Huge numbers of the 9 million US expats living around the world are fed up with the IRS and resent tax filing from their new homes. A poll suggests two-thirds of expats feel they should not have to tell the IRS about their finances if they do not live in… – Continue reading
The proposals plan to tax giant digital companies on turnover rather than profits EU finance ministers have agreed to step up technical work on harmonising the taxation of the giant digital companies with a view to debating “possible solutions” at their December meeting. The ministerial consensus was a significant setback… – Continue reading
Finance ministers discuss new tax plans in Tallinn, Estonia France’s Le Maire says EU citizens ‘outraged’ by situation European Union finance ministers are developing a new way to tax digital companies such as Amazon.com Inc. and Facebook Inc. to raise money from an industry that they say provides less than… – Continue reading
Kazakhstan and the United States have signed a Model 1 FATCA Intergovernmental Agreement (IGA), which will enable the automatic exchange of financial information on each country’s resident taxpayers to support tax enforcement efforts. The agreement was signed in Astana on September 11, 2017. Kazakh Minister of Finance Bakhyt Sultanov emphasized… – Continue reading
Greece is defying the prevalent trend among the world’s industrialized nations for reducing tax rates in order to boost investment and competitiveness, a report published on Wednesday by the Organization for Economic Cooperation and Development (OECD) has shown. According to the report, in contrast to the majority of… – Continue reading
CBDT chairman Sushil Chandra says income tax dept will soon conclude probe into financial dealings of about 100,000 individuals suspected of tax evasion New Delhi: The income tax department will conclude its investigations into the financial dealings of about 100,000 individuals suspected of tax evasion and persuade many other assessees… – Continue reading
New Delhi, Sept. 14: A formal data sharing mechanism between the tax authorities and the corporate affairs ministry is now in place to crack down on shell companies. The income tax department and the ministry of corporate affairs (MCA) have signed a pact to regularly share data, including PAN and… – Continue reading
two executives had contributed to denounce practices of bank which are worth to parent company UBS AG to be continued, ” selling bank illegal” and ” money laundering aggravated tax fraud “. The bank UBS France has been referred to criminal court for moral harassment of two whistleblowers, to origin… – Continue reading
The governments of Japan and Russia signed a new convention on the elimination of double taxation on September 7. The convention replaces the 1986 agreement between Japan and the former Soviet Union. It lowers withholding tax rates on cross-border income from trade and investment – in most cases to zero… – Continue reading
In its latest policy paper to target the cross-border financial services sector, the UK government today unveiled proposed legislation that seeks to prevent the use of offshore trusts to avoid tax. The measure ensures that payments from an offshore trust intended for a UK-resident individual “don’t escape tax when they… – Continue reading
Multinational corporations with profits held overseas would face a mandatory one-time tax as part of the planned Republican tax legislation, Treasury Secretary Steven Mnuchin said Wednesday. “There will be a ‘deemed tax’ as a one-time charge,” Mnuchin said in an interview with Fox News at the Treasury. U.S. companies have… – Continue reading
Changes to partnership taxation are to go ahead with draft legislation now published, effectively clarifying the tax treatment for partnerships to ensure that the principle of taxing the beneficiary of partnership profit applies and to prevent a double reporting burden on investment partnership This measure makes changes to the income… – Continue reading
Brunei has become the 113rd signatory to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, signing the pact at the OECD headquarters on September 12. The Convention is touted by the OECD as “the most powerful instrument for international tax cooperation.” It provides for all forms of administrative… – Continue reading
PanARMENIAN.Net – The United States is not going to abolish double taxation with Armenia, U.S. ambassador to Armenia Richard M. Mills told reporters on Wednesday, September 13, Sputnik Armenia reports. According to Mills, the double taxation issue was raised by the Armenian government, and the United States has repeatedly noted… – Continue reading
BEIJING (Reuters) – China’s state council issued guidelines on Wednesday on improving supervision to curb money laundering, terrorism financing and tax evasion. China will step up monitoring of abnormal cross-border capital movements to crackdown on cross-border financial crimes, the state council said in a statement on its website, adding that… – Continue reading
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
ECONOMYNEXT – Sri Lanka’s new tax law has provisions that more effectively block companies from trying to dodge taxes by using techniques like transfer pricing, an expert said. The Commissioner-General of Inland Revenue (CGIR) has been given the power to re-examine sch transactions if they are seen to have been… – Continue reading
Canada’s Revenue Minister has provided an update on the progress made by the Government in addressing tax evasion and aggressive tax avoidance. The update concerns the recommendations on tackling tax avoidance and evasion made by the House of Commons Standing Committee on Finance (FINA) in October 2016, and the actions… – Continue reading
Romanians who leave the country for more than six months need to fill in a form at the Tax Agency (ANAF) starting January 1 next year. Otherwise they will receive fines ranging between RON 50-100 (EUR 11-22), according to the Finance Ministry. The obligation to notify the authorities on leaving… – Continue reading
Anguilla’s ex-attorney general says UK government may fear exposing its role in Caribbean territories’ tax arrangements Aid offered by the British government to its hurricane-battered territories in the Caribbean has been dismissed as “derisory” by a former attorney general of one of the worst-hit islands. Rupert Jones, who completed a… – Continue reading
Canada has implemented the country-by-country reporting requirement for large multinational enterprises (MNEs) contained in the 2015 Final Report on Action 13 of the OECD’s Base Erosion and Profit Shifting (BEPS) Action Plan. Canada’s legislation is found in s. 233.8 of the Income Tax Act (Canada), and is supported by the… – Continue reading
ECONOMYNEXT – Sri Lanka will charge a 10 percent capital gains tax on investments other than listed shares, under a new inland revenue bill to be effective from April 2018. The principle residence of a person, which has been owned for more than three years and in which a person… – Continue reading
The four biggest economies in the Eurozone – Germany, France, Italy, and Spain — demand an end to the erosion of their tax base by means of incorporation in states that facilitate tax avoidance. According to the Financial Times, Bruno Le Maire, Wolfgang Schaeuble, Pier-Carlo Padoan, and Luis de Guindos,… – Continue reading
The Ebonyi State Government has threatened to drag some establishments operated by the Nigerian Government in the state to court over alleged tax evasion and failure to make remittances due to the state. This was made known during the weekend by the state Commissioner for Finance and Economic Development, Dennis… – Continue reading
Operations in the European Union haven’t been easy going for tech companies for quite a long time. While many European countries earlier called for strict privacy regulations and large fines on tech companies for violating them, they have now called for increased taxation for these companies for their operations in… – Continue reading
Dept starts prosecution against 5 people with Rs 5k cr of unaccounted wealth in British Virgin Islands. The income-tax (I-T) department has established charges against five persons with unaccounted foreign assets of Rs 5,000 crore in the British Virgin Islands (BVI), a Caribbean tax haven. Investigations are on in more… – Continue reading
While at the beginning of the year (The Indian Express, March 16, 2017) the number of requests sent by India stood at 283 cases, it has now crossed 300. And while the number of replies received from among these 13 jurisdictions stood at 165, that figure has now crossed 240…. – Continue reading
GERMANY has accused Italy, France and Spain accusing of allowing huge companies to avoid paying billions in tax and draining EU funds in the process. Berlin officials have claimed the three EU member states have been deliberately unhelpful in the battle to clampdown on tax-dodging by large companies. In an… – Continue reading
Mauritius’s Ministry of Finance has denied that there are plans for a renegotiation of the jurisdiction’s double tax agreement with India in the near future. The Ministry stated: “Further to press articles alleging that Mauritius and India are to begin a fresh round of negotiations to amend the Double Taxation… – Continue reading
The EU 28 financial ministers are set to discuss taxation of multinational digital platforms in Tallin on September 15-16, Reuters reports. Companies such as Amazon and Google have designed tax plans that reduce their tax liability in countries they operate. The proposal put forward by the Estonian Presidency proposes to… – Continue reading
NEW DELHI (Reuters) – Directors of Indian shell companies that have not filed tax returns for at least three years have been disqualified from re-appointment or from being appointed to similar roles elsewhere, India’s finance ministry said on Wednesday. The move, part of a crackdown on illegal transactions and tax… – Continue reading
On August 17, 2017, the Protocol amending the Convention for the Avoidance of Double Taxation and the Prevention of Fraud and Fiscal Evasion (“Tax Treaty”) between Belgium and Mexico was published in Mexico’s Official Journal of the Federation (Belgium publication pending). The Tax Treaty became effective in Belgium on August… – Continue reading
THE CABINET yesterday gave the green light to a draft agreement on the exemption of double taxation between Thailand and Cambodia. It aims to back this up with a similar deal with Brunei as part of Thailand’s effort to complete cooperation on this and other economic initiatives with all the… – Continue reading
The inexact science’ is regarded as the big culprit in reducing global companies’ tax exposure Tax collection from transfer pricing audits has become more common in Africa, with little sign that it will abate in the near future. The transfer pricing policies of many multinational companies have attracted widespread attention… – Continue reading
By 2016 the number of foreign trusts in New Zealand had more than tripled from 2008, reaching 10,697, according to New Zealand’s Inland Revenue Department (IRD). Those trusts were bringing around $50 million in professional fees to the country. At that time, the Panama Papers scandal revealed that New Zealand… – Continue reading
The Panamanian Government with the aim of improving the competitiveness of the international services industry in Panama and, at the same time, comply with international standards for the effective exchange of information, initiated in 2009 a decisive agenda for the selection of countries with whom tax agreements were going to… – Continue reading
VAT is at the forefront of current tax reforms and soon to be a reality for many regional businesses, as it is expected to be introduced across the GCC from 1 January 2018. The GCC countries have signed up to a unified framework, which will form the basis of the… – Continue reading
The government is looking to implement EU Directives on tax avoidance, and is set to receive more financial information from multinational groups active in Romania. Tax experts suggest that large corporations might reassess their business models in order to meet the demands of the fiscal authorities in Romania and across… – Continue reading
Japan and Estonia signed a convention to eliminate double taxation on cross-border trade and investment on August 30. The treaty sets out the taxing rights of both countries on cross-border income deriving from investment or trade between the two. It also provides for assistance in the collection of tax and… – Continue reading
Thirty-five Canadian business organizations have written to Finance Minister Bill Morneau to ask that he scrap proposals to crack down on the use of tax planning strategies by private corporations. The business groups have together formed the Coalition for Small Business Tax Fairness to oppose the Government’s proposals. Signatories of… – Continue reading
The BRICS Summit of five emerging economies on Monday pledged itself to creating a fair and modern global tax system that will address issues like tax evasion by shifting of profits to safe havens and to promote the exchange of tax information that will seek to curb the practice. At… – Continue reading
The APA scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance. New Delhi: The Central Board of Direct Taxes (CBDT) has entered into four more Advance Pricing Agreements (APAs), pertaining to… – Continue reading
Argentina is reportedly considering shifting the burden of tax towards consumption, to bring the country’s corporate tax rate down to a competitive level. Specific measures are expected to be tabled before lawmakers soon. It is anticipated that there could be a 10 percent cut to the corporate income tax rate,… – Continue reading
Analysis of Finance Ministry data has revealed shocking findings: a total of 22.22 lakh entities (individuals+firms), who had never filed tax returns ever, had deposited a combined amount of over Rs. 2L crore post demonetization. That’s an average of Rs. 9,00,090 for an individual/entity which legally hasn’t earned ever! Of… – Continue reading
President Donald J. Trump is working to reform the tax system so that Americans are treated fairly and can keep more of their hard-earned money, and companies can bring jobs back to the United States. According to a news release from the administration, Trump will jumpstart America’s economic engine by… – Continue reading
Instead of raising state revenues, as was intended, the increased demands on self-employed professionals in terms of taxes and social security contributions have resulted in increased tax evasion, confirming the Finance Ministry’s worst fears. Data show that incomes declared earlier this year by self-employed professionals in their 2016 tax statements… – Continue reading
Taipei, Sept. 3 (CNA) The Presidential Office has said that the latest tax reform program set forth by the Ministry of Finance (MOF) will strengthen investment, and promote industrial development and competition. Presidential Office spokesman Sidney Lin said recently that the reforms will revolve around three main principles: To ease… – Continue reading
Prime Minister Narendra Modi had asked tax officers to use data analytical tools to proactively track and determine undeclared income and wealth and highlighted the need to strengthen data analytics and investigation wing of the tax department. gst cbdt Tax officials have been urged to “utilise data effectively” such that… – Continue reading
KARACHI: Number of annual income tax return filers increased 16 percent to more than 1.24 million till August 27 due to efforts of tax machinery and higher withholding tax rates for non-compliant taxpayers, an official document showed. The number of return filers for the tax year 2015 stood at 1.07… – Continue reading
Non-domiciled taxpayers contributed £9.3 billion to the UK economy in 2014/15 through a combination of income tax, capital gains tax and National Insurance contributions (NICs), according to newly-published figures. The number of non-doms paying tax in the UK marginally increased in 2014/15, to 121,300, up from 119,800 the previous year…. – Continue reading
