Category: Tax Transparency

CBDT releases Draft Notification to Amend Income Tax Rules, 1962 [Read Draft Notification]

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...

Singapore activates three new Automatic Exchange of Financial Account Information relationships

AEOI deals with the challenge of taxpayers operating cross-border but tax administrations remaining confined to their national borders, by providing an open international architecture. Singapore has activated three new Automatic Exchange of Financial Account Information (AEOI) relationships under the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account...

Tax havens: Belgium less transparent on exchange of information

Belgium’s rating has deteriorated with regard to the exchange of information needed in the fight against tax havens, according to the latest peer review report by the Global Forum on Transparency within the framework of the Organisation for Economic Cooperation and Development (OECD). Belgium is now “largely compliant” with international...

VAT compliance driving digital capabilities in the GCC

Muscat: Tax authorities in the Gulf Cooperation Council (GCC) are starting to use sophisticated digital platforms that require taxpayers to submit data in real time or near-real time prompting companies in the GCC to enhance their digital capabilities. This is changing the way businesses collect, format and report tax information,...

EU states agree on transparency rules to curb tax avoidance

European Union countries have agreed on new rules to crack down on cross-border schemes that help companies evade taxes. Tax professionals who fail to inform authorities about these ploys will be hit with penalties. European Union finance ministers on Tuesday backed transparency measures requiring financial advisors, accountants, lawyers and banks...

Egypt To Receive Tax Information Exchange Support

Egypt is to receive international support to implement new measures in the area of tax transparency and information exchange. Unveiled at a meeting on international tax reform in Cairo on March 7, the OECD and Egypt agreed a new project entitled “Enhancing Domestic Resource Mobilization in Egypt through a better...

Gov’t agrees to meet international tax standards

THE GOVERNMENT recently held bilateral talks with the Code of Conduct Group (COCG) to discuss tax transparency and fair taxation in the territory. A press release from the Office of the Premier issued on Tuesday (February 27), said Premier Sharlene Cartwright Robinson and other TCI representatives met with the COCG...

OECD Consults On Tackling Common Reporting Standard Circumvention

The OECD has recently launched a consultation on tackling the circumvention of its latest international tax transparency standard, the Common Reporting Standard, through the use by individuals of residency by investment (RBI), or citizenship by investment (CBI) schemes. These schemes typically entitle individuals to reside or gain citizenship through making...

Inland Revenue (Amendment) Ordinance 2018 gazetted

Hong Kong (HKSAR) – The Inland Revenue (Amendment) Ordinance 2018 (the Ordinance) was gazetted today (February 2). The technical amendments on automatic exchange of financial account information in tax matters (AEOI) (i.e. clauses 5 to 11) under the Ordinance will come into operation on January 1, 2019, while other provisions...

OECD report shows Malta is tax compliant jurisdiction: official

VALLETTA, Jan.11 (Xinhua) — The 2017 International Tax Co-Operation Report published by the Organisation for Economic Cooperation and Development (OECD)showed Malta to be a tax compliant jurisdiction ,the Maltese Finance Ministry said on Thursday. “This is exactly what we have been stating all along in the face of unfair criticism...

Bermuda To Exchange MNE Tax Info With The UK

Bermuda and the UK recently signed an agreement providing for the automatic exchange of country-by-country reports. Bermuda is the first UK Overseas Territory to sign a CbC Competent Authority Agreement with the UK, which enables the automatic reporting of corporate income on a country-by-country basis for UK-related transfer pricing enforcement...

Loophole In New Global Tax Evasion Crackdown: Why An International Effort May Be Blunted

A major new global transparency measure aimed at curbing cross-border tax evasion by requiring countries to share information on the wealth of each other’s nationals could be undermined by the abuse of residency- and citizenship-for-sale schemes. Tax justice campaigners say that some of these schemes are already being marketed as...

BDA & Industry Respond To Paradise Papers

“Reportage about hacked data from global law firm Appleby has highlighted the substantial lack of media understanding of offshore investment structures and Bermuda’s long-time reputation for tax transparency and cooperation with international authorities,” the Bermuda Business Development Agency said. “Bermuda is committed to the exchange of relevant information to legitimate...

Jersey, Guernsey and Isle of Man join commitment to tackle tax evasion

The commitment comes amid ongoing controversy over the use of complex tax arrangements following the Paradise Papers leak. The islands of Jersey, Guernsey and the Isle of Man have signed up to a joint commitment with the British and Irish governments to tackle tax evasion and abusive tax avoidance. The...

“FATCA on steroids”: T&T misses 2017 deadline to become tax compliant

T&T faces possible sanctions after the Global Forum recognised this country as the only jurisdiction not considered to have made sufficient progress towards satisfactory implementation of the agreed tax transparency standards. Speaking at a media conference on Friday afternoon, Attorney General Faris Al Rawi said this has negative implications for...

MAS issues stern money laundering warning; Jakarta starts StanChart probe

Private-bank assets held by StanChart in Channel island tax haven were moved to S’pore in 2015: report Singapore THE Monetary Authority of Singapore (MAS) on Monday declared its firm commitment to keeping the country’s financial centre clean and safeguarded from illicit activities. Singapore’s central bank and financial regulatory authority said...

Cisco, Apple may shudder at regulatory change

Cisco Korea may have to share its key financial information starting next year as the government aggressively pushes to tackle the lack of transparency and tax-dodging practices by foreign enterprises, according to industry sources, Tuesday. “Though there still is much to be seen about the application of the revision, it...

Will the new corporate offence of failure to prevent tax evasion and enhanced international tax transparency change the landscape for tax investigations?

The 30 September 2017 is an important date for HMRC and its “relentless” clampdown on global tax evasion. First, it marks the coming into force of the landmark corporate offence of failure to prevent tax evasion under Part 3 of the Criminal Finances Act 2017. Secondly, it is the commencement...

Greenland joins Global Forum on Transparency and Exchange of Information for Tax Purposes

On 29 August 2017, Greenland officially joined the Global Forum on Transparency and Exchange of Information for Tax Purposes. Greenland thereby declared its commitment to implement both the international standard of exchange of information on request and the standard on automatic exchange of financial account information. On 8 February 2017...

Guyanese businessmen warned of global crackdown on offshore tax evasion

Commissioner-General of the Guyana Revenue Authority (GRA), Godfrey Statia warned Guyanese businessmen against offshore tax evasion, saying that global systems are being increasingly networked to weed out tax cheats and report them to their home-countries. Addressing a luncheon organised by the Guyana Manufacturing and Services Association (GMSA) at the Georgetown...

The OECD is focused on maintaining the integrity of the CRS

As of August 2017, 102 international Jurisdictions are committed to the implementation timelines of the Common Reporting Standard (CRS). There are 49 Jurisdictions that are committed to the first exchange during 2017 and 53 Jurisdictions for 2018. The OECD is taking extra precautions to ensure that reportable financial information regarding...

Hong Kong to examine tax concessions to attract global funds, Financial Secretary says

Financial Secretary Paul Chan Mo-po said tax incentives would help Hong Kong compete with other fund management centres The government will examine the existing tax concessions applicable to the fund industry to make Hong Kong into a diversified and competitive international fund management centre against its global counterparts, said the...

CBDT head says tax information from countries pouring in, firms can’t escape anymore

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra on Wednesday said that the tax exchange agreements with other countries was resulting in information pouring in at a fast pace, thus there was no escaping for the multi-national companies (MNCs) from fair taxation. “We have got wide (tax) information from...

HONG KONG, SINGAPORE AND CHINA GET TOUGH ON TAX HAVENS

In an effort to create a ‘level playing field’, Asian economies are committing to new standards of transparency At the risk of losing some foreign investors, Asian jurisdictions are stepping up efforts to combat corporate tax avoidance to meet new global transparency standards. More than a dozen Asia-Pacific jurisdictions have...

Montenegro and United States sign an Intergovernmental Agreement to implement FATCA provisions

Montenegro has shown its commitment to improving compliance with international tax standards. The FATCA Agreement is yet another example of a set of steps taken towards broadening the cooperation between the US and Montenegro and following the international standards of cross-border tax assistance. The US Ambassador, Margaret Ann Uyehara and...

14 Territories Praised By OECD For Tax Transparency Advances

A number of territories that had failed to demonstrate they have complied with international tax transparency standards have had their ratings upgraded by the OECD, following “fast-track” peer reviews. It said that the territories’ frameworks were reevaluated to assess whether recent progress would result in an upgrade to their ratings...

OECD Lists One Tax Haven, Tax Justice Network Says ‘Nonsense!’

The OECD’s body for assessing compliance with international tax transparency standards plans to tell an upcoming summit in Hamburg, Germany, that Trinidad and Tobago is the world’s only tax haven. Group of 20 country leaders meeting last year in China asked that body, the Global Forum on Transparency and Exchange...

Draft Bulgarian tax law reflects EU legislation on mandatory automatic exchange of tax information

At the end of March 2017, the Ministry of Finance called for public discussion on a draft bill (the “Bill”) amending the Bulgarian Tax and Social Insurance Procedural Code (the “Code”). The Bill seeks to improve administrative cooperation in the Bulgarian tax sector. The first set of amendments relates to...