
NAIROBI, July 23 (Xinhua) — Kenya and Botswana on Tuesday signed three key agreements to help deepen bilateral ties between the two African countries. The agreements, which cover bilateral trade, air transport and ICT, were signed at the end of talks held between visiting Botswana president Mokgweetsi Masisi and his… – Continue reading
The legislation encompassing the new regime for taxing non-residents' gains on the United Kingdom (UK) commercial real estate came into effect on 6th April 2019. Her Majesty's Revenue and Customs (HMRC) has additionally published draft guidance on this recently introduced regime. This article briefly summarizes the new rules. ... - Continue reading
An OECD-led 131-country coalition, known as the “Inclusive Framework on BEPS,” has approved an assessment which concludes that 12 low or zero-tax countries do not have “harmful” tax regimes, the OECD today announced. ... - Continue reading
A Danish tax administration decree, published 12 July in response to the Supreme Court’s decision in the Microsoft case, establishes a new practice for determining whether transfer pricing documentation must be available at the time the taxpayer is required to file its tax return. ... - Continue reading
Data on more than 200 companies that engaged the Mauritius office of Conyers Dill & Pearman were published on the internet today by the International Consortium of Investigative Journalists (ICIJ) as a result of leak of confidential information. ... - Continue reading
Intangibles are key sources of differentiation for businesses and typically, they help drive revenue, manage cost or both. As a result, many businesses make significant investments in developing, enhancing, maintaining and protecting unique and valuable intangibles to help drive their businesses. ... - Continue reading
On July 2, 2019, the Dutch government published the legislative proposal implementing the EU Anti-Tax Avoidance Directive II (ATAD II) that was adopted on May 29, 2017. The ATAD II mandates EU Member States to implement rules that target hybrid mismatches by January 1, 2020 (specific sections by January 1, 2022). ... - Continue reading
Top executives of banks on Sunday informed Bangladesh Bank that bringing down the interest rates to single digit would not be possible now considering the liquidity situation in the country’s banking sector. Some of the banks were even paying 9.5 per cent interest against deposits of state-owned entities and more… – Continue reading
On July 12 the Netherlands government published a legislative proposal implementing the EU mandatory disclosure directive. This follows an internet consultation on a draft legislative proposal which ran from December 19, 2018 — February 1, 2019. ... - Continue reading
On July 12 the Netherlands government published a legislative proposal implementing the EU mandatory disclosure directive. This follows an internet consultation on a draft legislative proposal which ran from December 19, 2018 — February 1, 2019. ... - Continue reading
On February 5, 2019, the Georgian Ministry of Finance issued Order No. 30 on the classification of taxpayers, which has entered into force on February 7, 2019. ... - Continue reading
The Japanese government on July 1 published the synthesized text of the Japan-United Arab Emirates 2013 tax treaty, taking into account changes made by the bilateral tax treaty on account of both countries’ later ratification of the the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). ... - Continue reading
The Directorate General of GST Intelligence (DGGSTI), an arm of the indirect tax administration, has unearthed a racket involving 90 firms which issue fake invoices to errant companies for tax evasion, the agency said on Friday. ... - Continue reading
An amending protocol to the China-India tax treaty entered into force from June 5, the Indian government announced on July 17. ... - Continue reading
Many companies looking at the Chinese market choose to establish a holding company or special purpose vehicle (SPV) to hold their Chinese investments. This typically provides flexibility and an added layer of protection to their corporate structure. Foreign investors have commonly chosen Hong Kong to set up a holding company… – Continue reading
The month of June 2019 saw a number of important updates to Bermuda's economic substance regime ahead of the 1 July deadline for compliance for entities in existence when the legislation came into force. This bulletin contains a summary of those developments. ... - Continue reading
G7 finance ministers, at their meeting in Chantilly, France on July 17–18, agreed to several aspects of a revised system for taxing multinationals. ... - Continue reading
Turkey comes up with another effort to fight profit shifting ... - Continue reading
The new budget proposal to tax buybacks and dividends at the same rate of effectively 20% may curtail the flow of distribution—that companies undertake from time to time to give investors a share in their profits—to the shareholders. ... - Continue reading
Draft legislation and explanatory notes to the UK Finance Bill 2019-20 were published on 11 July. Much of the legislation was anticipated with some further clarifications provided. ... - Continue reading
The Inter-American Center of Tax Administrations (CIAT), on July 15, released comprehensive and detailed proposals aimed at preventing abusive transfer pricing in low-income countries and in countries on the path to development. ... - Continue reading
Hot topics for discussion at the conference included taxation of the digital economy, approaches for "hard to value intangibles", the adoption of technology within the tax department, and lessons learned from country-by-country reporting. ... - Continue reading
So much of India’s private wealth is trapped in gold that any more will be a colossal social waste ... - Continue reading
The Inland Revenue Board of Malaysia has released new guidance on restrictions to the deductibility of interest expenses. ... - Continue reading
The United States Senate could soon approve ratification of four long-pending double tax avoidance treaty protocols. ... - Continue reading
On July 3, 2019, the Seychelles Government announced that it has signed an intergovernmental agreement (IGA) with the United States to implement the requirements of the US Foreign Account Tax Compliance Act (FATCA). ... - Continue reading
Following Hong Kong’s extradition bill protests, wealth managers and private banks have seen increased queries from clients looking to set up channels to move assets to Singapore. MAS (Monetary Authority of Singapore) officials have reportedly been asking wealth managers not to aggressively target Hong Kong clients in their market campaigns,… – Continue reading
For foreigners working in Vietnam, determining the applicability of personal income tax (PIT) involves decoding a number of rules. Following this, foreign workers need to calculate their precise liability and any applicable deductions. ... - Continue reading
The French Parliament definitively adopted, on July 11 the digital services (DST) after a vote of the Senate. ... - Continue reading
Liquidators of Cayman Islands entities that are reporting financial institutions under Common Reporting Standard (CRS) and Foreign Accounts Tax Compliance Act (FATCA) regulations are required to comply with CRS and FATCA reporting obligations up to the year of dissolution. ... - Continue reading
NAIROBI, July 14 (Xinhua) — Kenya and Turkey are set to sign a double taxation avoidance agreement by the end of 2019, a Turkish diplomat said on Sunday. Ahmet Cemil Miroglu, Turkish ambassador to Kenya told journalists in Nairobi that both countries are keen to improve the environment for investment… – Continue reading
The International Monetary Fund predicts revenue of FBR by 2023-24 ... - Continue reading
The Government of Gibraltar has said it is delighted to welcome Robert Jenrick, Exchequer Secretary to Her Majesty’s Treasury, to Gibraltar to announce that HMGoG and Her Majesty’s Government have opened negotiations to enter into a Double Tax Agreement. It is anticipated that with hard work on both sides a… – Continue reading
State-run Philippine Amusement and Gaming Corp. expressed optimism the government will not impose higher taxes on offshore gaming operators in the country to encourage them to stay here. Pagcor chairman and chief executive Andrea Domingo said at the sidelines of the opening of the first Philippine-Asian Gaming Expo held on… – Continue reading
