The Greek authorities are trying to battle tax evasion said to be rampant among the thousands of owners of Airbnb-type properties. Lacking a mechanism to monitor the short-term leasing of lodgings, inspectors have been doing random checks with the aim of identifying taxpayers that do not declare their extra income…. – Continue reading
A new agreement on international tax and financial information exchange aims to provide less opportunity to shelter wealth from taxation. Global wealth managers and advisors need to make sure they and their clients are in compliance. CHARLOTTE, N.C. (PRWEB) JULY 18, 2018 The Common Reporting Standard (CRS) for the automatic… – Continue reading
National Board of Revenue has asked all banks not to allow double taxation avoidance benefits to any non-resident taxpayers without NBR certificate. International taxation wing of the revenue board has also requested Bangladesh Bank for taking necessary measures so that banks follow the directives. International tax wing of NBR on… – Continue reading
ISLAMABAD: Under a newly-signed agreement, Pakistan will have access to the information about its nationals’ assets abroad, it emerged on Monday. The Federal Board of Revenue (FBR) has obtained information regarding immovable properties owned by Pakistanis in the United Kingdom (UK). The information has been obtained with the assistance of… – Continue reading
Director General of Taxation Hassan Zareer represented the Maldivian state Chia-Tern Huey Min, the Deputy Commissioner of the Inland Revenue Authority of Singapore, headed a delegation of officials Double taxation occurs in international trade when the same income is taxed in two different countries Maldives and Singapore have concluded the… – Continue reading
Hong Kong (HKSAR) – The Inland Revenue (Convention on Mutual Administrative Assistance in Tax Matters) Order (the Order) was gazetted and came into operation today (July 13). The Convention on Mutual Administrative Assistance in Tax Matters (the Convention) will enter into force in Hong Kong on September 1,… – Continue reading
Companies (Amendment) Act 2017 has replaced the provision relating to Significant Beneficial Owners by amending section 90 of the Companies Act. Recently, Ministry of Corporate Affairs (MCA) notified Rules on significant beneficial ownership which aim to fix the gap in existing provisions. Under the Companies Act 1956 and under the… – Continue reading
Kenya and Portugal on Tuesday signed an agreement for avoidance of double taxation. The main objective of the Agreement on the Avoidance Double Taxation is to eliminate double taxation of income or gains arising in one country and paid to residents of the other country. This will create a conducive… – Continue reading
Hanoi (VNS/VNA) – The changes in tax policy and investment incentives are the issues of greatest concern for foreign investors in Vietnam, said Bui Ngoc Tuan, Deputy General Director of the Audit and Advisory firm Deloitte Vietnam at a workshop on in Hanoi on July 10. Themed “Investment incentives, related… – Continue reading
Money laundering and abuse of sophisticated financial instruments have come under increasing scrutiny from regulators. However observers warn high-profile initiatives often act as a distraction from a lack of genuine political will to tackle global financial crime. For example, India’s leading stock exchange, the BSE, de-listed 222 dormant shell companies… – Continue reading
Australian Tax Authority will use bilateral data sharing agreements to collect taxes on cryptocurrency income. The Australian Tax Authority (ATO) will seek international cooperation to tackle hiding of cryptocurrency income, ATO acting deputy commissioner Martin Jacobs told local media on Friday. This year Australian traders must file tax declarations about… – Continue reading
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… – Continue reading
The UK does still have one significant disadvantage namely the 20% withholding tax imposed by UK domestic law on “yearly interest” that arises in the UK is paid to persons whose “usual place of abode” is outside the UK. The UK is normally regarded as an attractive location for the… – Continue reading
The Internal Revenue Service spent nearly $380 million to implement the Foreign Account Tax Compliance Act, but so far isn’t prepared to enforce the law, according to a new report. The report, from the Treasury Inspector General for Tax Administration, examined the IRS’s efforts to implement FATCA, which was included… – Continue reading
The Central Board of Direct Taxes has recently issued guidance on the appropriate use of the ‘Country-by-Country Report’. The CbC filing was introduced as a result of the OECD/G20 Base Erosion and Profit Shifting project. India also introduced the requirement to file CbC reporting recently with the completion of the… – Continue reading
A vote by the UK parliament to insist that Britain’s Overseas Territories introduce publicly available beneficial ownership registers by December 31, 2020, has sparked anger and dismay within these autonomous, mainly small island, jurisdictions. An amendment to a UK Sanctions and Anti-Money Laundering Bill requires the British government to impose… – Continue reading
HMRC has formed an alliance with tax enforcement bodies in 4 countries to share intelligence and expertise in the battle against international tax crime. The UK has joined forces with Canada, the Netherlands, the United States and Australia to launch the Joint Chiefs of Global Tax Enforcement (J5) – a… – Continue reading
Most of the 3.2m EU citizens in the UK will be granted permission to stay after Brexit in “a matter of days” following simple data checks, the Home Office says. Information held by the tax or benefit authorities will be enough to confirm residence – and eligibility for the new… – Continue reading
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… – Continue reading
A bill tabled in Parliament last week aims to strengthen the Government’s ability to detect criminals who want to use Samoa’s offshore banking scheme to hide the proceeds of their criminal activities. That’s what Prime Minister Tuilaepa Sa’ilele Malielegaoi said when the Money Laundering Prevention Amendment Bill 2018 was tabled… – Continue reading
The New Delhi Bench of the Authority for Advance Rulings (AAR) in the application filed by Saudi Arabian Oil Company held that Aramco India would not create a PE for Saudi Arabian Oil Company as per Treaty b/w India and Saudi Arabia. The applicant is a state owned oil company… – Continue reading
The New Delhi Bench of the Authority of Advance Rulings (AAR) in the application filed by International Zinc Association held that membership fee and contribution from members received by the applicant from the Indian members would not be liable to Income-tax in India under the provisions of the Income Tax… – Continue reading
Islamabad : With suspension of all taxes on mobile phone cards for next 15 days on the orders of Supreme Court (SC) with effect from Wednesday midnight, the Federal Board of Revenue (FBR) is contemplating upon different options including suggesting the apex court to abolish withholding tax (WHT) of 12.5… – Continue reading
The Mauritius Revenue Authority on June 11, 2018, warned those financial institutions required to report information on the accounts of US persons under the US Financial Account Tax Compliance Act that declarations are required by Jule 31, 2018. The statement said: “FATCA information in respect of the year 2017 will… – Continue reading
Offshore finance centres are not the hotbeds of tax evasion everyone seems to believe, according to a new study. Debunking myths about tax havens, think tank the Institute of Economic Affairs argues tax havens have a key economic function helping the wealthy and businesses with tax planning. And although this… – Continue reading
Liberia has signed the Convention on Mutual Administrative Assistance in Tax Matters, as amended by the Protocol amending the Convention on Mutual Administrative Assistance in Tax Matters at the Organization for Economic Cooperation and Development (OECD) The Convention provides a multilateral basis for a wide variety of administrative assistance including… – Continue reading
NAIROBI, June 12 (Xinhua) — Kenya on Tuesday signed an agreement with Singapore to phase out double taxation and attract investments from the Southeast Asian country in key sectors like agro-processing and financial services. Henry Rotich, the Cabinet Secretary for National Treasury and Planning, said the elimination of double taxation… – Continue reading
HNWs need to be on top of their tax or face the Revenue’s ‘death ray’, writes Danny Bentley-White Bad news: the number of tax evasion cases identified by HMRC for the 2017/18 year was 3,809, an 18 per cent rise on 3,216 in 2016/17. These aren’t your ‘cash = No… – Continue reading
A recent proposal to amend HMRC rules for offshore is about to make tax investigations even more onerous, writes Colin Senez UK tax is complicated and convoluted and in certain circumstances can be tortuous. If you then add offshore taxation to the equation then the position can be even more… – Continue reading
For the next long-term EU budget 2021-2027, the Commission is proposing measures to make tax and customs cooperation between Member States better and more efficient. Continued funding of these programmes will help the EU to progress in offering businesses unfettered and easy access to the EU’s Single Market so that… – Continue reading
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… – Continue reading
According to figures released earlier this year, SMEs are in fact paying more corporation tax than larger more complex organisations. Specifically, the rate paid by SMEs in 2016 was 21.7%, while it was 20% for businesses with a turnover of £1billion. The research was conducted by accountancy firm Moore Stephens,… – Continue reading
Ever since the Organisation for Economic Cooperation and Development (OECD) Council approved the OECD’s Common Reporting Standard (CRS) in 2014, the international economic community has been gradually moving closer to a smoother and more transparent global exchange of financial account data. It is widely acknowledged that the CRS is long… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) will hire foreign experts to conduct tax auditing and eliminate evasion and avoidance, officials said on Tuesday. The officials said the Commissioner of Inland Revenue was authorised to call for record and conduct audit of taxpayers. The commissioner is also empowered to set… – Continue reading
Tax authorities suspended the licenses of businesses across Greece after audits showed blatant cases of tax evasion, reported the Athens News Agency. On Mykonos, authorities confiscated the license and plates of a vehicle of a business that was offering luxury transport services with a mini van, without being registered with… – Continue reading
Shenzhen’s tax authority has partnered with Chinese internet giant, Tencent, to combat tax evasions in the city. According to an announcement on Thursday, Tencent and the Shenzhen National Taxation Bureau have been jointly working towards setting up an innovation lab called ‘intelligent tax’, with an aim to introduce technological innovations… – Continue reading
Attorney General Carl Bethel QC. Photo: Terrel W Carey/Tribune Staff Legislation to create a central Beneficial Ownership Registry is “not set in stone”, the Attorney General has revealed, with the Government seeking “urgent” consultation on the issue. Carl Bethel QC, addressing a Bahamas Financial Services Board (BFSB)-sponsored seminar, said the… – Continue reading
Kurdish business owners in Syria pay taxes to both government and Kurdish administration. QAMILSHI – Many Kurds in Syria may dream of self-rule, but for business owners in the semi-autonomous region in the country’s north, it now comes with a painful pinch: double taxes. For several months, traders in the… – Continue reading
The country introduced the tax on January 1 The UAE’s Federal Tax Authority (FTA) has set new requirements for Emiratis to receive a value added tax refund related to construction of a new home. The FTA said in a Saturday statement to news agency WAM that applicants must be UAE… – Continue reading
Bitfinex is a cryptocurrency exchange that is registered in the British Virgin Islands. The choice of location for the popular exchange is strategic for tax purposes. The British Virgin Islands are known to be tax havens for corporations that want to keep as much of their profits as possible. This… – Continue reading
ISLAMABAD: Pakistan’s tax authorities have placed standardised software for receiving first batch of around 50,000 cases of Pakistanis owning assets and bank accounts abroad through automatic exchange portal from Organisation for Economic Cooperation and Development (OECD) with effect from October 1. Top officials in the Federal Board of Revenue (FBR)… – Continue reading
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… – Continue reading
Islamabad: Pakistan customs officials are reportedly reluctant to file a criminal case against a Chinese company for evading taxes due to what they described as “national interests”. According to the Express Tribune, sensitivities related to the over USD 60 billion China-Pakistan Economic Corridor (CPEC) project, is preventing customs from filing… – Continue reading
(CNS): As the global cryptocurrency sector heats up, job creating international investment is seeking out suitable jurisdictions and Cayman Islands’ offshore rivals are looking to steal a march on this growth by introducing crypto-friendly laws and legislation, with Bermuda in pole position. Bermuda’s government said recently that it wants to… – Continue reading
A regulatory framework for cryptocurrencies has come into effect by royal decree in Thailand, the Bangkok Post reported Sunday, May 13. The 100-section law, published yesterday in the country’s Royal Gazette, defines cryptocurrencies as “digital assets and digital tokens,” and brings them under the regulatory jurisdiction of the Thai Security… – Continue reading
In a major setback to Google India, the Bengaluru bench of the Income Tax Appellate Tribunal (ITAT) held that the payments relating to Adwords made by the Company to its parent firm Google Ireland is subject to TDS provisions in India as the same constitute ‘royalty’ under the Income Tax… – Continue reading
It has emerged that Israel Tax Authority is hunting for crypto traders on social media. Local sources indicate that various local branches of the organization are sending out letters to those they suspect to be trading crypto without reporting it. In the letters, the authorities demand that the recipients should… – Continue reading
In China, withholding Corporate Income Tax (CIT) is applied to the following China-sourced incomes derived by non-resident enterprises without establishments in China, or to that derived by non-resident enterprises with establishments in China but whose income is not related to these establishments: Dividends, bonuses, and other equity investment proceeds; Interests,… – Continue reading
For the first time, Switzerland’s Federal Tax Administration (FTA) has sent details on advance tax rulings to its partners in the spontaneous exchange of information deal. The FTA announced on Tuesday that it had transmitted a first batch of 82 reports to a total of 41 states, including Britain, France,… – Continue reading
(UPDATED) Rappler Holdings Corporation and Rappler CEO Maria Ressa file a joint counter-affidavit at the DOJ in relation to the P133-million tax evasion complaint filed by the BIR MANILA, Philippines (UPDATED) – Rappler Holdings Corporation (RHC) and Rappler CEO Maria Ressa accused the Bureau of Internal Revenue (BIR) of “selective… – Continue reading
