The US Internal Revenue Service (IRS) has issued guidance on the voluntary disclosure regime now in force, following the termination of its offshore predecessor on 28 September 2018. The new rules are effective for all disclosures after that date. And the possible penalties have gone up quite significantly. One of...
The government is targeting Rp 1.51 quadrillion (US$99.29 billion) in tax revenues for 2019, or 16.67 percent higher than this year’s target. Meanwhile, it has set a 12.11 percent tax-to-gross domestic product (GDP) ratio. “We have implemented tax amnesty. It was an initial step. We also have access to banking...
The automatic exchange of information between Switzerland and the European Union came into effect on Monday. Owning property abroad without declaring it will no longer be possible. The deadline of September 30 ended the possibility of coming forward voluntarily, reported Swiss public television, RTS, on Sunday. For latecomers who have...
KARACHI: The Federal Board of Revenue (FBR) is all set to launch a major crackdown against individuals with concealed and untaxed offshore assets from next week as the revenue body bets on financial information shared under an international treaty, officials said on Friday. The officials said the FBR finalised the...
Indonesia is set to join the global treaty on the Automatic Exchange of Information (AEOI) on tax matters this month, and will then have virtually all the “high-caliber weapons” it needs to hunt down tax evaders — not just within the country but anywhere in the world, including tax-haven countries....
ISLAMABAD: Pakistani investigators with the cooperation of Dubai authorities have traced 2,750 overseas properties in the United Arab Emirates (UAE). These overseas property empires were allegedly acquired by Pakistani nationals with illegal flight of capital and plunder of the hard-earned taxpayers’ money worth around Rs4,240 billion. Based on three intelligence...
ISLAMABAD: Authorities probing illegal foreign accounts and properties of thousands of Pakistanis made shocking revelations on Tuesday that the volume of these assets hidden in different tax havens abroad reached up to US$350 (Rs43 trillion). Interestingly, the authorities also revealed for the first time that only accounts and properties worth...
ISLAMABAD: The people belonging to Karachi, Lahore and Islamabad are on top on account of receiving 75 percent tax notices from the Federal Board of Revenue (FBR) for owning expansive properties in UK out of total 600-700 properties. This information has been shared by the UK tax authorities in a...
ISLAMABAD: After expiry of the tax amnesty scheme that had failed to lure owners of offshore assets abroad in a big way, the Federal Board of Revenue (FBR) has decided dispatching tax notices to 600-700 individuals having rental income from possessing expensive properties in the UK in a bid to...
KARACHI: The Federal Board of Revenue (FBR) will begin probe into the money trails of 500 high net-worth Pakistani individuals and companies having properties in the UK from August 1 (today) to discover their ‘probable’ tax evasion as an amnesty scheme for concealed local and foreign assets expired on Tuesday,...
The extension of the deadline of the tax amnesty scheme has not borne the results it was expected to. The FBR is said to have taken the advice of accounting firms to extend the deadline, but the results have not matched the early optimism. Despite this, though, the amnesty scheme...
By end of last month, over $6 billion of overseas assets had been declared by Pakistani nationals on which they paid $290 million in taxes and the amnesty scheme has been extended to the 31st of July earlier this month Affluent individuals are pushing the interim government to permit them...
KARACHI: Dubai is the offshore destination of choice for Pakistanis to park untaxed money as bulk of funds against declaration of foreign assets under the amnesty scheme were received from the Emirates, a top tax official said on Saturday. “We will disclose more details regarding declarations of foreign assets on...
ISLAMABAD: Pakistan is poised to receive information about offshore financial accounts in September 2018. This was stated by the spokesperson and member policy Dr Muhammad Iqbal while addressing a press conference on the ongoing Tax Amnesty Scheme on Friday. Due to the initiatives by the Organisation for Economic Co-operation and...
As June 30th deadline to file returns with Kenya Revenue Authority (KRA) fast closes in, a section of rich Kenyans who have hidden assets overseas are rushing to return the assets to avoid paying taxes. Tax consultants told Business Daily that the wealthy lot is repatriating the cash to avoid...
Finance Minister Sri Mulyani Indrawati has said the government will consider several scenarios in determining its 2019 tax revenue target while adhering to its commitment to maintaining a conducive investment climate and pushing for tax reform. “The tax revenue target will be set in consideration of current global and national...
KARACHI: The Federal Board of Revenue (FBR) has given a 15-day timeline to banks and brokerages to furnish financial data of foreign customers as the country signed in an international convention for information exchange to curb tax evasion, officials said on Wednesday. The officials said FBR directed financial institutions, including...
Islamabad: ANP ex-Senator Ilyas Ahmed Bilour has said that there should be minimum 20 per cent tax rate for non-filers and tax evaders as 5 per cent tax return is very low and should not be passed. Mr Bilour was speaking at a special seminar on ‘Post Budget (2018-19) overview...
Islamabad : The government has proposed the scope of gift scheme in order to avoid misuse for purpose of tax evasion. According to the Finance Bill 2018 issued here on Friday, it has been decided by the government to restrict the scope of gifts amongst the relatives of the taxpayer....
KARACHI: Authorities have spotted more than 600 local firms to investigate the tax status and gather other financial information of non-residents, as new rules on data sharing, under an international treaty, kicked in to fight tax evasion, officials said on Friday. The officials said the Federal Board of Revenue (FBR)...
KARACHI: People are awaiting budget announcement for the next fiscal year of 2018/19 to declare their local and foreign assets and benefit from the new amnesty scheme, a senior tax practitioner said on Wednesday. Khalid Mahmood, president of the Karachi Tax Bar Association (KTBA) said bar members are receiving a...
ISLAMABAD: President Mamnoon Hussain on Sunday issued the Foreign Assets (Declaration and Repatriation) Ordinance bringing into effect a tax amnesty scheme announced by the prime minister earlier this week. The ordinance encompasses assets obtained on installments, declaration of property as per the “fair market value” and its confiscation by the...
KARACHI: The Federal Board of Revenue (FBR) is all set to offset a possible exit of 0.52 million returns filers from the net after the implementation of a tax exemption on certain income group from July 1, officials said on Saturday. “About 0.52 million income tax returns will be lost...
Jakarta. Indonesia’s tax office plans to spend hundreds of millions of dollars to update its outdated technology to boost low tax compliance and raise revenue collection in Southeast Asia’s largest economy, the country’s tax chief told Reuters. Indonesia completed one of the world’s most successful tax amnesties in 2017, but...
KARACHI: Foreign investors expressed concern over a proposed tax amnesty scheme to bring back offshore investments, terming it as an injustice with compliant taxpayers, officials said on Monday. Overseas Investors’ Chamber of Commerce and Industry (OICCI), representing major foreign companies in Pakistan recently shared its concerns, through a letter, with...
The Federal Government is ready to prosecute, name and shame tax evaders that fail to utilise the tax amnesty programme, the Voluntary Assets and Income Declaration Scheme (VAIDS), to regularise their tax profiles, Minister of Finance, Mrs Kemi Adeosun, declared on Thursday. She also disclosed that the Federal Government would...
Businesses have expressed mixed reactions to the new Tax Amnesty policy being implemented by the Ghana Revenue Authority (GRA). Some have cast doubt over the policy’s ability to reduce tax evasion while others believe the policy could increase tax compliance. The concerns were raised at a session on the relevance...
Finance Secretary Carlos Dominguez III said Tuesday the government is studying three kinds of tax amnesty programs. Dominguez said these programs would include amnesty for the estate taxes, amnesty for those who were remiss in paying their taxes and amnesty for those who had tax cases. “There are three kinds...
KARACHI: Government on Saturday said it may roll out an amnesty to allow offshore bank account holders to declare their wealth against nominal tax rates ahead of the implementation of OECD’s treaty to exchange financial details with foreign countries in September. Miftah Ismail, adviser to the Prime Minister for finance,...
Jakarta. Indonesia failed to meet its tax revenue target in 2017, posting Rp 132.1 trillion — around $9.5 billion — in tax shortfall from the target set in last year’s revised budget, its Finance Ministry announced on Tuesday (02/01). Finance Minister Sri Mulyani Indrawati said the 2017 tax target was...
The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler has said federal government tax defaulters have until March 2018 to declare assets and income via the Voluntary Assets and Income declaration Scheme (VAIDS) or face the consequence. Fowler speaking at the media workshop programme in Lagos, recently, said...
The Department of Budget and Management (DBM) raised the possibility of granting a general tax amnesty to lure individuals and corporations with outstanding liabilities to settle their obligations without fear of being slapped with criminal charges. Following the tax settlement of cigarette-firm Mighty Corp. with the government, Budget Secretary Benjamin...
The French Government has warned taxpayers that they have until the end of this year to disclose undeclared assets under its tax amnesty scheme, which as been running for more than four years. The Processing of Corrective Declarations (STDR) scheme was introduced by a circular dated June 21, 2013, and...
JAKARTA — Indonesia’s government has issued new regulations aimed at tracing and taxing the wealth of taxpayers who were not pardoned in the nine-month tax amnesty that ended in March. Around 972,000 taxpayers joined the amnesty programme and declared assets worth a total of 4,881 trillion rupiah (272 billion pounds)....
Finance Minister Sri Mulyani Indrawati has claimed that the tax revenue target of Rp 1.61 quadrillion (US$ 120.40 billion), as stated in the draft 2018 state budget, is realistic as it is only a 9.30 percent increase from this year’s target of Rp 1.47 quadrillion. This projection is relatively moderate...
In an effort to create a ‘level playing field’, Asian economies are committing to new standards of transparency At the risk of losing some foreign investors, Asian jurisdictions are stepping up efforts to combat corporate tax avoidance to meet new global transparency standards. More than a dozen Asia-Pacific jurisdictions have...
New law to fulfill requirements under OCED’s AEOI framework Move could unlock billions of dollars of assets kept abroad Indonesia moved a step closer to hunting down tens of billions of dollars it believes its citizens have hidden abroad after political parties agreed to seek a parliamentary approval for a...
MANILA, Philippines – Investment bank Credit Suisse said an effective tax amnesty program would face hurdles in the Philippines due to the country’s strict banking secrecy law. In its Asian daily report titled “Philippines: Credible threat still lacking,” Credit Suisse economist Michael Wan said the planned program announced by Finance...
Singapore is home to the majority of the Rp 1,174-trillion assets overseas owned by Indonesians, which had been declared and repatriated to Indonesia under the Tax Amnesty program. Indonesia, GIVnews.com – Indonesia’s tax amnesty program has proven public claim that Singapore is a favorable place for wealthy Indonesians to store...
Italian and Swiss tax authorities have signed an accord to improve the exchange of information to fight tax evasion, the Italian economy ministry said on Tuesday. The agreement took effect at the start of this month and aims to further enhance transparency following a previous accord which was introduced last...
The government has been urged to publish guidelines on how taxpayers will declare their offshore assets and income to take advantage of a tax amnesty for income earned outside the country. PWC tax partner Rajesh Shah says the guidelines and regulations should have been published by December 2016 adding that...
Indonesia has entered the third phase of its tax amnesty program, which was first launched in July 2016 to boost the country’s meagre revenue by collecting previously unreported funds hidden by wealthy citizens abroad and at home. The country, which has long struggled to increase its tax revenue, has so...
The Offshore Compliance Advisory Committee issued a report in December 2016 to the Canada Revenue Agency about the Voluntary Disclosures Program (VDP or tax amnesty). If a taxpayer submits a successful income tax or GST/HST voluntary disclosure program application then generally criminal income tax prosecution and civil tax penalties under...
In efforts towards global transparency, over 100 countries have agreed to automatically exchange information relating to financial accounts (AEOI) with each other under the Convention on Mutual Administrative Assistance in Tax Matters (Convention). The OECD had also developed the Common Reporting Standards (CRS) which set out the common information to...
The Israel Tax Authority says Americans have provided information on 35,000 accounts held by Israelis in the U.S. and on an unspecified number of American accounts in Israel. The Israel Tax Authority said Monday it had begun passing on data on Israeli bank accounts held by American citizens and Green...
On December 23, 2016, the US ambassadors and Alberto Abad signed an agreement for the exchange of tax information on request. 1. Introduction For the past few years, Argentina has been an active participant in the progress of exchange of international tax information. More than seventeen agreements have been signed...
Indonesia is widening its tax net to target global technology giants like Google and Facebook Inc., a strategy that’s raising red flags for fear it may deter foreign investment. Finance Minister Sri Mulyani Indrawati is seeking to squeeze more revenue out of an economy that’s been hit by weak commodity...
Indonesia’s government must make it clear to errant taxpayers that an amnesty program, which has revealed almost $300 billion in undeclared assets, is the last chance to fix their affairs before full penalties are applied, the Organisation for Economic Cooperation and Development said. “Authorities must communicate clearly that this offer...
Finance Minister Sri Mulyani Indrawati has said the ongoing tax amnesty program was in line with global efforts to prevent and combat tax base erosion and profit shifting (BEPS) and would not accommodate any money laundering efforts. Tax amnesty programs have brought benefits to the many countries that have implemented...
In July 2016 the then Indonesian finance minister Bambang Brodjonegoro, in conjunction with the launch of the widely publicized tax amnesty program (TAP) for undeclared offshore assets, also laid out less publicized plans for a new tax haven on the islands of Bintan and Rempang (Proposed Tax Haven). A key...
