BEIJING, Sept. 26 (Xinhua) — The Chinese government will roll out more measures to facilitate the delivery of major foreign-invested projects, lower tariffs on some imported goods and streamline customs clearance procedures at a faster pace, as was decided at the State Council executive meeting presided over by Premier Li… – Continue reading
With Bitcoin and other cryptocurrencies making huge sums of money for those adept at timing the market, the U.S. Internal Revenue Service (IRS) is keen to make sure it receives its cut of the profits. However, a lawyer from Morgan Lewis & Bockius states that many users do not realise… – Continue reading
Tax havens are typically assumed to be islands in warm climates offering low tax rates for organizations looking for a lucrative loophole. But these “havens” are also sought after for opaque financial laws that can allow organizations to get away with illegal activity, like money laundering. Now, a new report… – Continue reading
Issue of multiple registration for foreign operators to be reviewed by panel NEW DELHI, SEPTEMBER 20 The Finance Ministry on Thursday notified that e-commerce operators shall collect an amount at the rate of one per cent as tax collected at source (TCS) under the Goods and Services Tax (GST) on… – Continue reading
The Australian Taxation Office (ATO) is increasing its efforts to identify taxpayers who fail to report all their income this tax time, as it strives to recover an annual tax shortfall of nearly $1.4 billion caused by individuals who leave income out of their return. “Tax lost from under-reported income… – Continue reading
(Second of two parts) Embracing the Automatic Exchange of Information (AEoI), whether in the form of FATCA and/or CRS, affects stakeholders ranging from the government and businesses down to the ordinary consumers of financial products and services. As such, the uncertainties arising from the supposed implementation are definitely not in… – Continue reading
Indonesia is set to join the global treaty on the Automatic Exchange of Information (AEOI) on tax matters this month, and will then have virtually all the “high-caliber weapons” it needs to hunt down tax evaders — not just within the country but anywhere in the world, including tax-haven countries…. – Continue reading
The Delhi High Court, last day dismissed petitions by the Congress President Rahul Gandhi, Congress leaders Sonia Gandhi and Oscar Fernandes challenging the income tax notices sent to them in connection with the National Herald case. On 16 August, the high court had reserved its verdict on the pleas of… – Continue reading
Blockchain startup Smart Valor has announced that it received approval to operate in the Swiss financial market. Based in Switzerland’s Crypto Valley, Smart Valor is a company building a decentralized marketplace for tokenized alternative investments. Its network is coordinated by a smart-contract-based governance model, which incentivizes each participant to contribute… – Continue reading
KARACHI: Collection of taxes on prizes and lottery winnings surged 19 percent to Rs11.5 billion during the fiscal year of 2017/18 as the Federal Board of Revenue (FBR) stepped up efforts to improve compliance of withholding agents, official data revealed on Saturday. The official data showed that collection of income… – Continue reading
When it comes to fulfilling your tax and National Insurance (NI) obligations, compliance is everything. HM Revenue & Customs (HMRC) has recently highlighted a new area of concern for UK taxpayers, urging those who haven’t already done so to declare any foreign income or profits on offshore assets. Taxpayers have… – Continue reading
The Internal Revenue Service is making some adjustments to its Compliance Assurance Process, a program aimed at large corporate taxpayers that involves cooperating with the IRS before any audits. As part of the proposed changes, the IRS said Monday it will shift the start of the application period to Oct…. – Continue reading
The HMRC published an official guidance yesterday on engaging with umbrella companies in the UK. The guidance provides advice and spotlights umbrella companies that effectively operate tax avoidance schemes. “Most employment agencies and umbrella companies operate within the tax rules. However, some umbrella companies and agencies promote arrangements that claim… – Continue reading
Singapore is globally renowned for its competitive tax structure. The country imposes corporate income tax (CIT) at a flat rate of 17 percent, which is the lowest among the ASEAN member states. The single-tier corporate tax system enables businesses to save on the cost of compliance, eliminate restrictions placed on… – Continue reading
Malaysia has suspended its MSC Malaysia tax regime, pending changes to bring it into line with recommendations from the OECD’s Base Erosion and Profit Shifting initiative. Under the regime, domestic and foreign information and communication technology-related businesses can apply for “MSC Malaysia Status,” which allows them to benefit from tax… – Continue reading
(CNS): Financial Services Minister Tara Rivers was in Washington, DC, last week, trying to persuade US Senators and others that Cayman’s financial services industry is well regulated and adhering to tax transparency standards. Picking up from an earlier visit, the minister spoke with American lawmakers about the industry here and… – Continue reading
A new agreement on international tax and financial information exchange aims to provide less opportunity to shelter wealth from taxation. Global wealth managers and advisors need to make sure they and their clients are in compliance. CHARLOTTE, N.C. (PRWEB) JULY 18, 2018 The Common Reporting Standard (CRS) for the automatic… – Continue reading
BASSETERRE, St. Kitts -– The Government of St. Kitts and Nevis took steps on Friday, July 13, to further strengthen its proactive cooperation on tax matters through the passage of three amendments to the Common Reporting Standard (Automatic Exchange of Financial Account Information) (Amendment) Bill, 2018, in the National Assembly…. – Continue reading
Australian Tax Authority will use bilateral data sharing agreements to collect taxes on cryptocurrency income. The Australian Tax Authority (ATO) will seek international cooperation to tackle hiding of cryptocurrency income, ATO acting deputy commissioner Martin Jacobs told local media on Friday. This year Australian traders must file tax declarations about… – Continue reading
The Internal Revenue Service spent nearly $380 million to implement the Foreign Account Tax Compliance Act, but so far isn’t prepared to enforce the law, according to a new report. The report, from the Treasury Inspector General for Tax Administration, examined the IRS’s efforts to implement FATCA, which was included… – Continue reading
The United Arab Emirates has more than 140 free zones across seven emirates, including 20 designated zones with separate laws, regulations and VAT treatment. This can make doing business in the UAE a complex journey. However, there is also the strong benefit of the UAE being one of the easier… – Continue reading
Standard Chartered has selected FiTAX, a solution from BearingPoint, as its global client tax reporting solution for QI, FATCA and AEoI/CRS reporting. International banking group Standard Chartered, founded in 1969, is with approximately 87,000 employees across offices in more than 60 countries one of the globe’s leading financial services institutions…. – Continue reading
THE Anti-Money Laundering Council (AMLC) said the legal treatment of tax evasion and loopholes involving real estate brokers are keeping the country from achieving full compliance with international standards for money laundering regulation. AMLC Secretariat Executive Director Mel Georgie B. Racela made the remarks to BusinessWorld on the sidelines of… – Continue reading
France has made adequate fiscal consolidation efforts to exit the EU’s excessive deficit procedure, the EU Council recently agreed, while calling on Hungary and Romania to adopt tax or expenditure measures to shore up their finances. The findings came alongside the release of “country specific recommendations” for each of the… – Continue reading
Many feel the move discriminates against those not using the digital mode NEW DELHI, JUNE 25 The proposal to give discount on Goods and Services Tax (GST) for digital payments may not be implemented as there is no consensus among the States on the issue. “There are divergent views. Many… – Continue reading
Growing tax compliance demands have not impacted the Bahamian financial services industry as badly as anticipated, the Central Bank is arguing, despite the sector’s continued contraction. The regulator, in its 2017 survey of the sector’s economic contribution, said there were signs that international banks and trust companies were “retaining a… – Continue reading
A recent proposal to amend HMRC rules for offshore is about to make tax investigations even more onerous, writes Colin Senez UK tax is complicated and convoluted and in certain circumstances can be tortuous. If you then add offshore taxation to the equation then the position can be even more… – Continue reading
Ever since the Organisation for Economic Cooperation and Development (OECD) Council approved the OECD’s Common Reporting Standard (CRS) in 2014, the international economic community has been gradually moving closer to a smoother and more transparent global exchange of financial account data. It is widely acknowledged that the CRS is long… – Continue reading
The Bahamas slipped slightly in its latest OECD “peer review”, although it maintained its “largely compliant” ranking amid beneficial ownership and tax information exchange concerns. The just-released full Organisation for Economic Co-Operation and Development (OECD) report, produced by its Global Forum on transparency and tax information exchange, showed The Bahamas… – Continue reading
The International Monetary Fund, an arm of the World Bank Group tells Nigeria to double her tax compliance to GDP ratio from 25 per cent to 50 per cent. Amine Mati, head of IMF in Nigeria, said this in Lagos, at the presentation of the IMF Regional Economic Outlook for… – Continue reading
KAMPALA, May 16 (Xinhua) — The World Bank in its new report has urged Uganda to improve its tax revenue if the east African country is to sustain economic growth. The Bank in its 11th Uganda Economic Update issued on Tuesday said while the economic growth has rebounded from 4.5… – Continue reading
South Korea’s National Tax Service has released guidance in English for foreign taxpayers to comply with their South Korean tax affairs. Income tax returns must be filed by May 31, 2018. The guidebook explains foreign persons’ personal income tax obligations and the differences in tax treatment between resident and non-resident… – Continue reading
In the OECD’s latest report for the country, Greece has been urged to broaden its tax base and further clamp down on tax evasion. While praising steps taken by Greece to implement recommendations in its last report, the OECD says Greece’s tax system still relies on high rates and narrow… – Continue reading
Ferreting out people who want to hide their assets and income overseas is nothing new for the Internal Revenue Service. And for roughly nine years, the agency has sponsored programs tailored to those taxpayers who were prepared to come forward and disclose their unreported foreign assets and income in exchange… – Continue reading
ISLAMABAD: The State Bank of Pakistan (SBP) has asked the government to slash the advance tax from 0.3 percent to 0.1 percent for filers on cash withdrawals from banks exceeding Rs 50,000, and abolish the Super Tax in the upcoming budget 2018-19. The SBP has referred to sections 231 A… – Continue reading
KUALA LUMPUR: The Inland Revenue Board of Malaysia (IRBM) yesterday said it will continue with the drive to counter the threat of aggressive tax planning, base erosion and profit shifting, and tax evasion practices that cause tax leakages. IRBM chief executive officer Datuk Seri Sabin Samitah said the effort to… – Continue reading
Belgium’s rating has deteriorated with regard to the exchange of information needed in the fight against tax havens, according to the latest peer review report by the Global Forum on Transparency within the framework of the Organisation for Economic Cooperation and Development (OECD). Belgium is now “largely compliant” with international… – Continue reading
The Cayman Islands has released new guidance on the obligation on large multinational groups to file a country-by-country report in the territory and also an update on Common Reporting Standard and US Foreign Account Tax Compliance Act reporting. CbC Reporting Guidance The March 29 guidance from the Cayman Islands’ Department… – Continue reading
Jakarta. Indonesia’s tax office plans to spend hundreds of millions of dollars to update its outdated technology to boost low tax compliance and raise revenue collection in Southeast Asia’s largest economy, the country’s tax chief told Reuters. Indonesia completed one of the world’s most successful tax amnesties in 2017, but… – Continue reading
US taxpayers who have failed to declare their offshore money will lose the chance to confess to the Internal Revenue Service later this year. The IRS has announced that the Overseas Voluntary Disclosure Program will close on September 28. In the 10 years the OVDP has run, 56,000 taxpayers have… – Continue reading
Muscat: Tax authorities in the Gulf Cooperation Council (GCC) are starting to use sophisticated digital platforms that require taxpayers to submit data in real time or near-real time prompting companies in the GCC to enhance their digital capabilities. This is changing the way businesses collect, format and report tax information,… – Continue reading
The Australian Tax Office (ATO) has launched a community consultation to seek feedback on practical compliance issues arising from complying with taxation obligations in relation to cryptocurrency transactions. On March 13, the ATO updated its web guidance tax treatment of cryptocurrencies to address some of the common enquiries in relation… – Continue reading
Malta has reiterated its commitment to fighting aggressive tax planning, joining other EU member states who have unanimously agreed to amend the EU’s tax information sharing law, the Directive on Administrative Cooperation. The amendments to the Directive, which were agreed last week by EU finance ministers, will require intermediaries, such… – Continue reading
IN THE aftermath of The Bahamas’ blacklisting by the European Union for being a tax haven, Financial Services Minister Brent Symonette says it might be time for The Bahamas to consider appointing an ambassador to the EU to increase dialogue on matters concerning this country. The St Anne’s MP said… – Continue reading
The Deputy Prime Minister and minister of financial services were yesterday travelling to Europe in a last-ditch bid to plead the Bahamas’ case against being ‘backlisted’. Carl Bethel QC, the Attorney General, confirmed to Tribune Business that both K P Turnquest and Brent Symonette are leading a government delegation that… – Continue reading
NEW DELHI, MARCH 11 Worried about tax evasion under the Goods and Services Tax (GST), officials are keen that the new returns filing system should ensure that the tax is first paid before the credit is given. Sources said inclusion of such a provision is one of the key differences… – Continue reading
KARACHI: Foreign investors expressed concern over a proposed tax amnesty scheme to bring back offshore investments, terming it as an injustice with compliant taxpayers, officials said on Monday. Overseas Investors’ Chamber of Commerce and Industry (OICCI), representing major foreign companies in Pakistan recently shared its concerns, through a letter, with… – Continue reading
THE GOVERNMENT recently held bilateral talks with the Code of Conduct Group (COCG) to discuss tax transparency and fair taxation in the territory. A press release from the Office of the Premier issued on Tuesday (February 27), said Premier Sharlene Cartwright Robinson and other TCI representatives met with the COCG… – Continue reading
The Government of the Netherlands has announced a comprehensive package of tax anti-avoidance proposals designed to bring the jurisdiction’s rules into line with new European Union anti-avoidance laws and fulfill its obligations under the international BEPS agenda. The plans were detailed in a parliamentary paper sent by State Secretary for… – Continue reading
Businesses have expressed mixed reactions to the new Tax Amnesty policy being implemented by the Ghana Revenue Authority (GRA). Some have cast doubt over the policy’s ability to reduce tax evasion while others believe the policy could increase tax compliance. The concerns were raised at a session on the relevance… – Continue reading
