Category: Government Bodies

Transfer Pricing and BEPS to Increase Tax Revenues in Georgia

The FINANCIAL — Transfer Pricing Rules were implemented by the Government of Georgia in 2011, based on OECD guidelines. Since the number of international companies in Georgia is increasing steadily, Transfer Pricing Rules have become a point of obvious interest. However, multinational companies operating in Georgia are not sufficiently well-informed...

Capital Markets Union: Commission announces new tax guidelines to make life easier for cross-border investors

The Commission has today put forward new guidelines on withholding taxes to help Member States reduce costs and simplify procedures for cross-border investors in the EU. The new Code of Conduct offers solutions for investors who, as a result of how withholding taxes are applied, end up paying taxes twice...

OECD Charts States’ Participation In Int’l Tax Initiatives

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...

17 NAMED ON EU TAX HAVEN BLACKLIST

EU ministers have issued the bloc’s “list of non-cooperative jurisdictions for tax purposes”. The blacklist was created following a November 2016 European Council decision–in the wake of the Panama Papers, Luxleaks and other revelations of multinational tax avoidance–to evaluate jurisdictions outside the EU. Territories were judged on “tax transparency”, “fair...

The EU just put 3 Arab countries on a ‘blacklist’ of tax havens

Blacklisted nations may face sanctions. The European Union released its first-ever “blacklist” of global tax havens this week, including 17 territories, three of which are Arab countries. Deemed to fall short of EU tax standards, the United Arab Emirates, Tunisia, and Bahrain joined American Samoa, Barbados, Grenada, Guam, South Korea,...

Bahamas ‘Done Everything Possible’ To Avoid Blacklist

THE Deputy Prime Minister believes the Bahamas has “done everything we could possibly do” to escape the European Union (EU) ‘tax haven’ blacklist that will be issued tomorrow. K P Turnquest told Tribune Business that the Minnis administration “has no reason to think” this nation will be deemed a ‘non-cooperative...

South Africa, Belgium, Jersey Extend CbC Reporting Deadlines

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...

OECD statistics show 20% increase in outstanding tax treaty disputes involving UK

The number of outstanding tax treaty related disputes in the UK increased in 2016 by almost 20% from 262 at the beginning of the year to 314 at the end of the year, according to statistics released by the Organisation for Economic Cooperation and Development (OECD). The statistics show the...

OECD Issues Further Guidance On CbC Reporting

The OECD has published additional guidance on the implementation of the country-by-country (CbC) reporting requirement proposed under Action 13 of its base erosion and profit shifting (BEPS) project. The guidance, issued on November 30, addresses the following issues: how to report amounts taken from financial statements prepared using fair value...

Bermuda To Exchange MNE Tax Info With The UK

Bermuda and the UK recently signed an agreement providing for the automatic exchange of country-by-country reports. Bermuda is the first UK Overseas Territory to sign a CbC Competent Authority Agreement with the UK, which enables the automatic reporting of corporate income on a country-by-country basis for UK-related transfer pricing enforcement...

Ten important Canadian Tax compliance considerations for new Canadians

The Canada Revenue Agency’s recently announced “postal code project” targets Canada’s richest neighbourhoods, to identify non-compliance apparent from discrepancies between residents’ tax reporting with their apparent wealth. Even prior to the postal code project, which focuses on any potential high net worth individual, the CRA had enhanced audit activity on...

India to accept mutual agreement process in transfer pricing cases

NEW DELHI The Indian Income Tax Department will accept applications for Mutual Agreement Procedure (MAP) in transfer pricing disputes, as well as for bilateral Advance Pricing Agreements (APAs), even for entities resident in countries with which India has double taxation avoidance agreements (DTAA), minus the provision to claim corresponding tax...

UK To Continue Pushing For Effective MNE Tax Rules

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...

New PPT rule in the OECD’s Multilateral Instrument to displace Canadian GAAR?

In this Update On June 7, 2017, Canada signed the OECD’s Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the MLI) The MLI will modify up to 75 of Canada’s bilateral tax treaties, including adding a broad anti-avoidance rule to these treaties (the...

Greece tops OECD taxation hike chart

Greece ranked first out of 35 OECD countries in tax hikes last year, according to a report by the Organization for Economic Cooperation and Development, and the budget for 2018 will lead to an even greater tax burden that will stifle growth, the Parliament’s Budget Office (PBO) warned on Thsurday....

Loophole In New Global Tax Evasion Crackdown: Why An International Effort May Be Blunted

A major new global transparency measure aimed at curbing cross-border tax evasion by requiring countries to share information on the wealth of each other’s nationals could be undermined by the abuse of residency- and citizenship-for-sale schemes. Tax justice campaigners say that some of these schemes are already being marketed as...

Hapoalim Canadian customers say bank aided tax evasion

114 taxpayers in Canada’s voluntary disclosure program say that the Israeli bank helped them evade taxes. As if the headache of the investigation by US authorities were not enough, Bank Hapoalim (TASE: POLI), managed by CEO Arik Pinto, discovered two days ago that Canada was also taking aim at it....

Virtual Currency Exchanges and US Customers Beware, IRS is Coming: Expert Blog

In the aftermath of Satoshi Nakamoto’s groundbreaking paper in 2009, money began travelling via a new financial route – virtual currencies. The first Bitcoin exchange was established on February 6, 2010 where Bitcoin traded for the first time for 0.3 cents. Last June, the American Institute of Certified Public Accountants...

Qatar Commits Support To All Of The OECD’s Tax Work

Qatar has become the 115th jurisdiction to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention is touted by the OECD as “the most powerful instrument for international tax cooperation.” It provides for all forms of administrative assistance in tax matters: exchange of information on request,...

Bahamas Must ‘Get Across Line’ On Tax Automatic Exchange

THE Government has been urged to “get across the line before year-end” on global tax information exchange standards, amid hope the relevant legislation will reach Parliament tomorrow. Michael Paton, a former Bahamas Financial Services Board (BFSB) chairman, told Tribune Business that the Bahamas needed to upgrade its existing legislation to...

Bulgaria Requires CbC Reports By Year End

Bulgaria has said that multinationals covered by the country’s new transfer pricing country-by-country reporting regime should submit their first report by December 31, 2017. Through Order 3LIY-1410, Bulgaria’s National Revenue Agency has newly set out the rules concerning country-by-country documentation, including who the reporting obligations apply to and how to...