While some Owners create their own bespoke site to publicise their Local Lodging offering, most rely on the major websites that have become popular in recent years. However, not all Operators work in the same way. The nature of their business can influence the way the activity is classified by… – Continue reading
A new UK tax on the ‘diverted profits’ of multinationals operating in the UK “is probably not needed, will be hard to apply and will raise little money” according to one expert. 10 Dec 2014 Corporate tax Tax International tax UK Europe Heather Self of Pinsent Masons, the law firm… – Continue reading
Malta continues to receive glowing reviews internationally as a stable financial services centre of repute within the European Union. Over the past fifteen years, Malta has moved seamlessly from being an offshore to an onshore jurisdiction, through the implementation of several legal, tax and regulatory rules intended to stimulate domestic… – Continue reading
In recent times there has been a welcome return to activity in the Irish real estate market. Overseas investors have been circling and private equity groups have started investing heavily in Irish real estate amid confidence that the Irish economy has stabilised and is returning to growth. In this briefing… – Continue reading
The European Commission welcomes two breakthrough agreements reached by the Council today towards combating corporate tax avoidance and aggressive tax planning. The Council has given its political backing to the anti-abuse clause of the Parent Subsidiary Directive and to the mandatory exchange of information between EU tax authorities. “I applaud… – Continue reading
Dechert Georgia, through the contribution of partners Archil Giorgadze and Nicola Mariani joined by senior associates, Ruslan Akhalaia and Irakli Sokolovski, is partnering with Georgia Today on a regular section of the paper which will provide updated information regarding significant legal changes and developments in Georgia. In particular, we will… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. The UK announced plans to raise over £1bn over the next five years from a new “diverted profits”… – Continue reading
In the African tax sphere, the trend remains for headline tax rates to continue to remain stable or decrease. Withholding tax rates have generally remained stable, although the experience of Dentons and our clients is that African tax authorities are requiring tax to be withheld from payments that have not… – Continue reading
On 13 October 2014, China and Russia concluded a new double taxation agreement (DTA) and protocol (together referred to as ‘the new DTA’). The new DTA embodies the new trends in the development of international tax treaty. Main changes in the new DTA include: time threshold for service permanent establishment… – Continue reading
On November 18, 2014, the Lower House of Russia’s Parliament, the State Duma, approved at second and third readings Bill No. 630365-6, which would introduce a new controlled foreign corporation (CFC) regime in the country. The new CFC regime contained in the Bill has an anti-offshore orientation and would give… – Continue reading
Good news for South Africans who worked abroad. JOHANNESBURG – A number of pensioners and tax specialists heaved a collective sigh of relief after the South African Revenue Service (Sars) ruled that any pension South Africans accumulated while working outside the country will generally not be subject to local tax…. – Continue reading
DOUBLE taxation for companies and individual investors at the securities market could be scrapped in 2016, if a plan by the Capital Markets Authority is adopted. In a move to attract and grow investments, the Capital Markets Authority has initiated talks on a transparent tax regime, to eliminate multiple taxes… – Continue reading
The Finance Bill 2014 (the “Bill”), which was published 23 October 2014, proposes a package of measures which focuses on Ireland’s tax rate, regime and reputation. The changes seek to reinforce Ireland’s position as a top destination for multinational companies and emphasise the importance of real and substantive foreign direct… – Continue reading
Recent months saw various important developments that are relevant to Sino-European trade and investment. These include (i) changes to the EU Parent-Subsidiary Directive, (ii) the entry into force of the double tax treaty between Luxembourg and Taiwan, and (iii) proposed changes to China’s Foreign Investment Catalogue and the Governmental Verifications… – Continue reading
ITR Correspondent In an effort to provide taxpayers with an integrated procedural framework for the negotiation of advance pricing agreements (APAs), the Greek Ministry of Finance recently released template application forms for both preliminary consultations and formal negotiations, as well as additional guidelines on the overall APA procedure. The forms… – Continue reading
The Swiss Federal Council has adopted dispatches on five double taxation agreements, which will now be submitted to Parliament for approval. The treaties with Estonia, Ghana, Iceland, and Uzbekistan either replace or revise the current deals, while the agreement with Cyprus is Switzerland’s first with the territory. All of the… – Continue reading
Y20 head on youth unemployment mission Countries may have to battle for revenue from digital companies once the global plan to stop tax avoidance succeeds, says the OECD’s head of tax Pascal Saint-Amans, but at least they now have something to fight for. In an exclusive interview with Fairfax Media… – Continue reading
To help in its efforts to crack down on suspected black money stashed abroad, India has entered into an information exchange pact with Saint Kitts and Nevis, a two-island Carribean country, perceived as a safe haven for offshore funds. The agreement was signed by India’s Permanent Representative to the UN… – Continue reading
New Delhi: Absence of criminal legal treaties between India and tax haven nations have been cited by probe agencies working in the SIT on black money as one of the major impediments in initiating steps to bring back illegal funds stashed abroad by Indians. These agencies, including the Central Board… – Continue reading
With American taxpayers newly able to easily secure more favorable US tax treatment for Canadian retirement plans, American Citizens Abroad had requested that such treatment should be extended worldwide to all foreign pensions and retirement savings. Under the recent change, many Americans and Canadians with registered retirement savings plans and… – Continue reading
With the change in government in India, the world is looking up to its new Prime Minister Narendra Modi to revive the country’s economy, who recently launched his flagship ‘Make in India’ campaign to propel the country into top 50 of World Bank’s Ease of Doing Business rankings by 2016…. – Continue reading
Aparajita Basak, the manager, of research analytics, innovation and knowledge centre at Frost & Sullivan, talks about the use of tax havens across the world for Indian black money. What kind of role do tax havens play in black money in terms of Indian companies and individuals? Across the world,… – Continue reading
The black money brouhaha is turning rapidly into a whitewash special. Part of the first report of August 2014 submitted by the Supreme Court-appointed Special Investigation Team (SIT) to probe the issue of black money stashed in foreign banks reveals very little fire behind all the smoke. It says that… – Continue reading
Americans in Canadian plans no longer have to fill out paperwork to qualify for tax deferral The Internal Revenue Service recently simplified the filing procedures for Americans with Canadian registered retirement plans and allowed for those plans to qualify as “tax free” savings. Under the change, the IRS said that… – Continue reading
Beijing (ANTARA News) – The Chinese government has agreed to exempt Garuda Indonesia from business tax after the national flag carrier flies to China for ten years. The agreement will take effect next year, Indonesian Ambassador to China and Mongolia Soegeng Rahardjo said here on Wednesday. Under article 8 of… – Continue reading
Tax treaty rules on ‘permanent establishment’ should be changed in order to ensure companies are taxed in the jurisdiction where their economic activity takes place, the Organisation for Economic Cooperation and Development (OECD) has said.05 Nov 2014 Corporate tax Tax Tax Disputes and Investigations TMT Advanced Manufacturing & Technology Services… – Continue reading
ICC has expressed concern that the Organization for Economic Co-operation and Development (OECD) Action Plan on combating Base Erosion and Profit Shifting (“BEPS”), mandated by the G20, may inadvertently incur severe collateral damage on compliant taxpaying companies of all sizes as a result of well-meaning measures undertaken unilaterally by states… – Continue reading
High Court refuses special leave application in capital gains tax dispute The High Court has refused the special leave application by the taxpayer in a case involving the liability to capital gains tax (CGT) of a ‘limited partnership’ formed in the Cayman Islands. The application for special leave followed the… – Continue reading
Public institutions providing finance to businesses in developing countries are channelling billions of euros through secretive tax havens, a report published today (4 November) has found. Development Finance Institutions (DFIs) in Europe and the World Bank’s lending arm, the International Finance Corporation (IFC), are playing an increasingly dominant role in… – Continue reading
NEW DELHI/BERNE: Accounts inherited from family members as also from previously-constituted trusts or companies have come to the fore in a big way, as India seeks further details from Switzerland about those suspected to have ‘unaccounted’ wealth parked in the Swiss banks. Hundreds of individuals and entities, including 627 names… – Continue reading
India today told Mauritius that it will not take any decisions that will “adversely impact” bilateral relations while reassuring the country that amendments to the bilateral tax treaty would be made only after considering the legitimate interests of both sides. This was conveyed by External Affairs Minister Sushma Swaraj during… – Continue reading
NEW DELHI: Former minister of state for external affairs in the UPA regime, Preneet Kaur, figures in the list of 627 names of Indians holding accounts in foreign banks, which was submitted by the Centre to the Supreme Court. Kaur, wife of former Punjab CM and Congress’s deputy leader in… – Continue reading
NEW DELHI: Ahead of External Affairs Minister Sushma Swaraj’s three-day visit to Mauritius from tomorrow, India today said amendments to the bilateral tax treaty with the island nation would be made only after taking into account the “legitimate interests” of both sides. Swaraj will also be visiting Male and hold… – Continue reading
The Supreme Court on Wednesday virtually thwarted fresh attempts by the Modi government to go slow on the black money probe, citing “sovereign powers to sign treaties”. The court sternly asked the Centre to “just go whole hog to unearth the money”, leaving other worries to the Special Investigation Team… – Continue reading
Amid a debate on disclosure of names of suspected black money holders, Switzerland on Thursday said information exchanged under the Swiss-India tax treaty cannot be disclosed “in principle” to a court or any other body outside the proceedings of a “specific and relevant” case. The comments come at a time… – Continue reading
New Delhi,Oct 30 (TruthDive): Black money stashed abroad could have been easily got back if India had been a signatory to a UN convention of double taxation treaty agreements (DTAA). By signing to this convention, India can renegotiate DTTA and bring it in line with the country’s taxation law and… – Continue reading
Billionaire and Formula 1 head Bernie Ecclestone likes paying Swiss taxes. (Keystone) Formula 1 head and billionaire Bernie Ecclestone denies using Switzerland as a tax haven. In an interview with the Tages-Anzeiger newspaper, he says he did not come here to optimise his tax burden. The 84-year-old, who lives in… – Continue reading
New Delhi/Berne: Amid a debate on disclosure of names of suspected black money holders, Switzerland today said information exchanged under Swiss-India tax treaty cannot be disclosed “in principle” to a court or any other body outside the proceedings of a ‘specific and relevant’ case. The comments come at a time… – Continue reading
China has made significant strides in the past five years in building up its regulation in the area of double taxation avoidance, as well as implementation assurance techniques. Following the 2008 Corporate Income Tax Law, which laid the basis for anti-avoidance in China, the State Administration of Taxation (SAT) issued… – Continue reading
On Wednesday, when the Supreme Court accepted and handed over the sealed envelope from the government carrying the Swiss bank account details of Indians to the special investigation team, what seems to have won is the concern over the double taxation avoidance treaty (DTAT) and many such agreements that the… – Continue reading
The US policy is different. Moving away from the homeland doesn’t mean you are free from the Internal Revenue Service (IRS). You are required to file your US tax returns every year, report your worldwide income to the IRS and pay any tax imposed by the US tax laws. Since… – Continue reading
The United Arab Emirates (UAE) and Luxembourg on October 26, 2014, signed a protocol to amend their double tax agreement. The protocol revises provisions in the treaty, which dates back to November 2005, the UAE’s Ministry of Finance said. In particular, the scope of the treaty has been expanded to… – Continue reading
New CIBC report offers tax tips for U.S. vacation properties TORONTO, Oct. 28, 2014 /CNW/ – CIBC (TSX: CM) (NYSE: CM) – As Canadians look to take advantage of low U.S. house prices to buy vacation homes and escape the chill of winter, a new report by Jamie Golombek, CIBC’s… – Continue reading
On Monday when the Centre revealed the names of Indians with bank accounts in Switzerland, a customary call to a chartered accountant made sense. Straight up, the question was how to make sure that a person be financially healthy and disciplined, without having back-of-the-mind worries of the tax man knocking… – Continue reading
Behind the step-by-step approach in the government’s disclosure of names of foreign bank account holders is the confidentiality clause under the Double Taxation Avoidance Treaty (DTAT) that prevents making public the identity of the account holders. Finance Minister Arun Jaitley had earlier said the names of persons would be disclosed… – Continue reading
The amendments see the addition of new provisions that were determined based on the Ministry of Finance’s suggestions Abu Dhabi: Obaid Humaid Al Tayer, Minister of State for Financial Affairs and Pierre Gramegna, Luxembourg’s Minister of Finance, today signed a protocol to amend the agreement on the avoidance of double… – Continue reading
NEW DELHI: Amid a growing clamour for naming of alleged black money holders, industry body Assocham today said the government should not prematurely disclose the names of such persons as it could hamper battle against this menace. “The double taxation avoidance treaties are important for the Indian residents and corporates… – Continue reading
Introduction The economy has come to the forefront of the Second U.S. House District race between incumbent Democrat Dave Loebsack and Republican challenger Dr. Mariannette Miller-Meeks. Loebsack’s campaign accuses Miller-Meeks of being in favor of “special tax breaks to outsourcing corporations” and claims she partnered with a company that sent… – Continue reading
With the announced end of banking secrecy for non-residents, the time has come to make use of favourable repatriation schemes, such as the voluntary disclosure regime in Italy. Despite increasing pressure for fiscal transparency and exchange of information, beneficial owners still have a choice: move the capital out (of Luxembourg),… – Continue reading
Since all economic theories – even Marxism and socialism – recognize that capital formation is a key to long-run growth, higher wages, and improved living standards, it obviously doesn’t make sense to penalize saving and investment. Yet that’s exactly what happens because of double taxation in the United States, as… – Continue reading
