First Look: OECD considers impact of COVID-19 mobility restrictions on tax treaties
OECD issues more tax information in wake of the COVID-19. ... - Continue reading
Category: Government Bodies
OECD issues international tax guidance in the wake of COVID-19
The guidance, issued on April 3, is based on a careful analysis of the international tax treaty rules. ... - Continue reading
OECD should pause digital tax negotiations, US business group says
The United States Council for International Business (USCIB) suggests temporary halt to negotiations around digital tax handling for multinationals. ... - Continue reading
Massive risks to world economy as virus battle rages
Economists warn about one of the worst recessions in history following the COVID-19 pandemic crisis. This could have an especially bitter outcome in countries with weaker employee rights like the United States. ... - Continue reading
UN launches panel to tackle illicit finance
The United Nations has launched the High-Level Panel on Financial Accountability, Transparency and Integrity (FACTI) to address corporate tax abuse and other illicit financial flows. ... - Continue reading
Seychelles to reform tax rates after OECD report
Seychelles set to implement new tax laws in order to improve its tax system after recommendations from the OECD. ... - Continue reading
FATF refuses to take Panama off grey list
Panama has been unsuccessful in being removed from FATF's grey list as the global organisation says the country still has deficiencies in its anti-money laundering rules. ... - Continue reading
Nigeria’s Tax Appeal Tribunal decides Prime Plastichem transfer pricing case
A first transfer pricing case in Nigeria offers a glimpse of the treatment of the latter. ... - Continue reading
Pakistan tax collection 62pc below its potential: IMF
Resident Chief of IMF, Teresa Daban Sanchez, has stated that Pakistan is not being efficient enough tax-wise. Here's more to it. ... - Continue reading
ATO cracks down on crypto tax dodgers
A '28 days' countdown' starts for taxpayers to clarify their information on cryptocurrency. ... - Continue reading
OECD releases 79 public comments responding to review of country-by-country reporting scheme
Is a public country-by-country reporting of multinationals' tax information to be expected soon? ... - Continue reading
EU launches campaign to tackle tax evasion
The European Union ups its game by coming up with more initiative to fight off tax evasion. ... - Continue reading
OECD issues MAP peer review reports for further eight jurisdictions
The OECD on February 24 published stage 1 mutual agreement procedure (MAP) peer review reports of the following eight jurisdictions: Brunei Darussalam, Curaçao, Guernsey, Isle of Man, Jersey, Monaco, San Marino, and Serbia. The reports highlight how well these jurisdictions are implementing the base erosion and profit shifting (BEPS) Action… – Continue reading
Worldwide: Cayman Islands Added To EU Blacklist
On February 18, 2020, EU finance ministers updated the EU Blacklist, adding four jurisdictions—the Cayman Islands, Palau, Panama and Seychelles. ... - Continue reading
UN forms panel to help battle tax evasion, money laundering
Thought leaders from across the globe on Monday joined a UN panel tasked with making recommendations to fix the financial system that lacks effective ways to deal with tax evasion, tax avoidance, money laundering and corruption. The High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030… – Continue reading
India wants fair share of $100 billion global taxes from Google, Facebook
The digital world continues to be under the lens of the OECD as India further pushes for better 'tax collection' methodology. ... - Continue reading
OECD tax overhaul to disrupt Bahamas’ economy
More jurisdictions worried about their economy following OECD's new corporate tax laws ... - Continue reading
Ireland faces losing €2bn in corporate tax under OECD reform
New proposals to reform the global tax system could adversely affect the economy of Ireland. Here's more. ... - Continue reading
Roundup: G20 financial meeting focuses on coronavirus, taxation, global economy
The finance ministers and central bankers of the Group of 20 (G20) discussed issues of the coronavirus, taxation and global economy during a two-day meeting concluded on Sunday in Riyadh. The G20 financial officials agreed to observe the risks of the coronavirus outbreak and adopt policies to limit its global… – Continue reading
Tax authorities recover Rs1.8 billion from foreign transactions
The Automatic Exchange of Information recovers a whopping amount of Rs1.8 billion for Pakistan. ... - Continue reading
Turkey on tax evasion grey list
Turkey stays on the European Union's blacklist since 2017. ... - Continue reading
The final OECD transfer pricing guidelines for financial transactions: what has changed?
Amendments to transfer pricing laws have been disclosed on 11 February 2020. ... - Continue reading
OECD says global tax reform could raise as much as $100bn
More efforts to be expected from OECD concerning tax matters. ... - 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
United States: The OECD Unified Approach Marches (Stumbles?) Forward
The OECD Secretariat proposed the Unified Approach in October 2019 to address the tax challenges arising from the digitalization of the economy. ... - Continue reading
Sweden’s tax agency rejects Puma’s transfer pricing position, concludes risk borne elsewhere
The Swedish tax agency has adjusted the taxable income for the PUMA Group’s Swedish distributor, Puma Nordic AB, concluding that, for transfer pricing purposes, the Swedish distributor could not control the main risks in the Puma Group and therefore should not have carried the local market risks. The adjustment, made… – Continue reading
Malta: Tax Transparency For Tax Advisors: The Mandatory Disclosure Rules – No More Hiding
The main aim remains linked to curbing tax evasion and avoidance through capturing aggressive tax planning schemes.
... - Continue readingBarbados’ economic substance rules brings an end to separate tax rates
Barbados has introduced new economic substance requirements that effectively brings down the so-called ‘ring fence' that kept two separate tax rates for local and international business companies. ... - Continue reading
IRS to consider repatriation as relief factor in double taxation cases
The US Internal Revenue Service (IRS) has said it will consider certain circumstances in which it could provide relief from double taxation resulting from application of the repatriation tax, as amended by the Tax Cuts and Jobs Act (TCJA) 2018. ... - 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
Puerto Rico changes income tax law for intercompany charges
Puerto Rico has amended its income tax rules to allow taxpayers to fully deduct intercompany expenses if taxpayers file a transfer pricing study with their income tax return, due April 15, 2020, if not extended. ... - Continue reading
Tax avoidance, evasion costs EU 170 billion euros a year, says Poland
The Polish state think-tank reveals a loss of 170 million euros for European Union member states due to tax dodging. ... - Continue reading
Tax transparency essential to tackle $600bn avoidance bill
Businesses are being required to be more transparent for the sake of tax efficiency and reform. ... - Continue reading
$10bn tax bill for resources
The Australian Taxation Office releases data on the top 10 corporate taxpayers in Australia. ... - Continue reading
Checking Evasion: Taxpayers’ bank accounts to be under GST lens
More measures against tax evasion. ... - Continue reading
France wants a solution for US dispute on digital tax within 15 days
Can a fortnight provide a solution for the tax dispute between the USA and France? This should be made aware in the days to come, but right now let's find out the details to this situation. ... - Continue reading
Digital services tax and OECD digital taxation pillars
The organisation for economic co-operation and development is keeping its focus on the taxation of digital world. ... - Continue reading
Google to pay A$481.5m in major win for Australian Tax Office
Search engine giant’s settlement brings to A$1.25bn the amount collected from ecommerce players ... - Continue reading
US IRS publishes final tax regulations on dividend equivalents
Final tax laws published. ... - Continue reading
EU to roll out sanctions against blacklisted jurisdictions
The EU has approved a plan to impose financial sanctions on countries or jurisdictions on the bloc's tax haven blacklist by the end of 2020. ... - Continue reading
ATO data reveals one third of large companies pay no tax
Of 2,214 entities covered by the Australian Taxation Office (ATO) data for 2017-18, 710 did not pay any tax. ... - Continue reading
U.S. tax-filing requirements that Americans living in Canada should know
The Canada Revenue Agency (CRA) has sent the financial records of 900,000 dual citizens and Canadian residents to the U.S. Internal Revenue Service (IRS) for the 2018 year, according a recent news story. ... - Continue reading
How major tech companies exploit tax laws: A focus on Ghana and Nigeria
When World Trade Organisation (WTO) officials designed the territorial taxing rights back in the 1920s, not many people imagined that a century later; these guidelines would still underpin the international tax system. Today, highly digitalised companies such as Facebook and Google are able to operate internationally from their tax havens,… – Continue reading
The Risks of Golden Visa Schemes
An exploration into the drawbacks to the very glossy 'Golden Visa Schemes' ... - Continue reading
FBR Warns UAE To Share Details Of Iqama Holders Or Avoidance Of Double-taxation Treaty Be Terminated
Pakistan gives warning over transparency to UAE ... - Continue reading
EU divided over definition of “tax paradise”
A policy proposal presented by the Danish government last week calls for a wider scope in the operative definition of tax avoidance and tax evasion. ... - 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
A Run Through On Tax Evasion By Bitcoin Criminals
A report released by the Internal Revenue Service (IRS) has put quite some focus on Bitcoin’s scope for committing tax evasion ... - Continue reading
EU to Consider Tougher Tax Haven Listing
Instant additions to EU's blacklist? ... - Continue reading
