Category: IMF
Taxing offshore indirect transfers, the Platform’s new toolkit
A new toolkit for offshore indirect transfers has been released on 4 June 2020. ... - Continue reading
FBR mulling over options to fetch additional Rs600bn
There's no denying that the whole world is having to prepare for a tough economic situation right now following the wave of the COVID-19. Here are some of Pakistan's forethoughts to remedy its economy. ... - 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
Draft “toolkit” aims to help developing countries with transfer pricing documentation
The Platform for Collaboration on Tax – a joint initiative of the International Monetary Fund, OECD, United Nations, and World Bank Group – on September 27 released a draft “toolkit” aimed at helping developing nations design transfer pricing documentation rules. ... - Continue reading
Tax avoidance drives nearly 40% of global FDI: IMF
Nearly 40% of worldwide foreign direct investment (FDI), amounting to $15trn, “passes through empty corporate shells” with “no real business activities”, a study by the IMF and the University of Copenhagen reveals. According to the report, ten economies including Luxembourg, the Netherlands, Hong Kong, BVI, Switzerland, Singapore, Ireland, the Cayman… – Continue reading
EU anti-money laundering blacklist to be revisited
Next month, the European Union will revamp its methodology for compiling its anti-money laundering blacklist, after a previous list was blocked by EU governments that objected to the listing of Saudi Arabia and four US overseas territories, EU Commissioner for Justice Vera Jourova told the Financial Times recently.“We have admitted… – 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
Pakistan: Imran Khan announces tax evasion amnesty scheme
The prime minister is seeking to end Pakistan’s rampant tax evasion as he secures a major IMF bailout. Only about 2 million tax returns are filed in Pakistan annually. Pakistani Prime Minister Imran Khan, who ran on a campaign of tackling corruption, gave a televised address on Monday calling on… – Continue reading
Tax amnesty to regularize undeclared assets approved by Pakistan cabinet
Only a million people out of a population of more than 208 million pay income tax in Pakistan Recently signed IMF bailout plan requires government to squeeze around $5 billion in extra taxes ISLAMABAD: Pakistan’s government on Tuesday announced a new tax amnesty scheme aimed at broadening the government’s revenue… – Continue reading
Wolfsberg Group Publishes Guidance on Customer Tax Evasion
Financial institutions should be able to leverage existing financial crime compliance, conduct and tax (including tax transparency regimes) procedures and controls, to address the risks of customer tax evasion. The Wolfsberg Group has published new guidance on customer tax evasion, designed to help financial institutions in developing, implementing and maintaining… – Continue reading
Corporate Canada’s Pile of Cash in Offshore Tax Havens Has Hit $353 Billion For the First Time in History
Luxembourg, Barbados and Bermuda are three of Canada’s top five destinations in the world for corporate cash After exploding to record levels under Stephen Harper’s Conservative government, the amount of money Corporate Canada is funneling through offshore tax havens has hit a new all-time high. According to data newly released… – Continue reading
Mauritius: blue skies, sunshine – and these noteworthy changes to its domestic laws
Not just the ultimate holiday stop, Mauritius is also a preferred jurisdiction for fund managers looking to establish African-focused funds, say Michael Denenga and Nicole Paige, partners at Webber Wentzel. “A scenic island off the coast of Africa, Mauritius’ main competitive advantage is its proximity to the jurisdictions that African-focused… – Continue reading
Finance Ministry calls on parliament to adopt laws for cooperation with IMF, EU
The Ukrainian Finance Ministry has called on the Verkhovna Rada to approve a package of bills that will open access to further macro-financial assistance from the EU and help continue cooperation with the IMF, the ministry’s press service has reported on its Facebook page. “This week, the Verkhovna Rada will… – Continue reading
Pakistanis’ assets abroad: Government requests 10 more countries for info exchange
ISLAMABAD: Pakistan has made formal requests to 10 more countries under the OECD mechanism as well as Switzerland separately for exchange of information about those Pakistanis who stashed their assets abroad to evade taxes. “We have made requests to 10 more countries for getting automatic exchange of information and so… – Continue reading
Nigeria seeks IMF’s support on tax collection
The Federal Government is seeking assistance from the International Monetary Fund (IMF) on modalities for improving tax collection, especially from the International Oil Companies (IOCs), Finance Minister Zainab Ahmed, has said. She told reporters on the sidelines of the ongoing 2018 International Monetary Fund (IMF)/World Bank Group Meetings, in Bali,… – Continue reading
Introduction of VAT in Angola postponed to July 2019
The entry into force of Value Added Tax in Angola has been postponed from January 2019 to July of the same year due to delays in legislation, an official said on Wednesday in Luanda. The coordinator of the technical group for the introduction of VAT, Adilson Sequeira, was speaking on… – Continue reading
Has the New Inland Revenue Act paralysed the Double Tax Treaty Network of Sri Lanka? Part 1
1.Introduction Due to the influence of International Monetary Fund, the income tax law of Sri Lanka witnessed a near paradigm shift with the introduction of Inland Revenue Act No.24 of 2017 (new IRA) by repealing Inland Revenue Act No.10 of 2006 with effect from 1 April 2018. Unlike the Inland… – Continue reading
How Will the UK Deal With Crypto After Brexit: Expert Take
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… – Continue reading
Angola’s General Tax Administration guarantees introduction of VAT in 2019
Value Added Tax (IVA) will replace the Consumer Tax in Angola in 2019, the coordinator of the Technical Group for the Implementation of IVA, Adilson Sequeira, said according to a report published on the website of the Angolan Ministry of Finance. “The introduction of IVA is the result of a… – Continue reading
Canada Told To Sharpen Corporate Tax Competitiveness
The IMF has said that the recent changes to the US tax system could make Canada a less attractive destination for investment. The IMF has published the report from its latest Article IV mission to Canada, in which it noted that “external risks are more acute than in the recent… – Continue reading
Cabinet finalises income tax bill after ‘taking feedback into account’
AMMAN — The government on Monday endorsed the income tax draft law and said it will refer it to the Lower House on Tuesday to get it through constitutional channels towards enactment. Meanwhile, the government reasserted that it was earnestly carrying on with economic reforms according to schedule. During a… – Continue reading
Double tax compliance to GDP ratio to 50% IMF tells Nigeria
The International Monetary Fund, an arm of the World Bank Group tells Nigeria to double her tax compliance to GDP ratio from 25 per cent to 50 per cent. Amine Mati, head of IMF in Nigeria, said this in Lagos, at the presentation of the IMF Regional Economic Outlook for… – Continue reading
UAE sets VAT refund requirements for Emiratis
The country introduced the tax on January 1 The UAE’s Federal Tax Authority (FTA) has set new requirements for Emiratis to receive a value added tax refund related to construction of a new home. The FTA said in a Saturday statement to news agency WAM that applicants must be UAE… – Continue reading
Amnesty scheme must levy more than 20% tax
Islamabad: ANP ex-Senator Ilyas Ahmed Bilour has said that there should be minimum 20 per cent tax rate for non-filers and tax evaders as 5 per cent tax return is very low and should not be passed. Mr Bilour was speaking at a special seminar on ‘Post Budget (2018-19) overview… – Continue reading
Remittance tax on agenda – Fee in exchange for providing services to Expats
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… – Continue reading
Luxembourg Vulnerable To International Tax Developments, Says IMF
International tax developments could have a negative impact on Luxembourg’s tax revenues and economy, the International Monetary Fund (IMF) has said in its latest Luxembourg country report. The report, published on April 3, warns Luxembourg that a number of external tax events are likely to have “important implications” for Luxembourg,… – Continue reading
The ‘Peril And Promise’ Of Blockchain
“The important thing to remember here is this is a brand-new, very complicated space,” warned John Oliver on last weekend’s episode of “Last Week Tonight.” “Literally nobody knows how it’s going to develop, so you need to be careful.” Oliver was discussing cryptocurrencies and blockchain on his show, highlighting the… – Continue reading
Tax exemptions are narrowing Zambia’s tax base, says IMF Country Rep
THE International Monetary Fund (IMF) has observed that certain tax exemptions are narrowing Zambia’s tax base which urgently needs to be broadened to allow Government collect more revenue for development. IMF Zambia country representative, Alfredo Baldini, observed that tax exemptions on certain areas which had special treatment were narrowing the… – Continue reading
Nigeria is getting more people to pay taxes by not punishing them for tax evasion
For a nation of nearly 200 million people, not many Nigerians pay taxes. Indeed, as of May 2017, only 14 million—or one in five—of Nigeria’s estimated 70 million economically active citizens were paying taxes. As such, Nigeria’s government has typically earned much less than it could have from taxes. Back… – Continue reading
IMF Calls For Tax Hikes In Trinidad And Tobago
The International Monetary Fund has said Trinidad and Tobago needs to further hike taxes. The territory has struggled due to low energy prices. Energy revenue accounted for only 27 percent of total government revenue in the 2015 fiscal year, compared to around 55 percent during the preceding decade. A new… – Continue reading
IMF praises Philippines for placing casinos under AML act
The International Monetary Fund (IMF) has commended the Philippines for legal changes that brought the nation’s casinos within the scope of the country’s Anti-Money Laundering Act. “[The IMF] welcomes the recent amendment… to include casinos” under the act, the IMF executive board said in a press release issued on Monday,… – Continue reading
Croatia Urged To Reform Property Tax To Fund Tax Cuts
In its latest report for the country, the International Monetary Fund has recommended that Croatia modernize its property tax system to enable the country to lower the burden of taxes that weigh more heavily on economic growth. It said a “modern, well-designed real estate tax that is based on objective… – Continue reading
Are Nigerians really under-taxed?
The statement credited to the International Monetary Fund (IMF) that the country may be operating one of the weakest tax regimes within sub Sahara Africa and beyond has sparked off a controversy of some sort with most Nigerians arguing to the contrary. Ibrahim Apekhade Yusuf in this report examines the… – Continue reading
Cyprus Should Reinstate Immovable Property Tax: IMF
Cyprus should consider reinstating the immovably property tax to boost revenues, the International Monetary Fund has said. Taxpayers in Cyprus previously had to pay an annual tax linked to the total value of all immovable property owned. The tax was substantially reduced in 2016 and withdrawn completely this year. The… – Continue reading
State Minister says Sri Lanka is a tax haven
In a sharp censure to those who charge that the present government has slapped the citizenry with the highest possible taxes while taking away the concessions, the country’s State Minister of Finance said Sri Lanka is a tax haven in comparison to most other economies in the region and beyond… – Continue reading
Income Tax Jitters in The Bahamas Following IMF Recommendation
NASSAU, The Bahamas, Friday September 22, 2017 – An International Monetary Fund (IMF) proposal for The Bahamas to implement a low rate income tax has drawn a mixture of skepticism, approval and downright rejection. Following its Article IV consultation with the Hubert Minnis administration, the Washington-based financial body urged the… – Continue reading
Tax evasion burns a hole in state budget
Instead of raising state revenues, as was intended, the increased demands on self-employed professionals in terms of taxes and social security contributions have resulted in increased tax evasion, confirming the Finance Ministry’s worst fears. Data show that incomes declared earlier this year by self-employed professionals in their 2016 tax statements… – Continue reading
Mauritius ‘Reinventing Itself,’ With Refocused Tax Breaks
Prospects for Mauritius’s economy remain “robust,” with the Government undertaking a number of initiatives to improve the attractiveness of the domestic tax regime for businesses, the International Monetary Fund said. Amadou Sy, who led an IMF mission to the territory, said that the economy remains “robust” but that “Mauritius is… – Continue reading
IMF Proposes Specific Tax Rules For Peer-To-Peer Economy
Whilst the peer-to-peer (P2P) economy has posed many challenges to traditional tax collections systems, the sector’s technological foundation also holds the keys to solving these problems, according to a new report by the International Monetary Fund (IMF). The IMF working paper, published on August 8, explores the implications for the… – Continue reading
IMF Calls For Rethink On US Tax Reform Design
The current plan for US tax reform would disproportionately benefit the wealthy, the International Monetary Fund has said, recommending more support for low-income taxpayers and higher indirect taxes. On the need for tax reform, the IMF said in its Article IV consultation for the United States that “the US personal… – Continue reading
Most Asian nations need to collect more tax: IMF deputy MD
Most Asian countries are not collecting enough tax to meet their goals and they need to boost revenue by taking steps at home and by working with other countries, the deputy managing director of the International Monetary Fund said. In much of Asia, the tax-to-GDP ratio “consistently” falls below the… – Continue reading
$1.5 trillion of assets move through the British Virgin Islands — twice as much as previously thought
A new report shows the offshore jurisdiction is home to assets of $1.5tn, double an estimate by the International Monetary Fund in 2010. Assets held offshore in the British Virgin Islands (BVI) are worth $1.5 trillion (£1.19 trillion), double the International Monetary Fund’s 2010 estimate. That’s according to a new… – Continue reading
Japan Urged To Adopt 15 Percent VAT Rate
Japan should commit to new gradual increases to its consumption tax rate, beyond 10 percent, to help rein in its substantial deficit, a new report from the International Monetary Fund says. It said the Government should “place emphasis on a gradual, pre-announced schedule of consumption tax rate hikes, of 0.5… – Continue reading
Romania Should Avoid Further Tax Cuts: IMF
Noting a substantial drop in the tax burden in Romania, the International Monetary Fund has called on lawmakers to avoid further tax cuts. The IMF said that successive tax burden-cutting measures, impacting value-added tax (VAT), fuel excises, and health contributions had resulted in a drop in revenue worth nearly 2.5… – Continue reading
IMF Calls On Ireland To Expand Tax Base
The IMF has urged Ireland to ensure that it has a broad tax base, particularly in the context of international tax reform and domestic pressures to reform the Universal Social Charge (USC). The IMF has published the findings of its latest mission to Ireland. It noted that healthy economic growth… – Continue reading
IMF Recommends Lower, Broader Corporate Tax For Luxembourg
Further corporate tax reforms may be needed to Luxembourg’s tax regime for foreign companies if it is to maintain its appeal while responding to international tax initiatives, the International Monetary Fund has said. The IMF said that evolving international tax transparency and anti-tax avoidance rules at OECD/G20 and EU levels,… – Continue reading
IMF Says African Countries Need To Tap New Revenue Streams
Sub-Saharan African countries should look to tap tax revenues outside natural resources, to finance stimulus measures that could reinvigorate their ailing economies, a new report from the International Monetary Fund says. The IMF’s Regional Economic Outlook for Sub-Saharan Africa report, released on May 9, notes that growth in the Sub-Saharan… – Continue reading
