French DST passed by Parliament clarifies location of users
The French Parliament definitively adopted, on July 11 the digital services (DST) after a vote of the Senate. ... - Continue reading
Category: Regulatory
Cayman Islands: Considerations Winding Up Of Cayman Islands Domiciled Entities In 2019
Liquidators of Cayman Islands entities that are reporting financial institutions under Common Reporting Standard (CRS) and Foreign Accounts Tax Compliance Act (FATCA) regulations are required to comply with CRS and FATCA reporting obligations up to the year of dissolution. ... - Continue reading
Kenya, Turkey to sign tax treaty by end of 2019
NAIROBI, July 14 (Xinhua) — Kenya and Turkey are set to sign a double taxation avoidance agreement by the end of 2019, a Turkish diplomat said on Sunday. Ahmet Cemil Miroglu, Turkish ambassador to Kenya told journalists in Nairobi that both countries are keen to improve the environment for investment… – Continue reading
Federal Board Of Revenue (FBR) Revenues To Surge To Rs 10.5 Trillion By 2023-24: IMF
The International Monetary Fund predicts revenue of FBR by 2023-24 ... - Continue reading
Pagcor: Government not inclined to impose higher taxes on POGOs
State-run Philippine Amusement and Gaming Corp. expressed optimism the government will not impose higher taxes on offshore gaming operators in the country to encourage them to stay here. Pagcor chairman and chief executive Andrea Domingo said at the sidelines of the opening of the first Philippine-Asian Gaming Expo held on… – Continue reading
Can a Thai Citizen Own Property in the US?
I am interested in purchasing real estate in the US as an investment. Can a Thai citizen own property in the US? There are several things Thai investors need to be aware of when considering purchasing a house or condominium in the United States. The buying process is relatively straightforward… – Continue reading
Transfer (mis)pricing
TRANSFER pricing — the pricing of commodities traded between or within multinational enterprises — is a legal practice and a key feature of cross-border and intra-firm transactions. The United Nations prefers to use the broader phrase ‘trade pricing’ in addressing this practice and defines it as a ‘normal incident of… – Continue reading
Barcelona star Pique told to pay 2.1m euros in tax arrears and fines
MADRID, July 12 (Xinhua) — Barcelona and Spanish international center half Gerard Pique has been told to pay 2.1m euros by the Tribunal Economico-Administrativo Central in Madrid. Pique had been found guilty of tax evasion around the profit he made from his image rights from 2008 to 2010 but decided… – Continue reading
Taiwan to join anti-tax evasion program CRS
Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading
Taiwan to join anti-tax evasion program CRS
Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading
China: Application Of Article 16 (Mutual Agreement Procedure) Under The MLI To The Covered Tax Agreements (Part II)
The following is Part 2 of the Application of the MAP Article in the MLI to the Covered Tax Agreements that specifically deals with How contracting jurisdictions apply Article 16 to their CTA's. ... - Continue reading
Buyback tax: A loophole fixed or an anomaly made worse?
In the past three fiscals, Indian firms bought back shares at an average rate of ₹47,800 crore ... - Continue reading
Australian tax office addresses transfer pricing, debt-equity rule interaction
Tax authority of Australia takes measures on tax issues ... - Continue reading
Swiss banks accounts: Indian details to be transferred
Pointing to volume, Swiss office says several dispatches may be needed. According to the two Swiss agencies, India is among 73 countries with whom information on bank accounts will be shared this year — AEOIs were implemented with 36 countries last year. The stage is set for the first exchange… – Continue reading
UK: UK Tax Round Up – June 2019
In Development Securities plc and others v HMRC, the Upper Tribunal (UT) has overturned the prior discussion of the First-tier Tribunal (FTT) in favour of the taxpayer in an important tax residence case relating to Jersey incorporated companies. ... - Continue reading
Cyprus: Is “Substance” The Current Buzzword?
"Substance" - the new rule of the tax world ... - Continue reading
OECD Finds Tax Automatic Exchange has Increased Transparency, Agrees on Digital Economy Taxation Roadmap
6 July 2019: In the lead up to the Group of 20 (G20) Finance Ministers and Central Bank Governors’ Meeting, the Organisation for Economic Co-operation and Development (OECD) released data that show that automatic exchange of information on financial accounts is improving tax compliance and delivering concrete results for governments… – Continue reading
United Arab Emirates: The UAE Introduces Mandatory Country By Country Reporting
UAE has published Cabinet Resolution 32, the introduction of new country by country reporting ("CbC reporting") obligations that multinationals will be required to comply with starting 2020. ... - Continue reading
IRB can track undeclared offshore accounts for taxation
Malaysia aims to track offshore tax revenue ... - Continue reading
Recto backs DOF plan to tax Chinese POGO workers
The Senate is backing a government plan to run after tens of thousands of Chinese workers in the country who have not been paying income tax ... - Continue reading
POGOs promise to pay tax starting this month
Operators of offshore gaming companies vowed to comply with Finance Secretary Carlos G. Dominguez III’s directive to settle their income tax, seen to reach at least P24 billion in additional annual collections, beginning this month. This developed after the Philippine Offshore Gaming Operators (POGO) met with Dominguez where they agreed… – Continue reading
Gibraltar joins “Inclusive Framework on BEPS” working on multinational group tax issues
Gibraltar joins the list of jurisdictions to sign the framework on BEPS ... - Continue reading
Netherlands draft tax law targeting hybrid mismatches includes new documentation requirement
New laws regarding hybrid mismatches ... - Continue reading
Canada: Canada Close To Ratifying The Multilateral Instrument
Bill C-82, An Act to implement a multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting, has received royal assent. ... - Continue reading
Tensions between the drive for transparency and the right to protection of privacy
Update on the UK government’s proposal to improve transparency with a new register of persons with significant control of companies which hold UK property. In our last article (https://hubbis.com/article/transparency-enhanced-in-the-uk) we looked at the UK government’s proposal to improve transparency with a new register of persons with significant control of companies… – Continue reading
Why inheritance tax needs to be analysed
A large part of the wealth in India of the major population would comprise of real estate, liquidating the same to make payment of IHT and realising the worth would be a challenge
... - Continue readingNew Zealand: New Zealand’s Revised International Tax And Transfer Pricing Guidance
Duff & Phelps' Transfer Pricing Alliance Partner, TP EQuilibrium AustralAsia, contributed their insights, expertise and perspectives on this new development. ... - Continue reading
United States: The OECD Releases 2017 Full Version Of Model Tax Convention
On April 25, 2019, the OECD released the 2017 full version of the Model Tax Convention on Income and on Capital ("MTC"). ... - Continue reading
Vietnamese lawyer probed for abetting tax evasion
A Hanoi lawyer famous for taking on high-profile cases could find himself in the dock for abetting tax evasion. Police in the central province of Khanh Hoa on Tuesday launched an investigation and searched the residence and offices of Tran Vu Hai, 57, head of Tran Vu Hai Attorney Office,… – Continue reading
Experts convene in the City of London to call out ‘pin stripe mafia enablers of tax abuse’
Researchers and campaigners from around the world have been presenting radical solutions on tackling tax abuse and financial crime at the Tax Justice Network’s annual conference held in the heart of London’s finance centre, on 2 – 3 July 2019. With over 200 attendees including prominent politicians, whistleblowers and economists,… – Continue reading
Greater Bay Area Releases Detailed Plan on IIT Incentives for Overseas Talents
The Greater Bay Area officially announced detailed rules for the implementation of preferential individual income tax (IIT) policy for overseas talents. Eligible overseas talents working in nine cities in the region can enjoy a preferential tax rate of 15 percent – in line with the Hong Kong IIT rate. China… – Continue reading
Gibraltar: Category 2 Status In Gibraltar
Special tax status designed for high net worth individuals ... - Continue reading
The American Bar Association is fighting Washington’s efforts to tackle money laundering
This legislation will force owners of US companies to reveal their identities. ... - Continue reading
M. Venkaiah Naidu calls upon all nations to join hands for automatic exchange of information on black money
The Vice President of India, M. Venkaiah Naidu has called upon all nations to join hands in ensuring automatic exchange of information on black money and speedy extradition of economic fugitives. Shri Naidu asserted that all countries must speak with one voice to eliminate terror and economic frauds. “As we… – Continue reading
Tax agency to reduce probes into companies: new tax chief
SEJONG, July 1 (Yonhap) — South Korea’s new tax chief vowed Monday to cut the number of probes into companies to ensure their normal business operations will not be undermined. National Tax Service Commissioner Kim Hyun-jun also said in his inaugural ceremony that the tax agency will cut the ratio… – Continue reading
Japan, Argentina sign tax treaty
Japan and Argentina join hands for tax reform ... - Continue reading
OECD supporting G20 policy priorities at Osaka Summit
At their Summit in Osaka this weekend, G20 leaders agreed on a range of priorities for which analysis and support from the OECD and other international organisations are playing a crucial role. Despite heightened tensions – in particular on trade and climate change – the leaders agreed to move forward… – Continue reading
Pakistan money in Swiss banks dwindling for last three years
LONDON: Money kept by Pakistani nationals and enterprises in Swiss banks fell by 33 per cent to a record low of CHF380 million (Rs63 billion) in 2018, falling below the level of Indian funds for the first time in four years, Swiss National Bank’s (SNB) annual statistics report showed on… – Continue reading
US calls on government to inspect SSEZ over tax avoidance
The US Embassy on Friday called on the Cambodian government to look closely at governance and compliance issues at the majority Chinese-owned Sihanoukville Special Economic Zone (SSEZ) over claims that some Chinese companies are using the zone to avoid tariffs on transshipped goods to the US. Spokeswoman Emily Zeeberg wrote… – Continue reading
BIR files tax evasion charges against 15 Metro Manila business taxpayers
The Bureau of Internal Revenue filed Thursday separate criminal cases against 15 business taxpayers in Metro Manila for alleged refusal to pay tax debts totaling to more than P493 million. This brought to 482 the number of tax evasion charges lodged by the bureau under its Run-After-Tax-Evaders (RATE) program under… – Continue reading
Cargo pile-up at ICD depot linked to tax evasion scam
Unscrupulous agents based in Dubai and China are behind the pile-up of cargo at the Nairobi Inland Container Depot (ICD) even as it emerged that this is also a ploy to evade taxes. People Daily yesterday established that small-scale traders using these agents to consolidate their cargo in one container… – Continue reading
A Huge Tax Break Went to a Politically Connected Company in New Jersey Despite Red Flags
Holtec International told New Jersey regulators that Ohio was competing for its new headquarters. But officials there stripped the firm of past tax awards for failing to create the jobs it promised.n January 2014, as Holtec International explored sites for a new national headquarters and high-tech manufacturing center, the New… – Continue reading
Cayman Islands: Update In Respect Of Cayman Islands Economic Substance Requirements
An overview of the economic substance requirements for Cayman islands ... - Continue reading
Proposed tax on retained earnings may go: PM’s adviser
We are working at it,” said Salman F Rahman, prime minister’s adviser on private sector development, while replying to a question on Monday at the dissemination of ‘World Investment Report 2019’ in Dhaka. Finance Minister AHM Mustafa Kamal has proposed to impose an additional 15 percent tax on the retained… – Continue reading
Uzbekistan: Karimova says she returned $1.2Bln to state coffers
The fate of funds in foreign accounts remain in the balance, however.The imprisoned daughter of Uzbekistan’s late president has reportedly published a statement tentatively admitting responsibility for years of larceny and said that she has paid $1.2 billion into the state coffers. Gulnara Karimova’s statement was posted on an Instagram… – Continue reading
Canada ratifies BEPS MLI to fight tax avoidance by multinationals
The fight against tax avoidance continues.. ... - Continue reading
