The Finance Ministry, last day informed that the Government is planning to introduce income tax exemption to the interest income on the specified Offshore Rupee Denominated Bonds. “Legislative amendments in this regard shall be proposed in due course”, the Ministry said. Interest payable by an Indian company or a business...
In June this year, the Chinese government announced much-anticipated revisions to the country’s individual income tax laws. KPMG Partner and Senior Advisor Michael Olesnicky says that these new revisions will likely have ‘profound implications’ within the wealth management community in Asia. Hubbis CEO Michael Stanhope recently spoke with him about...
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....
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...
In June this year, the Central Board of Direct Taxes (CBDT) came out with final clarifications regarding the rules on Place of Effective Management (POEM). POEM is an internationally recognized test for determining the residence of a company incorporated in a foreign jurisdiction with a view to assessing its tax...
Income Tax department is also inquiring into some alleged suspicious transactions and investment flow into Flipkart Authorities have demanded a valuation report from Flipkart The international taxation division of the I-T department is currently studying the valuation of Indian assets of Flipkart Singapore At the time when ecommerce company Flipkart...
BEIJING, Aug. 31 (Xinhua) — China’s top legislature on Friday voted to adopt the revised Individual Income Tax Law in an effort to pursue fairer income distribution. Lawmakers approved the legislation at the end of a five-day bimonthly session of the National People’s Congress (NPC) Standing Committee. The new law...
French President Emmanuel Macron said he wanted “precise answers” before deciding whether to introduce pay-as-you-earn income tax withholding as planned next January. Speaking at a press conference in Helsinki, Macron said he wanted to be “demanding about the proper implementation” of what would be a major change for employers and...
Hanoi (VNA) – The Government has approved an agreement between Vietnam and China’s Macau Special Administrative Region on the avoidance of double taxation and prevention of income tax evasion. The Government assigned the Ministry of Finance to chair and coordinate the two sides’ relevant agencies to implement the pact. The...
The newly revised threshold monetary limits for the department to file appeals at various levels — appellate tribunals, High Courts and the Supreme Court will not be applied in cases where foreign black money is involved, said the tax department recently. As per a CBDT missive, cases involving undisclosed foreign...
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...
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the income earned from the web hosting services cannot be treated as fee within the meaning of Article 12 of the Double Taxation Avoidance Agreement (DTAA) between India and US. In the instant case, the...
Finance Minister Yubaraj Khatiwada has said that taxpayers should not worry about the duplication of taxes in the different layers of the government citing that taxes enforced by the subnational governments is because of lack of tax awareness. He reaffirmed that the duplication of taxes will no longer exist. Speaking...
A bilateral double taxation agreement between Nigeria and Singapore generally is to take effect Jan. 1, 2019, although in Singapore, provisions regarding income taxes other than withholding taxes are to take effect Jan. 1, 2020. The treaty, also known as a DTA, is to affect how each country’s income tax...
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...
Viet Nam News HA NOI — Vietnamese Deputy Minister of Finance Do Hoang Anh Tua’n and Croatian Minister of Finance Zdravko Maric on Wednesday signed an agreement on the avoidance of double taxation and the prevention of fiscal evasion with respect to income taxes. According to Tua’n, the agreement is...
Russian President Vladimir Putin signed a package of laws allowing Russia-controlled foreign offshore companies to be re-registered in offshore financial centers (OFCs) established in Russia’s Kaliningrad Region and Primorsky Territory in order to minimize the possible consequences of sanctions and political risks from foreign countries. The legislation establishes the procedure...
The Government has ratified the agreement on double taxation avoidance and income tax evasion prevention between Vietnam and Cambodia. The Government assigned the Ministry of Finance to coordinate with relevant ministries and agencies of Vietnam and Cambodia in implementing the agreement. The agreement was officially signed on the occasion of...
HM Revenue and Customs (HMRC) is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties New legislation called “Requirement to Correct’ requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK...
The cryptocurrency industry is still at a very early stage of its development, so there are no single international rules yet. The governments of individual countries independently try to regulate digital assets. The tax on the cryptocurrency varies in different countries. Within the framework of this article, we will try...
Bangladesh Bank on Monday asked all banks to ensure that foreigners have clearance certificates from the National Board of Revenue before allowing them tax benefits under double taxation avoidance agreement. Foreign Currency Policy Department of the central bank in a letter to the head offices of approved dealer banks suggested...
The National Board of Revenue has formed two committees to review and finalise the draft of new income tax law within the shortest possible time. Income tax wing of the NBR recently formed the committees — one for Bangla draft and another for English draft — to prepare the law...
The Central Board of Direct Taxes ( CBDT ) has revised the Form No. 3CD, an audit report under section 44AB of the Income Tax Act, 1961 in a case where the accounts of the business or profession of a person have been audited under any other law. Earlier there...
(Yicai Global) July 17 –– China’s aim to cut levies by CNY800 billion (USD119.5 billion) this year is not showing in the public tax revenue yet, which soared more than the economic growth for the first six months of the year. Tax revenue reached CNY9.2 trillion in the first half...
The Consultative Committee denied Tuesday allegations that the draft federal constitution will allow double taxation thereby putting more burden to the people. “Double taxation is absolutely false. It is provided in the draft that no double taxation should be allowed,” Conrado Generoso, Con-com spokesperson who presented the draft constitution, said...
National Board of Revenue has asked all banks not to allow double taxation avoidance benefits to any non-resident taxpayers without NBR certificate. International taxation wing of the revenue board has also requested Bangladesh Bank for taking necessary measures so that banks follow the directives. International tax wing of NBR on...
The UK does still have one significant disadvantage namely the 20% withholding tax imposed by UK domestic law on “yearly interest” that arises in the UK is paid to persons whose “usual place of abode” is outside the UK. The UK is normally regarded as an attractive location for the...
The Central Board of Direct Taxes has recently issued guidance on the appropriate use of the ‘Country-by-Country Report’. The CbC filing was introduced as a result of the OECD/G20 Base Erosion and Profit Shifting project. India also introduced the requirement to file CbC reporting recently with the completion of the...
CBDT issues draft notification on interest computation NEW DELHI, JUNE 20 The Central Board of Direct Taxes (CBDT) proposes to provide a relief to MNCs on the interest payable by them on the untaxed profits stashed abroad, requiring to be repatriated back to India under the transfer pricing regime. It...
BEIJING, June 19 (Xinhua) — The Standing Committee of China’s National People’s Congress (NPC) has begun reviewing a draft amendment to the Individual Income Tax Law at its bimonthly session that opened Tuesday. The draft amendment raises the minimum threshold for personal income tax from 3,500 yuan (about 544 U.S....
The New Delhi Bench of the Authority for Advance Rulings (AAR) in the application filed by the applicant HM Publishers Holdings Limited held that the receipts arising out of a negative covenant not to carry on a business is taxable as business income under Section 28 (va) of the Income...
The New Delhi Bench of the Authority of Advance Rulings (AAR) in the application filed by International Zinc Association held that membership fee and contribution from members received by the applicant from the Indian members would not be liable to Income-tax in India under the provisions of the Income Tax...
AMMAN — Jordan’s income tax draft law will enable the Kingdom achieve a “positive credit rating” and enhance ongoing fiscal reforms in Jordan, according to a report by credit ratings agency Moody’s. The report, a copy of which was obtained by the Jordan Times on Sunday, indicated that the bill...
AMMAN, June 3 (Xinhua) — A Jordanian official said on Sunday that a nationwide dialogue will be launched to reach a consensus on the controversial income tax bill. “The dialogue will include all segments of the society including professional associations and stakeholders from all segments of society,” the official told...
In recent months, Facebook CEO Mark Zuckerberg has been hauled before lawmakers in the United States and the European Union to respond to criticism of the company’s privacy policies and sharing of user data. Now the company’s dodgy tax practices are facing increased scrutiny from an even more important source:...
VILNIUS, May 28 (Xinhua) — Lithuania on Monday increased penalties for tax avoidance amid efforts to curb the frequency of breached tax laws. Lithuanian President Dalia Grybauskaite signed the amendments of the Law on Tax Administration, and strengthened penalties for individuals who failed to pay their taxes. The amendments stipulate...
Cabinet will recommend delay in Parliament extraordinary session to allow more time for dialogue AMMAN — The government will use all its might to defend the income tax draft law as it is presented to the Lower House for approval, a government official said on Monday. “We will use all...
AMMAN — The government on Monday endorsed the income tax draft law and said it will refer it to the Lower House on Tuesday to get it through constitutional channels towards enactment. Meanwhile, the government reasserted that it was earnestly carrying on with economic reforms according to schedule. During a...
The searches which started at the locations pertaining to the Bhopal-based Asnani Group and its business associates have led to the disclosure of around Rs 100 crores undisclosed income. BHOPAL: Five day long searches at 30 premises related to a Madhya Pradesh-based real estate major and business associates in Bhopal,...
There have been a number of recent legal and regulatory changes in Taiwan that have impact from a wealth management perspective. Tax Rates Changes effective 2018 Effective 1 January 2018, the new tax rates for Taiwan are: Local foundation tax rule tightened Effective 1 January 2018, dividend for local foundations...
Minister says gov’t ‘open’ to dialogue with all segments of society over new law AMMAN — The new amendments to Income Tax Law aim at serving taxpayers and “effectively” combating tax evasion, Deputy Prime Minister and Minister of State for Economic Affairs Jafar Hassan said on Tuesday. During a discussion...
Experts’ reactions to the Ministry of Finance’s (MoF) tax adjustment draft have been mixed, while the business community struggles to keep up with the variety of proposed tax hikes. Most recently, the MoF’s proposal to impose auxiliary property tax rate of 0.3-0.4 per cent per property value for houses worth...
In a major setback to Google India, the Bengaluru bench of the Income Tax Appellate Tribunal (ITAT) held that the payments relating to Adwords made by the Company to its parent firm Google Ireland is subject to TDS provisions in India as the same constitute ‘royalty’ under the Income Tax...
(UPDATED) Rappler Holdings Corporation and Rappler CEO Maria Ressa file a joint counter-affidavit at the DOJ in relation to the P133-million tax evasion complaint filed by the BIR MANILA, Philippines (UPDATED) – Rappler Holdings Corporation (RHC) and Rappler CEO Maria Ressa accused the Bureau of Internal Revenue (BIR) of “selective...
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...
KARACHI: Government asked banks to impose up to three percent tax on foreign funds transfer made through plastic card in a new finance bill. The finance bill for the next fiscal year of 2018/19 proposed a new advance tax levy on individuals remitting amounts abroad through credit, debit or prepaid...
KARACHI: Chief Minister Syed Murad Ali Shah has accused the Federal Board of Revenue of double taxation after the tax authorities raised a demand of Rs4.32 billion income tax and withholding tax on goods against various departments of the Sindh government. This, he said, while presiding over a meeting today...
In Mahaveer Kumar Jain vs. Commissioner of Income Tax, the Supreme Court held that the income earned by the assessee from lottery prize cannot be subjected to tax under Income Tax Act, 1961 when the same tax was already paid under Sikkim State Income Tax Rules, 1948. The appellant had...
The Bahamas will have “lost the plot” if it allows external pressures to dictate tax reform, a top accountant yesterday warning against any “knee jerk” changes. Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that this nation must avoid reform merely for the sake of...
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...
