Ride-hailing firm Uber has withdrawn its lawsuit over HCMC’s demand for $2.3 million in back taxes and fines. A tax department official said Friday that the HCMC People’s Court has suspended the case in which the Netherlands-based Uber B.V. had sued the department over its demand that the firm pays… – Continue reading
Hong Kong (HKSAR) – The second protocol to the Comprehensive Avoidance of Double Taxation Agreement between Hong Kong and New Zealand (CDTA) entered into force yesterday (August 9), a government spokesman said. The second protocol was signed in June last year and amends the CDTA to pave the way for… – Continue reading
Islamabad, August 3 (TNS): Pakistan’s Federal Board of Revenue (FBR) in a statement on Friday said that Switzerland never offered to return a single dollar of Pakistani assets deposited in Swiss accounts. The FBR said there is a narrative being built by a segment of print and electronic media regarding… – Continue reading
Viet Nam News HA NOI — Vietnamese Deputy Minister of Finance Do Hoang Anh Tua’n and Croatian Minister of Finance Zdravko Maric on Wednesday signed an agreement on the avoidance of double taxation and the prevention of fiscal evasion with respect to income taxes. According to Tua’n, the agreement is… – Continue reading
The Government has ratified the agreement on double taxation avoidance and income tax evasion prevention between Vietnam and Cambodia. The Government assigned the Ministry of Finance to coordinate with relevant ministries and agencies of Vietnam and Cambodia in implementing the agreement. The agreement was officially signed on the occasion of… – Continue reading
The Government has collected Rs. 2,476 as Tax and Penalty under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 said Minister of Finance for State Shiva Pratap Shukla in the Rajya Sabha. The Government of India has taken various steps for curbing the black money… – Continue reading
Experts yesterday agreed that a double taxation agreement (DTA) with China due to come into force on January will boost Chinese investment in the Kingdom. Speaking at a seminar in Phnom Penh, Clint O’Connell, head of tax at DFDL, said the agreement will attract more Chinese investors to Cambodia. “It… – Continue reading
National Board of Revenue has asked all banks not to allow double taxation avoidance benefits to any non-resident taxpayers without NBR certificate. International taxation wing of the revenue board has also requested Bangladesh Bank for taking necessary measures so that banks follow the directives. International tax wing of NBR on… – Continue reading
NAIROBI, July 13 (Xinhua) — Kenya and Turkey are set to sign a double taxation avoidance agreement in order to boost bilateral commercial ties, a Turkish diplomat said Friday. Ahmet Cemil Miroglu, Turkish Ambassador to Kenya, told a media briefing in Nairobi that both nations have already agreed on the… – Continue reading
Director General of Taxation Hassan Zareer represented the Maldivian state Chia-Tern Huey Min, the Deputy Commissioner of the Inland Revenue Authority of Singapore, headed a delegation of officials Double taxation occurs in international trade when the same income is taxed in two different countries Maldives and Singapore have concluded the… – Continue reading
Kenya and Portugal on Tuesday signed an agreement for avoidance of double taxation. The main objective of the Agreement on the Avoidance Double Taxation is to eliminate double taxation of income or gains arising in one country and paid to residents of the other country. This will create a conducive… – Continue reading
The UK does still have one significant disadvantage namely the 20% withholding tax imposed by UK domestic law on “yearly interest” that arises in the UK is paid to persons whose “usual place of abode” is outside the UK. The UK is normally regarded as an attractive location for the… – Continue reading
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) No. 58, 2018 on the Agreement for the Avoidance of Double Taxation on income tax between the Philippines and Mexico, which has entered into force last April 18, 2018. The Agreement was signed in November 17, 2015 between… – Continue reading
Document to be presented to Tynwald after summer recess The Isle of Man has agreed a renegotiated ‘double taxation arrangement’ with the UK. Howard Quayle met with Mel Stride MP yesterday, who is Financial Secretary to the Treasury and Paymaster General across, to sign the document which replaces the agreement… – Continue reading
Macau and Portugal have signed a deal allowing the Secretary for Economy and Finance to alter a double taxation law between the two jurisdictions Macau (MNA) – A deal has been signed between the Secretary for Economy and Finance, Lionel Leong Vai Tac, and the Portuguese Government giving Macau the… – Continue reading
The New Delhi Bench of the Authority for Advance Rulings (AAR) in the application filed by Saudi Arabian Oil Company held that Aramco India would not create a PE for Saudi Arabian Oil Company as per Treaty b/w India and Saudi Arabia. The applicant is a state owned oil company… – Continue reading
The New Delhi Bench of the Authority for Advance Rulings (AAR) in the application filed by the applicant HM Publishers Holdings Limited held that the receipts arising out of a negative covenant not to carry on a business is taxable as business income under Section 28 (va) of the Income… – Continue reading
NAIROBI, June 12 (Xinhua) — Kenya on Tuesday signed an agreement with Singapore to phase out double taxation and attract investments from the Southeast Asian country in key sectors like agro-processing and financial services. Henry Rotich, the Cabinet Secretary for National Treasury and Planning, said the elimination of double taxation… – Continue reading
Ukraine and Spain will sign an agreement on avoidance of double taxation. The document has already been prepared and agreed. This issue was discussed during talks involving President Petro Poroshenko in Spain, the press service of the head of state reported. “We have clearly raised the issue of speeding up… – Continue reading
The first-time Double Tax Treaty (DTT) between Cyprus and Luxembourg signed on 8 May 2017 is effective as from 1 January 2019 based on a recent update of the Cyprus Ministry of Finance. The DTT provides for a 0% withholding tax (WHT) rate on interest and royalties. For dividends, a… – Continue reading
HONG KONG, May 24 (Xinhua) — The government of China’s Hong Kong Special Administrative Region (HKSAR) on Thursday signed a comprehensive avoidance of double taxation agreement (CDTA) with Finland, further expanding the HKSAR’s tax treaty network. The HKSAR government’s Secretary for Financial Services and the Treasury James Lau and Consul-General… – Continue reading
Agreement first of its kind between two GCC nations The UAE and Saudi Arabia have signed a landmark double income tax treaty, the first such agreement between two members of the GCC, a tweet by the UAE Ministry of Finance confirmed on Thursday. Obaid Humaid Al Tayer, UAE Minister of… – Continue reading
In DCIT vs. M/s. Dominos Pizza International Franchising Inc., the Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) held that Jubilant Food Works Limited, who holds the Master Franchise for Domino’s Pizza in India is not a Permanent Establishment of the Domino’s Pizza International Franchising Inc. In… – Continue reading
The Minority in Parliament has raised concerns over government’s intention to approve Double Taxation Agreements with the Czech Republic, Morocco, Mauritius and Singapore which they claim were not in the interest of the country. According to the Minority, Ghana would not benefit from the deal since the level of investments… – Continue reading
There have been a number of recent legal and regulatory changes in Taiwan that have impact from a wealth management perspective. Tax Rates Changes effective 2018 Effective 1 January 2018, the new tax rates for Taiwan are: Local foundation tax rule tightened Effective 1 January 2018, dividend for local foundations… – Continue reading
President Muhammadu Buhari’s anti-corruption drive moved a notch higher yesterday. Nigeria and the United Arab Emirates (UAE)’s agreement on recovery of assets and cash stashed away in UAE by Nigerians takes off next month. Besides, the collaboration among heads of anti-corruption agencies in Commonwealth (Africa) countries will be stepped up… – Continue reading
In a major setback to Google India, the Bengaluru bench of the Income Tax Appellate Tribunal (ITAT) held that the payments relating to Adwords made by the Company to its parent firm Google Ireland is subject to TDS provisions in India as the same constitute ‘royalty’ under the Income Tax… – Continue reading
In the wake of Armenia’s peaceful, constitutional political transition – a move broadly welcomed among Washington, DC policymakers as marking a new chapter in U.S.-Armenia relations – the Armenian National Committee of America (ANCA) has renewed its longstanding drive for a U.S.-Armenia Double Tax Treaty, a good-governance accord needed to… – Continue reading
Buenos Aires (VNA) – Brazil and Singapore have signed a double taxation avoidance agreement and are considering the possibility of signing a free trade agreement (FTA) between Singapore and Mercosur, the South America trade bloc. According to a statement released by the Brazilian Ministry of Foreign Affairs on May 8,… – Continue reading
President Muhammadu Buhari move to halt tax evasion signs an agreement with Singapore President Muhammadu Buhari, on Monday 26 March 2018, signed the instrument of ratification of agreement with Singapore against double taxation and fiscal evasion. The President’s assent is pursuant to the approval of the double taxation treaty (DTT)… – Continue reading
HARARE, May 7 (Xinhua) — Zimbabwe and Qatar on Monday agreed to expeditiously negotiate and conclude agreements that protect future investments and avoid double taxation, Finance and Economic Development Minister Patrick Chinamasa has said. Addressing journalists in Doha, Qatar, after the first meeting between Zimbabwean President Emmerson Mnangagwa and Amir… – Continue reading
NEW DELHI, MAY 7 The Central Board of Direct Taxes (CBDT) has notified a protocol to amend the existing double taxation avoidance pact (DTAA) between India and Kuwait. The protocol, which was signed on January 15, 2017, was notified on May 4 this year, an official release said. It had… – Continue reading
Alfi speaks out on the double taxation treaty signed between Luxembourg and France on 20 March 2018. Although it appreciates that it is the product of bilateral negotiation, it calls for more clarity before it is ratified. The Association of the Luxembourg Funds Industry (Alfi) has added its voice to… – Continue reading
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… – Continue reading
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… – Continue reading
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… – Continue reading
A Vietnamese trade official in Cambodia last Saturday said a recent tax agreement between the countries will build more confidence among investors and business people in the Asean neighbours. Cambodia and Vietnam reached an agreement on the avoidance of double taxation (ADT) and the prevention of fiscal evasion with respect… – Continue reading
On the occasion of the signing of the new double taxation treaty (DTT) between Luxembourg and France on 20 March 2018, the grand duchy’s finance minister, Pierre Gramegna, commented in a government press release that the new DTT is, “…an innovative instrument that will benefit both citizens and business in… – Continue reading
ASTANA, 29 March (BelTA-Kazinform) – The Senate (upper house) of the Parliament of Kazakhstan passed the law on the ratification of the protocol between the Government of the Republic of Kazakhstan and the Government of the Republic of Belarus on amendments and additions to the agreement on the avoidance of… – Continue reading
India has approved amendments to its double tax agreement with Qatar. The amendments update the information exchange provisions between the two countries in line with current international standards. A new Limitation on Benefits (LOB) provision has been introduced, which is designed to prevent “treaty shopping” (whereby companies or transactions are… – Continue reading
Luxembourg and France have signed a new double taxation treaty (DTT), replacing the existing treaty that had been in force since 1958. The accord was inked during the official state visit led by Grand Duke Henri and Grand Duchess Maria Teresa, in Paris, on 20 March 2018. A communiqué released… – Continue reading
President Muhammadu Buhari on Monday signed two agreements with two countries following the approval of the Federal Executive Council (FEC). The agreements, according to a statement issued by the Special Adviser on Media and Publicity to the President, Femi Adesina, include the instrument for ratification of agreement between Nigeria and… – Continue reading
Granting tax relief to Deloitte India, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the provisions relating to Tax deduction at Source (TDS) are not applicable to the professional fee paid by them to its Group Entities in US and Singapore. The division bench of the… – Continue reading
Muscat – The sultanate on Sunday signed a Double Taxation Avoidance Agreement (DTAA) with Slovakia during talks held at the Ministry of Finance to discuss cooperation in the economic fields, investment and the tax field. The agreement was signed by H E Darwish bin Ismail bin Ali al Balushi, Minister… – Continue reading
The Republic of Cyprus and the Government of the United Kingdom of Great Britain and Northern Ireland, signed on March 22, in Nicosia, an updated Convention on the Elimination of Double Taxation with respect to Taxes on Income and on Capital Earnings and the Prevention of Tax Evasion of tax… – Continue reading
Foreign Minister of Ukraine Pavlo Klimkin and Finance Minister of Qatar Ali Shareef Al-Emadi have signed an agreement on avoiding double taxation and preventing income tax evasion between the government of Ukraine and Qatar. According to a Thursday posting on the website of the Finance Ministry of Ukraine, avoiding double… – Continue reading
Cyprus and the UK on Thursday signed an updated agreement on double taxation avoidance on income and capital, which will contribute to further develop commercial and financial relations between the two countries. The agreement, signed in Nicosia by Finance Minister Harris Georgiades and British High Commissioner Matthew Kidd, is based… – Continue reading
The Union Cabinet chaired by Prime Minister Narendra Modi today gave its approval for revision of the Agreement between India and Qatar for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The existing Double Taxation Avoidance Agreement (DTAA) with Qatar… – Continue reading
Hong Kong (HKSAR) – The Financial Secretary, Mr Paul Chan, on behalf of the Government of the Hong Kong Special Administrative Region, signed in Hong Kong today (March 19) a comprehensive agreement for the avoidance of double taxation (CDTA) with the Ambassador of India to China, Mr Gautam Bambawale, signifying… – Continue reading
The governments of Liechtenstein and the United States have recently discussed the possibility of beginning negotiations for a bilateral double tax avoidance treaty. According to a Liechtenstein Government statement issued on March 15, “the fight against financial and tax crime” was the main focus of recent talks between Liechtenstein Foreign… – Continue reading
