Category: Government Bodies

Base Erosion & Profit Shifting / France / Intellectual Property / OECD / Privacy / Transfer pricing / USA

Transfer Pricing Leaders To Address Latest Trends At Bloomberg BNA-Baker McKenzie Global Conference In Paris March 30-31

Posted On: January 28, 2015

ARLINGTON, Va., Jan. 28, 2015 /PRNewswire-USNewswire/ — Bloomberg BNA today announced that its Global Transfer Pricing Conference: Paris, held in conjunction with Baker & McKenzie and in association with the Tax Management Education Institute, will occur on March 30-31 immediately after the Organisation for Economic Co-operation and Development (OECD) Global… – Continue reading

Cyprus / Double Tax Treaty / Lithuania / OECD / Residence

Cyprus: Cyprus Expands Its Double Tax Treaty Network – Lithuania

Posted On: January 28, 2015

A double tax treaty (“DTT”) was signed between Cyprus and Lithuania in June 2013. The treaty which follows the OECD Model Convention for the avoidance of Double Taxation on Income and on Capital has been ratified by the two Contracting States and has entered into force as of 1 January… – Continue reading

Bank Leumi / Banking Secrecy / Beneficial Ownership / British Virgin Islands / Canada / Cayman Islands / Credit Suisse / Liechtenstein / OECD / Offshore Banking / Tax evasion investigations / UBS / USA

The era of offshore bank secrecy is dead

Posted On: January 28, 2015

Almost every day brings new evidence that the era of bank secrecy for tax evaders using Swiss and “offshore” bank accounts in “tax havens” is over. Both tax authorities and banks are clamping down on unreported offshore accounts. Early in 2014, Swiss bank Credit Suisse agreed to pay fines of… – Continue reading

Base Erosion & Profit Shifting / Double Taxation / FATCA / OECD / USA

Global Tax Transparency Rising in 2015 As FATCA, OECD Initiatives Gain Momentum

Posted On: January 27, 2015

Jan. 23 — The growth of global tax transparency is expected to leap ahead in 2015—meaning companies, individual taxpayers and financial institutions must exercise new levels of caution, practitioners told Bloomberg BNA. With more than 100 intergovernmental agreements under the Foreign Account Tax Compliance Act and dozens of countries signing… – Continue reading

Corruption / Google / Legislation / Luxembourg / OECD / Shell / United Kingdom

Campaigning at home is the route to tackling poverty abroad

Posted On: January 27, 2015

Tax avoidance costs developing countries billions every year. So this week 16 domestic and internationally focused organisations have joined forces to launch a campaign for a Tax Dodging Bill. When I mention in the course of a conversation that I work for an international development charity, I often get an… – Continue reading

Base Erosion & Profit Shifting / Double Tax Treaty / G20 / Germany / Intellectual Property / OECD / Research and Development (R&D) / Royalties / United Kingdom

UK Patent Box regime – update

Posted On: January 27, 2015

On 11 November 2014, the UK and German governments issued a joint statement on proposals for new rules for preferential intellectual property (IP) regimes within the G20/OECD base erosion and profit shifting (BEPS) project. Germany currently does not have a special regime for Patent Boxes, but suffers from structures that… – Continue reading

Base Erosion & Profit Shifting / Double Taxation / OECD

Why it is crucial the OECD’s work on dispute resolution succeeds in the eyes of business

Posted On: January 26, 2015

The chairman of BIAC’s tax committee, Will Morris, made an address to the OECD’s consultation on dispute resolution last week and said success on the dispute resolution action item is crucial to the overall success of the BEPS project as a whole. His comments to the OECD are as follows:… – Continue reading

Base Erosion & Profit Shifting / OECD / Tax treaties / Treaty Abuse / Withholding tax rules

Business speaks out on preventing treaty abuse

Posted On: January 26, 2015

Businesses have made their feelings clear about the OECD’s work on preventing treaty abuse, which is a sub-section of the organisation’s work on base erosion and profit shifting (BEPS). Comments made in an address to the OECD by Will Morris, chairman of BIAC’s (business advisory arm to the OECD) tax… – Continue reading

Amazon / Australia / Base Erosion & Profit Shifting / Canada / Capital gains / Chile / China / Dividends / Dominican Republic / Double Taxation / Ernst & Young / EU / Greece / India / Investments / Japan / Legislation / Malaysia / OECD / Pakistan / South Korea / Sri Lanka / United Kingdom / USA

January Global Tax-News Update

Posted On: January 26, 2015

This edition of the Tax-News monthly feature takes in noteworthy events in the international tax arena, including attempts to inject new life into the campaign for comprehensive tax reform in the United States, and developments in the areas of free trade, indirect taxation, BEPS and tax transparency and compliance. US… – Continue reading

Base Erosion & Profit Shifting / Dividends / Hybrids / Legislation / OECD / Philippines / Tax Credit / Tax treaties

Neutralizing the effects of Hybrid Mismatch Arrangements

Posted On: January 25, 2015

IN THIS second installment of the series on Base Erosion and Profit Shifting (BEPS) 2014 deliverables, we will discuss the recommendations of the Organization for Economic Co-operation and Development (OECD) on how to neutralize the effects of Hybrid Mismatch Arrangements. A Hybrid Mismatch Arrangement refers to an arrangement whereby companies,… – Continue reading

Brazil / China / FATCA / IGA / India / OECD / Russia / Tax evasion investigations / Tax treaties / USA

Tax cafe: The FATCA conundrum deepens for India

Posted On: January 23, 2015

The Foreign Account Tax Compliance Act (FATCA) is a new chapter in the US Internal Revenue Code. Chapter 4 was added by the Hiring Incentives to Restore Employment (HIRE) Act. It seeks to identify US taxpayers having accounts at foreign financial institutions (FFIs) and attempts to enforce reporting of those… – Continue reading

Amazon / Apple / G20 / OECD

Mark Carney: Technology firms’ tax bills ‘very small’

Posted On: January 23, 2015

The governor of the Bank of England has said powerful technology firms are among those who take advantage of international tax deals. Mark Carney said: “The amount of tax that’s actually paid by technology companies is very small relative to the returns.” He was speaking at a BBC-hosted debate at… – Continue reading

Amazon / Apple / EU / Fiat / Intellectual Property / Ireland / Royalties / Starbucks / State Aid / Tax Laws / Tax Planning / Transfer pricing

European Union Probes Tax Laws

Posted On: January 23, 2015

Over the past few years, the European Union has targeted multinational corporations using tax planning strategies to reduce corporate tax burdens. Recently, the EU has launched an investigation into tax deals between Amazon (AMZN) and the country of Luxembourg. With an array of subsidiaries within European countries, Amazon’s European headquarters… – Continue reading

Amazon / American International Group (AIG) / Banking Secrecy / EU / G20 / Luxembourg / PWC / State Aid / USA

Luxembourg: Tough times for a favorite tax haven

Posted On: January 22, 2015

Luxembourg’s business-friendly tax laws have saved companies billions. The party’s almost over. On a typical day, thousands of passengers pull into Luxembourg’s central train station and traverse the busy shopping street of Rue de la Gare, where everything from pastries to rain boots is on offer. Few, however, step inside… – Continue reading

Amazon / Apple / Facebook / G20 / Hewlett-Packard / IBM / Ireland / Luxembourg / Microsoft / OECD / Residence / State Aid / United Kingdom / USA / Yahoo

US tech giants launch fierce fightback against global tax avoidance crackdown

Posted On: January 22, 2015

Lobby groups representing Google, Amazon and other powerful US tech multinationals have launched a fierce attack on global plans to stamp out artificial corporate structures used to avoid tax. In responses to the latest stage of a two-year, G20-led programme of international tax reform, lobbyists for the US tech industry… – Continue reading

Automatic Exchange of Information / FATCA / OECD / USA

Vizor Simplifies FATCA and AEOI Reporting Obligations for Tax Authorities

Posted On: January 22, 2015

Leading regulatory supervision software provider adds new features to provide a robust, future-proof FATCA & AEOI system. Ottawa, Canada (PRWEB) January 22, 2015 Vizor, the leading regulatory supervision software provider, today introduced new features that help Tax Authorities meet their Foreign Account Tax Compliance Act (FATCA) obligations as well as… – Continue reading

Base Erosion & Profit Shifting / G20 / India / Nokia / OECD / Permanent establishment / Tax treaties / Transfer pricing / Vodafone

A Guide to India’s Transfer Pricing Law, Part 2: Should BEPS be on India’s Radar?

Posted On: January 22, 2015

In the first of this two part article, we outlined what businesses must do to comply with India’s transfer pricing laws, while stressing the key reforms introduced by the new government to bring certainty to the domestic tax system. Here, we discuss if and how India should respond to the… – Continue reading

Anti money laundering / Corruption / FATF / Tax evasion investigations

Tax evasion is no money laundering

Posted On: January 22, 2015

The news that the government was considering to include fiscal offences like serious tax crimes/tax evasion into the ambit of money laundering under the proposed Anti-Money Laundering Act (AMLA) would appear to be quite strange for the business community and other taxpayers. This surprising piece of information was disclosed by… – Continue reading

Apple / Australia / G20 / Google / OECD / Switzerland

ATO investigates 25 tech giants in tax hunt

Posted On: January 21, 2015

Prepared to take tax evaders to court. The Australian Tax Office has investigated 25 international technology companies over the past 18 months for tax avoidance as part of its ongoing crackdown on elaborate cross-border tax structures and profit shifting. The federal government late last year gave the ATO extra resources… – Continue reading

Africa / Algeria / Belarus / Brazil / China / FATCA / G20 / Haiti / IGA / Indonesia / Iraq / Moldova / Nicaragua / OECD / Peru / Privacy / Qatar / Saudi Arabia / South Africa / Turkey / Turkmenistan / Ukraine / USA / Uzbekistan

Obama IRS Shares Private Financial Data With Foreign Tyrants

Posted On: January 21, 2015

To comply with unconstitutional pseudo-treaties negotiated by the Obama administration without the consent of Congress or any semblance of constitutional authority, the IRS announced that it will be sharing private financial information on U.S. bank account holders with foreign powers. No warrant is needed for foreign governments or tyrants to… – Continue reading

Amazon / Apple / Digital Services / Facebook / G20 / Google / Microsoft / OECD / Residence / State Aid / Tax Planning / United Kingdom / Yahoo

US tech giants launch fierce fightback against global tax avoidance crackdown

Posted On: January 21, 2015

Lobbyists representing firms including Google, Amazon and Apple claim ‘fundamental flaws’ in G20-led reforms The World Economic Forum in Davos, where Google, Microsoft and Facebook executives will discuss the digital economy on Thursday. Photograph: Fabrice Coffrini/AFP/Getty Images Lobby groups representing Google, Amazon and other powerful US tech multinationals have launched… – Continue reading

OECD / Profit Shifting / South Africa

Transfer pricing documentation requirements due to change

Posted On: January 21, 2015

The Davis Committee has made certain recommendations relating to transfer pricing and documentation in its report on the OECD’s Base Erosion and Profit Shifting (BEPS) Action Plan. We are aware that the current transfer pricing practical guidelines, as contained in SARS’ Practice Note 7 (PN7), are not that clear and… – Continue reading

Anti money laundering / Canada / FATCA / FATF / G20 / IGA / Legislation / Loans / Russia / Ukraine

Year in Review: Legislation and Guidance for Financial Institutions in 2014

Posted On: January 21, 2015

2014 was a year replete with new legislative and regulatory initiatives impacting federally regulated financial institutions. The key initiatives introduced or implemented in 2014 are outlined in our annual year in review. PRUDENTIAL REGULATION: GUIDANCE FROM OSFI Proposed New Bail-in Regime for Large Banks On August 1, 2014, the Government… – Continue reading

British Virgin Islands / Cyprus / Dividends / EU / Russia / Switzerland / Tax evasion investigations / Ukraine / USA / USM Holdings / Withholding tax rules

Putin Uses Tax Reform To Coerce Oligarchs Into Repatriating Assets

Posted On: January 21, 2015

President Vladimir Putin is pushing harder on Russia’s richest citizens to repatriate offshore assets amid a slump in the ruble and the imposition of sanctions by the US and the European Union, The Business Times said. Under new tax rules signed into law by a presidential decree in November, Russian… – Continue reading

Canada / FATCA / G20 / OECD / Residence / USA

Canada: Towards A Global FATCA?: OECD, G20 Unanimously Endorse Global Automatic Information Exchange

Posted On: January 21, 2015

On October 29, 2014, through the OECD “Global Forum on Transparency and Exchange of Information for Tax Purposes,” both the OECD and G20 countries endorsed a new Standard for Automatic Exchange of Financial Account Information in Tax Matter. 59 countries are so-called “early adopters” and are committed to undertaking their… – Continue reading

Canada / Legislation / OECD / Offshore Investments

Investments outside of Canada? CRA’s offshore compliance division issues letter to select taxpayers

Posted On: January 20, 2015

In December 2014, the Canada Revenue Agency (CRA) issued a letter to a sample of taxpayers to remind them of the criteria for filing a T1135-Foreign Income Verification Statement and to review their income tax filings to ensure they have been properly reporting the relevant assets and income. All Canadian… – Continue reading

Australia / Base Erosion & Profit Shifting / G20 / OECD / Tax evasion investigations / United Kingdom

The true costs of tax avoidance

Posted On: January 20, 2015

For as long as leaders from low-income countries are excluded from the solution, tax avoidance will inflict costly and sometimes life-threatening consequences on millions of individuals Politicians have been all-too-eager to label 2014 a milestone year for action on tax avoidance, with many of the world’s leading economies having introduced… – Continue reading

Digital Services / EU / Gaming / Investments / Italy / OECD / Offshore Companies / Research and Development (R&D) / Transfer pricing / United Kingdom

Transfer pricing – don’t get your digits burned

Posted On: January 20, 2015

Both the OECD and the EU are exploring options to change how digital businesses are taxed, while NGOs are stepping up their pressure on tax authorities to challenge large companies’ transfer pricing arrangements. No matter how robust your digital business’s transfer pricing arrangements appear to have been in the past,… – Continue reading

EU / Inversion / Ireland / Luxembourg / Netherlands / OECD / Switzerland

The Oxfam challenge for the Davos brigade

Posted On: January 20, 2015

Outlook: The OECD’s work on corporate tax avoidance has proceeded at a faster rate than many expected According to Oxfam, on current trends the richest 1 per cent of the world’s population will have a greater share of its wealth than the remaining 99 per cent within two years. The… – Continue reading

Anti money laundering / Argentina / Bolivia / Brazil / Chile / Colombia / Costa Rica / Ecuador / Gaming / OECD / Panama / Paraguay / Peru / Real Estate / Uruguay

Costa Rica submits to money laundering probe by Latin America task force

Posted On: January 20, 2015

Costa Rica’s going under the magnifying glass for the next two weeks as international money laundering experts comb through the country’s books. President Luis Guillermo Solís declared the audit from the Financial Action Task Force of Latin America (GAFILAT) a subject of national interest in Monday’s edition of the official… – Continue reading

Automatic Exchange of Information / Dividends / Double Taxation / Italy / OECD / Switzerland / Tax treaties

New bilateral tax Treaty agreed in principle between Italy and Switzerland

Posted On: January 20, 2015

After almost three years’ negotiations over untaxed Italian assets in Swiss banks, Switzerland and Italy have reached an agreement in principle on future cooperation in tax matters. The agreement between Switzerland and Italy was initialled on 19 December 2014 The two governments are currently preparing the signature of a Protocol… – Continue reading

Amazon / Apple / Bermuda / British Virgin Islands / Cayman Islands / Double Tax Treaty / EU / FATCA / FATF / G20 / Google / Hong Kong / Ireland / Netherlands / OECD / Singapore / Starbucks / Switzerland / Tax evasion investigations / Tax treaties / Transfer pricing / United Kingdom / USA

Cayman Islands: Caribbean IFCs: Well Regulated Parts Of The International Furniture

Posted On: January 19, 2015

Observers of offshore financial centres will know that post 2008 they have been weathering a perfect storm. Firstly, reduced transactional flows, simply because there is less money available for structured finance and investment generally. Secondly, a constant barrage of negative publicity, which deliberately seeks to conflate tax evasion and tax… – Continue reading

Canada / OECD

Canadian Importers May Now Seek Import Duty Refunds

Posted On: January 19, 2015

Since the introduction of the Transaction Value System of customs valuation by Canada on January 1, 1985, the Canada Border Services Agency (CBSA) has maintained a stated policy of denying refund claims of related party importers who seek to amend declared values for duty to account for adjustments that decrease… – Continue reading

G20 / Germany / Intellectual Property / OECD / Profit Shifting / Research and Development (R&D) / Tax Credit / United Kingdom

Patent Box still a potent tool – accountants

Posted On: January 19, 2015

Midlands businesses can still benefit from the Patent Box, according to international accountancy firm Mazars. It follows plans to amend it – resulting in a narrower focus on UK R&D. That is the verdict from Birmingham professionals Peter Jelfs, senior tax manager at international accountancy firm Mazars, and Nicholas Braddon,… – Continue reading

Deloitte / Directors / OECD

Tax issues take back seat on SA boards

Posted On: January 19, 2015

AROUND the world, large, listed companies are troubled by cyber-security risks and company taxes, yet these concerns remain fairly low on the priority list of boards of directors. According to a PwC report on nonexecutive directors’ practices and remuneration trends, 60% of directors said their board had not discussed public… – Continue reading

Amazon / Apple / EU / Fiat / Luxembourg / Starbucks / State Aid / Tax evasion investigations / Transfer pricing

Tax Hater Amazon’s Luxembourg Tax Deal Attacked As Illegal

Posted On: January 17, 2015

Amazon made its bones avoiding taxes, and its tax history could bear on its current EU troubles. Amazon got bigger and more nimble than anyone else by betting on America’s love of tax avoidance.By edging the competition with no sales tax, Amazon grew to become the poster child of sales… – Continue reading

Automatic Exchange of Information / EU / G20 / Legislation / Luxembourg / OECD / State Aid / Tax competition / Tax evasion investigations

This is the year for Europe to put its tax house in order

Posted On: January 17, 2015

We commissioners have vowed to clamp down on evasion and fraud to make sure all companies pay their fair share 2014 was the year the world discovered there is no whisky in a double Irish and no cheese in a Dutch sandwich. Discussions about fair taxation and tax avoidance featured… – Continue reading

Apple / Ireland / Luxembourg / OECD

Ireland not a tax haven and ‘should not be scapegoated’

Posted On: January 16, 2015

Brian Hayes: Ireland has nothing to apologise for Ireland is not a tax haven and should not allow itself to be “scapegoated” by larger European countries, Fine Gael MEP Brian Hayes has said. Ireland had nothing to apologise for and was critical of the approach taken to a number of member… – Continue reading

Australia / Automatic Exchange of Information / Base Erosion & Profit Shifting / China / G20 / Legislation / Permanent establishment / Rio Tinto / Tax Planning

Australia won’t lose tax revenue to China: Frydenberg

Posted On: January 16, 2015

New Assistant Treasurer Josh Frydenberg has dismissed concerns from business and tax experts that changing the international tax rules could result in Australia losing mining tax revenue to nations like China, describing it as a “furphy”. Mr Frydenberg has also raised Australia’s competitiveness internationally as a concern, saying corporate taxes… – Continue reading

Amazon / EU / Europe / Luxembourg / Offshore Morality / State Aid

HOW WOULD HERCULE POIROT APPROACH A STATE AID INVESTIGATION?

Posted On: January 16, 2015

The debate of the last couple of years about corporation tax in Europe resembles a popular ‘whodunnit’: point at an obvious suspect before realising that things are not as they seem. The storyline is still being written, but it risks taking a shortcut by identifying some politically convenient suspects, without… – Continue reading

Amazon / Apple / Australia / China / G20 / Google / Permanent establishment / Rio Tinto

Australia won’t lose tax revenue to China: Frydenberg

Posted On: January 16, 2015

EU / Luxembourg / Tax competition / Tax evasion investigations

Juncker faces further ‘LuxLeaks’ probing

Posted On: January 16, 2015

The Greens/EFA group has succeeded in its bid to set up a special enquiry committee into tax evasion and dumping, after gaining the support of over 25 per cent of MEPs, as required by parliament rules. This comes on top of an enquiry report currently being drafted by parliament’s economic… – Continue reading

Amazon / Apple / EU / Fiat / Luxembourg / Starbucks / USA

EU Details Tax Case Against Amazon — 3rd Update

Posted On: January 16, 2015

BRUSSELS– Amazon.com Inc.’s “cosmetic” tax arrangements in Luxembourg may give the U.S. online retailer an illegal advantage over competitors, European Union regulators said Friday, marking the latest phase of a widening crackdown on alleged sweetheart tax deals for multinationals. Amazon is one of four companies whose tax affairs are being… – Continue reading

Automatic Exchange of Information / Base Erosion & Profit Shifting / Double Taxation / G20 / Legislation / OECD / Permanent establishment / Tax evasion investigations / Tax Planning / Transfer pricing / United Kingdom

ICC calls for enhanced coordination in the implementation of the G20 OECD BEPS project

Posted On: January 15, 2015

The International Chamber of Commerce (ICC) has reaffirmed its active engagement in the second phase of the G20 / Organization for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) project while underscoring the importance of a coordinated and consistent approach to tax law changes. ICC continues to… – Continue reading

Automatic Exchange of Information / Legislation / OECD / Switzerland / Tax evasion investigations

Switzerland consults on international agreement to curb tax evasion

Posted On: January 15, 2015

The Swiss Government has launched a three-month consultation period on draft legislation that will pave the way for Switzerland to implement tax information sharing agreements with other countries. Finance minister Eveline Widmer-Schlumpf announced the schedule in Bern on Wednesday and explained in outline that the cabinet wants Switzerland to agree… – Continue reading

China / EU / FATCA / OECD / Offshore Banking / Offshore Investments / Privacy / Tax Information Exchange Agreements / USA

IRS Switches On FATCA Tax Information Swapping

Posted On: January 15, 2015

The Foreign Account Tax Compliance Act (FATCA) information exchange network has gone live and is receiving the first reports on the financial affairs of US taxpayers. The online network links tax authorities in 110 countries and more than 145,000 financial institutions with the Internal Revenue Service (IRS). Financial institutions outside… – Continue reading

Anti money laundering / FATF / Loans / Offshore Banking / Offshore Investments / Real Estate / Tax evasion investigations

Finance Ministry proposes amendments to Anti-Money Laundering Act 2010

Posted On: January 15, 2015

ISLAMABAD: The Finance Ministry has proposed amendments to the Anti-Money Laundering (AML) Act 2010, in order to further improve it in lines with suggestions of the stakeholders regarding the anti-money laundering efforts and the Combating the Financing of Terrorism (CFT) regime. A well-placed source at the Finance Ministry told Customs… – Continue reading

Amazon / Apple / EU / Fiat / Google / Ireland / Legislation / Luxembourg / Netherlands / Starbucks / State Aid / Tax competition / Tax evasion investigations / United Kingdom

‘Sweetheart’ tax deals inquiry a setback for Jean-Claude Juncker

Posted On: January 15, 2015

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights.http://www.ft.com/cms/s/0/3e5cbbfa-9bff-11e4-b6cc-00144feabdc0.html#ixzz3OtSPx5Gf The European Parliament is poised to launch a full inquiry into sweetheart… – Continue reading

EU / Luxembourg / Netherlands / State Aid / Tax evasion investigations

Push for Tax-Evasion Probe Clears Hurdle in EU Parliament

Posted On: January 15, 2015

The European Parliament’s Green Party cleared the first legal hurdle in its push for a probe of tax evasion in the wake of revelations about hundreds of sweetheart deals for companies in Luxembourg. The proposal gathered the backing of more than the required 188 EU lawmakers in order to seek… – Continue reading

Automatic Exchange of Information / EU / Legislation / Luxembourg / Netherlands / Tax evasion investigations

EU inquiry into tax evasion

Posted On: January 15, 2015

The European Parliament’s Green Party has cleared the first legal hurdle for the creation of a committee to look into tax evasion in the wake of revelations about hundreds of secret deals for companies in Luxembourg. The proposal gathered the backing of more than the required 188 MEPs to seek… – Continue reading

Category: Government Bodies

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