It has been revealed that illicit financial transfers are draining Africa of massive resources needed to uplift its majority poor from the claws of poverty and provide both productive and social infrastructure for development. The African Civil Society Circle, a group of nine civil society organizations and think tanks from… – Continue reading
The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), has recently issued FAQs regarding the immobilisation of bearer shares and units, as well as a press release to remind Luxembourg alternative investment fund managers (AIFMs) and non-EU AIFMs that market alternative investment funds (AIFs) in Luxembourg under… – Continue reading
National tax laws are struggling to keep pace with the rise of the digital economy and the progress of multinational companies. These factors leave gaps that are susceptible to misuse and lead to cases of double non-taxation, which undermine the integrity and fairness of tax systems around the world. The… – Continue reading
Warning from Corn Flakes maker comes amid international pressure to close tax loopholes Kellogg’s has warned that its profits could be hurt by the international drive against tax avoidance, which is targeting structures that benefit multinationals. The US-based maker of Corn Flakes, Rice Krispies and Coco Pops is worried that… – Continue reading
New Delhi/Mumbai: In the biggest-ever tax demand slapped on them, nearly 100 foreign funds have been asked to cough up an estimated USD 5-6 billion for ‘untaxed gains’ made by them in the Indian markets over the past years. The number of affected investors can rise substantially as assessments are… – Continue reading
You may be forgiven for thinking that once you no longer live in the United States, that your ongoing US tax obligations may be relatively simple or even non-existent, particularly if you have never held a US Passport or lived in the US. However the definition of US citizen is… – Continue reading
Interview with Partner and National Leader, Human Capital Services, EY India The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015, popularly called the “anti-black money bill” has been in the news for its stringent and sweeping provisions. Sonu Iyer, partner and national leader, human capital services, EY India,… – Continue reading
As you may already be aware, eligible individuals can currently contribute up to $180,000 per annum to their super fund using after-tax monies (known as nonconcessional contributions). Eligible individuals under age 65 can also bring forward an additional two years’ worth of contributions as long as they don’t exceed a… – Continue reading
Writing for the Washington Post’s Wonkblog, and seizing the occasion of a House Ways and Means Committee vote to eliminate the federal estate tax, Matt O’Brien shines a momentary light on the estate tax, and comes up with some numbers that took me by surprise. Nominally, the inheritance tax takes… – Continue reading
The Ministry of Finance has issued ten Income Computation and Disclosure Standards (ICDS), operationalising a new framework for computation of taxable income by all assesses in relation to their income under the heads “Profit and gains of business or profession” and “Income from Other Sources”. The Central Board of Direct… – Continue reading
Advertisement A false image depicts undocumented immigrants as criminals because they entered the United States illegally and received many government benefits. Wars in Korea, Vietnam, Afghanistan and Iraq created labor shortages. Some industrial complexes and corporate agriculture used growing numbers of undocumented laborers to whom they paid less than minimum… – Continue reading
Advance Pricing Agreements help avoid transfer pricing disputes with firms New Delhi, April 3: The Central Board of Direct Taxes (CBDT) has signed three more unilateral advance pricing agreements (APAs) with companies in India, taking the overall number of APAs to nine. An APA is an agreement between a corporate… – Continue reading
Last month US Senator Roger Wicker (R-Miss.) introduced a budget amendment SA 621 to repeal the Foreign Account Tax Compliance Act (FATCA) FATCA requires foreign financial institutions to disclose to the IRS about their U.S. customers’ accounts. The U.S. loses an estimated $150 billion in tax revenue each year to… – Continue reading
The South African Revenue Service has revised its guide for individuals not resident in South Africa about the tax treatment of South Africa-sourced income. Its “Guide on the Taxation of Foreigners Working in South Africa 2014/15” deals mainly with employment income. Under the country’s income tax system, only amounts received… – Continue reading
As has been widely reported, the Finance Ministry has proposed a new property tax on land and building owners. However, Prime Minister Prayut Chan-o-cha has decided to delay the new tax, citing concerns about weak economic growth and the bill’s impact on the poor. Despite the prime minister’s latest decision,… – Continue reading
New York, NY, April 03, 2015 –(PR.com)– The Knowledge Group/The Knowledge Congress Live Webcast Series, brings together the world’s leading authorities and industry participants through informative two -hour webcasts. It has scheduled a live webcast entitled: “Emerging Issues: FATCA Goes Global LIVE Webcast” This two-hour event is scheduled on April… – Continue reading
The likely centrepiece of Treasurer Joe Hockey’s assault on multinational profit-shifting – a so-called “Google tax” – risks breaking Australia’s international tax treaties, the Parliamentary Budget Office has found. The independent adviser warned that the unilateral introduction of a “diverted profits tax” like ones being considered by Australia and Britain… – Continue reading
A senator wants to change the law so the Canada Revenue Agency is required to annually report how much money is lost to tax evasion, after a two-year battle with “stonewalling” bureaucrats to get that information. Senate Liberal Percy Downe is tabling a private bill aimed at getting a handle… – Continue reading
We asked Vincenzo Villamena, a New York-based international tax adviser and certified public accountant with Online Taxman, and his British-expat client Ed Zitron of San Francisco, to share personal finance tips for expats, particularly those hailing from the U.K. Here are their top tips: 1. Mind your pensions & QROPS!… – Continue reading
Jurisdictional issues will limit success. It’s no secret that companies including Apple, Google and Amazon, seem to pay less than their fair share of tax in Australia. Despite booking huge revenues from sales to Australian customers they are able to reduce their profits in this country by shifting profits to… – Continue reading
ACCORDING to Greens leader Christine Milne, “Superannuation in Australia has become a tax haven for the wealthy.” Yet as far as most Australians can see, there is only one guaranteed, rolled-gold tax haven in the whole country. It’s called Parliament House, where a fortunate group of people are set to… – Continue reading
The Barbados Government Information Service has announced that negotiations are in progress for a double taxation agreement between Cyprus and Barbados, as well as for co-operation in other areas, such as tourism. At a recent meeting with the Barbadian Prime Minister the Cyprus High Commissioner to Barbados expressed his optimism… – Continue reading
April 2: Guidance from the State Bank of Vietnam provides financial institutions and branches an automatic 90-day extension of time in which to file their FATCA reporting forms. Therefore, financial institutions have until 30 June 2015 to file their FATCA reports to the U.S. tax agency (IRS). KPMG observation Pending… – Continue reading
An agreement to lower the mainland withholding tax for aircraft and ship leasing is a crucial first step towards realising the Hong Kong government’s ambition of making the city an international centre for financing a global aviation industry that will need US$4.6 trillion worth of planes in the next two… – Continue reading
The Shanghai-Hong Kong Stock Exchange Connected is working out its kinks and investors are taking notice. Hong Kong and Beijing signed a tax treaty on Thursday that ends double taxation for equity traders, which was one of the sticking points for local brokers hoping to buy into China’s massive mainland… – Continue reading
A new circular says multinational corporations like Google and Facebook will pay taxes on online business with Israelis. Foreign Internet companies and another other foreign corporation with significant business in Israel must register with the VAT authorities as authorized dealers, and their transactions are liable to VAT. Under certain conditions,… – Continue reading
One million American citizens in Canada face double tax troubles. Max Reed explores these challenges in a spring series If you’re a U.S. citizen living in Canada, you might be frantic about the IRS tax crackdown and hefty fines if you haven’t been tax compliant. How fast can the IRS… – Continue reading
Ireland has been targeted by a new Greek law that the country’s government says is aimed at combating the nation’s widespread corporate tax avoidance, reports the Irish Independent. However, critics say a new tax regime that explicitly targets companies doing business in Ireland, Cyprus and Bulgaria undermines Europe’s common market… – Continue reading
Puerto Rico’s governor has signed a law that requires service providers to accept at least two different types of payment in a push to crack down on tax evaders. The law applies to anyone requiring a license or legal authorization to provide services. It is common for doctors, lawyers and… – Continue reading
The Bangladesh-China-India-Myanmar (BCIM) economic corridor and China’s proposed ‘Silk Road Economic Belt and 21st-Century Maritime Silk Road’ are “closely” related, Beijing says as it has unveiled action plans on this joint ‘Belt and Road Initiative’. Chinese President Xi Jinping during his visits to Central Asia and Southeast Asia in 2013… – Continue reading
DONETSK: The year-long conflict in east Ukraine has closed businesses across this industrial heartland, ramping up unemployment, crippling finances and leaving it ever more reliant on Moscow. Fierce fighting between government forces and pro-Russian rebels has ravaged a region that once provided 25 percent of the nation’s exports and has… – Continue reading
Hundreds of members of the diamond exchange attended a meeting on anti money laundering in the diamond sector held at the Cullinan restaurant last Thursday. During the meeting, members received a detailed review of the main elements of the order against AML that takes effect next year, and the measures… – Continue reading
In 2015, Singapore celebrates its 50th year of independence and also mourns the passing of its first Prime Minister Lee Kuan Yew who steered Singapore’s success for many critical years. From its origins as a British trading post in 1819, Singapore has grown into one of the busiest ports and… – Continue reading
Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is… – Continue reading
I. Introduction In an effort to crack down on individuals obtaining U.S. citizenship illegally, the U.S. Department of Justice recently raided several “maternity tourism” operations in Southern California.1 These companies cater to wealthy foreigners seeking to give the gift of U.S. citizenship to their children. Since at least 1868, the… – Continue reading
Hong Kong (HKSAR) – The Secretary for Financial Services and the Treasury, Professor K C Chan, signed the Fourth Protocol to the Arrangement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income with the Mainland (the Fourth Protocol) with the Deputy Commissioner… – Continue reading
Australia’s biggest 900 companies claimed tax deductions and exemptions worth a total $25 billion last year – enough to wipe out two-thirds of the current federal budget deficit at a stroke. As Treasurer Joe Hockey prompted a national “conversation” about tax reform, including the prospect of a higher and broader… – Continue reading
(Reuters) – The government of the British Virgin Islands (BVI) said it has no plans to establish a central register of true company owners, despite pressure from Britain to adopt the anti-money laundering and tax evasion measure. The BVI said in a statement on Wednesday it was backing other measures… – Continue reading
Hong Kong’s Secretary for Financial Services and the Treasury, K C Chan, has described the various tax policies that the Government intends to pursue in the coming year. As part of his testimony before the Legislative Council (LegCo) Finance Committee special meeting on the 2015-16 Budget, Chan stressed that the… – Continue reading
PETALING JAYA: Local car companies can claim the 10% sales tax on unsold stock after the implementation of the goods and services tax (GST) – if they can produce documented proof of purchase. “If you’re holding stocks that had been paid for, you will get a full refund if you… – Continue reading
As Tax Day approaches, homeland Americans scurry to file their annual tax filing obligations. But for an estimated 7.6 million Americans working and living overseas, they have an obligation to not only pay taxes in their respective countries where they live; they need to pay the piper in homeland America… – Continue reading
United Kingdom In Tower Radio Limited and another v HMRC5, the taxpayers successfully utilised a scheme which was designed to take advantage of Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA). Background During the periods relevant to this case, no liability to income tax arose under… – Continue reading
Malaysia has introduced a new Goods and Services Tax of six percent. However, the country’s Customs Department has said that confusion over the new tax will last six months to a year. Consumer concerns regarding the GST have been over price increases, whereas businesses concerns have focused on compliance costs… – Continue reading
A recently released discussion paper has found that Australia finds Bitcoin as becoming a threat to the country’s tax system. The paper said new technology and globalisation are among the main factors pushing multinational practices to engage in tax avoidance. According to the paper, news ways transacting such as Bitcoin… – Continue reading
Russia’s Parliament, the Duma, has approved a draft law to allow taxpayers to regularize previously undeclared assets held offshore. The Russian Government said on March 27, 2015, that the law, “On the Voluntary Declaration of Property and Bank Accounts (Deposits) by Individuals,” will allow taxpayers to repatriate assets taken out… – Continue reading
Multinational companies who have filed applications for advance pricing agreements can now file their rollback applications by 30 June The income tax department has extended the deadline for filing of roll back applications for transfer pricing agreements by three months. Multinational companies who have filed applications for advance pricing agreements… – Continue reading
Bulgaria complained Monday to the European Commission about a new Greek law battling corporate tax avoidance that Sofia warns could undermine trade between the two Balkan neighbours. In a letter to European Economic Affairs Commissioner Pierre Moscovici, Bulgarian Finance Minister Vladislav Goranov took exception with Athens’ introduction of a 26… – Continue reading
The Tax Information Authority of the Cayman Islands, the country with the highest number of financial institutions registered with the Internal Revenue Service under United States FATCA, recently went live with the Vizor Software for FATCA & AEOI solution in order to meet their FATCA obligations. Today, Vizor Ltd. announced… – Continue reading
TOKYO: Japan companies have pressure to use their near-record cash stockpiles to help drive growth, with Finance Minister Taro Aso saying Thursday the government should consider a tax to prod businesses into action. “Japan should carefully consider issues like this,” Aso said in Parliament in response to a question from… – Continue reading
Sukankan Roy’s Sound of Joy has won the best Animation Film at the 62nd National Film Festival. The movie is based on Swami Vivekananda’s childhood stories. Sukankan Roy and the entire team of Aura Cinematics along with animator Rishi Sahay won a cash prize of Rs 50,000 from the President… – Continue reading
