A proposal for new corporate tax incentives butted heads with a desire for property tax relief in the Legislature Wednesday. Nebraska’s current corporate tax incentives, the so-called Nebraska Advantage program, expires next year. So Sen. Mark Kolterman said it’s important to put a new program in place. “The time is...
The EU finance ministers scrap Aruba from the black list of tax havens. According to EU sources from the ANP, they will formally remove Aruba on Friday because it has amended its tax legislation. Barbados and Bermuda are also being removed, so that the list still has twelve tax culprits....
Bangladesh has lost $5.8 million in tax revenue in 2016 due to profit shifting in forms of royalties, fees and IT charges by British American Tobacco Bangladesh, according to a recent report of Tax Justice Network. The UK-based tax rights group in the report said from 2014 to 2016 BAT...
Luxembourg, Barbados and Bermuda are three of Canada’s top five destinations in the world for corporate cash After exploding to record levels under Stephen Harper’s Conservative government, the amount of money Corporate Canada is funneling through offshore tax havens has hit a new all-time high. According to data newly released...
Tax avoidance has crept into the tussle of the federal election campaign, as the government faces pressure to further investigate an expensive water purchase from a company based in a well-known tax haven. Labor has left the door open to supporting a Greens push for a royal commission into the...
“Investors see the value, policymakers see the benefits, and businesses see the inevitability of greater transparency,” says the group’s executive director. The Financial Accountability and Corporate Transparency (FACT) Coalition is calling on the U.S. Congress, the Securities and Exchange Commission, and the Financial Accounting Standards Board to require multinationals to...
Not just the ultimate holiday stop, Mauritius is also a preferred jurisdiction for fund managers looking to establish African-focused funds, say Michael Denenga and Nicole Paige, partners at Webber Wentzel. “A scenic island off the coast of Africa, Mauritius’ main competitive advantage is its proximity to the jurisdictions that African-focused...
Small business owners are being told that they will not have to pay Value Added Tax (VAT) twice if they have already paid the tax while making an online transaction, one of the Government’s top consultants on the economy has told the small business association. Starting on May 1, Barbadians...
Whistleblowers across the European Union have won greater protection under landmark legislation aimed at encouraging reports of wrongdoing. The new law, approved by the European Parliament on Tuesday, shields whistleblowers from retaliation. It also creates “safe channels” to allow them to report breaches of EU law. It is the first...
Barbados is hopeful that it will be removed from a European blacklist of non-cooperative tax jurisdictions by next month, the head of the Barbados International Business Association (BIBA) has said. Julia Hope said her organisation, which represents international business companies and offshore financial services, will be giving every support it...
MANILA – Passing another general tax amnesty bill, which will include provisions to amend the bank secrecy law, is a “very tall order” with lawmakers “sensitive” on the issue, a corporate tax lawyer said Tuesday. President Rodrigo Duterte earlier called on Congress to pass another general tax amnesty bill which...
The 36-member state OECD has revealed that there is growing consensus behind a US proposal for an overhaul of global corporate tax rules, which would limit the ability of multinational companies to shift profits to low-tax jurisdictions. Earlier this year, the organisation put forward four different proposals to redesign corporate...
According to a Green party report in the European Parliament, Ikea has been accused of tax dodging for as much as 1 billion euros or $1.1 billion in its taxes from 2009 to 2014. The political organization has accused the retailer of a large scale avoidance of taxes. In the...
DAVOS, Switzerland: French Finance Minister Bruno Le Maire said on Thursday that France would plead for global minimum corporate tax as a priority of its presidencyof the G7 nations group this year. “We need an effective minium corporate tax in all developed countries,” the minister said at a press conference...
Complicated, aggressive corporate tax-planning strategies can produce uncertainty and confusion among investors not only about the companies’ taxes, but also the basics of their operations and finances, leading to some negative outcomes, according to a new academic study. The study, by Jennifer Blouin and Wayne Guay of the University of...
The Internal Revenue Service and the Treasury Department issued final regulations spelling out how U.S.-based companies will have to pay repatriation taxes on offshore profits under Section 965 of the tax code. The IRS released proposed regulations on Section 965 in August, and the proposed rules went through a public...
FIRST proposed by the European Commission (EU) in 2016, a set of new tax rules aimed at eliminating most common corporate tax avoidance practices came into force on 1 January 2019. The commission posted on its website on 30 December 2018 that the new tax rules known as Atad (anti-tax...
THE DUTCH government has added the Turks and Caicos Islands and 15 other countries to a tax haven blacklist. The jurisdictions listed have no corporation tax or a corporation tax rate of less than nine percent, a press release from the Government of the Netherlands stated. The 16 countries added...
The IRS has issued guidance on excess business loss limitations and net operating losses following changes post-reform. The Tax Cuts and Jobs Act modified existing tax law by limiting losses from all types of business for non-corporate taxpayers. An excess business loss is the amount by which the total deductions...
CANBERRA, Dec. 13 (Xinhua) — The amount of tax paid by Australia’s biggest companies has risen 20 percent in a single year, data has revealed. According to the Australian Taxation Office (ATO) ‘s corporate tax data for financial year 2016-17, which was released on Thursday, the nation’s 1,470 biggest companies...
The government is targeting to increase tax compliance among Micro Small and Medium Sized Enterprises by offering them lower corporate tax. East African Affairs Cabinet Secretary Adan Mohammed says various government agencies are working closely in integrating all tax payment regimes to ease tax payment and boost compliance. Tax avoidance...
I. The background of the tax reform In connection with the international pressure on the Swiss corporate tax location, especially in relation to the Cantonal exemption of income for holding companies as well as the status privileged companies (“status privilege”) and the need of Switzerland to recover global recognition as...
When European finance ministers meet on Tuesday (4 December), they should swiftly adopt the digital service tax: a levy on turnover for very large digital firms such as Google, Apple, Facebook, Amazon, Booking and Spotify, write Udo Bullmann and Paul Tang. Udo Bullmann is president of the Socialist and Democrats...
Barbados is to scrap its international business company (IBC) regime in response to the OECD labeling the policy as “harmful” to competition, and being in breach of rules governing international taxation. Last year the OECD included Barbados on its list of jurisdictions with a “harmful” preferential tax regime, and said...
BRIDGETOWN, Barbados, Thursday November 22, 2018 – Barbados will harmonize its domestic and international corporation tax regimes, by December 31, 2018, slashing the tax burden for some local companies by up to 29 per cent. Prime Minister Mia Mottley announced in the Barbados Parliament on Tuesday, November 20, the ambitious...
The cabinet of Canadian Prime Minister Justin Trudeau is set to implement tax cuts for the nation’s businesses, which, along with the announced plans to reduce regulation, are highly reminiscent of the economic policies of Canada’s southern neighbour. Kristian Rouz — Canadian Prime Minister Justin Trudeau has unveiled an ambitious...
Prime Minister, Mia Mottley has announced a major tax break for local business. In her mini-budget presentation made earlier this year, she had announced that come July 1, corporation tax will increase from 25 per cent to 30 per cent which was expected to raise $57M in a full year....
Kenya Revenue Authority (KRA) has revealed six tricks that multinational firms use to dodge paying tax. One of the schemes involves the firms exporting very cheaply and importing good very expensively. The authority reports that most firms also under-declare they pay to expatriates a move that reduces their profits and...
The foreign-invested enterprises which have been running large, prolonged losses and large related-party transactions, will be inspected for tax compliance. The General Department of Taxation (GDT) has just sent a document asking provincial and city Departments of Taxation to inspect and supervise groups, corporations, and companies, which reported big losses...
US multinational corporations are plundering the populations of the United States and the world to the tune of trillions of dollars by driving down and evading taxes on profits booked overseas. This is the conclusion that emerges from a recent study by University of California at Berkeley economist Gabriel Zucman...
Arriving at the meeting Tuesday in Brussels, the Danish minister of Finance, Kristian Jensen, said of his side: “Everything is possible in politics but I think that it is very hard to reach an agreement on the taxation of the digital economy”. Under the proposal, a 3pc levy would be...
Ireland’s 2018 Finance Bill legislates for a new exit tax regime compliant with the EU’s Anti-Tax Avoidance Directive. The exit tax charge was introduced via financial resolution on Budget night, October 9, 2018, and applies to certain events occurring on or after October 10. Finance Bill 2018 formally legislates for...
Our previous article about the taxable basis for the taxation of companies in the Macau territory made reference to the fact that the courts in Macau, notably the Court of Second Instance (TSI) and the Tax Administration, do not seem to share the same view regarding income considered as the...
Indian high commission in Dhaka has requested different Bangladesh government agencies including National Board of Revenue to solve a number of tax-related ‘problems’ Indian chief executive officers-managed multinational companies are facing in the country. In a letter to NBR sent on September 10, the high commission said that Indian CEOs...
BERLIN, Sept. 27 (Xinhua) — German companies are highly sceptical that the British government can deliver on a promise to attract more business to Britain by lowering taxes after Brexit, a study published on Thursday by the Foundation for Family Business in Germany and Europe found. According to the study,...
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...
On September 13, South China’s Guangdong province announced a series of investment incentives and cost-cutting measures to offset the impact of the worsening trade war with the US. The measures, outlined in the Policy Measures for Expanding Opening-up and Using Foreign Investment, consist of a 10-point plan to attract foreign...
The Swiss parliament has approved an ambitious government bill aiming to combine the contentious issue of corporate tax reform with changes to the pension system. The package could yet come to a nationwide vote in 2019. The repackaged bill was drawn up after Swiss voters threw out an initial plan...
The Presidential Advisory Committee against Corruption (PACAC) has explained why it is shifting the war against corruption in the country from politically exposed persons to multinationals. According to the Executive Secretary of PACAC, Prof. Bolaji Owasanoye, Africa and indeed Nigeria losses more from Illicit Financial Flows (IFF) perpetrated by multinational...
Benjamin Diokno, the Philippines’ Budget and Management Secretary, says the Government should secure the passage of all the remaining comprehensive tax reform bills within the next two months. “I’m very confident that all the tax packages will be passed … at best, maybe in eight weeks,” he said, noting that...
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....
Around 2,000 millionaires – many of them billionaires – call Monte Carlo their home and avoid paying billions of euros in tax. Sputnik spoke to the UK Socialist Party’s Deputy General Secretary, Hannah Sell, about why France and the European Union have done nothing to combat this tax haven in...
There is a small island in the Caribbean … You immediately imagine relaxation, a beach, palm trees. However today in these small areas a really big crypto history is being created. The crypto business is increasingly mastering the jurisdiction of “dwarf” states, such as Cyprus, Malta, Gibraltar, The Republic of...
China offers a number of preferential corporate income tax (CIT) policies for businesses operating in the country. Businesses that qualify for these preferential policies can benefit from incentives like CIT rates lower than the standard 25 percent rate and other CIT exemptions and deductions. These preferential tax treatments, however, do...
Last week, Medtronic Plc suffered a legal setback in its bid to avoid a $1.4 billion U.S. tax bill — a ruling that may have costly implications for other multinationals battling the Internal Revenue Service over the use of overseas payments to lower their taxes. Companies including Facebook Inc. and...
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...
Long-awaited and highly anticipated proposed regulations for Code Section 199A, the new 20 percent deduction on “qualified business income” of pass-through entities, were released August 8 by the Treasury Department and the Internal Revenue Service, and experts are saying they’re broadly taxpayer-friendly. “The government did a good job of responding...
News that the government may bring in an ‘Amazon tax’ to help “rebalance the playing field” between physical and online retailers has been welcomed by booksellers. After department store retailer House of Fraser became the latest high street chain to go into administration on Friday (10th August) Philip Hammond said...
U.S. companies that had been unsure of how to calculate a new tax on profits they’ve stashed offshore now have official answers. The Internal Revenue Service issued proposed regulations on Wednesday on Section 965, governing the so-called repatriation tax, detailing which corporate taxpayers are subject to the tax, which assets...
One digital platform has registered on its own and others are being registered ex officio. Foreign digital platforms, which mediate services in transport and accommodation in Slovakia, are obliged to launch so-called permanent establishments in Slovakia. The Finance Ministry wants to force them to pay corporate tax. So far only...
