DOHA: The Qatar Financial Centre (QFC) recently held an event to update its firms on the new rules being introduced globally to automatically exchange financial accounts information between countries. During the event, firms were presented with the context and key features of Common Reporting Standard (CRS), and offered an in-depth...
(Web Desk) – Pakistan Stock Brokers Association (PBSA) has proposed end of double taxation whereby abolishing tax on dividends, bonus and capital value tax as it has been discouraging foreign as well as domestic investment in the Pakistan stock exchange . Pakistan Stock Brokers Association sent budget proposals from the...
The holding of bank accounts and life insurances abroad follows a downward trend, reported La Libre Belgique on Saturday, based on figures from the federal tax administration. According to tax returns, the decrease since 2015 is around 5 to 10% for accounts abroad, life insurance and offshore construction. “It’s quite...
ISLAMABAD: The State Bank of Pakistan (SBP) has asked the government to slash the advance tax from 0.3 percent to 0.1 percent for filers on cash withdrawals from banks exceeding Rs 50,000, and abolish the Super Tax in the upcoming budget 2018-19. The SBP has referred to sections 231 A...
KARACHI: Authorities have spotted more than 600 local firms to investigate the tax status and gather other financial information of non-residents, as new rules on data sharing, under an international treaty, kicked in to fight tax evasion, officials said on Friday. The officials said the Federal Board of Revenue (FBR)...
The Government has stripped corporate taxation from its anti-blacklisting response, as a top attorney yesterday warned: “Time is not our friend.” Michael Paton, who co-heads the financial sector working group dealing with the European Union (EU) concerns, told Tribune Business it will be “a long summer” as the Bahamas seeks...
RIGA – The Saeima national economic, rural, environment and regional policy committee today supported amendments to Public Procurement Law, deleting the ban for the companies registered in low-tax or tax-free countries, or the so-called offshore countries, from taking part in public tenders in Latvia. As reported, the Latvian parliament on...
KARACHI: People are awaiting budget announcement for the next fiscal year of 2018/19 to declare their local and foreign assets and benefit from the new amnesty scheme, a senior tax practitioner said on Wednesday. Khalid Mahmood, president of the Karachi Tax Bar Association (KTBA) said bar members are receiving a...
(Business in Cameroon) – During the inauguration of Nestlé Cameroon’s new production unit on April 12, 2018, in Douala, Pietro Lazerri, the Swiss ambassador to Cameroon informed that his country and Cameroon would initiate discussions to find a solution to the double taxation of companies operating in both countries. The...
The UK tax agency, HM Revenue and Customs, on April 16, 2018, released proposed changes to the list of amendments it intends to make to its bilateral double tax avoidance agreements through the OECD’s base erosion and profit shifting multilateral instrument. The new document – Proposed changes to the provisional...
The rich are getting richer in America but that prosperity is not trickling down the economic food chain, with investment capital pooling up in thriving portions of big cities. One reason for this, experts believe, is the amount of wealth tied up in assets—real estate holdings and stock portfolios, primarily—that...
KUALA LUMPUR: The Inland Revenue Board of Malaysia (IRBM) yesterday said it will continue with the drive to counter the threat of aggressive tax planning, base erosion and profit shifting, and tax evasion practices that cause tax leakages. IRBM chief executive officer Datuk Seri Sabin Samitah said the effort to...
Capital gains taxes will always remain a controversial topic. This is especially true in Thailand, by the look of things, as the cryptocurrency community wants the nation’s Finance Ministry to rethink its guidelines in this regard. For most people, this is also an effort to create a more lenient ecosystem...
Expanding the tax base under the existing conditions is like bleeding an anaemic person. A recent directive by President Yoweri Museveni to the Minister of Finance to tax users of social media platforms such as Facebook and WhatsApp in a bid to widen the country’s tax base has stirred a...
The champagne mood in Swiss private banking is certainly reflected in the results of an international survey by the banking federation. However dangers also lurk, and in many areas. Swiss private banks have withstood the upheavals in the sector in recent years fairly well. But the «clean money» strategy, greater...
Saving American jobs from going overseas was the cornerstone of candidate Trump’s populist campaign for president. “We’re just shipping company after company after company is leaving this country and leaving jobs behind,” Trump said in March of 2016. “And I’m going to get it stopped.” In October of 2017, while...
The Bermuda Monetary Authority has issued a consultation paper on draft regulations pertaining to “virtual currency businesses” and initial coin offerings (ICOs). The proposed bill seeks to create a framework that encourages and fosters the development of Bermuda’s nascent cryptocurrency industry. Bermuda Reveals Regulatory Proposals for Crypto Industry The minister...
Malawi is struggling to address loss of revenues due to smuggling of minerals, unregulated artisanal and small-scale mining activities, under declaration of taxable income and transfer mispricing by mining companies. Reserve Bank of Malawi statistics show that Malawi lost $980 million (MWK78 billion) between 2010 and 2017 due to foreign...
Kosovo Tax Administration inspectors have discovered a tax evasion scheme involving multiple businesses in northern and southern Kosovo. The Kosovo Tax Administration, ATK, has uncovered a network of Albanian and Serb businesses collaborating in a tax evasion scheme, suspected to have emptied the public purse of millions of euros. Raiding...
IMF Section 2 – Article 8 “No member may impose restrictions without the approval of the International Monetary Fund on payments and remittances in respect of current international transactions” KUWAIT CITY, April 15: The thirty-first report of the National Assembly’s Finance and Economic Committee on bills on taxation of expatriate...
MACAO, April 16 (Xinhua) — An agreement was signed between China’s Macao Special Administrative Region (SAR) and Vietnam to avoid double taxation as well as prevent tax evasion, according to a press release by the Macao SAR’s financial service department on Monday. The agreement, signed by Macao SAR Secretary for...
In what appears to be an attempt to test their ability to distribute Bitcoin Gold (BTG), a Coinsecure weakness was apparently exposed, and over 3 million dollars worth of bitcoin were stolen as a result. The large crypto exchange based in India filed a First Information Report (FIR) with police,...
Guwahati The CBI has arrested Swetabh Suman, Commissioner of Income Tax (Audit), Guwahati, Assam from Delhi in connection with a case of tax evasion and criminal conspiracy. The central agency has registered a case against the arrested Commissioner of Income Tax. Similar procedures have been initiated against Income Tax Officer...
HM Revenue and Customs (HMRC) has launched a consultation inviting input on proposals to tackle arrangements entered into by individuals, partnerships, or companies that aim to move UK profits outside the scope of UK taxation, typically through the use of offshore trusts and companies. The new legislation, to be drafted...
The OECD has published new transfer pricing country profiles for Australia, China, Estonia, France, Georgia, Hungary, India, Israel, Liechtenstein, Norway, Poland, Portugal, Sweden, and Uruguay, bringing the number of such overviews published by the OECD to 44. The profiles explain the current transfer pricing legislation and practices of each country....
Assets seized by Polish police are reportedly linked to the cryptocurrency exchange’s account in the country. Following a couple of days of rumours, Bitfinex – currently the fifth largest cryptocurrency exchange based on volume, according to Coinmarketcap – has been moved to deny it is embroiled in an investigation regarding...
Ugandan President Yoweri Museveni said he wanted to tax social media to keep the gossip mill in check and raise revenue for the cash-strapped country. Now the government says it has no such plans. The government of Uganda admitted this week that it won’t impose a social media tax, after...
The Central Board of Direct Taxes ( CBDT ) yesterday released a draft notification which proposes to amend Rule 44E, Form 34C, 34D and 34DA of Income Tax Rules, 1962 as per Base Erosion and Profit Shifting (BEPS) Action Item 5. The proposal has been made with a view to...
THE Bahamas will be unable to satisfy the European Union’s (EU) demands by merely promising to implement corporate taxation, a prominent attorney has warned. Michael Paton, who co-heads the financial services industry working group assessing the Government’s ‘blacklisting’ response, told Tribune Business in a recent interview that time and the...
MOSCOW (Sputnik) – The Russian authorities are discussing the creation of two offshore financial centers (OFCs) with special legal systems in the Kaliningrad Region and the Primorsky Territory to support business circles targeted by US sanctions, the Vedomosti newspaper reported on Tuesday. According to the Vedomosti newspaper, the tax havens...
The Bahamas could be removed from the European Union’s (EU) ‘blacklist’ as early as this Thursday, with the Government hoping to at least get “an indication” of delisting progress. K P Turnquest, Deputy Prime Minister, told Tribune Business that the Government was yesterday “following up” with EU officials on the...
AEOI deals with the challenge of taxpayers operating cross-border but tax administrations remaining confined to their national borders, by providing an open international architecture. Singapore has activated three new Automatic Exchange of Financial Account Information (AEOI) relationships under the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account...
The lawyers want the global companies to send back 10 years of unpaid taxes to Bangladesh A group of lawyers have sent a legal notice to Google, Facebook, Yahoo and YouTube, as well as several government bodies, seeking action against ‘tax evasion’ by these companies. Supreme Court lawyer Barrister Humayun...
ISLAMABAD: President Mamnoon Hussain on Sunday issued the Foreign Assets (Declaration and Repatriation) Ordinance bringing into effect a tax amnesty scheme announced by the prime minister earlier this week. The ordinance encompasses assets obtained on installments, declaration of property as per the “fair market value” and its confiscation by the...
The Central Board of Direct Taxes ( CBDT ) has released Central Action Plan for the First Quarter April 2018 to June 2018 of the FY 2018-2019. The Key Result Areas of the Action Plan and the Time Frame in the which it is to be achieved has been categorically...
The General Department of Taxation on Friday issued a statement reminding Cambodian financial institutions to comply with the reporting requirements of the US’s Foreign Account Tax Compliance Act (FATCA). Cambodia and the US have signed an agreement to enforce FATCA, which mandates that financial institutions holding certain amounts of money...
The Seychelles has been told to deploy more resources to implement recommendations from the OECD on base erosion and profit shifting. Ingela Willfors, a United Nations tax expert from the Swedish Ministry of Finance, held discussions on implementation with the Seychelles’ Minister of Finance, Trade, and Economic Planning and in...
KARACHI: The Federal Board of Revenue (FBR) is all set to offset a possible exit of 0.52 million returns filers from the net after the implementation of a tax exemption on certain income group from July 1, officials said on Saturday. “About 0.52 million income tax returns will be lost...
The Association for the Taxation of Financial Transactions and Citizen’s Action —or Attac for short —staged “die-in” protests at two French Apple stores on Saturday, once again charging the company with exploiting loopholes to avoid paying its fair share of taxes. Around 70 members participated in an action at the...
Formula One has been handed £187.5m by HMRC to settle a dispute after the Government put the brakes on a perfectly legal tax avoidance scheme it had been using for a decade. The build up for this year’s F1 campaign began to rev up on Thursday as the sport’s ten...
Switzerland’s Ministry of Justice on Thursday said it has formally asked Spain for the extradition of Herve Falciani, a former HSBC Holdings PLC employee who was arrested a day earlier by Spanish police acting on an global warrant. He was arrested on Wednesday in Madrid when he was going to...
Belgium’s rating has deteriorated with regard to the exchange of information needed in the fight against tax havens, according to the latest peer review report by the Global Forum on Transparency within the framework of the Organisation for Economic Cooperation and Development (OECD). Belgium is now “largely compliant” with international...
The Cayman Islands has released new guidance on the obligation on large multinational groups to file a country-by-country report in the territory and also an update on Common Reporting Standard and US Foreign Account Tax Compliance Act reporting. CbC Reporting Guidance The March 29 guidance from the Cayman Islands’ Department...
The Agencia Estatal de Administración Tributaria (AEAT), more commonly known as the Agencia Tributaria, the tax agency of the Spanish government is set to take a hard-line stance on what it suspects to be tax evasion activities aided and abetted by cryptocurrencies. The move comes as yet another chapter in...
A Vietnamese trade official in Cambodia last Saturday said a recent tax agreement between the countries will build more confidence among investors and business people in the Asean neighbours. Cambodia and Vietnam reached an agreement on the avoidance of double taxation (ADT) and the prevention of fiscal evasion with respect...
The Centre for Trade Policy and Development (CTPD) has commended the Zambia Revenue Authority (ZRA) for exposing the tax evasion scam worth K76.5 billion in the extractive sector. The center has also welcomed intentions by the authority to undertake an extensive audit of mining companies. CTPD Executive Director Isaac Mwaipopo...
Swiss authorities have received requests for information concerning potential secret Swiss bank accounts linked to the Delhi-based microfinance NGO Sarvajan Unnati Bodhini. Ironically, the NGO has previously received funding from the Swiss Agency for Development and Cooperation (SDC). Sarvajan Unnati Bodhini (SUB), whose implementation arm is called the Micro Insurance...
In comments to the TPMinds International Conference in late March, Deputy Commissioner Mark Konza outlined the Australia Taxation Office’s priorities in the area of international tax enforcement, with an especial focus to be placed on the energy and resources sector and pharmaceutical industry. His comments, published by the ATO on...
Jakarta. Indonesia’s tax office plans to spend hundreds of millions of dollars to update its outdated technology to boost low tax compliance and raise revenue collection in Southeast Asia’s largest economy, the country’s tax chief told Reuters. Indonesia completed one of the world’s most successful tax amnesties in 2017, but...
International tax developments could have a negative impact on Luxembourg’s tax revenues and economy, the International Monetary Fund (IMF) has said in its latest Luxembourg country report. The report, published on April 3, warns Luxembourg that a number of external tax events are likely to have “important implications” for Luxembourg,...
