Category: OECD

Gibraltar and UK Open Negotiations to Enter into a Double Tax Agreement

The Government of Gibraltar has said it is delighted to welcome Robert Jenrick, Exchequer Secretary to Her Majesty’s Treasury, to Gibraltar to announce that HMGoG and Her Majesty’s Government have opened negotiations to enter into a Double Tax Agreement. It is anticipated that with hard work on both sides a… – Continue reading

Transfer (mis)pricing

TRANSFER pricing — the pricing of commodities traded between or within multinational enterprises — is a legal practice and a key feature of cross-border and intra-firm transactions. The United Nations prefers to use the broader phrase ‘trade pricing’ in addressing this practice and defines it as a ‘normal incident of… – Continue reading

Taiwan to join anti-tax evasion program CRS

Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading

Taiwan to join anti-tax evasion program CRS

Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading

OECD Finds Tax Automatic Exchange has Increased Transparency, Agrees on Digital Economy Taxation Roadmap

6 July 2019: In the lead up to the Group of 20 (G20) Finance Ministers and Central Bank Governors’ Meeting, the Organisation for Economic Co-operation and Development (OECD) released data that show that automatic exchange of information on financial accounts is improving tax compliance and delivering concrete results for governments… – Continue reading

Tensions between the drive for transparency and the right to protection of privacy

Update on the UK government’s proposal to improve transparency with a new register of persons with significant control of companies which hold UK property. In our last article (https://hubbis.com/article/transparency-enhanced-in-the-uk) we looked at the UK government’s proposal to improve transparency with a new register of persons with significant control of companies… – Continue reading

Pakistan money in Swiss banks dwindling for last three years

LONDON: Money kept by Pakistani nationals and enterprises in Swiss banks fell by 33 per cent to a record low of CHF380 million (Rs63 billion) in 2018, falling below the level of Indian funds for the first time in four years, Swiss National Bank’s (SNB) annual statistics report showed on… – Continue reading

India: Government Of India Ratifies MLI – Bringing India On The Cusp Of A New International Tax Regime

The Government of India (Union Cabinet) has approved the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) and India's final position to the same. ... - Continue reading

Dominica removed from EU tax haven blacklist

The European Union has removed the Caribbean island of Dominica from its list of uncooperative jurisdictions in tax matters. Dominica changed its tax rules to comply with EU requirements meant to reduce the risks of tax evasion, the EU said in a statement. Dominica implemented its commitments and addressed EU… – Continue reading

India ratifies multilateral convention to curb abuse of tax treaties

The union cabinet, chaired by Prime Minister Narendra Modi on Wednesday approved the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The Convention will modify India’s treaties in order to curb revenue loss through treaty abuse and base erosion… – Continue reading

Automatic Exchange of Information is Working, Says OECD

New data from the OECD indicates that Hong Kong and Singapore are adhering to tighter global standards on tax transparency. The OECD (Organisation for Economic Cooperation and Development) says IFCs (international financial centres) such as Hong Kong and Singapore are adhering to tighter global standards on tax transparency and are… – Continue reading

Oman to introduce Common Reporting Standards

Muscat: Oman, in line with its commitment to align itself with international best practices in tackling cross-border tax evasion and meeting the standards set by the European Union (EU) and the Organisation for Economic Co-operation and Development (OECD), is currently in the process of issuing regulations for automatic exchange of… – Continue reading

Australia: OECD releases beneficial ownership implementation toolkit to facilitate transparency

In brief – Beneficial ownership toolkit aims to help governments implement legal and supervisory frameworks to identify and collect beneficial ownership information Beneficial ownership is a critical issue in many areas of law, in particular tax and anti-money laundering. National authorities often struggle to keep up with private ingenuity in… – Continue reading

United States: IRS Faces Big Decisions To Update The 482 Transfer Pricing Rules

It has been over a year since the Tax Cuts and Jobs Act (“TCJA”) was enacted. The transfer pricing rules set forth in the treasury regulations with respect to IRC Sec. 482 (“the Section 482 regulations”) have remained relatively unchanged since 1986. Nonetheless, multinational corporations doing business within the United… – Continue reading

Cyprus: The True Impact Of BEPS On International Business Structures

In the last decade, OECD officials have recommended measures to combat tax avoidance, culminating first in the BEPS (Base Erosion and Profit Shifting) initiative in 2015 and then the MLI (Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS) effective from July 2018 – yet have all their… – Continue reading

Bahamas’ Corporate Tax World’s Most ‘Corrosive’

The Bahamas yesterday received no credit for laws said to have raised compliance costs by 75-80 percent after its corporate tax policies were rated as the world’s most “corrosive”. This nation achieved a “perfect” 100 out of 100, a score matched only by the Isle of Man, Turks & Caicos… – Continue reading

Delving into Hong Kong’s New Transfer Pricing Landscape

On July 4, 2018, Hong Kong’s Inland Revenue Department passed the country’s final Inland Revenue (Amendment) (No. 6) Bill 2017, (the Amendment Bill).  This Amendment Bill (which became law on July 13, 2018) specified the documentary requirements from a transfer pricing perspective and also introduced measures to address various recommendations… – Continue reading

Government Should Investigate BAT’s Tax Evasion

Kenya  Tobacco Control Alliance KETCA has today called upon the government to prioritize regulations that enable the  maximization of corporate tax revenue from British American Tobacco (BAT) Company. The  KETCA  Chairman, Joel  Gitali  said that  BAT avoids paying full corporate taxes which would have been used for public  services like… – Continue reading

New ranking reveals UK’s role in breakdown of global corporate tax system

Decades of tax wars among the world’s richest countries are unravelling the century-old global corporate tax system, new research finds. Forty per cent of today’s cross-border direct investments reported by the IMF – $18 trillion in value – are being booked in just 10 countries that offer corporate tax rates… – Continue reading

Nigeria Signs Off On Common Reporting Standard With OECD

As we await official communication, information reaching us have it that Nigeria has signed off on the Common Reporting Standard (CRS) with the Organisation for Economic Co-operation and Development (OECD). As publicly stated on Wikipedia, ‘The Common Reporting Standard (CRS) is an information standard for the Automatic Exchange Of Information… – Continue reading

Cyprus to adopt new Transfer Pricing regime

After consulting with professionals in the Mediterranean island’s service sector the Finance Ministry is drafting a bill on Transfer Pricing guidelines. The Transfer Pricing regime concerns tax treatment of intra-group financing transactions. The draft bill aims to put an end to the over-pricing of intra-group invoices so that any low… – Continue reading

Pakistan, Bulgaria sign double taxation treaty

ISLAMABAD: Pakistan and Bulgaria on Tuesday signed an agreement to get rid of double taxation and cooperate in preventing tax evasion as a state delegation from the European Union member country concluded its two days visit. The Federal Board of Revenue (FBR) Director General and Deputy Minister of Economy Bulgaria… – Continue reading

Taxing times for SMEs

Globalisation of the economy has resulted in a shift in the way Singapore corporations operate – from local country-specific business models, to global integrated supply chains which centralise functions at a regional or global level. Singapore, in particular is a popular location to house regional and global operations, due to… – Continue reading

Govt Approves Tax Certificate Reply To Oecd

The government has approved the creation of tax residency certificates for permanent residents so they can prove compliance with other countries’ laws, a Cabinet Minister said yesterday. Brent Symonette, minister of financial services, trade and industry and Immigration, told the Society of Trust and Estate Practitioners (STEP) Caribbean Conference that… – Continue reading

A perspective on tax amnesty

Tax amnesty is defines as “grant of an opportunity to a specific class of society to declare their undeclared assets by payment of a meagre amount of tax in addition to grant of immunity from default surcharge, penalties and prosecution”. It is introduced by the governments to fulfill the slogan… – Continue reading

India notifies pact with US to check tax evasion by MNCs

As per the agreement, it is intended to provide relevant and reliable information to perform an efficient and robust transfer pricing risk assessment analysis. Aimed at providing relief to subsidiaries of US multinationals and ensuring a check on cross-border tax evasion, India has notified the inter-governmental agreement with the United… – Continue reading

Int’l group to finalize digital tax plan in 2020

Objective is to limit ability of multinational corporations to book taxes in countries with lowest tax rates BERLIN A global effort to revamp international tax rules for the digital economy will be completed by the end of 2020, said the secretary-general of the Organization for Economic Co-operation and Development (OECD)…. – Continue reading

Water controversy prompts tax haven focus

Tax avoidance has crept into the tussle of the federal election campaign, as the government faces pressure to further investigate an expensive water purchase from a company based in a well-known tax haven. Labor has left the door open to supporting a Greens push for a royal commission into the… – Continue reading

FACT Coalition Calls for Corporate Tax Transparency

“Investors see the value, policymakers see the benefits, and businesses see the inevitability of greater transparency,” says the group’s executive director. The Financial Accountability and Corporate Transparency (FACT) Coalition is calling on the U.S. Congress, the Securities and Exchange Commission, and the Financial Accounting Standards Board to require multinationals to… – Continue reading