What is VAT?
Value Added Tax (VAT) is a consumption tax charged on most goods and services consumed in the EU. The tax is levied on the 'value added' to the product at each stage of production and distribution. ... - Continue reading
Category: Framework
The Netherlands’ new DAC6 requirements: what multinationals need to know
Multinationals with European Union operations need to be aware of the DAC6 reporting obligations, especially since there are situations in which multinationals will be required to report cross-border arrangements with local tax authorities. ... - Continue reading
Countries still can’t agree on update to multinational group taxation rules, OECD official says
The 137 member countries of the “Inclusive Framework on BEPS” are having a disaccord regarding a legislation for multinationals. ... - Continue reading
Mark Zuckerberg Requires’New Framework’ to get Digital Tax at OECD Countries
Facebook founder and CEO Mark Zuckerberg on Friday endorsed moves from the OECD set of free-market markets to reform how online giants have been taxed globally, even if this means firms like his spending more to federal governments. “We also need tax reform and I am thankful the OECD is… – Continue reading
Countries launch review of country-by-country reporting framework for multinational groups
An OECD-led group of 137 countries that work together on multinational group tax issues has released a consultation document and has requested public feedback to assist in a planned review of country-by-country reporting. The countries, known as the “Inclusive Framework on BEPS,” also scheduled a public consultation on the topic for March 17.... - Continue reading
Ukraine-Cyprus tax treaty protocol would alter taxation of indirect real estate transfers
The protocol is expected to take effect on 1 January 2020. ... - Continue reading
Tax treaty ratified
‘The new tax treaty between Australia and Israel will ensure the economic, trade and commercial relationship between our two countries is strengthened’. A “HISTORIC” new tax treaty between Australia and Israel has been hailed as “representing an important milestone in removing tax barriers and facilitating trade and investment” between the… – Continue reading
Honduras joins “Inclusive Framework on BEPS” addressing taxation of multinational groups
Honduras becomes 136th country to join “Inclusive Framework on BEPS” ... - Continue reading
GRI issues international corporate tax reporting standard
The Global Reporting Initiative has issued a new international tax reporting standard that aims to ensure multinational companies are much clearer about how much they pay in taxes, and where. While the standard has no legal force, it could influence the ongoing debate in the U.S. and abroad on how… – Continue reading
12 EU states reject move to expose companies’ tax avoidance
Proposal would have forced firms to reveal profits made and taxes paid in each EU country ... - Continue reading
OECD releases 2500+ pages of public comments to its pillar one “unified approach” for taxing multinationals
The OECD on November 15 published more than 300 comment letters that respond to its request for feedback on the Secretariat’s proposal for a “unified approach” to pillar one. ... - Continue reading
Jordan joins “Inclusive Framework on BEPS” to address taxation of multinational groups
The OECD today announced that Jordan has become the 135th country to join the “Inclusive Framework on BEPS.” ... - Continue reading
Ireland publishes tax guidance on tie-breaker rule for dual resident companies.
October 8, 2019- New tax guidance for dual resident companies published by the Irish Tax and Customs ... - Continue reading
European Union: UAE Removed From EU Tax Haven Blacklist Along With Switzerland
The United Arab Emirates and Switzerland removed from European Union's list of non-cooperative jurisdictions for tax purposes on October 10. ... - Continue reading
G20 finance ministers reaffirm support to tax digital companies
G20 finance ministers support taking the 'Unified Tax Framework' a notch higher - Multinational enterprises like Google, Facebook and Amazon with huge customer base to retain share of profits in concerned countries. ... - Continue reading
OECD proposal on taxing MNEs to benefit countries like India, say experts
The OECD Secretariat has published a public consultation paper to advance international negotiations ... - Continue reading
OECD consulting on digital tax proposal
The OECD today published for stakeholders’ comments a proposal to advance international negotiations to ensure that multinational enterprises (MNEs), including digital companies, pay tax wherever they have significant consumer-facing activities and where they generate profits. The proposal – Secretariat Proposal for a Unified Approach – would re-allocate some profits and… – Continue reading
East Africa bloc mulls regional tax treaty framework to boost integration
NAIROBI, Oct. 1 (Xinhua) — The East Africa Community (EAC) bloc plans to develop a regional tax treaty framework to boost regional integration, an official said on Tuesday. Doris Akol, commissioner general, Uganda Revenue Authority told Xinhua in Nairobi that once the treaty is in place the trading bloc will… – Continue reading
Jersey: Capital Markets: Listing Jersey Holding Companies
With £184 billion market capitalisation held by Jersey listed companies on global exchanges as of 30 June 2019, this briefing explores why Jersey vehicles remain such a popular choice for taking international businesses to market. ... - Continue reading
Iceland joins BEPS MLI tax pact
Iceland on September 27 became a party to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS MLI) by depositing its instrument of acceptance of the agreement with the OECD. Iceland is the 89th jurisdiction to join the tax agreement. ... - Continue reading
Armenia, Malta sign double tax treaty
YEREVAN, SEPTEMBER 25, ARMENPRESS. Armenian Foreign Minister Zohrab Mnatsakanyan on September 24 met with Malta’s Minister for Foreign Affairs and Trade Promotion Carmelo Abela on the sidelines of the 74th session of the UN General Assembly in New York, the Armenian ministry told Armenpress. The officials praised the current dynamic… – Continue reading
India fires bazooka to lift economy, slashing corporate tax rates and enacting other tax relief
In a development that surprised businesses and the stock market, India’s Finance Minister on Friday announced a significant reduction in the corporate tax rates. ... - Continue reading
New Zealand, Guernsey sign tax treaty protocol
The governments of New Zealand and Guernsey on September 18 signed protocol to their tax information exchange agreement, the New Zealand government has announced. ... - Continue reading
Unresolved cross-border tax disputes continue to rise, OECD stats show
Despite OECD efforts to encourage countries to more swiftly and effectively resolve of cross-border tax disputes, overall mutual agreement proceedure (MAP) inventory continues to increase, OECD statistics released today revealed. ... - Continue reading
OECD sees progress in 116 nations’ implementation of country-by-country reporting
The OECD said its initiative to have minimum standards on the collection and exchange of country-by-country (CbC) reports on large multinational businesses has reached 116 jurisdictions and has shown major progress in the delivery of international tax transparency. The OECD’s second annual peer review report on the base erosion and… – Continue reading
Report assesses 116 nations’ implementation of country-by-country reporting
The OECD today released a peer review report judging whether 116 countries and their tax administrations have met standards on the collection and exchange of country-by-country (CbC) reports on large multinational businesses. ... - Continue reading
Feature: Labuan IBFC – the gateway to Asia-Pacific
Labuan International Business and Financial Centre (Labuan IBFC) is seeing its comprehensive midshore solution reap results as new businesses soared 12.5% last year. Pedro Gonçalves explains the background to this success. With 1059 new companies mostly from Japan, China and South Korea, Labuan IBFC is also making the most of… – Continue reading
Tax payments made easy
HAVING trouble paying taxes? Fret no more, as paying taxes will be as easy as ordering your favorite brown sugar milk tea online. But before we dive into the details, a brief background is in order: The Bangko Sentral ng Pilipinas (BSP) has adopted the National Retail Payment System (NRPS)… – Continue reading
Bermuda Monetary Authority: 50 Years Later
As the Bermuda Monetary Authority [BMA] celebrates 50 years in 2019, we take a look back at the last five decades. From providing sound policy advice to pushing Bermuda forward as a reputable place to conduct business, the BMA has had an incredible impact on Bermuda’s financial landscape. 1990-1999 Exchange… – Continue reading
Worldwide: New Double Taxation Treaty Between US And Spain
On July 16, 2019, the US Senate ratified a new protocol that amends the 2013 Double Taxation Treaty signed between the US and Spain. ... - Continue reading
Mauritius: Mauritius Regulatory Update
This is the first in a series of of Mauritius Regulatory Alerts in which we bring you an overview of the latest legal and regulatory developments in the offshore world, with a particular focus on Mauritius. ... - Continue reading
What happened to the proposed amendments to Bank Secrecy Act?
The news is replete with discussions on the refiling of the proposed bills for the other TRAIN Packages with the 18th Congress. However, there seems to be no discussion yet on any proposed amendment to the Bank Secrecy Act, Republic Act (RA) 1405, as amended, particularly the proposed amendments to… – Continue reading
India: Protocol Amending The Double Taxation Avoidance Agreement Between India And China
By virtue of the powers vested under, Section 90 of the Income Tax Act, 1961("the Act"), India has entered into the Double Taxation Avoidance Agreement on 18th July, 1994 with China signed at New Delhi. ... - Continue reading
Worldwide: OECD Public Consultation Document And Public Commentary On The Tax Challenges Of Digitalisation
In February and March of 2019, the OECD organized a public consultation process, releasing a consultation document on February 13, 2019, inviting public comments up until March 6, 2019, and holding a conference where industry experts presented key issues on March 13 and 14, 2019. ... - Continue reading
CIAT database reflects progress made by 15 countries implementing BEPS recommendations
CIAT’s BEPS Monitoring Database has been updated to reflect advancements made by Angola, Argentina, Bermuda, Brazil, Chile, Colombia, Costa Rica, Honduras, India, Jamaica, Mexico, Panama, Paraguay, Spain, and Uruguay. ... - Continue reading
Albania joins Inclusive Framework on BEPS to address multinational tax issues
The OECD today announced that Albania has become the 133rd nation to join the “Inclusive Framework on BEPS.” ... - Continue reading
Cyprus: Country Update-Cyprus: AML
The financial services and international business sector in Cyprus is one of the vital pillars of the Cyprus economy. That said, Cyprus aims to be in full compliance with the AML European framework, and in this respect constantly implements changes in its local laws to align with EU Directives and Regulations. ... - Continue reading
Eswatini becomes the 132nd country to join the “Inclusive Framework on BEPS”
The OECD on July 26 announced the that southern Africa nation of Eswatini has joined the inclusive framework on BEPS. ... - Continue reading
Progress Being Made On Closing ‘Harmful’ Tax Regimes: OECD
The OECD has issued another update on jurisdictions' progress to amend their preferential tax regimes to remove harmful elements under the OECD base erosion and profit shifting Action Plan minimum standard on harmful tax regimes (Action 5). ... - Continue reading
Tax laws of 12 low-tax countries including BVI, Bermuda, Cayman don’t harm other countries, 131-country group concludes
An OECD-led 131-country coalition, known as the “Inclusive Framework on BEPS,” has approved an assessment which concludes that 12 low or zero-tax countries do not have “harmful” tax regimes, the OECD today announced. ... - Continue reading
UK Finance Bill 2019-20: what international businesses need to know
Draft legislation and explanatory notes to the UK Finance Bill 2019-20 were published on 11 July. Much of the legislation was anticipated with some further clarifications provided. ... - Continue reading
Mauritius to add new tax incentives, changes to partial exemption regime
New tax motives coming for Mauritius ... - 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
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
Cayman Islands: Update In Respect Of Cayman Islands Economic Substance Requirements
An overview of the economic substance requirements for Cayman islands ... - Continue reading
