Top ‘compliant’ rating given to Ireland, Norway and Mauritius Ireland has received one of the highest international ratings on tax transparency from the OECD. The organisation’s Global Forum on Transparency and Exchange of Information is part of the implementation of the common reporting standards in the wake of the global… – Continue reading
According to China Merchants Bank and Bain & Company, a global business consulting firm, nearly 60 percent of China’s high net worth individuals have assets overseas in 2017, while in 2011 this ratio was only 20 percent. In 2015 and 2016, China’s annual financial assets exported overseas amounted to more… – Continue reading
The UK tax authority, HM Revenue and Customs (HMRC), has issued guidance for businesses on the preparation of country-by-country reports in the required format. The CbC report is one element of a new three-tiered standardized approach to transfer pricing documentation proposed under Action 13 of the OECD’s base erosion and… – Continue reading
The government’s plan to impose more levies on large companies will undermine their competitiveness amid a rising global trend of tax reductions and further distort the country’s taxation structure, analysts say. A draft tax code revision unveiled early this month proposes raising the corporate tax rate for businesses with taxable… – Continue reading
America has formally agreed to share detailed information of companies with the Australian government’s Tax Avoidance Taskforce. This means authorities get access to additional intelligence to track down US-based multinationals. This month, US authorities signed a country-by-country report exchange deal with Australia. It seeks to give authorities a broader picture… – Continue reading
The US Internal Revenue Service (IRS) has begun accepting country-by-country (CbC) reports from multinational corporations. In June 2016 the IRS issued final regulations requiring CbC reporting by the ultimate parent entity of a multinational enterprise (MNE) group with revenue of USD850m or more in the preceding accounting year. The first… – Continue reading
The Government of Hong Kong has said that it will introduce legislation into the Legislative Council by the end of this year to implement the minimum standards proposed by the OECD as part of its base erosion and profit shifting project. The BEPS framework, proposed by the OECD at the… – Continue reading
Global consultancy EY among firms now offering advanced services that redefine how companies face new developments in tax, audit and compliance Rigid new global initiatives to increase transparency of business data are giving rise to more advanced professional tax services, which employ innovative tools that include cloud computing, financial technology… – Continue reading
In an effort to create a ‘level playing field’, Asian economies are committing to new standards of transparency At the risk of losing some foreign investors, Asian jurisdictions are stepping up efforts to combat corporate tax avoidance to meet new global transparency standards. More than a dozen Asia-Pacific jurisdictions have… – Continue reading
The notification follows hectic parleys between India and Switzerland for introduction of AEOI (Automatic Exchange of Information) under guidance of G20, OECD (Organisation for Economic Cooperation and Development) and other global organisations. Switzerland found India’s data security and confidentiality laws “adequate” for entering into an automatic exchange of information pact,… – Continue reading
The Costa Rican government is very interested in forming part of the Organization for Economic Co-operation and Development (OECD http://www.oecd.org/ ). The OECD is formed by 35 nations to promote policies that will improve the economic and social well-being of people around the world. Last Thursday, economist Bert Brys, explained… – Continue reading
The OECD has praised Luxembourg’s tax regime for its predictability, although it sounded a warning about the volatility of tax revenues from the financial sector. In its latest assessment of the Luxembourg economy, the OECD said that Luxembourg’s strong economic performance was due partly to “business-friendly regulations, a predictable tax… – Continue reading
Cameroon has officially become the 70th country to adhere to the convention of the Organisation for Economic Co-operation and Development (OECD), on mutual administrative assistance in tax matters. The act of accession to this convention has just been signed between OECD and the Cameroonian Minister of Finance, Alamine Ousmane Mey…. – Continue reading
Swop of taxpayer financial data can start when Jakarta puts safeguards in place, says Indranee Singapore stands ready to have a Automatic Exchange of Financial Account Information (AEOI) relationship with Indonesia, as soon as Indonesia is ready, Senior Minister of State for Finance and Law Indranee Rajah has said. This… – Continue reading
German Finance Minister Wolfgang Schaeuble defended his opposition to pending European Union legislation that would force large multinational companies to publicly disclose, on a country-by-country basis, their taxes paid and profits. Schauble, who testified before the EU Parliament’s Panama Papers investigative committee July 11, said public reporting of companies’ tax… – Continue reading
New data-sharing rules aren’t without pitfalls for clients of private banks, as authorities race to shut loopholes, Bank Reyl lawyer Drazen Turujlija told finews.asia-TV. Switzerland is set to begin exchanging data with other countries from next year, a move which has fundamentally shifted the dynamic in Switzerland’s trillion-Swiss franc offshore… – Continue reading
Slovakia is the first V4 country to sign the agreement on country-by-country reporting. Slovakia’s Financial Administration has obtained easier access to the information of US multinational companies. The representatives of Slovakia and the US signed a bilateral agreement on country-by-country (CbC) reporting on June 21, the TASR newswire reported. The… – Continue reading
Mauritius has signed the Multilateral Convention to Implement Tax Treaty Related Measures to prevent Base Erosion and Profit Shifting (MLI). Once ratified, the MLI will affect as many as 23 tax treaties entered into by this island nation, which has been an important jurisdiction for routing investments into India. Interestingly,… – Continue reading
Indonesia and Switzerland have signed a joint declaration on Automatic Exchange of Financial Account Information (AEOI) yesterday. The signing was held at the Directorate General of Tax in Central Jakarta. At the signing ceremony, Indonesia was represented by Director General of Tax for the Finance Ministry Ken Dwijugeasteadi and Switzerland… – Continue reading
Who is required to file, how it should be filed and what is necessary to disclose. Several South African-based multinational companies have less than six months to prepare their country-by-country reports for exchange with other tax jurisdictions. Many have realised the magnitude of the information expected and have been setting… – Continue reading
OECD lauds major progress made €85 billion in additional tax revenue has been identified thanks to progress in creating a fairer and more effective international tax system, the OECD said today. The moves include increasing efforts to close down loopholes, improve transparency and ensure that multinational enterprises pay tax where… – Continue reading
The Internal Revenue Service has created a new section on its IRS.gov website dedicated to information on the Country-by-Country Reporting rules of the Organization for Economic Cooperation and Development’s Base Erosion and Profit Shifting project, which aims to discourage tax avoidance by multinational companies. The new Country-by-Country Reporting web pages… – Continue reading
A number of territories that had failed to demonstrate they have complied with international tax transparency standards have had their ratings upgraded by the OECD, following “fast-track” peer reviews. It said that the territories’ frameworks were reevaluated to assess whether recent progress would result in an upgrade to their ratings… – Continue reading
The OECD has released for stakeholders’ comments two new discussion drafts as part of its base erosion and profit shifting work. The first draft builds on the OECD’s final report on BEPS Action 7 (on preventing the artificial avoidance of permanent establishment status). The final Report on Action 7 of… – Continue reading
European Union-based multinational companies that exceed consolidated revenue of 750 million euros ($840 million) for two consecutive years would have to report publicly on taxes paid, profits earned, and persons employed on a country-by-country basis, under a proposal from Malta. Malta holds the EU presidency, a position it will turn… – Continue reading
A. Introduction In February 2017 Cyprus Tax Department has announced that the current practice regarding profit margins between related Company loans will be abolished by the 30th June 2017. The announcement indicates that the minimum acceptable margins will apply up to 30th June 2017, and as from 1st July 2017… – Continue reading
SINGAPORE – Singapore has signed two international agreements which will make it easier for the country to automatically exchange tax information with other jurisdictions. The agreements are part of ongoing global efforts to combat tax evasion and money laundering as well as improve tax transparency. Called multilateral competent authority agreements… – Continue reading
The Organisation for Economic Co-operation and Development (OECD) announced on Tuesday that Botswana has joined the Inclusive Framework on base erosion profit shifting (BEPS) becoming the framework’s 99th member.The Inclusive Framework on BEPS is a group of countries that have pledged to implement measures designed by OECD and G20 countries… – Continue reading
Italy June 30 will apply OECD guidelines for “patent box” rules, a new version of the tax break for intangible property that will remove protections for brand identities originally put in place to protect iconic Italian fashion brands, observers told Bloomberg BNA. The new regime is substantially similar to the… – Continue reading
Senior officials and ministers from 67 countries and jurisdictions have signed an agreement that is designed to make it harder for multi-national companies to avoid tax through the strategic use of cross-border shifting of profits. The US was not among either the 67 countries to have signed the so-called Multilateral… – Continue reading
The Competent Authorities Agreement is part of Panama’s continued commitment to upholding international transparency standards PANAMA CITY, June 9, 2017 /PRNewswire/ — Panama and Mexico signed today a Competent Authorities Exchange of Tax Information Agreement, in accordance with Panama’s commitment to the Common Reporting Standard (CRS) of the Organization for… – Continue reading
A negative review of the tax department by the Organisation for Economic Co-operation and Development’s (OECD) Global Forum for transparency and exchange of information, which aims to tackle tax evasion and tax avoidance, has excluded Cyprus from the convention of mutual administrative assistance in tax matters, it was reported on… – Continue reading
Effects on Cayman to be relatively benign Ministers and high-level officials from more than 60 countries and jurisdictions on Wednesday are to sign a multilateral convention to reduce the opportunity for tax avoidance by multinational enterprises. The Organization for Economic Co-operation and Development, which developed the convention, said the signing… – Continue reading
Revealing the secret identifies behind shell companies and opaque trusts is the “new frontier” in fighting tax evasion, says the OECD’s head of tax Pascal Saint-Amans. In an exclusive interview with Fairfax Media, Mr Saint-Amans also spoke about the Turnbull government’s tougher domestic laws aimed at cracking down on multinational… – Continue reading
The OECD has released a document that will form the basis of the peer review and monitoring process of the base erosion and profit shifting (BEPS) Action 6 minimum standard. The minimum standard on preventing treaty shopping was included in the October 2015 report on BEPS Action 6. It is… – Continue reading
A veteran financial services provider yesterday warned that automatic tax information exchange could breach fundamental rights protected by the Bahamian constitution, while threatening to make this nation a “European satellite”. #Anthony Howorth, president of Euro-Caribbean Management Services, questioned whether the Government and financial services industry had “really thought through” the… – Continue reading
Russia will sign the OECD’s Multilateral Convention to implement tax treaty-related measures to prevent base erosion and profit shifting (BEPS), the Government announced on May 20. The Convention, developed by the OECD under Action 15 of the BEPS project, will transpose BEPS recommendations into over 2,000 tax treaties worldwide. According… – Continue reading
The Government yesterday moved to prevent the “devastating” consequences of a financial services ‘blacklisting’ by confirming its readiness to alter the Bahamas’ automatic tax information exchange approach. A Ministry of Finance statement, issued yesterday evening, said the Minnis administration had “formally indicated its interest” to the Organisation for Economic Co-Operation… – Continue reading
The Government yesterday moved to prevent the “devastating” consequences of a financial services ‘blacklisting’ by confirming its readiness to alter the Bahamas’ automatic tax information exchange approach. #A Ministry of Finance statement, issued yesterday evening, said the Minnis administration had “formally indicated its interest” to the Organisation for Economic Co-Operation… – Continue reading
Pretoria – South African financial institutions, which include banks, long-term insurers and asset managers, will have to exchange financial account information in terms of the common reporting standard for the first time this year. Financial institutions, although having to do similar exchanges in terms of the US’s Foreign Account Tax… – Continue reading
Finance Minister Arun Jaitley will travel to Paris next week to sign the OECD multilateral convention that aims to check crossborder tax evasion by multinational companies. During his three-day visit beginning June 7, Jaitley will also attend the OECD Ministerial Council meeting, in which ministers from the OECD and partner… – Continue reading
The tax reporting solution FiTAX enables financial institutions worldwide to comply with OECD and local requirements on tax-reporting Management and technology consultancy BearingPoint, which ranks among the leading providers of Risk and Regulatory Technology (RiskTech/RegTech), announced today that the first institutions in early adopter countries successfully submitted their initial reporting… – Continue reading
OECD announced that another important step has been taken to implement country-by-country (CbC) reporting requirements, as signatories to the Multilateral Competent Authority Agreement on the Exchange of CbC Reports (the CbC MCAA) activated their automatic exchange relationships. The OECD also signalled that additional jurisdictions will nominate partners with which they… – Continue reading
Lebanon became the 111th jurisdiction to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on May 12, 2017. The OECD describes the Convention as the most powerful instrument for international tax cooperation. It provides for all forms of administrative assistance in tax matters: exchange of information on… – Continue reading
The U.K’s diverted profits tax was dubbed the ‘Google Tax’ even before its introduction in April 2015. Yet instead of netting foreign tech companies engaged in complex tax planning such as California-based Google Inc., only U.K. multinational companies outside the technology sector have issued warnings so far over the tax… – Continue reading
The OECD has launched a disclosure facility allowing the reporting of potential schemes to circumvent the Common Reporting Standard, the new international standard for the automatic exchange of financial account information in tax matters. The facility is part of a wider three-step process the OECD has put in place to… – Continue reading
Luxembourg and Cyprus on Monday signed a bilateral convention for the elimination of double taxation. Luxembourg’s Finance Minister Pierre Gramegna was on a working visit in Nicosia and signed the convention with his Cypriot counterpart Harris Georgiades. Cyprus was the last EU member state not to have a tax convention… – Continue reading
Four of the most significant transnational organizations are working together to eliminate transfer pricing schemes and abuses. The four organizations—the International Monetary Fund, the Organization for Economic Co-operation and Development, the United Nations and the World Bank Group—are seeking to achieve global cooperation in tax matters. Transfer pricing is one… – Continue reading
Kuwait became the 110th jurisdiction to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on May 5, 2017. The OECD describes the Convention as the most powerful instrument for international tax cooperation. It provides for all forms of administrative assistance in tax matters: exchange of information on… – Continue reading
“The ball is in the Bahamas’ court” to meet its automatic tax information exchange commitments, a senior industry executive yesterday saying there is “no alarm” about this nation having to alter its approach. #Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, told Tribune Business that the private sector… – Continue reading
