Category: Tax Reform

United States: Senators Introduce Bill To Require Reporting Of Beneficial Ownership Information

A bipartisan group of senators introduced a bill which would impose federal beneficial ownership reporting requirements for legal entities established under state law, intended to assist law enforcement in fighting money laundering and terrorist financing ("AML/CFT"). ... - Continue reading

Uganda: Don’t Make Up Losses To Avoid Tax

Conflicting interests arise for many businesses where decisions have to be made to determine how they consistently achieve profitability, while on the other hand minimise payment of tax. The temptation to minimise profits or even make a loss then becomes a tax risk management strategy. ... - Continue reading

Mexico 2020 tax reform: big changes proposed for foreign companies doing business in Mexico

On September 8, the executive branch of the Mexican government introduced Mexico 2020 tax reform, proposing far-reaching changes to the Mexican income tax, value-added tax, and Federal Tax Code. ... - Continue reading

FATCA blamed for one in five US expats planning to give up passport

One in five US citizens living abroad are on the verge of giving up their passports according to a survey published by US tax consultants Greenback. The Greenback survey – which was conducted by more than 3,000 US expats – studies the expat community’s opinions on taxation, citizenship renunciation, and… – Continue reading

Saint Amans provides update on digital tax reform effort

The preliminary results of an impact assessment reveal that proposals advanced in an OECD-led effort to update the global rules for taxing digital businesses would not create large changes to countries’ existing taxing rights, Pascal Saint-Amans, OECD Director of the Centre for Tax Policy and Administration, said September 11. ... - Continue reading

OECD’s minimum tax to apply by jurisdiction

The Organisation for Economic Co-operation and Development is going to propose a global minimum tax that would apply country by country before the next meeting of G‑20 finance ministers and central bankers set for 17 Oct. in Washington, DC. G7 leaders announced at their Biarritz summit meeting this week a… – Continue reading

CIAT’s transfer pricing “Cocktail” provides solutions for transactional net margin method overuse

In recent years there has been a major public outcry for governments to take action to force multinational groups to pay a fair share of tax in the jurisdictions where their economic activities take place and to stop shifting profits to offshore tax havens. ... - Continue reading

Minister’s proposal of corporate tax reforms causes strong reaction from Cyprus business community

NICOSIA, Aug. 7 (Xinhua) — Cypriot Finance Minister Harris Georgiades’ proposal of a major reform of corporate taxation has triggered strong objections from entrepreneurs, who fear that it would lead to an increase of their total tax burden. Georgiades said on Wednesday that his proposal, which included taxation on offshore… – Continue reading

First 18 months crucial for tax reforms — Dominguez

On the sidelines of the Bureau of Internal Revenue’s anniversary celebration, Finance Secretary Carlos G. Dominguez III emphasized that the first 18 months of the current Congress is crucial for the Duterte administration’s comprehensive tax reform program (CTRP). According to Dominguez, lawmakers traditionally have the tendency to focus “on something… – Continue reading

MLI amendments to Singapore-Luxembourg tax treaty enter into effect

The government of Singapore has announced that amendments made to the Singapore-Luxembourg tax treaty as a result of the two countries’ ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into effect on August 1. ... - Continue reading

Pass tax reform bills — Dominguez

The Department of Finance (DOF) has expressed the hope that President Duterte’s call in his State-of-the-Nation Address (SONA) for Congress to pass reforms in the corporate tax system along with the remaining packages of the administration’s comprehensive tax reform program (CTRP) will provide lawmakers a strong impetus to pass these… – Continue reading

M. Venkaiah Naidu calls upon all nations to join hands for automatic exchange of information on black money

The Vice President of India, M. Venkaiah Naidu has called upon all nations to join hands in ensuring automatic exchange of information on black money and speedy extradition of economic fugitives. Shri Naidu asserted that all countries must speak with one voice to eliminate terror and economic frauds. “As we… – Continue reading

‘Consider PH credit standing in okaying tax reforms’

Lawmakers should consider the country’s latest credit rating standing in approving the remaining tax reform proposals of the government, Finance Secretary Carlos Dominguez 3rd said. “I hope that, with this credit rating upgrade recently, the Senate will really consider passing these bills that will redound to the benefit of the… – Continue reading

FIRS Vows to Eliminate Multiple Taxation

Obinna Chima The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has restated the agency’s commitment to eliminating multiple taxation in the country. Fowler said this at a tax breakfast seminar with the theme: “Tax Controversy and Dispute Resolution,’ organised by KPMG Nigeria in Lagos, recently. According to… – Continue reading

Tax amnesty to regularize undeclared assets approved by Pakistan cabinet

Only a million people out of a population of more than 208 million pay income tax in Pakistan Recently signed IMF bailout plan requires government to squeeze around $5 billion in extra taxes ISLAMABAD: Pakistan’s government on Tuesday announced a new tax amnesty scheme aimed at broadening the government’s revenue… – Continue reading

EU Report Calls For Finance Authorities, AML Oversight

European Union lawmakers released a report on Wednesday (Feb. 27) recommending that the EU create a police unit dedicated to the investigation of tax and financial crimes, as well as a watchdog organization to fight money-laundering, according to a report by Reuters. The report, which is the result of a… – Continue reading

Prize bonds to be made registered instrument to broaden tax base

ISLAMABAD: The government decided to convert almost all the prize bonds into registered instruments in a move to keep record of investors and curb tax evasion and money laundering, sources said on Friday. Presently, prize bonds can be purchased from open market and used as an instrument to evade taxes…. – Continue reading

Tunisian Government Estimates Tax Evasion at USD8.3 Billion

Prime Minister’s adviser in charge of tax reform Faisal Derbal has revealed that tax evasion is estimated to reach TND25 billion (around USD8.3 billion) in Tunisia. He denied, during a press conference in the government’s headquarters, rumors circulating about the tax evasion value rising to double of the mentioned number… – Continue reading

Ministry to mull over measures against profit shifting

The Ministry of Finance will scrutinize amendments to tax law policy in 2019, centred on some measures aimed at preventing base erosion and profit shifting (BEPS) and restructure tax revenue sources. The information was released at a conference reviewing the finance sector’s performance throughout 2018 and setting forth targets for… – Continue reading

New EU rules on tax avoidance now effective

FIRST proposed by the European Commission (EU) in 2016, a set of new tax rules aimed at eliminating most common corporate tax avoidance practices came into force on 1 January 2019. The commission posted on its website on 30 December 2018 that the new tax rules known as Atad (anti-tax… – Continue reading

Anti-tax avoidance measures come into force

A new raft of anti-tax avoidance measures came into force across the EU yesterday, as part of an ongoing effort to combat corporate abuse of tax systems. The Anti-Tax Avoidance Directive, first proposed in 2016, features rules based on global standards laid out by the Organisation for Economic Co-operation and… – Continue reading

IRS issues guidance on excess business loss limitations and NOLs

The IRS has issued guidance on excess business loss limitations and net operating losses following changes post-reform. The Tax Cuts and Jobs Act modified existing tax law by limiting losses from all types of business for non-corporate taxpayers. An excess business loss is the amount by which the total deductions… – Continue reading