The Government yesterday broke down the divide between Bahamian domestic and international financial institutions to meet European Union (EU) demands. KP Turnquest, the Deputy Prime Minister, in unveiling a radical regulatory shift said the Government will “make the playing field level for all financial institutions in The Bahamas” by enabling...
Having established a groundbreaking regulatory framework for companies using distributed ledger technology, Gibraltar is now poised to publish draft legislation for initial token offerings and is setting its sights too on the market for crypto funds. These were among the key messages signalled at a breakfast briefing for fund managers...
KARACHI: The Federal Board of Revenue (FBR) has launched investigation against 42 textile units for rendering an estimated seven billion rupees in tax revenue losses through misuse of zero-rating facility of sales tax, officials said on Friday. The officials said the FBR identified 42 textile companies which made sales of...
The Australian Securities and Investment Commission (ASIC) said it would create a team to monitor initial coin offerings (ICOs) and cryptocurrencies. Australia’s market regulator, the Australian Securities and Investments Commission (ASIC) is considering a new tactic in regulating digital currency exchanges and raising the monitoring of initial coin offerings (ICOs)...
The government is considering imposing taxes on companies’ digital revenue as a way of increasing public coffers by capitalising on the rapidly expanding digital commerce sector. Plans to establish a so-called ‘e-tax’ are in line with the government’s strategy to prepare for the fourth industrial revolution, said Aun Pornmonirath, Deputy...
There is a small island in the Caribbean … You immediately imagine relaxation, a beach, palm trees. However today in these small areas a really big crypto history is being created. The crypto business is increasingly mastering the jurisdiction of “dwarf” states, such as Cyprus, Malta, Gibraltar, The Republic of...
Baker McKenzie (Thailand) discuss how the proposed trust law aims to bring more wealth back to the country as both Thai and overseas assets (including real estate properties) can be used to set up a trust and promote Thai private banking business. Preserving a faily business for the next generation...
As nations around the globe roll out crypto regulations and tax schemes, blockchain startups eagerly eye the next crypto-friendly destination. Malta has modeled itself as exactly that and firms have been flocking there in droves. So much so that the government has told them to hold their horses while it...
From 1 January 2019 rich Ukrainians can be under scrutiny of tax authorities. This draft law was developed on the eve of the Finance Ministry, writes in his article for EP Galina Kalachova. The author notes that understanding of Finance, a taxpayer with high income is someone who meets one...
Companies (Amendment) Act 2017 has replaced the provision relating to Significant Beneficial Owners by amending section 90 of the Companies Act. Recently, Ministry of Corporate Affairs (MCA) notified Rules on significant beneficial ownership which aim to fix the gap in existing provisions. Under the Companies Act 1956 and under the...
Standard Chartered has selected FiTAX, a solution from BearingPoint, as its global client tax reporting solution for QI, FATCA and AEoI/CRS reporting. International banking group Standard Chartered, founded in 1969, is with approximately 87,000 employees across offices in more than 60 countries one of the globe’s leading financial services institutions....
Growing tax compliance demands have not impacted the Bahamian financial services industry as badly as anticipated, the Central Bank is arguing, despite the sector’s continued contraction. The regulator, in its 2017 survey of the sector’s economic contribution, said there were signs that international banks and trust companies were “retaining a...
ASTANA – The 31st plenary session of Kazakhstan’s Foreign Investors’ Council themed “Accelerated modernisation” discussed digital transformation, new technologies and prospects for further economic growth at a June 6 meeting here. Kazakh President Nursultan Nazarbayev briefed the session on Kazakhstan’s efforts to ensure the stability of the national economy in...
Genting Singapore Ltd has gained formal approval from the Accounting and Corporate Regulatory Authority of Singapore to transfer its legal domicile from the offshore tax jurisdiction of the Isle of Man, to Singapore. Genting Singapore runs the Resorts World Sentosa casino resort (pictured) in Singapore. The company made a net...
Ever since the Organisation for Economic Cooperation and Development (OECD) Council approved the OECD’s Common Reporting Standard (CRS) in 2014, the international economic community has been gradually moving closer to a smoother and more transparent global exchange of financial account data. It is widely acknowledged that the CRS is long...
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...
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...
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...
Apple will start paying 13 billion euros in back taxes to the Irish government from May, according to the Financial Times, nearly two years after the European Commission ruled that the company received illegal aid from the country that saw its tax bill significantly reduced over the past few decades....
“The important thing to remember here is this is a brand-new, very complicated space,” warned John Oliver on last weekend’s episode of “Last Week Tonight.” “Literally nobody knows how it’s going to develop, so you need to be careful.” Oliver was discussing cryptocurrencies and blockchain on his show, highlighting the...
According to regional reports, China’s police agency is allegedly monitoring cryptocurrency exchanges based outside of the country. An informant details that China’s Public Information Network Security Supervision task-force is closely watching both domestic and foreign trading platforms involved with cryptocurrencies to prevent fraud, pyramid schemes, and money laundering. China’s Regulators...
Laws regulating digital currency exchanges for the first time have been approved by Parliament in a major milestone for the burgeoning local sector. The amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act easily passed through Parliament at the end of last week thanks to bipartisan support, despite the Opposition...
Australian tax rules relating to cryptoassets remain in their infancy, comprising largely of antiquated rules for fiat currency transactions, with impractical attempts at guidance from revenue authorities. This practical guide summarises the Australian tax issues for some typical cryptoasset transactions. In this innovative sector, no two transactions are the same....
The I-T department and SEBI are working on a two-pronged approach that involves action against tax evaders and tightening of norms for scrips prone to price manipulation Tightening the noose around companies invloved in tax evasion, the Income Tax department and market regulator SEBI have launched a crackdown on penny...
“Reportage about hacked data from global law firm Appleby has highlighted the substantial lack of media understanding of offshore investment structures and Bermuda’s long-time reputation for tax transparency and cooperation with international authorities,” the Bermuda Business Development Agency said. “Bermuda is committed to the exchange of relevant information to legitimate...
FinanceMalta, the Institute of Financial Services Practitioners, the Chamber of Commerce, Enterprise and Industry and the Gozo Business Chamber have welcomed the PANA Committee’s confirmation that the Maltese tax system is in line with current international and EU standards. Furthermore,according to the Committee, Malta has transposed EU rules and respects...
Ghana is considering promulgating laws to criminalize the abuse of transfer pricing in its petroleum sector, the Acting Chief Executive Officer of the Petroleum Commission, Mr. Egbert Faible, has disclosed. According to Mr. Faible, the abuse of transfer pricing in the country’s budding petroleum sector was worrying and there was...
GEORGE TOWN, Cayman Islands (CMC) — The Cayman Islands, noting that it has had to get used to “unfair and inaccurate” reporting about its global financial sector, is distancing itself from the so-called Paradise Papers, a set of confidential documents related to offshore investment. In addition, the island has also...
LABUAN: Bank Negara Malaysia (BNM) Governor Tan Sri Muhammad Ibrahim says the time has come for a review of Labuan’s current tax framework. He said the review is not only to ensure alignment with international best practices but also confirm the continued relevance of such incentives in catalysing new growth...
The European Parliament’s PANA Committee has approved draft recommendations calling for increased scrutiny and regulation of emerging technologies, including virtual currencies and FinTech. The committee also approved a report delving into the findings of an 18-month probe into breaches of EU law in relation to money laundering, tax avoidance and...
On 1 July 2017, the “Administrative Measures on Due Diligence of Non-resident Financial Account Information in Tax Matters” (the Measures) came into effect. The Measures were jointly promulgated in May 2017 by the State Administration of Taxation (SAT), the Ministry of Finance, the People‘s Bank of China, the China Banking...
Private-bank assets held by StanChart in Channel island tax haven were moved to S’pore in 2015: report Singapore THE Monetary Authority of Singapore (MAS) on Monday declared its firm commitment to keeping the country’s financial centre clean and safeguarded from illicit activities. Singapore’s central bank and financial regulatory authority said...
Cisco Korea may have to share its key financial information starting next year as the government aggressively pushes to tackle the lack of transparency and tax-dodging practices by foreign enterprises, according to industry sources, Tuesday. “Though there still is much to be seen about the application of the revision, it...
Markets regulator Sebi has revoked trading ban imposed on 114 entities, which had come under the scanner for alleged manipulation and misuse of stock market platform for tax evasion, saying it did not find any adverse evidence against them. This comes after Sebi, earlier this month, had revoked ban on...
A number of territories that had failed to demonstrate they have complied with international tax transparency standards have had their ratings upgraded by the OECD, following “fast-track” peer reviews. It said that the territories’ frameworks were reevaluated to assess whether recent progress would result in an upgrade to their ratings...
A federal district court has ruled in favor of tax preparers who filed a class-action lawsuit against the Internal Revenue Service over its right to charge fees for Preparer Tax Identification Numbers, and the IRS may need to refund hundreds of millions of dollars in fees collected each year. In...
A veteran financial services provider yesterday warned that automatic tax information exchange could breach fundamental rights protected by the Bahamian constitution, while threatening to make this nation a “European satellite”. #Anthony Howorth, president of Euro-Caribbean Management Services, questioned whether the Government and financial services industry had “really thought through” the...
Pretoria – South African financial institutions, which include banks, long-term insurers and asset managers, will have to exchange financial account information in terms of the common reporting standard for the first time this year. Financial institutions, although having to do similar exchanges in terms of the US’s Foreign Account Tax...
Malaysian individuals and entities that have bank accounts overseas will soon see their financial information being shared with other countries and tax authorities in an effort to boost global transparency and tax compliance. This requirement is part of the automatic exchange of financial account information set out by the Organisation...
THE Fiji Revenue and Customs Authority has uncovered a scam where companies hire graphic artists to manipulate the value of overseas invoices. Speaking on the global move towards greater financial disclosure, FRCA director corporate services Fazrul Rahman said a Fiji company was under the microscope for incorrect invoicing. “This Fiji...
It often occurs that a multinational company employs a foreign manager based on an employment contract or secondment. In the first case, the Hungarian company is considered as the legal and economic employer, therefore the salary is payed directly by it. In the second case, the employee maintains the employment...
Many of the data submissions made by early adopters over the next two months under the new common reporting standard (CRS) are likely to be rejected and returned for correction and resubmission, adding to compliance costs, according to predictions from Sovos, a global tax compliance solution provider The UK is...
New measures targeting trust companies and banks in their role of helping to create offshore companies, such as the more than 200,000 exposed in the year-old Panama Papers, should be the priority for EU legislators in their efforts to crack down on the use of tax haven intermediaries, according to...
Muscat: One of the many changes that the Royal Decree 9 of 2017 (RD) has made in the Oman Income tax law is the introduction of withholding tax (WHT) on payment of ‘dividends on shares’ by Omani companies. This amendment requires Omani companies distributing dividends on shares to foreign persons...
The Government of the Netherlands has said that it will take a step forward in its fight against tax evasion and money laundering by introducing a registry of ultimate beneficial owners of companies registered in the Netherlands. Draft legislation for the introduction of a registry of beneficial ownership was published...
Credit Suisse Group AG (CS – Free Report) is facing money-laundering and tax-evasion investigations involving thousands of account holders. In addition to the homeland, the investigation covers the Netherlands, Britain, Germany, France and Australia. The probes were triggered after FIOD, the Dutch office for financial crimes prosecution, got a tip...
ANALYSIS: US-style deferred prosecution agreements (DPAs) should be introduced in Scotland to deal with corporate offending, according to a recent report by the global Organisation for Economic Cooperation and Development (OECD). Foreign bribery should attract significant penalties, and Scotland’s civil settlement regime is potentially too lenient, according to the report,...
Swiss bank, UBS Group AG UBS , and its French unit will be facing a trial in France against allegations that the bank helped its clients in that country to evade taxes. Notably, a five-year probe into such allegations was closed last year. Following this, the prosecutor’s office was supposed...
Value added tax is likely to be an irrecoverable cost, negatively affecting margins for the banking sector Dubai: The UAE and GCC banks that are facing increased regulatory burden from Basel III capital requirements and International Reporting Standards 9 (IFRS 9) are expected to face further pressure in terms of...
The repeal or delay to tax increases in the Affordable Care Act (ACA) will “overwhelmingly benefit high-income households,” according to the Urban-Brookings Tax Policy Centre (TPC). The House Ways and Means Committee has already approved the Republican’s proposals to repeal elements of ACA, commonly known as Obamacare. The TPC estimates...
