On 26 February 2015, the Austrian Supreme Administrative Court decided in favor of an appeal filed by WOLF THEISS for a client who received tax exempt interest income from other countries. An Austrian taxpayer received interest from Greek, Brazilian and Argentinian government bonds between 2003 and 2007. According to the… – Continue reading
The IRS has let Americans living abroad wrongly claim tax credits on their foreign income, according to a new report from the agency’s watchdog. The Department of Treasury’s inspector general for tax administration said the IRS allowed taxpayers to wrongly claim around $95 million between 2010 and 2012 in foreign… – Continue reading
The bench comprising justices Anil R. Dave and A.K. Goel said the case would be heard fully New Delhi: The Supreme Court on Tuesday admitted the income tax department’s appeal against a 2013 Andhra Pradesh high court ruling that said that France-based Sanofi SA was not required to pay tax… – Continue reading
Entebbe — Members of African Parliamentarian Network on Illicit Financial Flows and Tax (APNIFFT) want governments across the continent to put more pressure on multinational companies to pay full taxes. According to the parliamentarians, tax evasion and illicit financial flow (IFFs) from Africa can be brought to an end if… – Continue reading
The government of Cabo Verde (Cape Verde) approved an agreement to avoid double taxation with Guinea-Bissau, aimed at preventing tax evasion and fostering economic relations between the two countries, according to an official statement issued following a Cabinet meeting. The statement issued Friday said that the approved agreement, signed in… – Continue reading
New Delhi, Sept 22 (KNN) Government will not extend the window for declaration of black money assets held abroad beyond September 30, said Joint Secretary, Central Board of Direct Taxes (CBDT), Ministry of Finance, V Anandarajan. While inaugurating the conference on ‘Black Money Act: Ignorance is not Bliss! – Key… – Continue reading
The UAE and the Republic of Mauritius are linked with a double taxation on income agreement that was signed in 2006. On behalf of the UAE, the Ministry of Finance (MoF), signed yesterday an agreement on mutual encouragement and protection of investments with the Republic of Mauritius. This is following… – Continue reading
Prime Minister Hun Sen said Saturday he would like to stop foreign teachers from being required to pay income tax both in Cambodia and their home country in order to attract more highly-skilled educators to work here. Speaking at the official opening of the International School of Phnom Penh’s new… – Continue reading
Global convergence towards higher tax rates globally would be a poor outcome for the base erosion and profit shifting (BEPS) project and a severe impediment to uplifting global growth prospects, Josephine Teo, Singapore’s Senior Minister of State for Finance and Transport, has said. Speaking at the SMU-TA Centre for Excellence… – Continue reading
China’s State Administration of Taxation on 17 September 2015 released a discussion draft of proposed guidance relating to “special tax adjustments”—including those concerning transfer pricing—for public consultation. It is anticipated that this guidance could be finalized by the end of 2015, and once final, would replace the existing transfer pricing… – Continue reading
Issues of the Uzbek-Iranian bilateral relations’ development were discussed during the meeting of Uzbek Foreign Minister Abdulaziz Kamilov with Iranian Ambassador Ali Mardoniy Fard, who is completing his diplomatic mission in the country, said the message released Sept.16 by the foreign ministry of Uzbekistan. During the meeting, the sides exchanged… – Continue reading
In a decision released August 14, the Tax Court of New Jersey ruled that an intangible holding company with no physical presence was required to file a New Jersey corporation business tax (CBT) return and pay the related tax due based on its income.1 No relief was available to the… – Continue reading
On September 15, the Dutch government released its Budget 2016, containing the Tax Plan 2016 which includes certain amendments to Dutch tax law. The government will discuss the plans the coming weeks in parliament. Further to these discussions, some elements of the Tax Plan 2016 may change. Most proposals will… – Continue reading
Mombasa county has launched another attempt to collect levies on cargo at the port after earlier attempts were rejected by the Kenya Ports Authority (KPA). Through the Finance Bill 2015/2016, the county wants to directly tax shipping lines and cargo owners unlike in the previous bid where it sought to… – Continue reading
The tax arrangement for the Kingdom (BRK) will be replaced by a new tax system in relation to the Netherlands and Curaçao. The new tax arrangement was adopted by the Dutch House of Representatives on September 10 of this year, reports the Curacao Chronicle. The tax arrangement between Curaçao and… – Continue reading
Under the I-T Act, 1961, taxpayers are broadly categorised as Ordinary Resident, Not Ordinarily Resident (NOR) and Non-Resident (NR). Reporting and paying taxes on overseas incomes and assets come with their own set of challenges. Under the I-T Act, 1961, taxpayers are broadly categorised as Ordinary Resident, Not Ordinarily Resident… – Continue reading
The largest producer of nitrogen-based fertilizer in the United States, CF Industries, is considering merging with a Dutch competitor and moving its headquarters overseas to avoid the “double taxation” of profits earned by overseas subsidiaries going to the domestic company. Curtis Dubay, a tax and economic research fellow with The… – Continue reading
The question for many expats is in Australia is if switching their UK pension to a Qualifying Recognised Overseas Pension Scheme (QROPS) is worthwhile? Tax is a personal issue and no one-size-fits-all solution is available, but here are some general pointers to how pensions are taxed in different financial centres… – Continue reading
Administrators of tax-qualified retirement plans (or their delegated payor) are responsible for both withholding on distributions and for reporting the tax withheld. If taxes are under-withheld, the administrator/delegated payor may be subject to penalties. Although the rules governing withholding on distributions to US citizens and resident aliens are clear and… – Continue reading
There are often a few major issues on everyone’s lips in the international community of tax lawyers. This was the case also at The International Fiscal Association’s (IFA) 69th Congress in Basel, Switzerland. One of the main subjects in the congress was how tax payers’ rights can be most efficiently… – Continue reading
The estates of high net-worth individuals often cross borders. They might reside in one country, with assets in that country and elsewhere, and possibly family members residing are in other countries for work, education, or lifestyle reasons. The tax resulting from death can be quite harsh to their estate or… – Continue reading
Luxembourg recently published a bill to implement the new anti-hybrid rule and the general anti-abuse rule (GAAR) of the EU Parent Subsidiary Directive (PSD). The bill closely follows the wording of the PSD. A similar Dutch bill is expected on 15 September 2015. While the Dutch bill may differ from… – Continue reading
Taipei, Sept. 14 (CNA) The Kuomintang (KMT) government will be prioritizing passage of a cross-strait agreement on double taxation avoidance as well as bills on the budget, government restructuring and an all-volunteer military in the fall legislative session that opens Tuesday, Premier Mao Chi-kuo (毛治國) said Monday. Mao said the… – Continue reading
The value-added tax (VAT) system could boost tax revenue by an additional LE30 billion if implemented instead of the current sales tax system, according to a new study by the Egyptian Centre for Economic Studies (ECES). The study profers that the introduction of VAT would lead to a one time… – Continue reading
With the agreement with the US, Vietnam has now signed the double taxation avoidance agreements with 70 out of 170 countries and territories with which Vietnam has trade and investment relations. Double taxation is considered a barrier to trade and investment. It discourages transnational investments while prompts individuals and businesses… – Continue reading
Madrid, Sep 10 (EFE) .- Spanish Finance Minister Cristobal Montoro and his Qatari counterpart Ali Sharif Al-Amadi have signed an agreement on Thursday to avoid double taxation and tax evasion. The Spanish Ministry of Economy and Finance explained through a statement that this deal can be applied to taxes on… – Continue reading
HA NOI (VNS) — The Ministry of Finance has proposed to increase special consumption tax on imported goods to ensure fair competition between locally manufactured products and imported ones. Under the current regulations, the special consumption tax on imported goods is calculated keeping in mind their cost, insurance, and freight… – Continue reading
As traders are set to stage a strike on Wednesday (today) following a call given by the All Pakistan Anjuman-e-Tajran against the withholding tax on banking transactions, Lahore Chamber of Commerce and Industry has supported the traders and decided to join the strike. Traders’ leaders warned that the protest could… – Continue reading
Negotiations took place, on 2 July 2015, at the Ministry of Finance of the Republic of Cyprus, concluding a Protocol that will amend the Convention for the Avoidance of Double Taxation and the prevention of fiscal evasion with respect on taxes on income, when it expires. The agreed protocol, when… – Continue reading
The Agreement between the Government of the Republic of Azerbaijan and the Government of the Republic of San Marino on exemption of visa requirements for holders of diplomatic and service passports and the Convention between the Republic of Azerbaijan and the Republic of San Marino for the avoidance of double… – Continue reading
Given how China is trying to internationalise its currency, including getting more countries to settle trade in local currencies, it is not surprising that Indian policy-makers are looking at how to increase the rupee’s international acceptability. While that will have to wait till the Indian economy acquires China’s heft, a… – Continue reading
Kampala. A policy to guide the formulation of a double taxation treaty will be finalised by close of this month, the commissioner for tax policy at the Ministry of Finance, Mr Moses Kaggwa, has disclosed. Double taxation treaty (DTT) is an important agreement that determines which country has the right… – Continue reading
The Cabinet, then discussed a number of domestic issues and, in this regard, expressed thanks to and appreciation of the competent security agencies and Saudi Customs for their following-up, monitoring and preventing drug smuggling attempts into the Kingdom and the arrest of those involved in the smuggling and their recipients,… – Continue reading
Multinational companies are facing far more expansive and complex audits by tax authorities fighting over the same pot of profits as budget deficits continue to increase, reports BD Live. An inevitable outcome of efforts globally to prevent tax bases from erosion is double taxation and increased disputes over adjusted assessments… – Continue reading
KARACHI: The provincial finance ministries have been urged to resolve their differences on rights of taxability among themselves, as taxpayers are facing double taxation on services on the basis of origin and destination. In communications sent on Monday to ministers of finance of Sindh, Punjab, Khyber-Pakhtunkhwa and Balochistan, the Karachi… – Continue reading
The amount big companies set aside to cover disputed tax bills has more than halved over the past three years to £1.7bn this year, reports the Financial Times. Even though businesses fear more disputes as tax authorities become increasingly tough, they are showing reluctance to be drawn into conflicts that… – Continue reading
Tehran, Sept 6, IRNA – Economy Minister Ali Tayyebnia and visiting Iraqi Finance Minister Hoshyar Zebari, in a meeting on Sunday, signed three strategic economic agreements. The three agreements were about customs cooperation, avoiding double taxation and encouraging joint investments. Tayyebnia said that Iran-Iraq trade, including other cooperation such as… – Continue reading
Committing to a step-up in investments in India, the UAE said it is keen to tap opportunities in smart cities and the infrastructure sector. NEW DELHI: Just a little over a fortnight since Narendra Modi became the first Indian PM to visit the UAE in 34 years, the two countries… – Continue reading
Lack of information about ‘opaque’ special purpose vehicles make it difficult to assess financial stability implications The legendary Warren Buffett once described some shadow banking activities as “financial weapons of mass destruction”. By that he meant they pose a huge threat to the global financial system, as these investment structures… – Continue reading
For the past few years, Canadians have been taking advantage of our dollar being worth about the same as the U.S. dollar. From buying up real estate to cross-border shopping, being on par with the U.S. dollar has had its advantages. However, in the last few months, economic factors have… – Continue reading
Ambassador Furio De Angelis, the UN Refugee Agency’s man in Ottawa, says the media attention on the refugee crisis hitting Europe from all directions is a good thing, and one he hopes will translate into “concrete action.” He said the situation is dramatic, but it’s also a reflection of his… – Continue reading
Shifting of income between parent and subsidiary companies for the purpose of avoiding taxation has been a consistent concern for state departments of revenue. States have enacted a variety of rules to ensure that the entities involved file and pay taxes accurately. In Spring Licensing Group, Inc. v. New Jersey… – Continue reading
Proposals for consistent global rules on company tax cause worries all round CLARITY or chaos? Supporters of the Base Erosion and Profit-Shifting (BEPS) project, being worked on by the OECD, argue that it will bind multinationals to a consistent set of global tax rules, providing them with less licence than… – Continue reading
The Luxembourg tax authorities issued a circular providing guidance and rules for issuing certificates of tax residence and access to application of income tax treaty provisions for the avoidance of double taxation for Luxembourg “undertakings for collective investment” or UCIs. The circular sets forth guidance for SICAVs / SICAFs and… – Continue reading
On July 28, 2015 the Dutch Government published the English text of the Convention between the Kingdom of the Netherlands and the Republic of Zambia for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (hereafter: the DTA) and a relating Protocol,… – Continue reading
On July 28, 2015 the Dutch Government published the English text of the Convention between the Kingdom of the Netherlands and the Republic of Kenya for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (hereafter: the DTA) and a relating Protocol,… – Continue reading
Three-member AP Shah Committee has recommended extending minimum alternate tax (MAT) relief to foreign companies which do not have permanent establishment or public business in India. In an earlier version, the committee had sought to restrict MAT to foreign institutional investors and foreign portfolio investors. The committee had also not… – Continue reading
Pakistan has decided to revise obsolete convention of double taxation and provision of fiscal evasion convention with the United State of America (USA) aimed at bringing the treaty at par with neighbouring countries, well informed sources told Business Recorder. Pakistan and US signed a convention on the avoidance of double… – Continue reading
Taipei, Aug. 27 (CNA) Taiwan and Japan have nearly completed negotiations on a bilateral agreement to avoid double taxation, a Taiwanese official said Thursday. The date of its signing is still being discussed, the official said. The negotiations on the agreement have almost been concluded, Chou Shyue-yow (周學佑), deputy director-general… – Continue reading
Tax authority alerts police amid suspicion that foreign companies have defrauded its system over past three years Denmark’s tax authority said on Wednesday that it had alerted police after foreign companies appeared to have drained more than 800m euros from the system in what would be the country’s biggest tax… – Continue reading
