Category: Income Tax
Enforcement Notification – Summerside psychiatrist fined over $215,000 for personal and corporate tax evasion
A peak into the treatment of a tax evasion investigation conducted by the CRA. ... - Continue reading
Wilful income tax evasion may land you in jail for up to seven years
Cases where the amount of tax sought to be evaded or tax on under-reported income is lesser than ₹25 lakh, the person can be punished with imprisonment of at least three months and up to two years and with fine. ... - Continue reading
Tax office accused of heavy-handed approach to suspected income tax fraud
The tax office is under fire again for its handling of fraud investigations after it emerged that tens of thousands of taxpayers were subject to excessive checks and penalties on their income tax return. ... - Continue reading
Cyprus: Announcement – Cyprus Investment Programme
New declaration for companies operating in Cyprus. ... - Continue reading
Canada: Canada-US Tax Treaty – A Canadian Tax Lawyer Analysis
More on the Canada-US tax treaty. ... - Continue reading
Guernsey: Guernsey’s New Mandatory Disclosure Rules Regulations
New income disclosure laws are here for Guernsey. ... - Continue reading
ITR forms for 2019-20 notified; disclosure of electricity bill over Rs 1 lakh mandatory
Filing of ITR over Rs1 lakh now compulsory for companies. ... - Continue reading
FBR mulls online feature to show WHT deduction
The tax authority of Pakistan to introduce an online option as tax reform. ... - Continue reading
FBR mulling over options to fetch additional Rs600bn
There's no denying that the whole world is having to prepare for a tough economic situation right now following the wave of the COVID-19. Here are some of Pakistan's forethoughts to remedy its economy. ... - Continue reading
Explainer: South Africa’s ‘expat tax’ – your questions answered
Clarifications on tax-related issues for South Africans living and working abroad. ... - Continue reading
Tax collection from services sector sharply falls 20pc in March
Official data shows that Pakistan has faced a sharp decline in its tax revenue in the month of March due to the coronavirus. ... - Continue reading
Canada: A Canadian Tax Lawyer’s Introduction To Tax Filing For International Students
All about residency, education and tax filing in Canada. ... - Continue reading
Temporary Work Locations in a Permanent Establishment World
The COVID-19 crisis has caused quite some chaos in the world right now. As we find ourselves homebound, there are also employees trapped in foreign countries to them. In such a case, what happens to the link between tax presence and tax residency? Here is brief discussion. ... - Continue reading
FBR receives 10,000 income tax returns in virus downturn
10,000 income tax returns received by the Federal Board of Bureau during the COVID-19. ... - Continue reading
Massive risks to world economy as virus battle rages
Economists warn about one of the worst recessions in history following the COVID-19 pandemic crisis. This could have an especially bitter outcome in countries with weaker employee rights like the United States. ... - Continue reading
UK: Budget 2020 – Analysis
Main tax highlights of UK's Budget of 11 March 2020. ... - Continue reading
Cyprus: Cyprus Extends Deadline For Payment Of Overdue Taxes
Good news for Cypriot taxpayers - Announcement of extended period for payment of overdue taxpayers. ... - Continue reading
Tax residency rules for NRIs changed
Budget 2020 and taxation of non-resident Indians. ... - Continue reading
Mexico: 2020 Mexican Tax Reform
A few changes have been made to the Mexican tax laws for 2020. Here are the highlights. ... - Continue reading
United States: The OECD Unified Approach Marches (Stumbles?) Forward
The OECD Secretariat proposed the Unified Approach in October 2019 to address the tax challenges arising from the digitalization of the economy. ... - Continue reading
Puerto Rico changes income tax law for intercompany charges
Puerto Rico has amended its income tax rules to allow taxpayers to fully deduct intercompany expenses if taxpayers file a transfer pricing study with their income tax return, due April 15, 2020, if not extended. ... - Continue reading
Vietnam issues Draft Pronouncement on Tax Administration, Transfer Pricing, Minimum Basic Wage and Personal Income Tax
The Vietnam Ministry of Finance has issued the draft pronouncement amending certain tax rulings. Some of the main aspects of the draft include: ... - Continue reading
Report: Tax collections in Hawaii increased by about 5%
Tax collections in Hawaii were up by about 5% last year, a report said. ... - Continue reading
Tax obligations of permanent establishments
The Philippines generally follows the “source of income” rule in identifying the income that are taxable to corporations in the Philippines. ... - Continue reading
Switzerland: Tax On Inbound Investments 2020
Tax treatment of different acquisitions ... - Continue reading
India: Role Of Permanent Establishment Vis-A-Vis Indian Laws
India's position with respect to Permanent Establishment ... - Continue reading
HK, Macau reach pact to avoid double taxation
For Macau residents, double taxation will be avoided by way of exemption of the income taxed in Hong Kong from the Macau tax, or by crediting the Hong Kong tax paid against the Macau tax payable in respect of the same income. ... - Continue reading
India launches Income Tax information portal
The portal is a repository of policy and technical circulars and guidance issued by the Central Board of Direct Taxes. In an attempt to reach out to financial institutions and account holders, the Central Board of Direct Taxes has created an exchange of information portal on the income tax department… – Continue reading
Indirect linkages to Tax Havens
According to the most current Federal Tax Compliance Research Report, there is an estimated US Net Tax Gap (Tax Not Collected) of $406 Billion. ... - Continue reading
When A New York Exempt Resident Trust Meets The Sale Of A Business
Insights into the functioning of a trust ... - Continue reading
Parliament ratifies double tax agreement with Malaysia
The Verkhovna Rada of Ukraine ratified an agreement with Malaysia on the avoidance of double taxation and the prevention of tax evasion and the protocol thereto, adopting Bill No. 0002. 333 MPs voted in favor of it. It was broadcasted by official Rada Channel. The agreement extends to individual income… – Continue reading
U.S. govt deficit hits 7-year high
The U.S. government ended fiscal year 2019 with the largest budget deficit in seven years as gains in tax receipts were offset by higher spending and growing debt service payments, the Treasury Department said on Friday. It is the first time since the early 1980s that the budget gap has… – Continue reading
Dutch ditching their US citizenship over tax fears
Some 1,700 ‘accidental’ Dutch Americans have applied to give up their US nationality this year, a six-fold rise on three years ago, before a new tax law is implemented next year. As FATCA is enforced, these Dutch Americans must file a tax return in the United States. If they do… – Continue reading
Tax department posts 32pc growth in revenue in 1Q
A regional tax office posted 32 percent jump in revenue collection to Rs26.43 billion in the first quarter of the current fiscal year as tax rates on non-compliance increased during the period, sources said on Wednesday. Revenue collection by the Regional Tax Office (RTO)-II Karachi amounted to Rs19.98 billion in… – Continue reading
Canada: TFSA Non-Residence Contribution Tax Cancellation – A Toronto Tax Lawyer Analysis
For Canadians who are planning their retirement by investing their savings, the Tax-Free Savings Account (TFSA) has become an important supplement to the Registered Retirement Savings Plan (RRSP) since its introduction in 2009. ... - Continue reading
India: Rules To ‘Secondary Adjustment’ Rationalized And Clarified
The concept of 'Secondary Adjustment' was introduced in Finance Act 2017 by introducing new Section 92CE in the Indian Income Tax Act (the Act) to align transfer pricing provisions with international best practices. ... - Continue reading
Singapore: Why setting up in Singapore makes sense for business in ASEAN.
Singapore has long been a preeminent destination for setting up a regional headquarters to pursue business opportunities across ASEAN and Asia. ... - Continue reading
