BEIJING, June 19 (Xinhua) — The Standing Committee of China’s National People’s Congress (NPC) has begun reviewing a draft amendment to the Individual Income Tax Law at its bimonthly session that opened Tuesday. The draft amendment raises the minimum threshold for personal income tax from 3,500 yuan (about 544 U.S....
The highly concentrated nature of Ireland’s corporation tax receipts represents “an unacceptable level of risk,” according to parliament’s Public Accounts Committee. The PAC has published a new report on Ireland’s corporation tax receipts. Corporation tax accounted for 15 percent of total tax receipts in 2016, with 70 percent of all...
The IMF has said that the recent changes to the US tax system could make Canada a less attractive destination for investment. The IMF has published the report from its latest Article IV mission to Canada, in which it noted that “external risks are more acute than in the recent...
Both large and small businesses in the United States expect the measures included in the recently enacted tax reform legislation, the Tax Cuts and Jobs Act of 2017, to have a positive effect on their operations, according to Senate Finance Committee Chairman Orrin Hatch (R-UT). In a recent statement, Hatch...
AMMAN — Jordan’s income tax draft law will enable the Kingdom achieve a “positive credit rating” and enhance ongoing fiscal reforms in Jordan, according to a report by credit ratings agency Moody’s. The report, a copy of which was obtained by the Jordan Times on Sunday, indicated that the bill...
AMMAN, June 3 (Xinhua) — A Jordanian official said on Sunday that a nationwide dialogue will be launched to reach a consensus on the controversial income tax bill. “The dialogue will include all segments of the society including professional associations and stakeholders from all segments of society,” the official told...
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...
Ease of doing business and tax reforms are at the center of India’s growth agenda as the country pitches itself as the leading investment destination among global emerging markets. Yet, India’s tax competitiveness record remains mixed. At a time when the U.S., U.K., and Japan have slashed their corporate tax...
AMMAN — The government on Monday endorsed the income tax draft law and said it will refer it to the Lower House on Tuesday to get it through constitutional channels towards enactment. Meanwhile, the government reasserted that it was earnestly carrying on with economic reforms according to schedule. During a...
Singapore has gazetted a law to repeal the income tax concession for intellectual property income derived by companies benefiting from the Pioneer Service Companies Incentive (PC-S) or the Development and Expansion Incentive (DEI) schemes. The removal of this tax concession was first announced in Singapore’s 2017 Budget at the same...
KAMPALA, May 16 (Xinhua) — The World Bank in its new report has urged Uganda to improve its tax revenue if the east African country is to sustain economic growth. The Bank in its 11th Uganda Economic Update issued on Tuesday said while the economic growth has rebounded from 4.5...
VILNIUS, May 3 (Xinhua) — Lithuania has been formally invited to join the Organization for Economic Co-operation and Development (OECD), with a planned signing of the accession agreement during the OECD ministerial meeting on May 30 and 31 in Paris, Lithuanian authorities announced Thursday. The invitation “is a result of...
Britain’s 14 overseas territories, including the Cayman Islands, will have to introduce public registers of beneficial ownership by the end of 2020. If they do not, the U.K. government will issue an order in council to force Cayman and other territories to do so. The U.K. Conservative Party government did...
Ireland’s tax on sugar-sweetened beverages will come into effect on 1 May after the European Commission (EC) concluded that the levy does not involve state aid. The country had planned to introduce the tax on 6 April – the same day as the UK’s levy started – but it was...
The Bahamas will have “lost the plot” if it allows external pressures to dictate tax reform, a top accountant yesterday warning against any “knee jerk” changes. Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that this nation must avoid reform merely for the sake of...
Legislation led by U.S. Rep. Peter Roskam (R-IL) to reform Internal Revenue Service (IRS) civil asset forfeiture tools and his other priorities to protect taxpayers cleared the U.S. House last week as part of a larger IRS modernization initiative. The House on April 18 passed the Taxpayer First Act, H.R....
The Congressional Budget Office’s analysis of the new tax law suggests it could incentivize companies to offshore investments and jobs, which is directly at odds with GOP claims about the tax law. After the release of the GOP’s tax reform plan, several outlets, including the Prospect, noted that new tax...
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...
(Business in Cameroon) – During the inauguration of Nestlé Cameroon’s new production unit on April 12, 2018, in Douala, Pietro Lazerri, the Swiss ambassador to Cameroon informed that his country and Cameroon would initiate discussions to find a solution to the double taxation of companies operating in both countries. The...
The UK tax agency, HM Revenue and Customs, on April 16, 2018, released proposed changes to the list of amendments it intends to make to its bilateral double tax avoidance agreements through the OECD’s base erosion and profit shifting multilateral instrument. The new document – Proposed changes to the provisional...
Expanding the tax base under the existing conditions is like bleeding an anaemic person. A recent directive by President Yoweri Museveni to the Minister of Finance to tax users of social media platforms such as Facebook and WhatsApp in a bid to widen the country’s tax base has stirred a...
The champagne mood in Swiss private banking is certainly reflected in the results of an international survey by the banking federation. However dangers also lurk, and in many areas. Swiss private banks have withstood the upheavals in the sector in recent years fairly well. But the «clean money» strategy, greater...
Saving American jobs from going overseas was the cornerstone of candidate Trump’s populist campaign for president. “We’re just shipping company after company after company is leaving this country and leaving jobs behind,” Trump said in March of 2016. “And I’m going to get it stopped.” In October of 2017, while...
IMF Section 2 – Article 8 “No member may impose restrictions without the approval of the International Monetary Fund on payments and remittances in respect of current international transactions” KUWAIT CITY, April 15: The thirty-first report of the National Assembly’s Finance and Economic Committee on bills on taxation of expatriate...
MACAO, April 16 (Xinhua) — An agreement was signed between China’s Macao Special Administrative Region (SAR) and Vietnam to avoid double taxation as well as prevent tax evasion, according to a press release by the Macao SAR’s financial service department on Monday. The agreement, signed by Macao SAR Secretary for...
The Central Board of Direct Taxes ( CBDT ) yesterday released a draft notification which proposes to amend Rule 44E, Form 34C, 34D and 34DA of Income Tax Rules, 1962 as per Base Erosion and Profit Shifting (BEPS) Action Item 5. The proposal has been made with a view to...
THE Bahamas will be unable to satisfy the European Union’s (EU) demands by merely promising to implement corporate taxation, a prominent attorney has warned. Michael Paton, who co-heads the financial services industry working group assessing the Government’s ‘blacklisting’ response, told Tribune Business in a recent interview that time and the...
The Bahamas could be removed from the European Union’s (EU) ‘blacklist’ as early as this Thursday, with the Government hoping to at least get “an indication” of delisting progress. K P Turnquest, Deputy Prime Minister, told Tribune Business that the Government was yesterday “following up” with EU officials on the...
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...
The Seychelles has been told to deploy more resources to implement recommendations from the OECD on base erosion and profit shifting. Ingela Willfors, a United Nations tax expert from the Swedish Ministry of Finance, held discussions on implementation with the Seychelles’ Minister of Finance, Trade, and Economic Planning and in...
The Association for the Taxation of Financial Transactions and Citizen’s Action —or Attac for short —staged “die-in” protests at two French Apple stores on Saturday, once again charging the company with exploiting loopholes to avoid paying its fair share of taxes. Around 70 members participated in an action at the...
AN outspoken QC is backing the introduction of corporate and personal income taxes as a way to reduce “the gulf between rich and poor” in the Bahamas. Fred Smith QC, the Callenders & Co attorney and partner, has added his voice to those urging the Government to use the European...
The Government’s planned legal reforms pave the way for the introduction of “corporate taxation” on a wide range of Bahamian financial services products, it was revealed yesterday. Carl Bethel QC, the Attorney General, confirmed to Tribune Business that legislation intended to address the European Union’s (EU) ‘blacklisting’ concerns was designed...
Royalty taxation shall be set at 5% and 10%. The tax rate is being raised from 2% to 5%, while the zero taxation of dividends and royalty payments are being abolished. Such are the main changes in the Convention between Ukraine and the Kingdom of the Netherlands on double taxation...
The OECD on March 12 released a third round of peer reviews of countries’ efforts to implement the BEPS minimum standard on improving tax dispute resolution mechanisms. The peer reviews concern BEPS Action 14, on making dispute resolution more timely, effective, and efficient. The third round reports released relate to...
ULAN BATOR, March 5 (Xinhua) — Mongolia has formulated a draft law on tax reform in a bid to attract more investment and optimize the business environment, Prime Minister Ukhnaa Hurelsukh said on Monday. “We aim to encourage the fair businessmen and good taxpayers by reducing their taxes,” Hurelsukh said...
SUMMARY: The European Union has come under increasing pressure from the public to force global technology companies to pay their fair share of tax. Whilst Amazon is facing renewed criticism in the US for its tax structures, with reports that will effectively play zero federal tax this year, the European...
ISLAMABAD: A three-member committee, constituted by the Supreme Court of Pakistan, has proposed amendments to laws of Income Tax Ordinance (ITO), 2001 and Protection of Economic Reform Act, 1992, for removing legal lacunas as they consider it as pre-requisites for introducing yet another amnesty scheme to bring offshore assets into...
Russian president stresses the need for Russia to increase its involvement in blockchain tech, in order to avoid being “late in the race”. Russian president Vladimir Putin has fully endorsed blockchain technology, acknowledging its significance and emphasizing the importance of early adoption in order to avoid being left behind. As...
The offshore titans that rinse the UK population for all of its money then book it through Luxembourg, Ireland, Laos or the International Space Station or whatever they do, might be about to trigger a reworking of the tax laws specifically to stop the annual outrage at how little corporation...
NEW DELHI: The Indian and Kenyan governments have revised their double taxation avoidance agreement (DTAA) to bring down the withholding tax rates, protect treaty from abuse and check tax evasion, an official statement said on Thursday. The revised DTAA was notified on February 19, said a Finance Ministry statement. “The...
The Swiss Government is to ease the requirements on banks affected by the Too Big To Fail (TBTF) regime to ensure that they are not subject to an additional tax burden as a result of the legislation. The TBTF regime requires systematically important banks to have sufficient capital so that...
Australia’s Board of Taxation has published the results of its review into the taxation of bare trusts. The Board considered whether, and how, to legislate in respect of what it said was the widespread practice of disregarding or looking through these trusts for income tax purposes. This practice is maintained...
ASTANA. KAZINFORM Kazakhstan has ratified the Protocol between the Governments of Kazakhstan and India on introducing amendments to the Convention on the avoidance of double taxation, the press service of Akorda reports. Head of State Nursultan Nazarbayev signed the Law of the Republic of Kazakhstan “On Ratification of the Protocol...
The Bureau of Internal Revenue (BIR) said employees of regional operating headquarters (ROHQ) who used to enjoy preferential tax rates, will no longer be able to avail them beginning this year. In a tax advisory, the BIR said in view of the recent amendment of the provisions of Section 25(B),...
The recent U.S. tax overhaul could prompt U.S. multinationals to repatriate around $2 trillion (1.6 trillion euros), making a significant impact on global foreign direct investment, the U.N. said on Feb. 5. The forecast from the United Nations Conference on Trade and Development (UNCTAD) came just over a month after...
The Federal Government of Nigeria and some foreign countries, including the United Kingdom Government, have commenced the Automatic Exchange of Tax Information (AETI), particularly on overseas assets held by Nigerians. Minister of Finance, Mrs. Kemi Adeosun, confirmed this on Friday in Abuja during the presentation of Progress Report on Tax...
Also, multinational companies with a physical presence in Israel will soon get their first tax bill Israel will need to amend its corporate tax policies to counter the effects of US President Donald Trump’s tax reform, the head of Israel’s Tax Authority head acknowledged — but only slightly. “There will...
U.S. Representatives David Valadao (R-CA) and Brad Sherman (D-CA) are collecting signatures on a bipartisan letter urging their Congressional colleagues to request that Secretary of the Treasury Steven Mnuchin renegotiate the existing, outdated Double Tax Treaty with Armenia, an obsolete Cold War-era accord, recognized today by the U.S. but not...
U.S. Representatives David Valadao (R-CA) and Brad Sherman (D-CA) are collecting signatures on a bipartisan letter urging their Congressional colleagues to request that Secretary of the Treasury Steven Mnuchin renegotiate the existing, outdated Double Tax Treaty with Armenia, an obsolete Cold War-era accord, recognized today by the U.S. but not...
