Mauritius to add new tax incentives, changes to partial exemption regime
New tax motives coming for Mauritius ... - Continue reading
Category: Legislation
Netherlands announces tax policy agenda for 2019
The Dutch government on May 29 announced its priorities and timelines in the area tax policy, including how the Netherlands intends to deal with tax evasion and tax avoidance and improve the Dutch investment climate. ... - Continue reading
Australian tax office addresses transfer pricing, debt-equity rule interaction
Tax authority of Australia takes measures on tax issues ... - Continue reading
Gibraltar joins “Inclusive Framework on BEPS” working on multinational group tax issues
Gibraltar joins the list of jurisdictions to sign the framework on BEPS ... - Continue reading
New Zealand: New Zealand’s Revised International Tax And Transfer Pricing Guidance
Duff & Phelps' Transfer Pricing Alliance Partner, TP EQuilibrium AustralAsia, contributed their insights, expertise and perspectives on this new development. ... - Continue reading
United States: The OECD Releases 2017 Full Version Of Model Tax Convention
On April 25, 2019, the OECD released the 2017 full version of the Model Tax Convention on Income and on Capital ("MTC"). ... - Continue reading
M. Venkaiah Naidu calls upon all nations to join hands for automatic exchange of information on black money
The Vice President of India, M. Venkaiah Naidu has called upon all nations to join hands in ensuring automatic exchange of information on black money and speedy extradition of economic fugitives. Shri Naidu asserted that all countries must speak with one voice to eliminate terror and economic frauds. “As we… – Continue reading
Offshore gaming operators warned
State-run Philippine Amusement and Gaming Corp. sternly warned errant offshore gaming operators to strictly comply with regulations and pay proper taxes to the government, saying concerned tax agencies are closely monitoring how they conduct business in the country. “Let this serve as a final warning for everyone to strictly comply… – Continue reading
Mauritius rule changes may hit offshore funds
Funds may lose tax benefit after rule amendment. Mumbai: The Mauritius government’s proposal to amend tax residency rules for companies is giving jitters to foreign funds operating from the tax haven. Mauritius has recently announced that it is amending rules for determining tax residency for companies so that a company… – Continue reading
First Look: US IRS issues final GILTI regulations, proposed DRD regs
Guidance on the final GILTI regulations ... - Continue reading
New Zealand digital services tax update
New Zealand Inland Revenue on 4 June 2019 launched a consultation seeking public feedback on New Zealand’s approach to a digital services tax. ... - Continue reading
Switzerland, Iran sign protocol amending tax treaty
Amendment in treaty for OECD/G20 base erosion profit shifting (BEPS) plan signed ... - Continue reading
Cyprus: Cyprus–Kazakhstan First-Time Double Tax Treaty: Cyprus Ratifies
On 24 May 2019, Cyprus ratified the first-time double tax treaty it had signed with Kazakhstan on 15 May 2019 (the DTT). Certain legal procedures now need to take place in both states following which the DTT will ‘enter into force’. The DTT will be ‘in effect’ as from the… – Continue reading
Government Should Investigate BAT’s Tax Evasion
Kenya Tobacco Control Alliance KETCA has today called upon the government to prioritize regulations that enable the maximization of corporate tax revenue from British American Tobacco (BAT) Company. The KETCA Chairman, Joel Gitali said that BAT avoids paying full corporate taxes which would have been used for public services like… – Continue reading
Cyprus to adopt new Transfer Pricing regime
After consulting with professionals in the Mediterranean island’s service sector the Finance Ministry is drafting a bill on Transfer Pricing guidelines. The Transfer Pricing regime concerns tax treatment of intra-group financing transactions. The draft bill aims to put an end to the over-pricing of intra-group invoices so that any low… – Continue reading
BIR to release final estate tax amnesty regulations within next few days
The Bureau of Internal Revenue (BIR) will release within the next few days the final estate tax amnesty regulations to settle the estimated P6.2 billion outstanding tax debts due from the heirs of the decedents all over the country. Taxpayers are given two years from the effectivity of the finalized… – Continue reading
TAX FIX WOULD MAKE SUMMER SWEETER FOR RENTERS AT THE SHORE
Lawmakers want to ease the tax bite on most short-term rentals, but agreements made through Airbnb and similar marketplaces would still face 12 percent levy A new state tax meant to help level the playing field for hotels and motels amid rising competition from online rental marketplaces like Airbnb may… – Continue reading
UK – HMRC WINS TWO TAX AVOIDANCE CASES OVER USE OF OFFSHORE TRUSTS
The HMRC has successfully argued two cases in the First-tier Tribunal involving the use of offshore trusts to avoid tax and National Insurance Contributions (NICs). The case was brought against Hyrax Resourcing Limited and Curzon Capital Limited. The Tribunal decided in both cases that the disguised remuneration arrangements being promoted… – Continue reading
Tax Incentive Bill Clashes With Property Tax Relief In Legislature
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… – Continue reading
Aruba is no longer a tax haven
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…. – Continue reading
Court of BiH confirmed the Indictment to One Person for Tax Evasion in Amount of Half a Million BAM
On 11 February 2019 the Court of Bosnia and Herzegovina confirmed the indictment in the case of Selman Husejin et al. charging the accused Selman Husejin with the continued criminal offense of Tax Evasion or Fraud under Article 210(4) as read with Paragraph 1, and Article 54 of the Criminal… – Continue reading
Tax substitution as double taxation
The power to levy tax in Nigeria, being a federation, is shared between the Federal, State and Local governments. To avoid double taxation, the tax system spells out which government unit (federal, state or local) has the power to levy tax on specific persons and matters. The Federal Inland Revenue… – Continue reading
Number of tax return filers increases to hit record 1.96 million
KARACHI: Number of tax return filers has increased around seven percent year-over-year to hit the record 1.96 million for the tax year 2018 as the government extended the deadline of filing three times to April 30, sources said on Wednesday. The FBR received 1,963,348 returns by April 30, 2019, which… – Continue reading
FBR documents Rs75 billion properties under amnesty scheme in July-March
KARACHI: The Federal Board of Revenue (FBR) has documented Rs75 billion worth of properties during the first nine months of the current fiscal year of 2018/19 under a tax amnesty scheme; although the revenue collection fell a quarter year-on-year on uncertainty about the concessions, sources said on Tuesday The sources… – Continue reading
Philippine FIU Seeks an End to Bank Secrecy Law
The AML Council is seeking additional powers to combat financial crime, including the lifting of the bank secrecy law, which would allow it to check all accounts regardless of transaction thresholds. The Philippine AMLC (Anti-Money Laundering Council) is seeking additional powers to combat financial crime as part of the BSP… – Continue reading
Peruvian Government Passes Law to Tackle Tax Avoidance
LIMA, PERU — The Peruvian government passed a law on Monday aimed at closing loopholes that allow companies to avoid paying taxes, estimating it will be able to collect additional revenues equal to nearly 1 percent of gross domestic product per year. The law, which was passed by decree after… – Continue reading
Metro Vancouver developer and builder sentenced for tax evasion
A developer and builder based in Anmore has been found guilty of tax evasion and making false statements under the Income Tax Act, the Canada Revenue Agency (CRA) announced on Friday. According to the CRA, Willi Isaak was sentenced to pay a $23,100 fine, after being found guilty on two… – Continue reading
EU passes legislation protecting whistleblowers to encourage wrongdoing
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… – Continue reading
Tax hope
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… – Continue reading
BVI anticipates financial sector boom under new rules
The financial services sector in the British Virgin Islands is set to soar as the new economic substance rules are expected to triple the number of persons employed by the industry. Under the new rules, it is mandatory for offshore financial services companies to set up physical offices in the… – Continue reading
Democrats introduce bill to curb tax havens
Rep. Lloyd Doggett, D-Texas, a member of the House Ways and Means Committee, and Senator Sheldon Whitehouse, D-R.I., a member of the Senate Finance Committee, introduced a pair of bills aimed at stopping corporations from using offshore tax havens and outsourcing jobs to other countries. The first bill, the No… – Continue reading
Crown Dependencies oppose UK ‘public register’ proposals
The chief ministers of Jersey, Guernsey and the Isle of Man are united against the recent proposals from Westminster to force public registers of company beneficial ownerships in the Crown Dependencies. More than 40 MPs have signed an amendment attempting to force the Crown Dependencies and British Overseas Territories to… – Continue reading
Panama Approves Tax Evasion as a Crime: Law 70 of January 31st, 2019
Panama enacted the Law 70 of 2019, where the Tax Evasion is considered a crime by adding said dispositions to Criminal Code and modifying the Tax Code. This new law brings Panama to a new level of compliance under International Law, as it was one of the few countries in… – Continue reading
Barbados OECD compliant
Barbados is no longer under threat of a negative listing by the Organisation for Economic Co-operation and Development (OECD). Minister of International Business and Industry, Ronald Toppin, made this disclosure during an international tax conference with stakeholders in New York on Thursday. Minister Toppin said his Ministry had received confirmation… – Continue reading
Italy: Moving To Italy – The Resident Non-Domiciled Tax Regime
During 2017 the Italian Government introduced a new tax regime: The Resident Non-Domiciled Tax Regime(also known as the “Flat Tax Regime”), with the aim of attracting high net worth individuals who want to relocate to Italy. The new legislation introduced a key change to the general principle of worldwide taxation… – Continue reading
Countdown to the amended South African Expatriate tax law
The announcement by National Treasury and SARS in 2017 that the tax exemption on South African expatriates is set to change, has resulted in the lifestyle of many South Africans, who are employed by companies abroad, to rapidly change from a South African tax liability point of view. By Claudia… – Continue reading
Banks may declassify expatriate client data
KUWAIT CITY, Jan 13: The Fatwa and Legislation Department has submitted to the Council of Ministers a draft law that allows banks to declassify the data of their customers, as provided by the CRS Convention on Join Reporting, reports Al-Rai daily quoting sources. The Common Reporting Standard (CRS) is an… – Continue reading
BankThink AML enforcement needs more whistleblowers
In recent weeks, major anti-money-laundering enforcement actions have highlighted the critical role of whistleblowers in government efforts to curb illegal movement of funds. The German raids of Deutsche Bank, U.S. indictments of three employees and a client of Panamanian law firm Mossack Fonseca, and an earlier Danske Bank money-laundering investigation… – Continue reading
Bermuda: Economic Substance Legislation Tabled In Bermuda
Continuing its ongoing commitment to the development and maintenance of the very highest standards of economic and financial propriety, the Bermuda Government has tabled legislation that embraces a global initiative to combat base erosion and profit shifting (BEPS). The legislation, which was tabled in the House of Assembly on 7… – Continue reading
Isle of Man approves law to avoid EU blacklist
The Isle of Man’s parliament has approved tax legislation that will allow the jurisdiction to avoid being put on the European Union’s blacklist. Tynwald gave the green light this week to the Income Tax (Substance Requirements) Order 2018. This means that from January 2019, companies engaging in “relevant activities” will… – Continue reading
Cayman drafts law requiring substance tests for offshore businesses
The Cayman Islands government has published draft tax legislation that will have far-reaching impact for the offshore finance industry operating in the jurisdiction by demanding that certain Cayman-registered companies have an adequate level of economic substance locally. The International Tax Co-operation (Economic Substance) Bill 2018 introduces a substance test for… – Continue reading
EU Details Action Plan On Money Laundering
European Union finance ministers worked out a plan for combating money laundering and also made a deal on major bank reform on Tuesday (Dec. 4), according to reports from Reuters. The money laundering plan is a response to highly visible cases of alleged criminal activity at EU banks in countries… – Continue reading
Tax transparency watchdog urges Israel to step up moves against money laundering
After global index puts Israel in top third of most financially secretive countries, NGO calls for more public scrutiny and regulations to stop rich from hiding their assets Israel must immediately move to pass regulations against tax evasion and money laundering if it is to protect its credit rating and… – Continue reading
Worldwide: UK Tax Round Up – November 2018
General UK Tax Developments Finance Bill The Finance (No 3) Bill 2018-19 (which will become the Finance Act 2019) was published on 7 November and includes legislation to enact the changes highlighted in our UK Budget blog post ( UK Budget Blog). Another key area covered by the Finance Bill… – Continue reading
NRIs don’t need to reveal details of foreign bank accounts, assets to Indian tax dept: I-T Tribunal
The Income-Tax Appellate Tribunal (ITAT) has said NRIs do not need to reveal details of their foreign bank accounts and assets to Indian authorities. The tribunal has also ruled that the onus is on the I-T Department to prove an assessee has parked undeclared income arising from India in foreign… – Continue reading
Canada: Common Reporting Standard Is Now Fully In Effect – If You Have Been Hiding Funds Or Assets Offshore, Now Is The Time To Disclose
Introduction – Offshore funds and Canada Revenue Agency’ reach Gone are the days when offshore bank accounts were outside the Canada Revenue Agency (CRA)’s reach. With the advent of the Common Reporting Standard (CRS), CRA automatically receives financial information of Canadian taxpayers who own bank accounts or assets in other… – Continue reading
Barbados minister foresees OECD compliance by year-end
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… – Continue reading
India-China amends double taxation avoidance treaty
New Delhi, Nov 26 India and China have amended the bilateral tax treaty which will help prevent tax evasion by allowing exchange of information, the Finance Ministry said Monday. The Government of India and the People’s Republic of China have signed a protocol on November 26, 2018, to amend the… – Continue reading
UK lawmakers seek removal of 12-year offshore investigation limit
Britain’s parliamentary upper house has requested the current investigation limit set out in the Draft Finance Bill 2018 be scrapped. The House of Lords’ request to HMRC would, if passed, remove the 12-year offshore investigation limit from the Draft Finance Bill 2018 – a proposal that has seen an outcry… – Continue reading
