Cambodia-Hong Kong DTA: Key Features
On January 1, 2020, the double taxation avoidance (DTA) agreement between Cambodia and Hong Kong came into force. ... - Continue reading
Category: Double Tax Treaty
Philippines lands in Forbes’ Top 25 Best Places to Retire in 2020
The Philippines was recognized as one of the best places where US expatriates (expats) could retire in 2020, according to a recent newsletter from Forbes. It was among 25 countries chosen by the American business magazine. The Philippines was described to be an “English-speaking Pacific Ocean nation of 7,400 islands”… – Continue reading
Heineken Vietnam pays $39.7 mln in back taxes, fines
Heineken Vietnam Brewery has paid VND917.2 billion ($39.7 million) in back taxes and fines for a 2018 transaction. ... - Continue reading
Dhaka, Prague sign deal to avoid double taxation
Bangladesh and the Czech Republic have signed a double taxation avoidance agreement (DTAA) in a bid to strengthen bilateral trade and investment ties between the two countries. National Board of Revenue (NBR) chairman Md Mosharraf Hossain Bhuiyan and Czech deputy prime minister and finance minister Alena Schillerova inked the agreement… – Continue reading
FBR Warns UAE To Share Details Of Iqama Holders Or Avoidance Of Double-taxation Treaty Be Terminated
Pakistan gives warning over transparency to UAE ... - Continue reading
S. Korea, Cambodia sign double taxation avoidance pact
Seoul's finance ministry announces double tax treaty between South Korea and Cambodia. ... - Continue reading
BEPS Changes To Nordic Double Tax Agreement To Take Effect
The double tax agreement between the Nordic countries will be updated with new anti-tax base erosion and profit shifting provisions with effect from January 1, 2020. ... - Continue reading
India: Role Of Permanent Establishment Vis-A-Vis Indian Laws
India's position with respect to Permanent Establishment ... - Continue reading
Cabinet approves pact on avoidance of double taxation with Chile
The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi. ... - Continue reading
HK, Macau reach pact to avoid double taxation
For Macau residents, double taxation will be avoided by way of exemption of the income taxed in Hong Kong from the Macau tax, or by crediting the Hong Kong tax paid against the Macau tax payable in respect of the same income. ... - Continue reading
Ukraine- President signs law on ratification of tax treaty with Cyprus
Double taxation agreement signed between Ukraine and Cyprus ... - Continue reading
Applying for China’s DTA Benefits in Profit Repatriation
China’s double tax avoidance agreements (DTAs) can be used to avail lower tax rates while making outbound payments. However, DTA benefits are not automatically applicable to everyone. ... - Continue reading
Ukraine: The Parliament Of Ukraine Has Ratified Documents Amending Double Taxation Treaties
On 30 October 2019, the Parliament of Ukraine ratified Protocols amending double taxation treaties with the United Kingdom and Cyprus. ... - Continue reading
Parliament ratifies double tax agreement with Malaysia
The Verkhovna Rada of Ukraine ratified an agreement with Malaysia on the avoidance of double taxation and the prevention of tax evasion and the protocol thereto, adopting Bill No. 0002. 333 MPs voted in favor of it. It was broadcasted by official Rada Channel. The agreement extends to individual income… – Continue reading
Singapore: Why setting up in Singapore makes sense for business in ASEAN.
Singapore has long been a preeminent destination for setting up a regional headquarters to pursue business opportunities across ASEAN and Asia. ... - Continue reading
Switzerland: Amended Protocol Of Double Taxation Agreement Between Switzerland And USA
On 20 September 2019, Switzerland and the USA ratified the protocol of amendment of their double taxation treaty ("DTA"). ... - Continue reading
Ukraine: Ukraine Ratifies Protocol Amending Double Taxation Treaty Between Ukraine And Switzerland
On 18 September 2019, the Parliament of Ukraine ratified a protocol (the Protocol) of amendments to the double tax treaty between Ukraine and Switzerland (the DTT) which had been signed by the states on 24 January 2019. ... - Continue reading
US/UK tax series: US citizens moving to the UK
If you are a US citizen who is becoming UK resident you will continue to be subject to US tax and reporting obligations but will also become subject to UK tax. ... - Continue reading
Hong Kong signs tax treaty with Estonia
The Hong Kong government today announced that Hong Kong and Estonia have signed a comprehensive tax treaty. ... - Continue reading
Armenia, Malta sign double tax treaty
YEREVAN, SEPTEMBER 25, ARMENPRESS. Armenian Foreign Minister Zohrab Mnatsakanyan on September 24 met with Malta’s Minister for Foreign Affairs and Trade Promotion Carmelo Abela on the sidelines of the 74th session of the UN General Assembly in New York, the Armenian ministry told Armenpress. The officials praised the current dynamic… – Continue reading
UK: UK Tax On Property For Non-UK Residents – Recent Changes
From April 2019, all direct disposals of UK land and property by non-UK residents are now subject to UK tax on capital gains ... - 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
Cyprus aims to become the bridge between Kazakhstan and Europe
Services sector professionals in Cyprus are monitoring Kazakhstan’s emerging market economy for some time now and they have set an ambitious goal. This is no other than turning the Mediterranean island into the bridge between the booming Central Asia country and Europe. This is what Costas Markides of KPMG Cyprus… – Continue reading
Cyprus: Cyprus And Tax Treaties
A Tax Treaty (TT), in general terms, is an agreement between two or more jurisdictions that regulates the tax amount that an individual or a company must pay, so they are not taxed twice on the same type of income. ... - Continue reading
European Union: The Increasing Link Drawn By Regulators Between State Aid & Taxation Systems
In 2018, the European Commission (EC) concluded two more investigations into whether the tax ruling practices of Member States breached European Union (EU) State aid rules: the first, a finding of unlawful State aid resulting from tax rulings by Luxembourg in favor of Engie; the second, a rare finding of no aid in respect of the treatment by Luxembourg of McDonald's under the Luxembourg-U.S. double taxation treaty. These decisions are discussed below. ... - Continue reading
Govt launches crackdown on benami assets
ISLAMABAD: The government has kicked off a far-reaching crackdown against benami assets directing the departments concerned at the federal level and the provincial governments to track benami properties, harvesting the Benami Act, 2019 in the national and global contexts. Prime Minister Imran Khan chaired a meeting on August 20 on… – Continue reading
Worldwide: New Double Taxation Treaty Between US And Spain
On July 16, 2019, the US Senate ratified a new protocol that amends the 2013 Double Taxation Treaty signed between the US and Spain. ... - Continue reading
Mauritius: Mauritius Regulatory Update
This is the first in a series of of Mauritius Regulatory Alerts in which we bring you an overview of the latest legal and regulatory developments in the offshore world, with a particular focus on Mauritius. ... - Continue reading
Luxembourg: Luxembourg Government Submits Bill To Parliament Implementing The EU Anti-Tax Avoidance Directive 2 Into Domestic Law
Luxembourg corporate income taxpayers, including Luxembourg permanent establishments of foreign entities, will be subject to the Draft Law as from 1 January 2020. In addition, provisions targeting reverse hybrid mismatches will be applicable to Luxembourg transparent partnerships that would be treated as opaque by their nonresident owners as from 1 January 2022. ... - Continue reading
Hungary: Tax Residence For Expatriate Workers – What Employers Need To Consider
Tax residence is one of the most important factors when ascertaining an expatriate worker's tax obligations. ... - Continue reading
India: Protocol Amending The Double Taxation Avoidance Agreement Between India And China
By virtue of the powers vested under, Section 90 of the Income Tax Act, 1961("the Act"), India has entered into the Double Taxation Avoidance Agreement on 18th July, 1994 with China signed at New Delhi. ... - Continue reading
Armenia, Kyrgyzstan sign double tax treaty
Armenia and Kyrgyzstan have signed a double tax treaty during the Eurasian Inter-governmental Council session in Cholpan-Ata, Issyk-Kul. ... - Continue reading
Mauritius leaks: Big firms leveraging legal loopholes to save taxes can cost developing countries $100 bn every year
Proposals made by Nirmala Sitharaman at G20 Summit could alter the stasis between large corporations and tax havens. ... - 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
US Senate To Vote On Tax Treaty Protocols
The United States Senate could soon approve ratification of four long-pending double tax avoidance treaty protocols. ... - Continue reading
Kenya, Turkey to sign tax treaty by end of 2019
NAIROBI, July 14 (Xinhua) — Kenya and Turkey are set to sign a double taxation avoidance agreement by the end of 2019, a Turkish diplomat said on Sunday. Ahmet Cemil Miroglu, Turkish ambassador to Kenya told journalists in Nairobi that both countries are keen to improve the environment for investment… – 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
Pagcor: Government not inclined to impose higher taxes on POGOs
State-run Philippine Amusement and Gaming Corp. expressed optimism the government will not impose higher taxes on offshore gaming operators in the country to encourage them to stay here. Pagcor chairman and chief executive Andrea Domingo said at the sidelines of the opening of the first Philippine-Asian Gaming Expo held on… – Continue reading
Switzerland, Ireland sign protocol amending tax treaty
Switzerland and Ireland sign protocol ... - Continue reading
Know the tax consequences of offshore trusts
Here are some factors about offshore trusts that you need know. ... - Continue reading
India: Bombay High Court Quashes 197 Order Rejecting Mauritius Tax Treaty Benefits
High Court sets aside section 197 order due to absence of prima facie evidence of tax avoidance Rejects factors such as lack of business activities and administrative expenses as conclusive of sham transactions Holds that a detailed inquiry can be conducted during normal assessment Directs refund of withheld tax subject… – Continue reading
Cyprus: Cyprus Tax Residence For Physical Persons
Cyprus tax system is one of the most favorable in Europe, offering a variety of tax benefits to physical persons who have tax residence in Cyprus. A physical person is considered to be a tax resident in Cyprus for a calendar year, if the criteria of the 183- or 60-day… – Continue reading
Cyprus: Cyprus–Kazakhstan First-Time Double Tax Treaty: Cyprus Ratifies
On 24 May 2019, Cyprus ratified the first-time double tax treaty it had signed with Kazakhstan on 15 May 2019 (the DTT). Certain legal procedures now need to take place in both states following which the DTT will ‘enter into force’. The DTT will be ‘in effect’ as from the… – Continue reading
Pakistan, Bulgaria sign double taxation treaty
ISLAMABAD: Pakistan and Bulgaria on Tuesday signed an agreement to get rid of double taxation and cooperate in preventing tax evasion as a state delegation from the European Union member country concluded its two days visit. The Federal Board of Revenue (FBR) Director General and Deputy Minister of Economy Bulgaria… – Continue reading
No double VAT
Small business owners are being told that they will not have to pay Value Added Tax (VAT) twice if they have already paid the tax while making an online transaction, one of the Government’s top consultants on the economy has told the small business association. Starting on May 1, Barbadians… – Continue reading
Iran-Slovakia double taxation avoidance treaty becomes operational
Treaty for the avoidance of double taxation between Iran and Slovakia has become operational from January 1, 2019, Trend reports citing Iranian Foreign Ministry’s website. The agreement was signed between the two sides in January 2016. After the completion of all legal processes in both countries, the treaty will become… – Continue reading
Double tax agreements come into force
Double taxation agreements with China, Brunei and Vietnam came into effect Tuesday with the New Year, with experts saying they will bolster trade and attract investment. The agreement with China on the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed… – Continue reading
Worldwide: UK Tax Round Up – November 2018
General UK Tax Developments Finance Bill The Finance (No 3) Bill 2018-19 (which will become the Finance Act 2019) was published on 7 November and includes legislation to enact the changes highlighted in our UK Budget blog post ( UK Budget Blog). Another key area covered by the Finance Bill… – Continue reading
FBR urged to clarify taxability of foreign rental income
There is confusion among taxpayers regarding taxability of foreign rental income in Pakistan and filing of income tax returns in view of avoidance of double taxation treaties signed between Pakistan and UAE, UK and Canada. A leading tax consultant Shahid Jami has approached the Federal Board of Revenue (FBR) for… – Continue reading
NRIs don’t need to reveal details of foreign bank accounts, assets to Indian tax dept: I-T Tribunal
The Income-Tax Appellate Tribunal (ITAT) has said NRIs do not need to reveal details of their foreign bank accounts and assets to Indian authorities. The tribunal has also ruled that the onus is on the I-T Department to prove an assessee has parked undeclared income arising from India in foreign… – Continue reading
