Indonesia is set to join the global treaty on the Automatic Exchange of Information (AEOI) on tax matters this month, and will then have virtually all the “high-caliber weapons” it needs to hunt down tax evaders — not just within the country but anywhere in the world, including tax-haven countries....
Blockchain startup Smart Valor has announced that it received approval to operate in the Swiss financial market. Based in Switzerland’s Crypto Valley, Smart Valor is a company building a decentralized marketplace for tokenized alternative investments. Its network is coordinated by a smart-contract-based governance model, which incentivizes each participant to contribute...
Tax expert Manoj Agarwal explains why businesses must be aware of their tax liability management in order to avoid falling foul of the law It has been nine months since the UAE, an erstwhile tax haven like several other GCC countries, implemented its new value added tax (VAT). And across...
The Internal Revenue Service is making some adjustments to its Compliance Assurance Process, a program aimed at large corporate taxpayers that involves cooperating with the IRS before any audits. As part of the proposed changes, the IRS said Monday it will shift the start of the application period to Oct....
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...
ISLAMABAD: Authorities probing illegal foreign accounts and properties of thousands of Pakistanis made shocking revelations on Tuesday that the volume of these assets hidden in different tax havens abroad reached up to US$350 (Rs43 trillion). Interestingly, the authorities also revealed for the first time that only accounts and properties worth...
The United Kingdom and the European Union failed to reach an agreement on an orderly uncoupling, which is a major geopolitical and strategic event, with global implications. Uncertainty about the outcome of the Brexit referendum has already started to weaken growth in the U.K. — which is expected to get...
A legal practitioner cum entrepreneur, Moses Oruaze Dickson, has called for the review of the legislative framework for tax and taxation in the country, describing the existing law as obsolete for a progressive society like Nigeria. According to Dickson, who is also Managing Solicitor, Triax Solicitors, the law is long...
(CNS): Financial Services Minister Tara Rivers was in Washington, DC, last week, trying to persuade US Senators and others that Cayman’s financial services industry is well regulated and adhering to tax transparency standards. Picking up from an earlier visit, the minister spoke with American lawmakers about the industry here and...
The OECD has committed to providing proposals to fix the taxation of the digital economy by 2020, in an update to G20 leaders on international efforts to mitigate base erosion and profit shifting (BEPS). In the newly released Second Annual Progress Report of the OECD/G20 Inclusive Framework on BEPS, the...
The cryptocurrency industry is still at a very early stage of its development, so there are no single international rules yet. The governments of individual countries independently try to regulate digital assets. The tax on the cryptocurrency varies in different countries. Within the framework of this article, we will try...
ISLAMABAD: The Organisation of Economic Cooperation and Development (OECD) on Friday announced that they launched new programme to support Pakistan in implementing new international tax standards. According to statement issued by the OECD after holding three days talks with Pakistani authorities stated that as part of a mission held from...
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...
The United Arab Emirates has more than 140 free zones across seven emirates, including 20 designated zones with separate laws, regulations and VAT treatment. This can make doing business in the UAE a complex journey. However, there is also the strong benefit of the UAE being one of the easier...
Document to be presented to Tynwald after summer recess The Isle of Man has agreed a renegotiated ‘double taxation arrangement’ with the UK. Howard Quayle met with Mel Stride MP yesterday, who is Financial Secretary to the Treasury and Paymaster General across, to sign the document which replaces the agreement...
The European Commission’s proposal for a digital services tax would be “deeply harmful” to the EU business environment and may lead to double taxation, a coalition of business and technology groups has warned EU leaders. An open letter published by the Information Technology Industry Council (ITI) ahead of the European...
MINSK, 18 June (BelTA) – Belarus and France are preparing to sign bilateral agreements on investment protection and double taxation avoidance. This and other upcoming events were discussed during a meeting of Belarusian Ambassador to the French Republic Pavel Latushko and Julien Buissart, Head of the CIS, Balkans and Middle-East...
The OECD has released the first peer reviews of the country-by-country (CbC) reporting initiative, reporting that practically all countries that serve as headquarters to large multinationals have introduced new transfer pricing documentation requirements to improve transparency. Country-by-country reporting will see tax administrations worldwide collect and share detailed information on all...
Agreement first of its kind between two GCC nations The UAE and Saudi Arabia have signed a landmark double income tax treaty, the first such agreement between two members of the GCC, a tweet by the UAE Ministry of Finance confirmed on Thursday. Obaid Humaid Al Tayer, UAE Minister of...
The Ministry of Finance has embraced a software solution from Vizor AEOI Software to help meet its automatic tax information exchange (AEOI) commitments. The Bahamas will use Vizor’s solution to meet its obligations under the Organisation for Economic Co-Operation and Development (OECD)’s Common Reporting Standard (CRS), and its Foreign Account...
(CNS): As the global cryptocurrency sector heats up, job creating international investment is seeking out suitable jurisdictions and Cayman Islands’ offshore rivals are looking to steal a march on this growth by introducing crypto-friendly laws and legislation, with Bermuda in pole position. Bermuda’s government said recently that it wants to...
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...
For the first time, Switzerland’s Federal Tax Administration (FTA) has sent details on advance tax rulings to its partners in the spontaneous exchange of information deal. The FTA announced on Tuesday that it had transmitted a first batch of 82 reports to a total of 41 states, including Britain, France,...
Britain’s 14 overseas territories, including the Cayman Islands, will have to introduce public registers of beneficial ownership by the end of 2020. If they do not, the U.K. government will issue an order in council to force Cayman and other territories to do so. The U.K. Conservative Party government did...
Doing away with the outdated and increasingly minority offshore tax system can create problems with what the Basic Law says ‘The Macau Special Administrative Region shall, on its own, make policies on tourism and recreation in the light of its overall interests,’ states the Basic Law in Article 118. Today,...
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...
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...
Thailand’s awaited tax framework for cryptocurrencies has been announced this week by the Thai Finance Minister, local news outlet Nikkei Asian Review reported Friday, March 30. Apisak Tantivorawong reported during a March 27 cabinet meeting that crypto trades will be taxed with a 7 percent value added tax (VAT), and...
Armenia and Israel will abolish double taxation, a corresponding draft decision was approved at a cabinet meeting on Thursday, March 22. Israel and Armenia expressed a wish to bolster and expand relations when the former’s foreign minister Edward Nalbandian met the latter’s prime minister Benjamin Netanyahu in November 2017. During...
IN THE aftermath of The Bahamas’ blacklisting by the European Union for being a tax haven, Financial Services Minister Brent Symonette says it might be time for The Bahamas to consider appointing an ambassador to the EU to increase dialogue on matters concerning this country. The St Anne’s MP said...
Mauritius last month released the Income Tax (Country-by-Country Reporting) Regulations 2018, setting out the jurisdiction’s rules concerning the filing by multinational groups of transfer pricing documentation. The CbC report is one element of a new three-tiered standardized approach to transfer pricing documentation proposed under BEPS Action 13. Under the framework,...
India might take the vanguard position all over the world in outlining a possible framework for taxing digital bodies that have a huge business or user base in a nation but do not have a noteworthy physical attendance there. The 2018 Union Budget has, for the initial time, cited the...
The Australian Tax Office has updated and added to its list of the guidance on international tax matters it intends to release this year. This month, the ATO intends to release a guide on corporate residency – central management and control in Australia [reference code 3838], to provide the ATO’s...
The Australian Tax Office on February 7 released draft Practical Compliance Guideline 2018/D2 on the operation of Australia’s Diverted Profits Tax for consultation. In the 2016-17 Budget, the Government announced that it would introduce a diverted profits tax (DPT), intended to ensure that the tax paid by significant global entities...
It is a known fact that many of the cryptocurrency traders, as well as investors, are not paying taxes. The reason for this is that there is no proper legal framework to pay taxes. Moreover, the exchanges are not compliant with the tax laws. Owing to this very reason, investors,...
Secretary Mnuchin Commits During Congressional Testimony to Assign Treasury Department Officials to Work on Bilateral Accord WASHINGTON—Treasury Secretary Steven Mnuchin, during Congressional testimony Tuesday before the U.S. House Financial Services Committee, agreed – in response to direct questioning by Representative Brad Sherman (D-CA) – to commit Treasury Department officials to...
SUBANG: The Inland Revenue Board (IRB) will this year put in place strong measures to deter tax avoidance and evasion by focusing on individuals and firms engaging in such misconduct. Chief Executive Officer (CEO) Datuk Dr Sabin Samitah said the offences included those who engaged in aggressive tax planning, by...
The Russian Ministry of Finance is drafting a bill to allow the creation of offshore companies to trade cryptocurrencies. This follows the bill which the ministry recently published on the legal framework for cryptocurrencies. Crypto Trading Offshore “The Ministry of Finance proposed to create offshore companies in Russia for trading...
Hong Kong on February 2, 2018, ratified an Ordinance to enable the territory to soon join the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters and thereby more simply and more broadly agree to exchange tax information with other countries’ tax authorities. The Inland Revenue Department said the...
U.S. Representatives David Valadao (R-CA) and Brad Sherman (D-CA) are collecting signatures on a bipartisan letter urging their Congressional colleagues to request that Secretary of the Treasury Steven Mnuchin renegotiate the existing, outdated Double Tax Treaty with Armenia, an obsolete Cold War-era accord, recognized today by the U.S. but not...
U.S. Representatives David Valadao (R-CA) and Brad Sherman (D-CA) are collecting signatures on a bipartisan letter urging their Congressional colleagues to request that Secretary of the Treasury Steven Mnuchin renegotiate the existing, outdated Double Tax Treaty with Armenia, an obsolete Cold War-era accord, recognized today by the U.S. but not...
There is a need to streamline the institutional framework for granting tax incentives such that all 14 investment promotion agencies (IPAs) at present observe a single menu of incentives rather than a diverse, confusing and non complementing set of rules, the Department of Finance (DOF) said last Friday. According to...
KINGSTON, Jamaica (JIS) — The Government of Jamaica has signed an agreement with the Republic of Italy for the elimination of double taxation with respect to taxes on income and for the prevention of tax evasion and avoidance. The signing took place at the Ministry of Finance and Public Service’s...
In 2017, the UK scrapped its non-dom tax regime. Consequently, an increasing number of individuals are instead relocating their tax domicile to Italy At the start of 2017, in a bid to attract more wealthy citizens and capital to Italy, Rome introduced a non-domiciled tax regime. Now, citizens can move...
French finance minister, Bruno Le Maire wants a new legal framework for cryptocurrency regulations to overcome tax evasion and terrorist funding The finance minister has ordered France’s central bank chief to design the new regulations framework cautioning against ‘risk of speculation and possible financial manipulation‘ associated with cryptocurrencies. Cryptocurrency sceptics...
Hong Kong published two bills in its Official Gazette on December 29 to introduce provisions to counter base erosion and profit shifting and to alter its business tax regime. The bills are to be tabled before the Legislative Council on January 10, 2018, and must pass through three readings before...
For the first time, the OECD has published a map that sets out countries’ participation and compliance with international tax initiatives, looking specifically at the exchange of information in tax matters, with the old international standard – the exchange of information on request – and the new, on the automatic...
On December 2, the OECD released the first analysis of individual countries’ progress in spontaneously exchanging information on tax rulings in accordance with Action 5 of the BEPS package of measures released in October 2015. The first annual report on the exchange of information on rulings evaluates how 44 countries,...
South Africa, Jersey, and Belgium are among a handful of territories that have recently announced an extension to the due date for country-by-country reports under the new frameworks being introduced under Action 13 of the OECD’s base erosion and profit shifting Action Plan. The CbC report is one element of...
On November 22, the UK Government published for stakeholders’ comments a position paper setting out its views on the challenges posed by the digital economy for the corporate tax system and its preferred solutions. The paper, which was published alongside the 2017 Autumn Budget, states that “the Government believes in...
