Key tax changes to the country’s tax law primarily inspired by the OECD’s base erosion and profit shifting (BEPS) project ... - Continue reading
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
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
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
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
The Irish Government recently published a Transfer Pricing Rules Feedback Statement which is explained in this article. ... - Continue reading
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
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
The natural resources and the economic opportunities in Nigeria continue to attract foreign direct investments (FDI) by investors across the world. ... - Continue reading
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
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’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
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
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
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
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
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
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
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
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
Last week saw Cyprus add The Netherlands to the long list of countries with which it has signed double taxation agreements. ... - Continue reading
Paraguay, on September 13, enacted special regulations providing for the transfer pricing analysis of intercompany transactions. ... - Continue reading
The UK remains in the international spotlight in 2019 as the first member of the European Union to signal its intention to exit irrevocably from the Union. ... - Continue reading
The Platform for Collaboration on Tax – a joint initiative of the International Monetary Fund, OECD, United Nations, and World Bank Group – on September 27 released a draft “toolkit” aimed at helping developing nations design transfer pricing documentation rules. ... - Continue reading
There has been a lot of recent media attention surrounding the EB-5 Investment Visa Program, and for good reason. South African residents are not able to emigrate for exchange control purposes (sometimes referred to as a financial emigration) unless they have a lawful right of abode in the country to… – Continue reading
Turkey’s government has initiated a new wave of tax audits scrutinizing the taxation of non-resident taxpayers engaged in the digital economy. ... - Continue reading
NAIROBI, Oct. 1 (Xinhua) — The East Africa Community (EAC) bloc plans to develop a regional tax treaty framework to boost regional integration, an official said on Tuesday. Doris Akol, commissioner general, Uganda Revenue Authority told Xinhua in Nairobi that once the treaty is in place the trading bloc will… – Continue reading
The Swiss government will begin to phase out bearer shares on 1 November in a bid to curb tax avoidance by bearer shareholders. Under the new rules companies no longer issue bearer shares—equity in a company that is owned by whoever holds a physical stock certificate—unless they are a listed… – Continue reading
Panelists of the 7th Pan African Conference on tax and Illicit financial flows, stress that Africa needs disruptive tax policies that respond to the positively disruptive digital businesses such as uber. ... - Continue reading
It looks like the world’s leading economies are determined to claim a bigger slice of the global corporate tax pie which will lead to tricky times ahead for Ireland, according to PwC tax policy leader Peter Reilly ... - Continue reading
Conflicting interests arise for many businesses where decisions have to be made to determine how they consistently achieve profitability, while on the other hand minimise payment of tax. The temptation to minimise profits or even make a loss then becomes a tax risk management strategy. ... - Continue reading
With £184 billion market capitalisation held by Jersey listed companies on global exchanges as of 30 June 2019, this briefing explores why Jersey vehicles remain such a popular choice for taking international businesses to market. ... - Continue reading
Ramping up pressure on multinationals accused of paying too little. ... - Continue reading
On 18 September 2019, the Parliament of Ukraine ratified a protocol (the Protocol) of amendments to the double tax treaty between Ukraine and Switzerland (the DTT) which had been signed by the states on 24 January 2019. ... - Continue reading
The Dutch government is urging banks to be accommodating towards American nationals who risk having their bank accounts closed because of US fiscal regulations as it calls on EU member states to campaign together for changes to American tax laws which are affecting thousands who have American nationality but no… – Continue reading
QUESTION: I’m in the process of selling our family home and down sizing to a smaller property. I have just completed the purchase of our new home and we intend to move in soon. Our current home has been on the market for six months but we haven’t been able… – Continue reading
If you are a US citizen who is becoming UK resident you will continue to be subject to US tax and reporting obligations but will also become subject to UK tax. ... - Continue reading
Iceland on September 27 became a party to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS MLI) by depositing its instrument of acceptance of the agreement with the OECD. Iceland is the 89th jurisdiction to join the tax agreement. ... - Continue reading
The Bureau of Internal Revenue (BIR) padlocked simultaneously Wednesday the main office and two branches of one of the biggest Philippine Offshore Gaming Operator (POGO) service providers in the country for alleged failure to register and pay the corresponding deficiency taxes amounting to P2 billion. Shuttered were the headquarter of… – Continue reading
On 3 May 2019, Portugal introduced amendments to Portuguese Taw Law, in accordance with the European Union (EU) Anti-Tax Avoidance Directive (ATAD). ... - Continue reading
The Australian Taxation Office (ATO) on September 27 set out its approach to analyzing transfer pricing issues associated with the use in Australian waters of non-resident owned mobile offshore drilling units such as drill-ships, drilling rigs (including but not limited to submersibles, semi-submersible and jack-up rigs), pipe-laying vessels, and heavy-lift vessels. ... - Continue reading
In a landmark ruling, the Delhi bench of the Income Tax Appellate Tribunal has concluded that a liaison office could be treated as a permanent establishment of a foreign entity in India. ... - Continue reading
The Hong Kong government today announced that Hong Kong and Estonia have signed a comprehensive tax treaty. ... - Continue reading
Finally, the outdated and “dysfunctional” tax regime based on gross income earned is now about to end with the expected enactment into law of the new Corporate Income Tax and Incentives Rationalization Act (CITIRA), which the House recently passed with a vote of 170 versus eight against and six abstentions. … – Continue reading
YEREVAN, SEPTEMBER 25, ARMENPRESS. Armenian Foreign Minister Zohrab Mnatsakanyan on September 24 met with Malta’s Minister for Foreign Affairs and Trade Promotion Carmelo Abela on the sidelines of the 74th session of the UN General Assembly in New York, the Armenian ministry told Armenpress. The officials praised the current dynamic… – Continue reading
Denmark’s Ministry of Taxation on 12 September published a draft bill proposing a number of changes to Denmark’s international tax provisions including a requirement to submit transfer pricing documentation together with the corporate income tax return. ... - Continue reading
The EU General Court today released long-awaited rulings in the Fiat and Starbucks tax state aid cases, concluding in both decisions that it is appropriate for the European Commission to assess whether an advance pricing agreement (APA) confers a selective advantage to a taxpayer for state aid purposes by referring to the arm’s length principle. ... - Continue reading
