Category: Government Bodies
Italy’s Supreme Court resolves withholding tax dispute over interest paid to holding company
The Italian Supreme Court, in a decision released 10 July, has addressed whether a sub-holding company was beneficial owner of interest payments for withholding tax purposes, applying the European Court of Justice’s holdings in the well-known Danish cases. ... - Continue reading
Amazon services arm pays £14m in UK taxes despite revenues of nearly £3bn
Amazon’s (AMZN) UK services arm paid just £14.5m ($16.1m) in UK corporate taxes in 2019 despite generating revenues of nearly £3bn in the country, according to the company’s latest accounts. ... - Continue reading
France sees EU digital tax solution in 2021
GAFA group -- Google, Apple, Facebook and Amazon, please take note! ... - Continue reading
Enhanced transfer pricing regime amidst the pandemic
Globally, the coronavirus disease 2019 (Covid-19) pandemic is requiring governments to design and implement strategies to cope with the deepening impact of the virus. They are introducing measures to cushion the blow from the economic downturn, such as drawing from reserves and intensifying tax collection efforts. As entire countries and… – Continue reading
Finance ministers of German-speaking countries hope for OECD deal on digital tax
VIENNA, Aug. 25 (Xinhua) — Finance ministers of German-speaking countries expressed their hope here on Tuesday that there will be an agreement on a digital tax at the the Organization for Economic Cooperation and Development (OECD) level in autumn. German Finance Minister Olaf Scholz said he was “very confident at… – Continue reading
Spain extends tax residency rules to lockdown-enforced stays
Bad news for travellers stuck in Spain due to the COVID-19 lockdown! ... - Continue reading
Cyprus: Cyprus And Switzerland Agree Updated Double Tax Treaty
On 20 July 2020 Cyprus agreed an updated double tax treaty (DTT) with Switzerland. The signatory for Cyprus was Foreign Minister Constantinos Petrides, while his counterpart, Pierre-Yves Fux, signed on behalf of the Swiss Federal Council. The revised protocol will update the existing agreement, which has been in force since July 2014. Details of the protocol were published in the Official Gazette on the 24 July 2020 and are now undergoing the ratification process. ... - Continue reading
Faceless assessment to start with I-T Dept restructuring
Place for the Faceless Assessment Scheme. More on it in this article. ... - Continue reading
Enforcement Notification – Summerside psychiatrist fined over $215,000 for personal and corporate tax evasion
A peak into the treatment of a tax evasion investigation conducted by the CRA. ... - Continue reading
AG says Barbados will fight blacklisting ‘tooth and nail’
Barbados to fight for being unjustly blacklisted by the European Union. ... - Continue reading
Public input sought on Brazil, OECD transfer pricing harmonization
Brazil set out in the direction of tax reform. ... - Continue reading
OECD assesses Cayman’s process to resolve double-taxation disputes
OECD examines Cayman Islands' implementation of BEPS Action 14. ... - Continue reading
Cyprus: Cyprus Residency Permit Procedures
Now that the day for Britain to officially leave the European Union is approaching, UK nationals seeking Cypriot residency might wish to accelerate their efforts. This article acts as a guide to this process. ... - Continue reading
HMRC targets wealthy in push on tax evasion
Wealthy people are increasingly facing investigation for suspected tax evasion, in a sign that HM Revenue & Customs is “keeping its promise” to intensify its crackdown on those hiding assets following the Panama Papers leak. ... - Continue reading
Canada: Don’t Let Your Dream Vacation Home Become A Tax Nightmare
Renting your foreign property may require you to disclose information to the Canada Revenue Agency (the "CRA"). A Foreign Income Verification Statement is required to be filed with the CRA where the adjusted cost base of the property exceeds CDN $100,000. ... - Continue reading
Apple Wins €13 Billion Tax Avoidance Case Against EU Antitrust Regulator
A big win for Apple in a tax avoidance court case. ... - Continue reading
Int’l task force sees success in cracking down on tax crimes
The tax crime-fighting group including the Australian Taxation Office (ATO, the Canadian Revenue Agency (CRA), the Dutch Fiscal Information and Investigation Service (FIOD), Her Majesty’s Revenue and Customs (HMRC) from the U.K. and the Internal Revenue Service Criminal Investigation Division (IRS-CI) from the U.S sees a silver lining regarding its purpose. ... - Continue reading
OECD publishes model rules for tax reporting by gig economy platform operators
On 3 July, the OECD released model rules for tax reporting by platform operators that assist sellers in the sharing and gig economy. Following international efforts to address the tax challenges in the digital economy, this OECD guidance represents an important step towards transparency through the exchange of information. ... - Continue reading
EU to launch tax observatory
The EU’s awareness of the relevance of tax policy is clear. On 6 July, the European Commission called for proposals for the creation of an EU tax observatory. This follows the adoption of the Commission Decision on the financing of the preparatory action EU Tax Observatory – Capacity building to support Union policy making in the area of taxation and the adoption of the annual work programme for 2020 on 16 June. ... - Continue reading
Fiscal policy key to overcoming pandemic’s impact on LatAm: UN agency
The United Nations Economic Commission for Latin America and the Caribbean (ECLAC) has stated that Latin American SANTIAGO, July 6 (Xinhua) — Latin American countries must turn to effective fiscal policy to cushion the social and economic impact of the COVID-19 pandemic and reactivate local economies, the United Nations Economic… – Continue reading
Tax authorities accessed 84 million offshore accounts in 2019: OECD
OECD confirms the efficiency of the Automatic Exchange of Information after its implementation in 100 countries. ... - Continue reading
OECD says U.S. still committed to global digital tax talks
OECD informs that the United States are still open to a discussion on digital tax despite asking for a pause due to more pressing matters. ... - Continue reading
Germany announces tax policy goals for Council of the EU Presidency
The German Presidency has put into place new legislations which will help revive the European economy. ... - Continue reading