Category: Legislation

Big corporates seek lower tax rate

Some of New Zealand’s largest companies are calling on any future government to lower the corporate tax rate, which is becoming high compared to other countries, and a “New Zealand first” approach to policing cross-border finance arrangements that under-tax revenue in other countries. Published jointly by peak business lobby Business...

UK: The UK Company: A Tax-Efficient Business Vehicle For International Investors

This article is the third of a series of articles that examines tax aspects of the UK company which make it an attractive international business company, or “IBC”. This generic label, and its acronym, are normally associated with the BVI company, and its international competitors in other offshore financial centres....

Tech-based tax services gain pace to ensure businesses comply with global digital transparency standards

Global consultancy EY among firms now offering advanced services that redefine how companies face new developments in tax, audit and compliance Rigid new global initiatives to increase transparency of business data are giving rise to more advanced professional tax services, which employ innovative tools that include cloud computing, financial technology...

Worldwide: Italy And Greece Among Most Complex Places In The World For Accounting And Tax Compliance

Italy is the most complex jurisdiction in Europe and comes in first place globally for ‘tax’ complexity, while Greece is most complex in the world for ‘compliance.’ Italy and Greece are among the five most complex jurisdictions in the world for Accounting and Tax compliance, according to TMF Group’s inaugural...

EU Takes Legal Action Against Portugal, Two Others on Tax Deals

The European Commission launched legal proceedings against Portugal, Bulgaria, and Cyprus for not adopting, in their national laws, European Union legislation requiring all EU countries to exchange tax rulings granted to multilateral companies. The legislation was adopted in the wake of the 2014 LuxLeaks scandal that revealed more than 100...

Germany’s Schaeuble Defends Resistance to EU Public Tax Reporting

German Finance Minister Wolfgang Schaeuble defended his opposition to pending European Union legislation that would force large multinational companies to publicly disclose, on a country-by-country basis, their taxes paid and profits. Schauble, who testified before the EU Parliament’s Panama Papers investigative committee July 11, said public reporting of companies’ tax...

Cyprus: Saying Goodbye To Back To Back Loans And Welcoming Transfer Pricing Regulations

A. Introduction In February 2017 Cyprus Tax Department has announced that the current practice regarding profit margins between related Company loans will be abolished by the 30th June 2017. The announcement indicates that the minimum acceptable margins will apply up to 30th June 2017, and as from 1st July 2017...

TAJ Reports Perfect Record For FATCA Filings

Tax Administration Jamaica (TAJ) reported on Tuesday that local financial institutions required to report under the Foreign Account Tax Compliance Act (FATCA) are now 100 per cent compliant. FATCA is United States legislation designed to target US taxpayers holding accounts and assets outside that country and are non-compliant with US...

Tax avoidance crackdown will have ‘chilling’ effect on recruiters

A Europe-wide crackdown on tax avoidance schemes is set to have a “chilling” effect on recruiters and intermediaries marketing such schemes. The Guardian reported this week that the European Commission will publish proposals tomorrow to force financial intermediaries to automatically disclose any new cross-border tax schemes offered to clients. According...

Republicans debating remedies for corporate tax avoidance

President Donald Trump and Republican leaders in Congress will soon confront a complex challenge for tax reform: how to limit U.S. corporate tax avoidance schemes that take advantage of low tax rates in foreign countries. Congressional and administration staff have begun to examine options to address profit-shifting schemes that include...

South Australia’s competitive tax regime is set to attract astute commercial property investors

SOUTH Australia is set to become the most competitive tax jurisdiction for commercial investment in Australia according to Collier’s International’s latest Radar research. The boast is prompted by the introduction, on July 1, of the state government’s second stamp duty reform which will come into effect as part of comprehensive...

Tax avoidance schemes on the rise – BURS

The Botswana Unified Revenue Service (BURS) says tax avoidance schemes such as transfer pricing, base erosion and profit shifting appear to be on the rise in the country. Transfer pricing is regarded as a tax avoidance scheme in which multinational corporations shift profits to low tax jurisdictions and avoid taxes...

Hungary Approves Advertising Tax Hike

The Hungarian parliament has approved an increase to the country’s advertising tax, despite concerns that the measure breaches European Union state aid rules. The new legislation increases the advertising revenues tax from 5.3 percent to 7.5 percent beginning July 1, 2017. However, because companies do not pay the tax on...

Westpac: We Will Have To Pass On Aus Bank Levy

Westpac has said that Australia’s new bank levy will cost it around AUD370m (USD275.7m) a year, and warned that “no company can simply ‘absorb’ a new tax.” In a letter to shareholders, Westpac chair Lindsay Maxsted described the tax as “bad public policy.” He said that the Government intends to...

Government issues regulation to end bank secrecy

The Indonesian government on Tuesday issued a regulation in lieu of law (Perppu) to end bank secrecy in the country, with officials of tax offices allowed to directly access bank accounts owned by both Indonesian citizens and foreigners. Perppu No. 1/2017 on financial information access for taxation purposes was signed...

Tax on offshore investments: time to come clean

The South African Revenue Service (SARS) launched the Special Voluntary Disclosure Programme (SVDP) in October 2016, providing taxpayers with the opportunity to make good on any tax and/or exchange control contraventions of which they may be guilty in relation to offshore investments. The nine-month window period opened on October 1,...

Cyprus: Tax Evasion Or Tax Avoidance: A Predicate Offence Under Cyprus Anti-Money Laundering Laws?

Money laundering offences usually consist of conduct which seeks to conceal the criminal origin of wealth. When it was first introduced into the legal order in the 1980s, the principal objective of anti-money laundering legislation was to combat the introduction of the proceeds of drug dealing into the legitimate economy...