Airbnb probed by UK tax authorities
A note in newly filed accounts for Airbnb UK said it had been contacted by HMRC over "tax laws or regulations impacting the company's business". ... - Continue reading
Category: Regulatory
UBA head speaks about legislative changes relating to bank secrecy
On September 12, the Armenian government approved a set of amendments to the laws on Criminal Procedure and Bank Secrecy, which implies the disclosure of customers bank information. ... - Continue reading
European Union: UAE Removed From EU Tax Haven Blacklist Along With Switzerland
The United Arab Emirates and Switzerland removed from European Union's list of non-cooperative jurisdictions for tax purposes on October 10. ... - Continue reading
Disclosure of cross-border arrangements
HMRC has recently been consulting on how the UK will implement new EU disclosure rules contained in the latest Directive on Administrative Cooperation (DAC6). ... - Continue reading
OECD director, tax experts, explore proposed “unified approach to pillar one” for taxing multinational groups
Highlights of the “unified approach to pillar one” proposal ... - Continue reading
Panama: The ABC Of The Tax Amnesty In Panama Law 99 Of 2019
With this new legal initiative, the taxpayers have the opportunity to clear tax debts without interests, surcharges and fines and to file forms past due without penalties. ... - Continue reading
United States: Webinar: Supreme Court’s reconsideration of Auer Deference may undermine FFIEC manual.
Regulations governing BSA/AML compliance are often ambiguous, leading to disagreements with regulators about whether financial institutions are in compliance with those regulations. ... - Continue reading
SoftBank’s billions-saving tax route to be shut by Tokyo
Finance Ministry targets deliberate losses designed to slash bill ... - Continue reading
G20 finance ministers reaffirm support to tax digital companies
G20 finance ministers support taking the 'Unified Tax Framework' a notch higher - Multinational enterprises like Google, Facebook and Amazon with huge customer base to retain share of profits in concerned countries. ... - Continue reading
Peru tax authority guidance addresses deductibility of interest paid to non-residents
On September 20, the Peruvian tax authority issued guidance as to how to treat interest expenses on foreign debt. ... - Continue reading
Ireland Issues Guide On Dual-Resident Companies
The Irish Revenue has published guidance on dual-resident companies that explains new rules introduced under the BEPS multilateral convention on tax treaties. ... - Continue reading
Tax department posts 32pc growth in revenue in 1Q
A regional tax office posted 32 percent jump in revenue collection to Rs26.43 billion in the first quarter of the current fiscal year as tax rates on non-compliance increased during the period, sources said on Wednesday. Revenue collection by the Regional Tax Office (RTO)-II Karachi amounted to Rs19.98 billion in… – Continue reading
First Look: Ireland publishes finance bill with international tax and transfer pricing changes
The Irish government today published Finance Bill 2019, which contains legislation to enact tax measures taking effect primarily from January 1, 2020. ... - Continue reading
Luxembourg 2020 Budget requires all older tax rulings to expire
Luxembourg’s Budget Bill published on 14 October comes up with new laws surrounding advance pricing agreements and other advance tax confirmations (so-called tax rulings) ... - Continue reading
International tax evasion by EU nationals amounts to US$50B per year
A new study by the European Commission estimates European Union member states lost US$50.7 billion (46 billion euros), about 0.3% of GDP, in tax revenue in 2016 to international tax evasion by individuals. ... - Continue reading
Canada: TFSA Non-Residence Contribution Tax Cancellation – A Toronto Tax Lawyer Analysis
For Canadians who are planning their retirement by investing their savings, the Tax-Free Savings Account (TFSA) has become an important supplement to the Registered Retirement Savings Plan (RRSP) since its introduction in 2009. ... - Continue reading
India: Rules To ‘Secondary Adjustment’ Rationalized And Clarified
The concept of 'Secondary Adjustment' was introduced in Finance Act 2017 by introducing new Section 92CE in the Indian Income Tax Act (the Act) to align transfer pricing provisions with international best practices. ... - Continue reading
Nigeria: Unprecedented Global Drive For Tax Transparency – The Nigerian Perspective
In the last few years, the international tax space has experienced an unprecedented drive to achieve increased transparency in the tax practices of Multinational Enterprises (MNEs) and individuals in order to curb tax avoidance and evasion. ... - Continue reading
Utah man failed to submit proper tax returns, avoided paying taxes for 12 years
A man from Pleasant Grove, Utah, was convicted of multiple counts of tax evasion for failing to submit proper tax returns and avoiding paying his taxes for 12 years. Robin Kartchner, 69, has been convicted of 15 counts of tax evasion, according to a Tuesday press release from the Utah… – Continue reading
Singapore: Why setting up in Singapore makes sense for business in ASEAN.
Singapore has long been a preeminent destination for setting up a regional headquarters to pursue business opportunities across ASEAN and Asia. ... - Continue reading
POGOs’ tax compliance improves
The tax compliance of online gaming operators and their service providers continue to show improvements every month amid the strict enforcement activities of the government, a tax official said. The Bureau of Internal Revenue (BIR) initially reported that its preliminary income tax collection from Philippine offshore gaming operators (POGO) foreign… – Continue reading
Maldives collects over 40 million USD as Green Tax in 9 months
The Maldives Finance Ministry on Monday said the state had collected over 40 million U.S. dollars as Green Tax from foreigners and tourists in the first nine months of this year, local media reports said. According to statistics published by the Finance ministry, the Maldives government had received 42.466 million… – Continue reading
Switzerland: Amended Protocol Of Double Taxation Agreement Between Switzerland And USA
On 20 September 2019, Switzerland and the USA ratified the protocol of amendment of their double taxation treaty ("DTA"). ... - Continue reading
US IRS addresses expiration of temporary section 385 debt/equity regs
The US IRS on October 11 released IRS guidance addressing the expiration of debt-equity documentation temporary regulations under code Section 385. ... - Continue reading
BIR Officials: Congress not inclined to lift Bank Secrecy
“The suggestion has been brought up many times before and lawmakers with the support of the business community rejected it,” said a revenue regional director who declined to be named. He recalled that many congressmen even protested when the BIR in 2014 tried to require taxpayers to include in their… – Continue reading
Nigeria: FIRS To Deploy E-Filing Platform For Transfer Pricing Related Returns
In 2017, the Federal Inland Revenue Service (FIRS) announced the introduction of six (6) new electronic services. ... - Continue reading
OECD proposal on taxing MNEs to benefit countries like India, say experts
The OECD Secretariat has published a public consultation paper to advance international negotiations ... - Continue reading
What OECD’s tax plan for tech giants means for India
- OECD has proposed that profits of MNCs should be available for taxation in the country where their customers are, irrespective of any physical presence in that market
- A formula should be evolved for such taxation
Mexican 2020 Tax Reform: key international tax proposals
Key tax changes to the country’s tax law primarily inspired by the OECD’s base erosion and profit shifting (BEPS) project ... - Continue reading
Corporate tax cut to benefit organized retail sector with pricing power most: report
The corporate tax cut would reduce the reach of the unorganized retail sector as they lose their edge of tax evasion, a 2Point2 Capital report says ... - Continue reading
Ireland Budget 2020 released
On 8 October, the Irish government announced its Budget 2020 measures. Brexit and climate change are core themes of new revenue measures and expenditure commitments. Brexit remains the foremost immediate concern for the Irish economy, whereas tackling climate change requires long-term commitments to tax and spending policies. ... - Continue reading
EU Council revises its tax blacklist, addresses “two out of three” exception and foreign source income exemption regimes
As suggested by the EU Code of Conduct Group (Business Taxation), on 4 October, the EU Council today adopted a revised EU list of non-cooperative tax jurisdictions (annex I – blacklist) removing the United Arab Emirates (UAE) and the Marshall Islands. ... - Continue reading
India: No Withholding Tax Applicable On Arbitral Award
The Delhi High Court ("Court") in Glencore International AG v. Dalmia Cement (Bharat) Limited has held that amounts paid to a non-resident pursuant to an international arbitration award would not be subject to withholding tax in India. ... - Continue reading
Ireland Transfer Pricing Feedback Statement Explained
The Irish Government recently published a Transfer Pricing Rules Feedback Statement which is explained in this article. ... - Continue reading
OECD consulting on digital tax proposal
The OECD today published for stakeholders’ comments a proposal to advance international negotiations to ensure that multinational enterprises (MNEs), including digital companies, pay tax wherever they have significant consumer-facing activities and where they generate profits. The proposal – Secretariat Proposal for a Unified Approach – would re-allocate some profits and… – Continue reading
United States: Senators Introduce Bill To Require Reporting Of Beneficial Ownership Information
A bipartisan group of senators introduced a bill which would impose federal beneficial ownership reporting requirements for legal entities established under state law, intended to assist law enforcement in fighting money laundering and terrorist financing ("AML/CFT"). ... - Continue reading
Nigeria: Key Considerations On Employment And Remuneration Of Expatriates In Nigeria
The natural resources and the economic opportunities in Nigeria continue to attract foreign direct investments (FDI) by investors across the world. ... - Continue reading
Citizenship, residency and tax liability
Is it true that if I become Italian I have to pay taxes in Italy? “I am a U.S. citizen and I plan to move my residency to Italy. I will continue working remotely for my U.S.-based company and will continue paying my taxes in the U.S. What should I… – Continue reading
The Fiat and Starbucks state aid tax cases: an absolute loss for legal certainty.
In late September, the EU General Court released its decisions in two long-awaited state aid appeals: Fiat (cases T-755/15 Luxembourg v Commission and T-759/15 Fiat Chrysler Finance Europe v Commission) and Starbucks (cases T-760/15 Netherlands v. Commission and T-636/16 Starbucks and Starbucks Manufacturing Emea v. Commission). ... - Continue reading
Argentina issues burdensome draft transfer pricing guidance for public comment
Argentina’s tax authority on October 2 launched a public consultation on proposed guidance that includes significant and burdensome changes to the transfer pricing requirements that local taxpayers must comply with. ... - Continue reading
Accidental Americans’ sue France over FATCA disclosure rules
A group representing French-American taxpayers has filed a complaint against France with the European Commission over its compliance with the US Foreign Account Tax Compliance Act (FATCA), in a bid to avoid being blacklisted by French banks starting in January. France is a signatory to an agreement to give the… – Continue reading
Fiji Institute of Accountants concerned about cybercrime, money laundering
SUVA, Oct. 7 (Xinhua) — The Fiji Institute of Accountants (FIA) said Monday they are concerned about the increase in money laundering and cyber-crime activities in the island nation. According to Fiji Broadcasting Corporation (FBC), while presenting before the Standing Committee on Economic Affairs, the Fiji Institute of Accountants President… – Continue reading
EU to remove UAE and Switzerland from tax blacklist
The United Arab Emirates and Switzerland are set to be removed from a European Union blacklist of countries deemed to be tax havens, according to a Reuters report citing an official document. Switzerland has delivered on its commitments, the document said, acknowledging that a tax reform passed last year –… – Continue reading
BIR warns delinquent POGOs anew
The Bureau of Internal Revenue (BIR) said that service providers for Philippine offshore gaming operators (POGO) must cooperate and comply with the tax authorities to avoid revenue losses once they become subject for closure. BIR Commissioner Caesar R. Dulay said that POGO service providers should be prepared to incur millions… – Continue reading
NRIs or RNORs are generally not liable to pay tax in India on foreign income
If you wish to retain the NRI status to avoid clubbing of US salary with Indian income for tax purposes, it would be advisable for you to restrict your stay in India to less than 60 days during FY20 ... - Continue reading
Worldwide: Financial Institutions And Personal Data
Combating Tax EvasionIn recent years, there have been several high-profile prosecutions for the crime of tax evasion (for example the actor, Wesley Snipes, and the footballer, Lionel Messi). Governments around the world have been making a concerted effort in an attempt to tackle this problem. Their objective is for their respective tax administrations to work together so that taxpayers pay the correct amount of tax in the correct jurisdiction. ... - Continue reading
LCCI help sought on tax issues
LAHORE: Lahore traders having failed to convince the Federal Board of Revenue on taxation measures have sought the assistance of the Lahore Chamber of Commerce and Industry (LCCI) to plead their case, a statement said on Saturday. LCCI President Irfan Iqbal Sheikh, Senior Vice President Ali Hussam Asghar and Vice… – Continue reading
Bermuda: Chambers Private Wealth 2019: Bermuda (2019)
1. Tax1.1 Tax regimes In Bermuda there is no income or profits tax, withholding tax, capital gains tax, capital transfer tax or inheritance tax. There is no exit or similar such tax based on a resident's wealth when ceasing to be resident and there are no other consequences of leaving the jurisdiction. Customs duties and stamp duty are major government revenue earners, with stamp duties charged at different rates and in different manners on a variety of legal documents, excluding wills. ... - Continue reading
Cyprus: Convention Between The Republic Of Cyprus And The Netherlands For The Avoidance Of Double Taxation
Last week saw Cyprus add The Netherlands to the long list of countries with which it has signed double taxation agreements. ... - Continue reading
Paraguay introduces transfer pricing rules
Paraguay, on September 13, enacted special regulations providing for the transfer pricing analysis of intercompany transactions. ... - Continue reading
