Category: Tax Transparency
Cyprus: European Mandatory Disclosure Regime (EU MDR) – A New Reality For Cypriot Intermediaries, Another Burden On Cypriot Taxpayers?
Mandatory disclosure rules are not something new for European Member States ("EU MS"). In fact, with the United Kingdom leading the race (from 2004), Ireland (in 2008) and then Portugal (in 2011) were the first -and only- EU MS to introduce mandatory disclosure rules in their local legislation. ... - Continue reading
Ukraine aims to fight tax evasion with new law
Here is a discussion into the new legislation set to take place in Ukraine which aims to tackle profit shifting. While its objective is to encourage tax transparency, many businesses believe that this measure might have adverse effects for offshore trade. ... - Continue reading
Germany announces tax policy goals for Council of the EU Presidency
The German Presidency has put into place new legislations which will help revive the European economy. ... - Continue reading
African Countries Making Headway In Tackling Tax Evasion
According to Tax Transparency in Africa 2020 report, Africa needs to better combat illicit financial flows and be more lucid in tax matters. ... - Continue reading
EU Parliament creates permanent tax subcommittee
Tax justice taken a notch higher by the European Union. ... - Continue reading
German cabinet passes stimulus tax measures
After the 2020 crisis, Germany has taken a few steps to fuel its economy. ... - Continue reading
Roundup: G20 financial meeting focuses on coronavirus, taxation, global economy
The finance ministers and central bankers of the Group of 20 (G20) discussed issues of the coronavirus, taxation and global economy during a two-day meeting concluded on Sunday in Riyadh. The G20 financial officials agreed to observe the risks of the coronavirus outbreak and adopt policies to limit its global… – Continue reading
Malta: Tax Transparency For Tax Advisors: The Mandatory Disclosure Rules – No More Hiding
The main aim remains linked to curbing tax evasion and avoidance through capturing aggressive tax planning schemes.
... - Continue readingTax 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
$10bn tax bill for resources
The Australian Taxation Office releases data on the top 10 corporate taxpayers in Australia. ... - Continue reading
Cayman remains on Dutch tax blacklist
Netherlands' new blacklist dated 30 December 2019 keeps the Cayman Islands. ... - Continue reading
Accord with Switzerland to share Pakistanis’ bank data will bring transparency: Qureshi
Foreign Minister Shah Mehmood Qureshi positive about tax treaty between Pakistan and Switzerland. ... - Continue reading
ATO data reveals one third of large companies pay no tax
Of 2,214 entities covered by the Australian Taxation Office (ATO) data for 2017-18, 710 did not pay any tax. ... - Continue reading
EU to Consider Tougher Tax Haven Listing
Instant additions to EU's blacklist? ... - Continue reading
Amazon most ‘aggressive’ in $100bn global tax avoidance
Amazon has been accused of being the most ‘aggressive’ in avoiding tax, compared with other tech giants, by tax transparency campaign group Fair Tax Mark. ... - Continue reading
Global Forum marks success fighting tax evasion
OECD announces "unprecedented success" in the fight against tax evasion. ... - Continue reading
Switzerland pushes for more financial transparency
Switzerland seeks stricter laws in respect to Automatic Exchange of Information (AEOI). ... - 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
European Union: UAE Removed From EU Tax Haven Blacklist Along With Switzerland
The United Arab Emirates and Switzerland removed from European Union's list of non-cooperative jurisdictions for tax purposes on October 10. ... - Continue reading
Nigeria: Unprecedented Global Drive For Tax Transparency – The Nigerian Perspective
In the last few years, the international tax space has experienced an unprecedented drive to achieve increased transparency in the tax practices of Multinational Enterprises (MNEs) and individuals in order to curb tax avoidance and evasion. ... - Continue reading
EU Council revises its tax blacklist, addresses “two out of three” exception and foreign source income exemption regimes
As suggested by the EU Code of Conduct Group (Business Taxation), on 4 October, the EU Council today adopted a revised EU list of non-cooperative tax jurisdictions (annex I – blacklist) removing the United Arab Emirates (UAE) and the Marshall Islands. ... - Continue reading
Switzerland moves to end bearer shares
The Swiss government will begin to phase out bearer shares on 1 November in a bid to curb tax avoidance by bearer shareholders. Under the new rules companies no longer issue bearer shares—equity in a company that is owned by whoever holds a physical stock certificate—unless they are a listed… – Continue reading
South Africa: Offshore Trusts: The Basic Considerations And Recent Amendments.
The world of offshore trusts is now more dynamic than ever. ... - Continue reading
OECD sees progress in 116 nations’ implementation of country-by-country reporting
The OECD said its initiative to have minimum standards on the collection and exchange of country-by-country (CbC) reports on large multinational businesses has reached 116 jurisdictions and has shown major progress in the delivery of international tax transparency. The OECD’s second annual peer review report on the base erosion and… – Continue reading
Brazil: Brazilian Tax Review – August 2019
After 20 years of negotiations, the European Union and Mercosur have moved forward with the free trade agreement between the two blocs. ... - Continue reading
European Union: EU Directive On Administrative Cooperation In Field Of Taxation Amended
The European Union has added further impetus to its objective of providing greater transparency with regard to harmful tax practices through an amendment to EU Directive 2011/16/EU. ... - Continue reading
CBI Dominica: Leading with Transparency
19 August 2019, Since 1993, Dominica has been at the forefront of the citizenship by investment (CBI) industry, setting high standards in due diligence, processing times, and most recently, transparency. Indeed, this month the nation liaised with prominent international professional services firm PricewaterhouseCoopers (PwC) to release a report clarifying the… – Continue reading
Guernsey: Guernsey Plays Its Part In OECD Success Against Tax Evasion
Guernsey Finance Chief Executive Dominic Wheatley reflects on the findings of the latest OECD tax report to world leaders. ... - Continue reading
Malta: Consolidated Group (Income Tax) Rules, 2019
On 31 May 2019, Malta published the "Consolidated Group (Income Tax) Rules". The rules will come into force as from year of assessment 2020 and the rules introduce the concept of fiscal units into Maltese tax law. ... - Continue reading
UK: Non-Resident Capital Gains Tax on United Kingdom Real Estate: A New Regime
The legislation encompassing the new regime for taxing non-residents' gains on the United Kingdom (UK) commercial real estate came into effect on 6th April 2019. Her Majesty's Revenue and Customs (HMRC) has additionally published draft guidance on this recently introduced regime. This article briefly summarizes the new rules. ... - Continue reading
Gibraltar and UK Open Negotiations to Enter into a Double Tax Agreement
The Government of Gibraltar has said it is delighted to welcome Robert Jenrick, Exchequer Secretary to Her Majesty’s Treasury, to Gibraltar to announce that HMGoG and Her Majesty’s Government have opened negotiations to enter into a Double Tax Agreement. It is anticipated that with hard work on both sides a… – Continue reading
OECD Finds Tax Automatic Exchange has Increased Transparency, Agrees on Digital Economy Taxation Roadmap
6 July 2019: In the lead up to the Group of 20 (G20) Finance Ministers and Central Bank Governors’ Meeting, the Organisation for Economic Co-operation and Development (OECD) released data that show that automatic exchange of information on financial accounts is improving tax compliance and delivering concrete results for governments… – Continue reading
Tensions between the drive for transparency and the right to protection of privacy
Update on the UK government’s proposal to improve transparency with a new register of persons with significant control of companies which hold UK property. In our last article (https://hubbis.com/article/transparency-enhanced-in-the-uk) we looked at the UK government’s proposal to improve transparency with a new register of persons with significant control of companies… – Continue reading
Experts convene in the City of London to call out ‘pin stripe mafia enablers of tax abuse’
Researchers and campaigners from around the world have been presenting radical solutions on tackling tax abuse and financial crime at the Tax Justice Network’s annual conference held in the heart of London’s finance centre, on 2 – 3 July 2019. With over 200 attendees including prominent politicians, whistleblowers and economists,… – Continue reading
Parliament agrees to align with OECD tax transparency rules
The Swiss parliament has decided to eliminate anonymous shares in private companies amid international pressure to increase transparency around taxation. ... - Continue reading
Dominica removed from EU tax haven blacklist
The European Union has removed the Caribbean island of Dominica from its list of uncooperative jurisdictions in tax matters. Dominica changed its tax rules to comply with EU requirements meant to reduce the risks of tax evasion, the EU said in a statement. Dominica implemented its commitments and addressed EU… – Continue reading
Automatic Exchange of Information is Working, Says OECD
New data from the OECD indicates that Hong Kong and Singapore are adhering to tighter global standards on tax transparency. The OECD (Organisation for Economic Cooperation and Development) says IFCs (international financial centres) such as Hong Kong and Singapore are adhering to tighter global standards on tax transparency and are… – Continue reading
Australia: OECD releases beneficial ownership implementation toolkit to facilitate transparency
In brief – Beneficial ownership toolkit aims to help governments implement legal and supervisory frameworks to identify and collect beneficial ownership information Beneficial ownership is a critical issue in many areas of law, in particular tax and anti-money laundering. National authorities often struggle to keep up with private ingenuity in… – Continue reading
British overseas territories top corporate tax loophole index
Governments are stepping up efforts to recoup more tax from multinationals, with the European Commission forcing iPhone maker Apple to repay 13 billion euros after it used Ireland to cut its tax on European profits to almost zero. The Tax Justice Network, a group campaigning for transparency, said its study… – Continue reading
Wolfsberg Group Publishes Guidance on Customer Tax Evasion
Financial institutions should be able to leverage existing financial crime compliance, conduct and tax (including tax transparency regimes) procedures and controls, to address the risks of customer tax evasion. The Wolfsberg Group has published new guidance on customer tax evasion, designed to help financial institutions in developing, implementing and maintaining… – Continue reading
