Category: OECD

ASEAN taxation cooperation via automatic information exchange

IN 2015, the ASEAN Economic Community (AEC) Blueprint 2025 was adopted as part of the ASEAN 2025: Forging Ahead Together plan. This collaboration charts the broad trajectories of ASEAN economic integration from 2016 to 2025. It aims to strengthen and reinforce by 2025 these five AEC characteristics: 1. A highly...

Automatic exchange of tax evaders data from September 1: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) on Monday informed the task force constituted by the Prime Minister to repatriate laundered ill-gotten funds that newly installed computer software would ensure the automatic exchange of information about tax evaders with the Organisation for Economic Cooperation and Development (OECD) from September. The...

FIRS Publishes Nigeria’s Revised Transfer Pricing Regulations

Federal Inland Revenue Service has published Nigeria’s revised Transfer Pricing Regulations (NTPR). The NTPR is effective for basis periods commencing after 12 March 2018 and incorporates BEPS outcomes and suggestions from The African Tax Administration Forum. The NTPR includes significant penalties for non-compliance (a) failure to file TP declaration =...

FBR slaps notices on 400 Karachi residents holding UK properties

KARACHI: The Federal Board of Revenue (FBR) has served notices to around 400 residents of the port city owning properties in the UK, asking to clarify if they availed the recently floated amnesty scheme or not, sources said on Friday. “A tax department issued around 300-400 notices to Karachiites for...

Malaysia To Phase Out ‘Harmful’ Tax Regime

Malaysia has suspended its MSC Malaysia tax regime, pending changes to bring it into line with recommendations from the OECD’s Base Erosion and Profit Shifting initiative. Under the regime, domestic and foreign information and communication technology-related businesses can apply for “MSC Malaysia Status,” which allows them to benefit from tax...

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...

FBR to send tax notices to 600-700 potential tax evaders in UK

ISLAMABAD: After expiry of the tax amnesty scheme that had failed to lure owners of offshore assets abroad in a big way, the Federal Board of Revenue (FBR) has decided dispatching tax notices to 600-700 individuals having rental income from possessing expensive properties in the UK in a bid to...

A Caribbean Perspective: Tax Rules We Can’T Meet, Unity We Must Not Avoid

The financial services sector of Caribbean jurisdictions – and other parts of the developing world – have been under continuous assault by the European Union (EU) and the Organization for Economic Cooperation and Development (OECD) since the mid-1990s. This assault will peak again in a month’s time when financial institutions...

Macau | City to comply with OECD tax information exchange from September 1

Macau financial authorities announced today that starting from September 1 the city will start complying with automatic financial exchange regulations devised by the Organisation for Economic Co-operation and Development Macau (MNA) – The Office of the Secretary for Economy and Finance, Lionel Leong Vai Tac, has announced this Tuesday that...

Rivers seeks support from US senators

(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...

BEPS Project Has Triggered Near-Global Tax Reform: OECD

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...

Behind the amnesty

The extension of the deadline of the tax amnesty scheme has not borne the results it was expected to. The FBR is said to have taken the advice of accounting firms to extend the deadline, but the results have not matched the early optimism. Despite this, though, the amnesty scheme...

OECD to help Pakistan implement world tax standard

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...

PWS: New Reporting Regulation Will Have Big Effect on Family Offices

A new agreement on international tax and financial information exchange aims to provide less opportunity to shelter wealth from taxation. Global wealth managers and advisors need to make sure they and their clients are in compliance. CHARLOTTE, N.C. (PRWEB) JULY 18, 2018 The Common Reporting Standard (CRS) for the automatic...

National Assembly passes three amendments to strengthen international tax compliance

BASSETERRE, St. Kitts -– The Government of St. Kitts and Nevis took steps on Friday, July 13, to further strengthen its proactive cooperation on tax matters through the passage of three amendments to the Common Reporting Standard (Automatic Exchange of Financial Account Information) (Amendment) Bill, 2018, in the National Assembly....

FBR obtains information about Pakistanis’ immovable properties in UK

ISLAMABAD: Under a newly-signed agreement, Pakistan will have access to the information about its nationals’ assets abroad, it emerged on Monday. The Federal Board of Revenue (FBR) has obtained information regarding immovable properties owned by Pakistanis in the United Kingdom (UK). The information has been obtained with the assistance of...

Inland Revenue (Convention on Mutual Administrative Assistance in Tax Matters) Order gazetted and commences operation

Hong Kong (HKSAR) –      The Inland Revenue (Convention on Mutual Administrative Assistance in Tax Matters) Order (the Order) was gazetted and came into operation today (July 13). The Convention on Mutual Administrative Assistance in Tax Matters (the Convention) will enter into force in Hong Kong on September 1,...

Inland Revenue (Amendment) (No. 6) Ordinance 2018 gazetted

Hong Kong (HKSAR) – The Inland Revenue (Amendment) (No. 6) Ordinance 2018, which primarily implements the minimum standards of the Base Erosion and Profit Shifting (BEPS) package promulgated by the Organisation for Economic Co-operation and Development (OECD) and codifies the transfer pricing principles into the Inland Revenue Ordinance (Cap. 112)...

More Information… More Intense Transfer Pricing Disputes?

The Central Board of Direct Taxes has recently issued guidance on the appropriate use of the ‘Country-by-Country Report’. The CbC filing was introduced as a result of the OECD/G20 Base Erosion and Profit Shifting project. India also introduced the requirement to file CbC reporting recently with the completion of the...

‘Double taxation arrangement’ renegotiated

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...

Restriction on non-filer forex accountholders : SBP’s rules to clean up untaxed money from banking system

KARACHI: The central bank’s rules to restrict access of the non-filers to foreign currency accounts would gradually clean up untaxed money from the banking system, although it may hurt much-needed forex inflows in the short run, analysts and bankers said. Analysts said foreign currency accountholders have been facing intensifying scrutiny...

Tech Groups Raise Concerns About EU Digital Tax

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...

Pakistan to start receiving information on offshore accounts in September

ISLAMABAD: Pakistan is poised to receive information about offshore financial accounts in September 2018. This was stated by the spokesperson and member policy Dr Muhammad Iqbal while addressing a press conference on the ongoing Tax Amnesty Scheme on Friday. Due to the initiatives by the Organisation for Economic Co-operation and...

Liberia signs convention on mutual tax administration

Liberia has signed the Convention on Mutual Administrative Assistance in Tax Matters, as amended by the Protocol amending the Convention on Mutual Administrative Assistance in Tax Matters at the Organization for Economic Cooperation and Development (OECD) The Convention provides a multilateral basis for a wide variety of administrative assistance including...

Macau | Delayed tax agreement will be signed this year – Portugal’s Secretary for Tax Affairs

A delayed tax agreement between Portugal and Macau will be signed later this year, according to Mr António Mendonça Mendes, the Portuguese Secretary of State for Tax Affairs on Sunday Macau (MNA) – A delayed tax agreement between Portugal and Macau will be signed later this year, Mr António Mendonça...

Peru Ratified OECD’s Multilateral Tax Convention

Peru has completed the necessary steps to become a party to the OECD Multilateral Convention on Mutual Assistance in Tax Matters and also the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. On May 28, 2018, Peru’s Minister of Economy and Finance, David Tuesta, deposited...

OECD Releases First CbC Reporting Peer Reviews

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...

OECD backs BEPS plan in face of critics

The OECD has endorsed New Zealand’s crackdown on multi-national tax evasion, despite significant criticism from local businesses that it departs from OECD standards, Thomas Coughlan reports. David Bradbury, head of the OECD’s tax policy and statistics division, told Newsroom that the OECD was “very pleased with the strong support that...

The CRS cliff edge: turning a challenge into an opportunity

Ever since the Organisation for Economic Cooperation and Development (OECD) Council approved the OECD’s Common Reporting Standard (CRS) in 2014, the international economic community has been gradually moving closer to a smoother and more transparent global exchange of financial account data. It is widely acknowledged that the CRS is long...

Ownership Registry Is ‘Not Set In Stone’

Attorney General Carl Bethel QC. Photo: Terrel W Carey/Tribune Staff Legislation to create a central Beneficial Ownership Registry is “not set in stone”, the Attorney General has revealed, with the Government seeking “urgent” consultation on the issue. Carl Bethel QC, addressing a Bahamas Financial Services Board (BFSB)-sponsored seminar, said the...

$1.745m Software Deal To Facilitate Tax Exchange

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...

Bahamas Slips In Half OECD ‘Peer Review’ Criteria

The Bahamas slipped slightly in its latest OECD “peer review”, although it maintained its “largely compliant” ranking amid beneficial ownership and tax information exchange concerns. The just-released full Organisation for Economic Co-Operation and Development (OECD) report, produced by its Global Forum on transparency and tax information exchange, showed The Bahamas...

FBR set to receive 50,000 cases of Pakistanis owning assets abroad

ISLAMABAD: Pakistan’s tax authorities have placed standardised software for receiving first batch of around 50,000 cases of Pakistanis owning assets and bank accounts abroad through automatic exchange portal from Organisation for Economic Cooperation and Development (OECD) with effect from October 1. Top officials in the Federal Board of Revenue (FBR)...

Singapore Legislates For IP Tax Concession Reform

Singapore has gazetted a law to repeal the income tax concession for intellectual property income derived by companies benefiting from the Pioneer Service Companies Incentive (PC-S) or the Development and Expansion Incentive (DEI) schemes. The removal of this tax concession was first announced in Singapore’s 2017 Budget at the same...

Banks given 15 days to share foreigners’ data with FBR under OECD obligations

KARACHI: The Federal Board of Revenue (FBR) has given a 15-day timeline to banks and brokerages to furnish financial data of foreign customers as the country signed in an international convention for information exchange to curb tax evasion, officials said on Wednesday. The officials said FBR directed financial institutions, including...

Taiwan wealth management update

There have been a number of recent legal and regulatory changes in Taiwan that have impact from a wealth management perspective. Tax Rates Changes effective 2018 Effective 1 January 2018, the new tax rates for Taiwan are: Local foundation tax rule tightened Effective 1 January 2018, dividend for local foundations...

Lithuania invited to join OECD

VILNIUS, May 3 (Xinhua) — Lithuania has been formally invited to join the Organization for Economic Co-operation and Development (OECD), with a planned signing of the accession agreement during the OECD ministerial meeting on May 30 and 31 in Paris, Lithuanian authorities announced Thursday. The invitation “is a result of...

Macau | City preparing to join OECD automatic financial exchange agreement – Financial bureau

The Macau government is preparing to sign the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information which will allow automatic tax information exchange with other members of the Organisation for Economic Co-operation and Development Macau (MNA) – The Financial Services Bureau (DSF) has informed Macau News Agency...