Category: Legislation

Canada / Dividends / Infrastructure / Investments / Lease / Legislation / Profit Shifting / Revenue / Royalties / Tax Authority / Tax treaties / Treating Shopping / Treaty Abuse

Canada: Treaty Shopping: MIL, MLI And ALTA Things In Between

Published by: Mondaq - February 19, 2020

On February 12, the Federal Court of Appeal (FCA) released its decision in The Queen v. Alta Energy Luxembourg S.a.r.l.1 (Alta Energy), a case that represents an attempt by the Canadian tax authority to relitigate the issue of whether Canada’s domestic general anti-avoidance rule (GAAR) can apply to curtail so-called “treaty shopping”.2   ... - Continue reading

Banking / Business / Debt / Guaranty Trust Bank / Infrastructure / Legislation / Offshore / Offshore Investments / Offshore Trusts / Tax Laws

GTBank Urges FG to Introduce Structural Reforms

Posted On: February 10, 2020

The recurring inability of government to achieve its projected non-oil revenues over the years points to the need for urgent structural reforms, a report by Guaranty Trust Bank Plc (GTBank) has stated. The bank stated this in its 2020 macroeconomic and banking sector outlook, obtained yesterday. It stressed the need… – Continue reading

HM Revenue & Customs / Legislation / Tax Avoidance / Tax Evasion / United Kingdom

Extended tax liabilities for directors in insolvencies linked to tax avoidance

Published by: Lexology - November 12, 2019

Draft legislation included in the Finance Bill 2019-2020 will potentially make directors and certain other individuals closely connected to a company jointly and severally liable for a company’s tax liabilities that arise from avoidance, evasion or repeated insolvency and non-payment of tax debts or tax-related penalties of the company. ... - Continue reading

Advance Pricing Agreement / Central Board of Direct Taxes (CBDT) / Income Tax / Income Tax Act / India / Mutual Agreement Procedure / Transfer pricing

India: Rules To ‘Secondary Adjustment’ Rationalized And Clarified

Published by: Mondaq - October 16, 2019

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

Anti money laundering / Banking Secrecy / Beneficial Ownership / Legislation / Tax Evasion / Tax Reform / USA

United States: Senators Introduce Bill To Require Reporting Of Beneficial Ownership Information

Published by: Mondaq - October 8, 2019

A bipartisan group of senators introduced a bill which would impose federal beneficial ownership reporting requirements for legal entities established under state law, intended to assist law enforcement in fighting money laundering and terrorist financing ("AML/CFT"). ... - Continue reading

Activity / Bermuda / Capital Gains Tax / Directors / Fees / Inheritance Tax / Legislation / Offshore Investments / Statutory / Tax Planning / Uncategorized

Bermuda: Chambers Private Wealth 2019: Bermuda (2019)

Published by: Mondaq - October 4, 2019

1. Tax1.1 Tax regimes In Bermuda there is no income or profits tax, withholding tax, capital gains tax, capital transfer tax or inheritance tax. There is no exit or similar such tax based on a resident's wealth when ceasing to be resident and there are no other consequences of leaving the jurisdiction. Customs duties and stamp duty are major government revenue earners, with stamp duties charged at different rates and in different manners on a variety of legal documents, excluding wills. ... - Continue reading

Automatic Exchange of Information / Corruption / Income Tax Act / OECD / Offshore / Offshore Tax Evasion / Pakistan / Tax Authority / Tax Avoidance / Tax Laws

Declaration must for Pakistanis having foreign assets, income

Posted On: September 20, 2019

KARACHI: The Federal Board of Revenue (FBR) will tighten noose around offshore illicit money and assets as Pakistanis having undeclared assets abroad are required to file statement by September 30, 2019. “The FBR will launch proceedings against persons having offshore assets on the basis of available data,” an official at… – Continue reading

Canada / Double Taxation / Income Tax / Income Tax Act / Mutual Agreement Procedure / Profit Shifting / Tax Planning / Tax Refunds / Transfer pricing

Canada: Transfer Pricing: What’s New In Canada (Part II)

Published by: mondaq - September 4, 2019

Transfer pricing disputes in Canada have, predominately, been resolved through either a request for competent authority assistance under the Mutual Agreement Procedure ("MAP") of a treaty, or, to a much lesser extent, through the notice of objection process with CRA Appeals.  Regardless of the recent increase in transfer pricing cases being brought before the Courts, the MAP will likely continue to be the dispute resolution process most often utilized by a Canadian corporation in transfer pricing cases because, in the absence of a 100% reversal of a transfer pricing adjustment by either CRA Appeals or a Canadian court, economic double taxation may still exist as a consequence of the CRA upward transfer pricing adjustment. The correlative relief provided by the treaty partner under a MAP settlement resolves that double taxation. ... - Continue reading

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