Category: Regulatory

Government spots 645 firms to probe tax issues of non-residents

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)...

People await budget to declare assets under amnesty scheme: KTBA

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...

Switzerland and Cameroon to find a solution to the double taxation of companies operating in both countries

(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...

UK Revisits Proposed BEPS Changes To Its Double Tax Treaties

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...

Opportunity Zone Program turns blight sites into tax havens for asset-rich investors

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...

CBO confirms GOP tax bill will worsen offshore tax dodging

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...

Bermuda Reveals Draft Crypto Regulations, Plans to Embrace ICOs

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...

Tax outflows, debt cripples Malawi’s growth

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...

Remittance tax on agenda – Fee in exchange for providing services to Expats

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...

HMRC To Add To Arsenal Against Diverted Profits

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...

CBDT releases Draft Notification to Amend Income Tax Rules, 1962 [Read Draft Notification]

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...

Corporate Tax Promise Not ‘Concrete’ For Eu

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...

Russia Considers Creation of 2 Tax Havens Over US Sanctions – Reports

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...

Singapore activates three new Automatic Exchange of Financial Account Information relationships

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...

GDT reminds firms to mind US tax act FATCA

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...

Seychelles Needs To Redouble BEPS Efforts: UN Expert

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...

Activists stage ‘die-ins’ at French Apple stores to protest impact of tax avoidance on social services

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...

Tax havens: Belgium less transparent on exchange of information

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...

Cayman Guides On Compliance With CbC Reporting, FATCA, CRS

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...

Indian NGO under scrutiny for possible Swiss bank accounts

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...