Category: Tax Laws

Liberia signs convention on mutual tax administration

Liberia has signed the Convention on Mutual Administrative Assistance in Tax Matters, as amended by the Protocol amending the Convention on Mutual Administrative Assistance in Tax Matters at the Organization for Economic Cooperation and Development (OECD) The Convention provides a multilateral basis for a wide variety of administrative assistance including...

Gibraltar—Marbella. Russian oligarchs hide their Spanish assets offshore

It emerged that Russian oligarchs, members of ‘Russian mafia’, and many other owners of real estate in Spain have neither Spanish citizenship nor residential permit and successfully evade national taxes. Mansions in Marbella purchased by Russians officially belong to offshore companies incorporated in Gibraltar, a tiny British Overseas Territory. The...

Macau | Delayed tax agreement will be signed this year – Portugal’s Secretary for Tax Affairs

A delayed tax agreement between Portugal and Macau will be signed later this year, according to Mr António Mendonça Mendes, the Portuguese Secretary of State for Tax Affairs on Sunday Macau (MNA) – A delayed tax agreement between Portugal and Macau will be signed later this year, Mr António Mendonça...

EU budget: Boosting cooperation between tax and customs authorities for a safer and more prosperous EU

For the next long-term EU budget 2021-2027, the Commission is proposing measures to make tax and customs cooperation between Member States better and more efficient. Continued funding of these programmes will help the EU to progress in offering businesses unfettered and easy access to the EU’s Single Market so that...

Wealthy Kenyans With Billions Hidden in Offshore Accounts Rush to File Returns Ahead of Amnesty Deadline

As June 30th deadline to file returns with Kenya Revenue Authority (KRA) fast closes in, a section of rich Kenyans who have hidden assets overseas are rushing to return the assets to avoid paying taxes. Tax consultants told Business Daily that the wealthy lot is repatriating the cash to avoid...

SMEs are paying more corporation tax than bigger businesses

According to figures released earlier this year, SMEs are in fact paying more corporation tax than larger more complex organisations. Specifically, the rate paid by SMEs in 2016 was 21.7%, while it was 20% for businesses with a turnover of £1billion. The research was conducted by accountancy firm Moore Stephens,...

Peru Ratified OECD’s Multilateral Tax Convention

Peru has completed the necessary steps to become a party to the OECD Multilateral Convention on Mutual Assistance in Tax Matters and also the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. On May 28, 2018, Peru’s Minister of Economy and Finance, David Tuesta, deposited...

OECD Releases First CbC Reporting Peer Reviews

The OECD has released the first peer reviews of the country-by-country (CbC) reporting initiative, reporting that practically all countries that serve as headquarters to large multinationals have introduced new transfer pricing documentation requirements to improve transparency. Country-by-country reporting will see tax administrations worldwide collect and share detailed information on all...

OECD backs BEPS plan in face of critics

The OECD has endorsed New Zealand’s crackdown on multi-national tax evasion, despite significant criticism from local businesses that it departs from OECD standards, Thomas Coughlan reports. David Bradbury, head of the OECD’s tax policy and statistics division, told Newsroom that the OECD was “very pleased with the strong support that...

Govt to maintain investment climate, tax reform in setting 2019 tax target

Finance Minister Sri Mulyani Indrawati has said the government will consider several scenarios in determining its 2019 tax revenue target while adhering to its commitment to maintaining a conducive investment climate and pushing for tax reform. “The tax revenue target will be set in consideration of current global and national...

The CRS cliff edge: turning a challenge into an opportunity

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...

Norway’s Parliament Rejects ‘Google Tax’ Proposal

Norway’s parliament, the Storting, has rejected a legislative proposal for the introduction of a tax on digital business models, labeled the “Google tax,” recommending instead that the Government explore the issue of digital taxation in partnership with the OECD. In rejecting the proposal, introduced by parliamentary commissioner Une Bastholm of...

‘Blacklist Over – But We Must Be Wary Of More Eu Pressure’

SENATOR Dion Foulkes yesterday forecast the country would soon face more pressures from the European Union and should be ready to act quickly to avoid further reputational damage. On Friday, Finance Minister K Peter Turnquest announced the Bahamas had been removed from the European Union’s “blacklist” of non-cooperative jurisdictions for...

China’s Hong Kong signs tax pact with Finland

HONG KONG, May 24 (Xinhua) — The government of China’s Hong Kong Special Administrative Region (HKSAR) on Thursday signed a comprehensive avoidance of double taxation agreement (CDTA) with Finland, further expanding the HKSAR’s tax treaty network. The HKSAR government’s Secretary for Financial Services and the Treasury James Lau and Consul-General...

Facebook under fire in Poland over tax avoidance

Besides facing regulatory pressure in Europe over issues ranging from privacy to antitrust claims to content removal, Facebook has also come under fire from the Polish government amid claims of tax avoidance. “Facebook has not paid a single zloty” in corporate income tax in Poland last year, Entrepreneurship and Technology...

Ownership Registry Is ‘Not Set In Stone’

Attorney General Carl Bethel QC. Photo: Terrel W Carey/Tribune Staff Legislation to create a central Beneficial Ownership Registry is “not set in stone”, the Attorney General has revealed, with the Government seeking “urgent” consultation on the issue. Carl Bethel QC, addressing a Bahamas Financial Services Board (BFSB)-sponsored seminar, said the...

West Africa Leaks: How Billions are Leaving Africa for Offshores

Multinationals, politicians, corporate moguls, and European consuls all used offshore companies and bank accounts to hide money and avoid taxes in West Africa, according to an investigation by the International Consortium of Investigative Journalists released Tuesday. Senegal is one of the poorest countries in the world, but this didn’t stop...