Category: Regulatory
Croatia to initiate tax treaty negotiations with the United States
The government of the Republic of Croatia, on September 30, adopted a decision to initiate proceedings to conclude a convention with the United States on the avoidance of double taxation and the prevention of tax evasion with respect to taxes on income. ... - Continue reading
Canada: COVID-19 Just Made Transfer Pricing More Difficult
The COVID-19 pandemic has made the lives of hundreds of millions of people around the world uncertain, wreaking havoc on all aspects of our daily lives. Governments and taxing authorities are grappling with not only how to keep the broader macroeconomy viable over the short run, but also how to bring the economy back to fiscal balance in the medium and longer term. In an article published by the Gowling WLG Transfer Pricing & Competent Authority Group entitled "CRA Audit Activity: The Calm before the Storm?", it was hypothesized that the Canada Revenue Agency ("CRA") would likely step up audit activity, after the COVID-19 episode is finally behind us, to reign in government deficits. ... - Continue reading
Ireland releases tax bill, announces plan to enact interest deduction limits from 2022
On 22 October, the Irish government published Finance Bill 2020, which contains legislation to enact tax measures. The tax bill includes several provisions affecting multinational enterprises with operations in Ireland. ... - Continue reading
Report: Most exporters do little to prevent foreign bribery
An anti-corruption watchdog on Tuesday ranked the United States and United Kingdom as the largest exporters most active at enforcing rules meant to prohibit companies from paying bribes in foreign markets, but said many others are doing next to nothing. ... - Continue reading
Cyprus: European Mandatory Disclosure Regime (EU MDR) – A New Reality For Cypriot Intermediaries, Another Burden On Cypriot Taxpayers?
Mandatory disclosure rules are not something new for European Member States ("EU MS"). In fact, with the United Kingdom leading the race (from 2004), Ireland (in 2008) and then Portugal (in 2011) were the first -and only- EU MS to introduce mandatory disclosure rules in their local legislation. ... - Continue reading
Croatia, USA start talks on avoidance of double taxation
Dividends for tax non-residents are taxed at a rate of 30%, which causes significant problems for Croatian companies and makes them uncompetitive. ... - Continue reading
Cyprus: Cyprus – Russia Double Tax Treaty
Cyprus strikes a deal on Double Tax Treaty with Russian Government The Republic of Cyprus and Russia had entered into a Double Tax Treaty (DTT) in 1998 in a joint effort to avoid the double taxing of income and capital generated in Cyprus, in order to promote the economic cooperation between the two countries. Since its introduction, the DTT has been the catalyst for Russian investment in Cyprus, being an attractive jurisdiction with regards to its tax benefits. ... - Continue reading
IRS changes procedure for reporting tax shelters
The Internal Revenue Service is temporarily allowing taxpayers who engage in so-called “reportable transactions,” typically tax shelters, to fax the Form 8886 for initially disclosing them to the IRS instead of mailing in the form. ... - Continue reading
EU removes Mongolia from list of non-cooperative jurisdictions for tax purposes
ULAN BATOR, Oct. 7 (Xinhua) — The Council of the European Union (EU) has removed Mongolia from the EU list of non-cooperative jurisdictions for tax purposes, the Mongolian Foreign Ministry said Wednesday. The country was removed from the list after it deposited the instruments of ratification of the Convention on… – Continue reading
The FinCEN Files: What the leak means for bankers
Light upon the recent leak "The FinCEN Files". ... - Continue reading
Cayman Islands: Update On Automatic Exchange Of Information – New CRS Compliance Form
New form for all Reporting Financial Institutions ("RFIs") and Trustee Documented Trusts. ... - Continue reading