Ireland: COVID-19 Ireland Update: Tax Residence Considerations In Light Of COVID-19 Travel Restrictions
An examination of travel restrictions with regard to Irish tax residence of Irish companies and funds. ... - Continue reading
Category: Tax Authority
Guernsey: The Impact Of The Coronavirus (COVID-19) On Economic Substance And Tax Residency In Guernsey And Jersey
Adjustments in laws in Guernsey and Jersey following the COVID-19. ... - Continue reading
Nigeria’s Tax Appeal Tribunal decides Prime Plastichem transfer pricing case
A first transfer pricing case in Nigeria offers a glimpse of the treatment of the latter. ... - Continue reading
Pakistan recovers billions from untaxed offshore funds
And hop! - Rs1.8bn from untaxed offshore funds into Pakistan's possession. ... - Continue reading
HMRC cracks down on hidden foreign income
HMRC has doubled down on its campaign against taxpayers with undeclared foreign income. ... - Continue reading
Tax collection on cash withdrawal dives 63 percent
This sharp decline was because of the exemption from the levy given to active taxpayers. ... - Continue reading
Tax data sharing sparks arrests among Israelis with unreported foreign bank accounts
The Common Reporting Standard (CRS) continues to unveil more offshore revenue. ... - Continue reading
India’s Authority for Advance Rulings denies tax exemption under India-Mauritius treaty
Clarifications on the India-Mauritius tax treaty. ... - Continue reading
Tax authorities recover Rs1.8 billion from foreign transactions
The Automatic Exchange of Information recovers a whopping amount of Rs1.8 billion for Pakistan. ... - Continue reading
Gov’t loses P51B in revenues from POGO – Gatchalian
According to the senator Sherwin Gatchalian, the government has lost around P51-billion in revenues due to tax avoidance from Philippine Offshore Gaming Operators (POGOs) ... - Continue reading
Canada: Treaty Shopping: MIL, MLI And ALTA Things In Between
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
Spain to scrutinize taxpayers’ transfer pricing positions
Spain focuses on transfer pricing. ... - Continue reading
IRS to consider repatriation as relief factor in double taxation cases
The US Internal Revenue Service (IRS) has said it will consider certain circumstances in which it could provide relief from double taxation resulting from application of the repatriation tax, as amended by the Tax Cuts and Jobs Act (TCJA) 2018. ... - Continue reading
Uzbekistan: Amendments And Additions To The Tax Code Of The Republic Of Uzbekistan
The Republic of Uzbekistan presents changes to its taxation laws. ... - Continue reading
Tax transparency essential to tackle $600bn avoidance bill
Businesses are being required to be more transparent for the sake of tax efficiency and reform. ... - Continue reading
UK tightens cross-border tax disclosure rules
Offshore tax laws just got tougher. ... - Continue reading
Tax on dividend income grows 30pc
Pakistan's officials state 30 percent increase in tax collection on dividend income. ... - Continue reading
British Tax Havens to Share Data With Russian Authorities
The Automatic Exchange of Information still going on strong it seems. ... - Continue reading
Checking Evasion: Taxpayers’ bank accounts to be under GST lens
More measures against tax evasion. ... - Continue reading
Belgium gets more aggressive on tax evaders
Belgium toughens up following proclamation of 'black money'. ... - Continue reading
Details of 1.89 mil. overseas bank accounts received
The Common Reporting Standard (CRS) allows the tax authority of Japan to detect 1.89 hidden bank accounts overseas. ... - Continue reading
HMRC raises £95m through taxpayer plea bargains
HMRC seems reluctant with taxpayer plea bargains due to availability of a large volume of taxpayers' data. ... - Continue reading
Tax treaty ratified
‘The new tax treaty between Australia and Israel will ensure the economic, trade and commercial relationship between our two countries is strengthened’. A “HISTORIC” new tax treaty between Australia and Israel has been hailed as “representing an important milestone in removing tax barriers and facilitating trade and investment” between the… – Continue reading
Nigeria: 15 Insights On Transfer Pricing In Nigeria
Clarifications on the role of transfer pricing in Nigeria ... - Continue reading
Dhaka, Prague sign deal to avoid double taxation
Bangladesh and the Czech Republic have signed a double taxation avoidance agreement (DTAA) in a bid to strengthen bilateral trade and investment ties between the two countries. National Board of Revenue (NBR) chairman Md Mosharraf Hossain Bhuiyan and Czech deputy prime minister and finance minister Alena Schillerova inked the agreement… – Continue reading
HMRC drops further £5m from Rangers tax claim
HMRC's claim against the company which owned Rangers has fallen again, according to the latest report from liquidators BDO. ... - Continue reading
FBR Warns UAE To Share Details Of Iqama Holders Or Avoidance Of Double-taxation Treaty Be Terminated
Pakistan gives warning over transparency to UAE ... - Continue reading
Deutsche Bank slapped with €15m fine in money laundering case
German authorities raided Deutsche Bank's offices, including its Frankfurt base, in connection with the probe in 2018. ... - Continue reading
A Run Through On Tax Evasion By Bitcoin Criminals
A report released by the Internal Revenue Service (IRS) has put quite some focus on Bitcoin’s scope for committing tax evasion ... - Continue reading
HMRC lacks staff to investigate over 5.7 million offshore tip-offs
HMRC under an overload of information. ... - Continue reading
How tax relief can work for your business
Over the years, the UK has continued to drive towards a more competitive Corporate Tax (CT) regime. ... - Continue reading
US FATCA crackdown pushing demand for tax advice
As the US IRS cracks down on tax avoidance overseas with FATCA, the number of Treasury-licenced tax advisers with addresses outside of the US has jumped about 50% since 2016 according to figures from the agency. ... - Continue reading
Tax evasion arrests down 11 per cent
The number of arrests made in the UK for suspected tax evasion has dropped to the lowest level in five years ... - Continue reading
U.K. broker pleads guilty to conspiring to evade FATCA
The broker also facilitated manipulative trading in a U.S. company, authorities said ... - Continue reading
HMRC considering options after tax defeat
The tax authority is considering its response after losing a case in the Court of Appeal relating to Capital Gains Tax on a residential property. ... - Continue reading
China simplifies procedure for claiming tax treaty benefits
China’s State Taxation Administration on 14 October published “Administrative Measures for Non-resident Taxpayers Claiming Tax Treaty Benefits” [Announcement (2019) No. 35]. ... - Continue reading
Canada: Treaties Impacting On Taxation: A Canadian Tax Lawyer’s Perspective
Taxation has become an increasingly global issue as people, money and property move freely across borders. ... - Continue reading
Panama Papers and the ‘thin line’ for legal tax dodging
In the wake of the Panama Papers, thousands of taxpayers around the world received notices from their respective tax authorities seeking clarifications, issuing fines, or requesting payment of taxes dodged. ... - Continue reading
Extended tax liabilities for directors in insolvencies linked to tax avoidance
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
Which Countries Are Considered The Top Corporate Tax Havens?
When multinational companies look to open up a new subsidiary or a regional headquarters, they tend to prefer certain countries due to their favorable tax policies. ... - Continue reading
HMRC readies crackdown on HNW offshore fund holders
Wealthy UK offshore fund holders are to be targeted by the HMRC in a new probe of compliance and tax transparency. ... - Continue reading
Luxembourg pre-2015 tax rulings: the end is nigh
According to the draft provision, any ruling granted by the Luxembourg direct tax authorities prior to 1st January 2015 will automatically expire and be null and void at the end of tax year 2019. ... - Continue reading
FBR asks UAE to share details of Pakistanis hiding behind Iqama status
Chairman Federal Board of Revenue (FBR) Shabbar Zaidi on Monday wrote letter to UAE authorities and asked for devising mechanism to share details of Pakistanis who are hiding behind Iqama based residential status to evade taxes. In a letter written to Ministry of Finance UAE by the Chairman FBR Shabbar… – Continue reading
EU Advocate General considers Bulgaria’s refusal to exempt dividends paid to a Gibraltar companies from withholding tax
The Advocate General (AG) in an opinion issued 24 October (Case C-458/18) stated that a company incorporated in Gibraltar and subject to Gibraltar corporation tax cannot be considered to be a “company of a Member State” within the meaning of the parent-subsidiary directive (Directive 2011/96). ... - Continue reading
U.S. govt deficit hits 7-year high
The U.S. government ended fiscal year 2019 with the largest budget deficit in seven years as gains in tax receipts were offset by higher spending and growing debt service payments, the Treasury Department said on Friday. It is the first time since the early 1980s that the budget gap has… – Continue reading
US IRS tells banks not to close accounts just because of missing tax ID number: FATCA
The US Internal Revenue Service has eased the rules of FATCA compliance by telling banks overseas that they are not required to close the accounts of their accidental Americans clients who have not provided their tax identification number by January 2020. FATCA was passed in 2010 and forces banks wanting… – Continue reading
HMRC targets tax avoidance enablers
HMRC is clamping down on the promoters and enablers of tax avoidance scheme as prison sentence lengths for tax evasion rose by 1% on average last year. Penny Ciniewicz, HMRC’s director general of customer compliance, said “We have more than 100 current investigations into promoters [and enablers] and we’re keeping… – Continue reading
Ireland publishes tax guidance on tie-breaker rule for dual resident companies.
October 8, 2019- New tax guidance for dual resident companies published by the Irish Tax and Customs ... - Continue reading
Airbnb probed by UK tax authorities
A note in newly filed accounts for Airbnb UK said it had been contacted by HMRC over "tax laws or regulations impacting the company's business". ... - Continue reading
Disclosure of cross-border arrangements
HMRC has recently been consulting on how the UK will implement new EU disclosure rules contained in the latest Directive on Administrative Cooperation (DAC6). ... - Continue reading
