Romania will be able to count less on the low taxation advantage in order to attract investments due to growing competition, after eight EU member states have reduced their corporate tax rates since 2017, according to a study released by Deloitte Romania. “Even in the new context, the Romanian corporate… – Continue reading
Kurdish business owners in Syria pay taxes to both government and Kurdish administration. QAMILSHI – Many Kurds in Syria may dream of self-rule, but for business owners in the semi-autonomous region in the country’s north, it now comes with a painful pinch: double taxes. For several months, traders in the… – Continue reading
The searches which started at the locations pertaining to the Bhopal-based Asnani Group and its business associates have led to the disclosure of around Rs 100 crores undisclosed income. BHOPAL: Five day long searches at 30 premises related to a Madhya Pradesh-based real estate major and business associates in Bhopal,… – Continue reading
The International Monetary Fund, an arm of the World Bank Group tells Nigeria to double her tax compliance to GDP ratio from 25 per cent to 50 per cent. Amine Mati, head of IMF in Nigeria, said this in Lagos, at the presentation of the IMF Regional Economic Outlook for… – Continue reading
In DCIT vs. M/s. Dominos Pizza International Franchising Inc., the Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) held that Jubilant Food Works Limited, who holds the Master Franchise for Domino’s Pizza in India is not a Permanent Establishment of the Domino’s Pizza International Franchising Inc. In… – Continue reading
Clear policies, investment-friendly business environments and streamlined government approval procedures are more important, experts say. Vietnam’s special economic zones (SEZs) should focus more on developing clear policies, fostering investment-friendly environment and streamlining government approval process instead of relying only on tax incentives, a conference heard Friday. Hoang The Long, former… – Continue reading
The country introduced the tax on January 1 The UAE’s Federal Tax Authority (FTA) has set new requirements for Emiratis to receive a value added tax refund related to construction of a new home. The FTA said in a Saturday statement to news agency WAM that applicants must be UAE… – Continue reading
Bitfinex is a cryptocurrency exchange that is registered in the British Virgin Islands. The choice of location for the popular exchange is strategic for tax purposes. The British Virgin Islands are known to be tax havens for corporations that want to keep as much of their profits as possible. This… – Continue reading
ISLAMABAD: Pakistan’s tax authorities have placed standardised software for receiving first batch of around 50,000 cases of Pakistanis owning assets and bank accounts abroad through automatic exchange portal from Organisation for Economic Cooperation and Development (OECD) with effect from October 1. Top officials in the Federal Board of Revenue (FBR)… – Continue reading
BRUSSELS, Germany (CMC) — Two Caribbean Community (CARICOM) countries are likely to be removed from the European Union list of tax havens next week, when European finance ministers meet here. The Bahamas and St Kitts-Nevis had in the past strongly objected to be included in the list put out by… – Continue reading
The Minority in Parliament has raised concerns over government’s intention to approve Double Taxation Agreements with the Czech Republic, Morocco, Mauritius and Singapore which they claim were not in the interest of the country. According to the Minority, Ghana would not benefit from the deal since the level of investments… – Continue reading
Singapore has gazetted a law to repeal the income tax concession for intellectual property income derived by companies benefiting from the Pioneer Service Companies Incentive (PC-S) or the Development and Expansion Incentive (DEI) schemes. The removal of this tax concession was first announced in Singapore’s 2017 Budget at the same… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) has given a 15-day timeline to banks and brokerages to furnish financial data of foreign customers as the country signed in an international convention for information exchange to curb tax evasion, officials said on Wednesday. The officials said FBR directed financial institutions, including… – Continue reading
Islamabad: Pakistan customs officials are reportedly reluctant to file a criminal case against a Chinese company for evading taxes due to what they described as “national interests”. According to the Express Tribune, sensitivities related to the over USD 60 billion China-Pakistan Economic Corridor (CPEC) project, is preventing customs from filing… – Continue reading
KAMPALA, May 16 (Xinhua) — The World Bank in its new report has urged Uganda to improve its tax revenue if the east African country is to sustain economic growth. The Bank in its 11th Uganda Economic Update issued on Tuesday said while the economic growth has rebounded from 4.5… – Continue reading
Western Australia’s residential sector could be facing up to 12 months or more of limited interest from Chinese buyers in the wake of the state government’s decision to increase taxes on offshore purchasers. Earlier this week, as part of its annual state budget, the WA government announced that it would… – Continue reading
JURIST Guest Columnist Inès Soumhi of Pitt Law, discusses the impact of European Law on the French Tax System… In January 2018, the French Parliament formalized – as part of the 2018 Finance Act – several tax changes likely to impact companies including the repeal of the 3% additional tax… – Continue reading
There have been a number of recent legal and regulatory changes in Taiwan that have impact from a wealth management perspective. Tax Rates Changes effective 2018 Effective 1 January 2018, the new tax rates for Taiwan are: Local foundation tax rule tightened Effective 1 January 2018, dividend for local foundations… – Continue reading
(CNS): As the global cryptocurrency sector heats up, job creating international investment is seeking out suitable jurisdictions and Cayman Islands’ offshore rivals are looking to steal a march on this growth by introducing crypto-friendly laws and legislation, with Bermuda in pole position. Bermuda’s government said recently that it wants to… – Continue reading
President Muhammadu Buhari’s anti-corruption drive moved a notch higher yesterday. Nigeria and the United Arab Emirates (UAE)’s agreement on recovery of assets and cash stashed away in UAE by Nigerians takes off next month. Besides, the collaboration among heads of anti-corruption agencies in Commonwealth (Africa) countries will be stepped up… – Continue reading
A regulatory framework for cryptocurrencies has come into effect by royal decree in Thailand, the Bangkok Post reported Sunday, May 13. The 100-section law, published yesterday in the country’s Royal Gazette, defines cryptocurrencies as “digital assets and digital tokens,” and brings them under the regulatory jurisdiction of the Thai Security… – Continue reading
The Paradise Papers leak exposes how university foundations across the country hide money in the Cayman Islands and Bermuda The University of Montana Foundation has invested more than $30 million in offshore hedge funds and private equity firms in Caribbean and Central American tax havens, including an investment in a… – Continue reading
BRUSSELS (Alliance News) – US fast food giant McDonald’s has reshuffled its corporate structure to make tax-avoidance practices less transparent after the EU had opened an investigation into the company’s tax schemes in 2015, a group of trade unions said Monday. The report by a coalition of European and US… – Continue reading
In a major setback to Google India, the Bengaluru bench of the Income Tax Appellate Tribunal (ITAT) held that the payments relating to Adwords made by the Company to its parent firm Google Ireland is subject to TDS provisions in India as the same constitute ‘royalty’ under the Income Tax… – Continue reading
The Minister of Finance, Kemi Adeosun has disclosed that the Federal Government paid N439.3 million to fourteen whistleblowers who gave vital information in the recovery of billions of Naira and some millions in hard currency from some corporate tax evaders. While she did not name the offending companies, Adeosun told… – Continue reading
In the wake of Armenia’s peaceful, constitutional political transition – a move broadly welcomed among Washington, DC policymakers as marking a new chapter in U.S.-Armenia relations – the Armenian National Committee of America (ANCA) has renewed its longstanding drive for a U.S.-Armenia Double Tax Treaty, a good-governance accord needed to… – Continue reading
Individuals that are in salaried employment have limited tax benefits. There are, however, certain tax benefits that may be used by individuals in salaried employment who are aware of the South African tax laws, notes Daniel Baines, author of ‘How to Get a SARS Refund‘. These can be grouped into… – Continue reading
It has emerged that Israel Tax Authority is hunting for crypto traders on social media. Local sources indicate that various local branches of the organization are sending out letters to those they suspect to be trading crypto without reporting it. In the letters, the authorities demand that the recipients should… – Continue reading
NEW DELHI, MAY 9 Mercedes-Benz India has said it can double its sales if the government gives rebates on tax on each car. “If you take out the cess — 22 per cent — my personal guess would be we can double our volume. This would mean we create many… – Continue reading
In China, withholding Corporate Income Tax (CIT) is applied to the following China-sourced incomes derived by non-resident enterprises without establishments in China, or to that derived by non-resident enterprises with establishments in China but whose income is not related to these establishments: Dividends, bonuses, and other equity investment proceeds; Interests,… – Continue reading
Buenos Aires (VNA) – Brazil and Singapore have signed a double taxation avoidance agreement and are considering the possibility of signing a free trade agreement (FTA) between Singapore and Mercosur, the South America trade bloc. According to a statement released by the Brazilian Ministry of Foreign Affairs on May 8,… – Continue reading
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
Some advantage could be there under Double-Tax Avoidance Agreement: experts MUMBAI, MAY 8 The $15-billion buyout of e-commerce player Flipkart by US retail giant Walmart is likely to attract capital gains tax under Indian laws, similar to the tax imposed on Vodafone, even though the entities are headquartered abroad. Some… – Continue reading
This guideline will, however, help the system move towards invoice matching, which can check tax evasion The new single-page return and the transition process approved by the GST Council in the May meeting is a step in the right direction as it tries to iron some of the difficulties faced… – Continue reading
President Muhammadu Buhari move to halt tax evasion signs an agreement with Singapore President Muhammadu Buhari, on Monday 26 March 2018, signed the instrument of ratification of agreement with Singapore against double taxation and fiscal evasion. The President’s assent is pursuant to the approval of the double taxation treaty (DTT)… – Continue reading
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
HARARE, May 7 (Xinhua) — Zimbabwe and Qatar on Monday agreed to expeditiously negotiate and conclude agreements that protect future investments and avoid double taxation, Finance and Economic Development Minister Patrick Chinamasa has said. Addressing journalists in Doha, Qatar, after the first meeting between Zimbabwean President Emmerson Mnangagwa and Amir… – Continue reading
For the first time, Switzerland’s Federal Tax Administration (FTA) has sent details on advance tax rulings to its partners in the spontaneous exchange of information deal. The FTA announced on Tuesday that it had transmitted a first batch of 82 reports to a total of 41 states, including Britain, France,… – Continue reading
NEW DELHI, MAY 7 The Central Board of Direct Taxes (CBDT) has notified a protocol to amend the existing double taxation avoidance pact (DTAA) between India and Kuwait. The protocol, which was signed on January 15, 2017, was notified on May 4 this year, an official release said. It had… – Continue reading
MUMBAI, MAY 7 The Delhi High Court has refused to stop the arbitration filed by Vodafone Plc in the UK against the ₹22,000-crore tax claim by the Indian tax department. The court said that the Centre can approach the UK arbitration tribunal under the India-United Kingdom Bilateral Investment Protection Agreement… – Continue reading
(UPDATED) Rappler Holdings Corporation and Rappler CEO Maria Ressa file a joint counter-affidavit at the DOJ in relation to the P133-million tax evasion complaint filed by the BIR MANILA, Philippines (UPDATED) – Rappler Holdings Corporation (RHC) and Rappler CEO Maria Ressa accused the Bureau of Internal Revenue (BIR) of “selective… – Continue reading
Islamabad : Pakistan’s tax authorities on Friday informed the Senate panel that Organisation for Economic Cooperation and Development (OECD) placed one dozen action plans for making part of tax laws in Pakistan so the FBR made all-out efforts to expand its jurisdiction outside the country in line with best international… – Continue reading
VILNIUS, May 3 (Xinhua) — Lithuania has been formally invited to join the Organization for Economic Co-operation and Development (OECD), with a planned signing of the accession agreement during the OECD ministerial meeting on May 30 and 31 in Paris, Lithuanian authorities announced Thursday. The invitation “is a result of… – Continue reading
South Korea’s National Tax Service has released guidance in English for foreign taxpayers to comply with their South Korean tax affairs. Income tax returns must be filed by May 31, 2018. The guidebook explains foreign persons’ personal income tax obligations and the differences in tax treatment between resident and non-resident… – Continue reading
The Macau government is preparing to sign the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information which will allow automatic tax information exchange with other members of the Organisation for Economic Co-operation and Development Macau (MNA) – The Financial Services Bureau (DSF) has informed Macau News Agency… – Continue reading
In the OECD’s latest report for the country, Greece has been urged to broaden its tax base and further clamp down on tax evasion. While praising steps taken by Greece to implement recommendations in its last report, the OECD says Greece’s tax system still relies on high rates and narrow… – Continue reading
Malta has become the latest country to ratify the OECD’s multilateral convention to counter base erosion and profit shifting (BEPS). A notice was published in Legal Notice 142 of 2018 in the territory’s Official Gazette. The Convention, negotiated by more than 100 countries and jurisdictions under a mandate from G20… – Continue reading
Islamabad: ANP ex-Senator Ilyas Ahmed Bilour has said that there should be minimum 20 per cent tax rate for non-filers and tax evaders as 5 per cent tax return is very low and should not be passed. Mr Bilour was speaking at a special seminar on ‘Post Budget (2018-19) overview… – Continue reading
The United Kingdom’s parliament has enacted a new law requiring its overseas territories — which include notorious tax havens like Bermuda, the Cayman Islands, and the British Virgin Islands — to start disclosing by 2020 the owners of corporations they register. This could shut down a huge amount of offshore… – Continue reading
Britain’s 14 overseas territories, including the Cayman Islands, will have to introduce public registers of beneficial ownership by the end of 2020. If they do not, the U.K. government will issue an order in council to force Cayman and other territories to do so. The U.K. Conservative Party government did… – Continue reading
