KPMG in Saudi Arabia is hosting a seminar on taxation of US individuals and the impact of Foreign Accounts Tax Compliance Act (FATCA) at the Marriott Hotel in Riyadh on May 26. Under US tax law, US citizens and US permanent residents (green card holders) are required to file US… – Continue reading
The Income Tax Treaty between Guernsey and Monaco entered into force on 9 May 2015 and its provisions will take effect from 1 January 2016. The Treaty was signed on 7 April 2014. In accordance with the treaty, the following withholding taxes will apply: Dividends: 0%. Interest: 0%. Royalties: 0%.
The Australian government announced a world-leading crackdown on Monday on alleged tax avoidance by 30 multinational companies that will likely force them to restructure their businesses before next year, reports Reuters. “These companies are diverting profits earned in Australia away from Australia to no-tax or low-tax jurisdictions,” Treasurer Joe Hockey… – Continue reading
Ease of integration and flexibility of strategic reporting platform drive Colombia’s largest bank to expand partnership Tax reporting solution now deployed in five countries as a result of agreement AxiomSL, a leading provider of regulatory reporting and risk management solutions to the financial services industry, announced today that Bancolombia, Colombia’s… – Continue reading
A mixed bag of topics for this week’s edition of Lifelines: ‘Gaijin card’ deadline looms First up are the new residence cards, which have replaced the old alien registration cards (aka gaijin cards) for foreign residents. If you are still using your old card, be aware that the deadline for… – Continue reading
The government should stop looking for more borrowed money and take immediate steps for resource mobilisation to overcome fiscal deficit Taxation is a lot like sheep shearing. As long as you shear a sheep, it will continue to produce a new crop of wool but you can skin the animal… – Continue reading
You’re just over a month to prepare for the provision of the first Russian banks reporting FATCA. In the future, Russia will reach the full exchange of information with the United States, who also contribute to the development of the domestic economy. By June 29, the Russian banks will be… – Continue reading
Chile’s Senate on May 5, 2015, approved a bill that strengthens the Internal Revenue Service (SII). The bill was passed with 30 votes in favor and none against, with one abstention. It will now be sent to the Chamber of Deputies for consideration, following changes made by the Senate. The… – Continue reading
Recently the Polish Ministry of Finance has presented a new bill introducing amendments to the Tax Ordinance and proposed amendments to the income tax regulations. Deferral of the effective date of the general anti-abuse clause On May 4, 2015 the Polish Ministry of Finance published a draft amendment to the… – Continue reading
Bold step on non-resident levy likely to be first of many. A tax policy paper released yesterday proposes changes on the taxation of non-residents in respect of New Zealand-sourced interest income. These changes, if implemented, will affect large multinationals, banks and even individual New Zealand borrowers. As the first significant… – Continue reading
THE THAWING OF RELATIONS between the United States (US) and Cuba will open up the opportunity for Barbados to “serve as an intermediary for investment into Cuba”. But two prominent American lawyers, including one who advises Government, have warned that the “on paper” advantage Barbados has under its double taxation… – Continue reading
The Income and Capital Tax Treaty between Ireland and Thailand entered into force on 11 March 2015 and will enter into effect on 1 January 2016. The Treaty was signed on 4 November 2013. In accordance with the treaty, the following withholding taxes will apply: Dividends: 10%. Interest: • 0%… – Continue reading
Corporations that have reclassified themselves as “foreign-owned” received approximately $1 billion in federal contracts over the last five years. These companies profit from American tax dollars despite avoiding U.S. taxes themselves. That could soon change. Two members of Congress have reintroduced legislation that would block these companies from winning lucrative… – Continue reading
Majlis Al-Shura held a regular session today under the chairmanship of vice speaker of the council Dr. Mohammed bin Amin Jafri. The council approved a draft agreement between the Government of the Kingdom and the Government of the Kyrgyz Republic on avoidance of double taxation and prevention of tax evasion… – Continue reading
The Government and the IRD are moving to crack-down on the big banks, overseas customers, and other offshore-owned entities that are not believed to be paying their fair whack of New Zealand tax. The IRD’s produced a 46 page issues paper making suggestions for new rules that would tighten up… – Continue reading
Minister of Revenue, Todd McClay today welcomed the release of an officials’ issues paper that seeks feedback on suggestions for helping to ensure that non-resident investors pay an appropriate amount of tax. The focus of the issues paper is the current non-resident withholding tax rules on interest earned in New… – Continue reading
The nation’s anti-corruption campaign and drive to track down economic fugitives and corrupt officials may help banks crack down on money laundering, analysts said. Banks have been updating watchlists for suspected money-laundering activities and heightening scrutiny of transactions and accounts. But they may be challenged by new forms of money… – Continue reading
The Italian Supreme Court (Corte di Cassazione) has decided that the Italian tax authorities may use details of foreign bank accounts in their tax compliance efforts, even if the data therein was obtained illegally. In a move that is thought likely to push more Italians with undeclared assets abroad towards… – Continue reading
The government has approved the report and application to the Diet a Tax Information Exchange Agreement (TIEA) and an additional protocol, as it was from the government building on Thursday. The agreement was signed in Rome on 26 February 2015. VADUZ. The TIEA is based on the applicable international standards… – Continue reading
The total “development finance” loss – counting both revenues and reinvested earnings – is estimated in the range of $250 to $300 billion. This prevents developing countries from stopping the outflow of money, which thus bleeds them of essential resources The financial crisis of 2008 had an interesting collateral benefit… – Continue reading
Top-level executives turned out for information sessions in Toronto and Calgary this week to hear a BDA-hosted delegation spell out the benefits of establishing captive insurance companies and e-commerce entities in Bermuda. The BDA said, “A 20-strong delegation from the Island delivered a compelling Bermuda message to well-attended sessions in… – Continue reading
Hong Kong’s Financial Services Development Council (FSDC) has released a report setting out recommendations on policies, including tax measures, to help Hong Kong capitalize on the increasing number of Chinese enterprises looking to invest and expand overseas. Introducing the report, “Chinese Enterprises ‘Going Global’: Opportunities and Hong Kong’s Policy Responses,”… – Continue reading
Exchange Traded Funds (ETFs) have gained huge popularity in recent times with Irish investors; however, there has been much complexity and uncertainty in relation to their tax treatment. The concept of an ETF is not specifically provided for in Irish tax legislation. It depends on the legal form and characteristics… – Continue reading
A draft law empowering shareholders to vote on directors’ remuneration, so as to ensure proper transparency and tie their pay more closely to their performance, was backed by Legal Affairs Committee MEPs on Thursday. Some large companies should also be required to disclose, country by country, information on tax rulings,… – Continue reading
Nedbank Private Wealth is an international private bank headquartered in the Isle of Man, a self-governing British Crown dependency. The bank has been growing its presence in the Middle East since January 2011 through a representative office established in Dubai and licensed by the UAE Central Bank. “Our presence in… – Continue reading
The major accounting firms and other consultants would be forced to disclose all meetings with the federal government and the Australian Tax Office under a policy proposal to be debated by the ALP National Conference. If adopted, a future Labor government would also force ministerial staffers to observe a cooling-off… – Continue reading
Arun Jaitley said that the governments of Switzerland, the UK and Spain have not provided details of any black money accounts, reports the Financial Express. The governments of Switzerland, the United Kingdom and Spain have not provided details of any black money accounts, Finance Minister Arun Jaitley said today. “No… – Continue reading
PART I – CAPITAL GAINS TAX If you are thinking of doing a Will, or you are the executor of a deceased estate, it is important to consider what taxes and duties may be payable by the estate or the beneficiaries when the time comes for an executor to deal… – Continue reading
Shayne Nelson, Chief Executive Officer of Emirates NBD, muses how corporate governance, risk and compliance have changed beyond recognition since he first came to the region. Shayne Nelson has seen a lot of change in his extensive banking career, which has spanned several continents. With roles including Chairman of Standard… – Continue reading
The United Arab Emirates and Romania signed a new Income Tax Treaty on 5 May 2015. Once the new treaty enters into force and becomes effective, it will replace the existing one of 1993. Further details will be reported once the new treaty text becomes available.
All the world’s major banks have connections between each other and work together in a secret network to help people evade taxes, whistleblower and former HSBC IT engineer Hervé Falciani said yesterday, warning that illegal offshore transactions can’t be carried out through one single bank but only with the help… – Continue reading
Officials from Mexico’s Tax Administration Service (SAT) met with Costa Rican tax administration officials from April 20 to 22, 2015, to share their experiences in the area of tax information exchange. The Costa Rican authorities learned from Mexico’s experience in implementing the US Foreign Account Tax Compliance Act (FATCA) and… – Continue reading
NEW DELHI: Ahead of Prime Minister Narendra Modi’s visit to South Korea this month, the Cabinet today approved revising the double tax avoidance pact with Seoul to provide tax stability and facilitate flow of investment and technology between the countries. The Cabinet headed by the Prime Minister gave its approval… – Continue reading
“We will raise at least £5 billion from continuing to tackle tax evasion, and aggressive tax avoidance and tax planning, building on the £7 billion of annual savings we have delivered in this Parliament.” Conservative Manifesto “[We would raise] a further £6bn from tax dodgers.” Lib Dem press release, 19… – Continue reading
UK funds invested in India could face demands for tax from which they thought they were exempt. Minimum alternate tax (MAT), a tax on the book profit of a company, has been in existence in India in its current form since 2001 and is levied at 18.5 per cent. Because… – Continue reading
The Central Board of Direct Taxes [CBDT] on 26th March 2015 issued a Circular no. 4/2015 wherein they have clarified that while interpreting the provisions of Section 9(1)(i) of the Income Tax Act, 1961 [herein after referred to as ‘Act’] read with Explanation 5 inserted to the said section by… – Continue reading
Back when the Affordable Care Act was still a new concept—that is, before we found out that it has exceeded even our most optimistic expectations—more than a few prominent Americans were threatening to expatriate from the US if Obamacare was successfully signed into law. Well, disappointing though it may be,… – Continue reading
The Foreign Account Tax Compliance Act is meeting with some success in prompting foreign banks to disclose the holdings of U.S. taxpayers to the Internal Revenue Service, according to a former IRS official. FATCA was included as part of the HIRE Act of 2010 and requires foreign financial institutions to… – Continue reading
For the fourth consecutive year, PKF Malta will be participating in Canada’s premier Captive Insurance event for risk managers. Captives & Corporate Insurance Strategies Summit will take place in Sheraton Center Toronto, located in the heart of this vibrant city, on 27th-28th May2015. In this year’s event, George Mangion, Senior… – Continue reading
The deductibility of interest has for years been a contentious issue and this has been reaffirmed with the introduction of section 23M into the Income Tax Act No 58 of 1962 (the “Act”) with effect from 1 January 2015. A further addition to the interest sphere of income tax is… – Continue reading
In what may come as a relief to foreign portfolio investors (FPIs), the Bombay High Court has issued a stay on the tax department’s order seeking minimum alternate tax (MAT) from Aberdeen Global Emerging Markets. In what may come as a relief to foreign portfolio investors (FPIs), the Bombay High… – Continue reading
As discussed in our previous legal update The Tax Man Cometh: Not Only Long Awaited “Safe Harbor”, Notice No.7 is set to present a different income tax regime for non-tax resident enterprises (“Non-TRE”). In addition to the long awaited “Safe Harbor”, it is worth-noting that Notice No.7 has introduced new… – Continue reading
Dubai – The Ministry of Finance (MoF) recently signed a MoU with Ras Al Khaimah Investment Authority (RAKIA). This MoUhas been signed to ensure the implementation of international standards of transparency in the exchange of information for tax purposes, as per Organisation for Economic Cooperation and Development (OECD) regulations and… – Continue reading
It’s a race against time for governments of the worlds’ largest economies seeking a coordinated plan to make it more difficult for multinational corporations to shield profits overseas. Some countries are preparing to act on their own. International finance leaders from advanced- and developing- economies are set to gather Wednesday… – Continue reading
Choosing the right location for the centralization and management of your IP is a very important strategic business decision. The ideal location to establish an IP structure is one that can serve the organization’s business strategies/model, safeguard and protect its IP and more important to contribute to its tax optimization…. – Continue reading
Jason Porter explores the tax regimes in Portugal, France, Malta and Cyprus – four of the most advantageous territories for UK ex-pat retirees People aged 55 and over are now entitled to their pension in the form of a lump sum, to be taxed at marginal rates applying in the… – Continue reading
Part Seven in our series comparing ASEAN business costs with China Singapore is the de facto financial and services hub for ASEAN, and as a city state with such a remit it is more pertinent to compare the dynamics of Singapore with Hong Kong rather than China as a whole…. – Continue reading
U.S. Ambassador to Armenia Richard Mills on Tuesday confirmed reports that a U.S.-Armenia Trade and Investment Treaty will be signed during President Sargsyan’s working visit this week to Washington, DC, the final step in the negotiation of a bilateral economic accord long sought by the Armenian National Committee of America… – Continue reading
In the 2015 Budget Speech presented to the National Assembly on 25 February 2015 the Minister of Finance announced that amendments will be proposed to change the rules for the digital economy in line with the latest guidance issued by the Organisation for Economic Co-operation and Development (“OECD”) in its… – Continue reading
BRUSSELS–The European Union won’t meet a self-imposed June deadline for deciding whether four multinational companies including Apple Inc. and Amazon.com Inc. benefited from illegal tax sweeteners, the bloc’s antitrust chief Margrethe Vestager said Tuesday. “We won’t meet the deadline we set ourselves [of] the end of the second quarter,” Ms…. – Continue reading
