A recent Central Board of Direct Taxes (‘CBDT’) press release of August 6, 2015 announced signing of 2 unilateral APAs, including one with a rollback provision, and this has raised hopes of many MNCs, that hope to witness expeditious and reasonable closures. n July 2012, with a view to providing… – Continue reading
New de-offshorization and capital amnesty laws could have widespread effects In an attempt to encourage “economic patriotism,” Russia recently adopted two new laws: (1) The De-Offshorization Law, which makes a number of major changes in the existing systems of corporate and personal taxation in Russia, particularly as they pertain to… – Continue reading
Sofia. Bulgarian Council of Ministers approved at its regular Wednesday sitting an agreement on exchange of information on tax matters signed between the governments of Bulgaria and Guernsey. The cabinet proposes the National Assembly ratifies the document, the press service of the Government announced. The agreement sets conditions for the… – Continue reading
PRESS RELEASE Three Memoranda of Understanding (MOU)/Agreements on bilateral cooperation between Mauritius and Ghana in various fields were exchanged yesterday at New Treasury Building, in Port Louis. The documents concluded pertain to the following: mutual visa exemption; standardisation and conformity assessment; and, tertiary education. The exchange of MOUs was held… – Continue reading
CHINA: MANAGING IP TAX CHALLENGES IN BEPS ENVIRONMENTABU DHABI // The UAE Embassy in Nairobi has temporarily suspended its consular services, it was confirmed on Tuesday. An employee at the embassy said that Kenyans wishing to apply for a work visa or attestations for the UAE will not be able… – Continue reading
As another corporate reporting season in Australia draws to a close, the broad trend has been moderately underwhelming earnings results, combined with a rise in the earnings repaid to shareholders in the form of a dividend. During this recent reporting period Australian firms returned, on average, 73% of their profits… – Continue reading
Fuzhou, China, Aug. 24 (CNA) Lin Join-sane (林中森), chairman of Taiwan’s semi-official Straits Exchange Foundation (SEF), arrived in the southeastern Chinese city of Fuzhou on Monday in preparation for the next round of high-level meetings with his Chinese counterpart. Lin and the SEF delegation were greeted by Chen Deming (陳德銘),… – Continue reading
In what could turn out to be a major relief for foreign investors, an expert committee has recommended that there was no case for imposing the controversial minimum alternate tax (MAT) on foreign institutional investors (FIIs) with retrospective effect. The A.P. Shah Committee, appointed to examine the issue of levying… – Continue reading
Improvement of the e-management system for value added tax The Law of Ukraine “On Amending the Tax Code of Ukraine on improving the management of value added tax” No. 643 was adopted by the Verkhovna Rada of Ukraine on 16 July 2015. The law in its main part came into… – Continue reading
At first glance the OECD’s Base Erosion and Profit Shifting (BEPS) project is difficult to understand. There has been no decline in corporate tax revenues in recent years, and nations already possess a variety of tools to respond to erosion when needed. BEPS is thus drawing an inordinate amount of… – Continue reading
The IRS on 12 August 2015 released Rev. Proc. 2015-40 with respect to requesting competent authority (CA) assistance, and it is generally effective for CA requests filed on or after 30 October 2015. Rev. Proc. 2015-40 updates and supersedes Rev. Proc. 2006-54. The IRS concurrently released Rev. Proc. 2015-41 as… – Continue reading
Turkmen parliament ratified the country’s convention with South Korea on double taxation avoidance and prevention of fiscal evasion with respect to income taxes, the Turkmen government said August 19. Aside from that, according to the government message, the parliament ratified the country’s convention with Austria on avoidance of double taxation… – Continue reading
The Singapore Shipping Association (SSA) is pushing for the city-state to have more double taxation agreements. Speaking at a media briefing on Tuesday, Rene Pedersen, chairman of the SSA International Committee said, “Singapore today has some 65 double taxation agreements and that’s actually not a lot.” By comparison the UK… – Continue reading
Taipei, Aug. 18 (CNA) Taiwan and China will sign two agreements on taxation and aviation safety in their next high-level meeting to be held in Fuzhou, China later this month, a senior official of Taiwan’s Mainland Affairs Council (MAC) announced Tuesday. The meeting between the chiefs of Taiwan’s Straits Exchange… – Continue reading
Simplification of tax administration has always been on the government’s agenda. E-filing is one major steps in that direction as it increases the tax base. E-filing is almost paperless, where taxpayers need not submit any supporting documents. E-filing is mandatory for those qualifying as resident and ordinary resident and having… – Continue reading
Gaborone — Botswana and Mauritius on Saturday August 15 signed a Double Taxation Avoidance Agreement, renewing a convention the two countries have had since 1995. Minister of Finance and Development Planning, Mr Kenneth Matambo represented Botswana while Mauritius’ Minister of Foreign Affairs, Regional Integration and International Trade, Mr Marie Joseph… – Continue reading
Hong Kong (HKSAR) – The agreement between Hong Kong and Italy for the avoidance of double taxation with respect to taxes on income and the prevention of fiscal evasion has entered into force. The Secretary for Financial Services and the Treasury, Professor K C Chan, said today (August 14), “Hong… – Continue reading
The rise of Islamic finance and sukuk issuances have brought with it a growing phenomenon: Shariah banking is increasingly taking advantage of offshore banking jurisdictions, and this for a number of reasons, reports the Gulf Times. Many offshore centres around the world meanwhile offer a wide range of features allowing… – Continue reading
In doing business, companies will incur operating costs that vary according to the nature of the undertaking. For manufacturers, the key operating costs, apart from raw materials and overheads, might include such expenses as manufacturing know-how and technical assistance. For distributors, the key operating costs will normally include inventory, marketing… – Continue reading
On August 10, 2015 the Dutch Government published the text of a Protocol amending the Agreement between the Government of the Kingdom of the Netherlands and the Government of the Republic of Indonesia for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on… – Continue reading
The $100 billion is flowing across borders in search of takeovers and start-up ventures. Developing countries are losing around $100 billion a year in revenues because foreign investors are channelling profits through offshore zones to avoid tax, a study by U.N. think-tank UNCTAD said. “Tax avoidance practices therefore are responsible… – Continue reading
The Organisation for Economic Co-Operation and Development (OECD) is likely to recommend that restrictions on interest deductibility should mainly involve a cap calculated as a percentage of EBITDA, an expert has said.07 Aug 2015 Corporate tax Tax International tax Energy Infrastructure However Heather Self of Pinsent Masons, the law firm… – Continue reading
SEOUL, Aug. 6 (Yonhap) — The top court ruled Thursday against an oil company of the United Arab Emirates, headed by a member of the Abu Dhabi royal family, saying that it must pay millions of dollars in stock trading tax to South Korea. IPIC International B.V. (IPIC), a state-run… – Continue reading
On May 13, 2015, Cyprus and Georgia signed a new double taxation agreement (DTA). Unlike many former members of the USSR, Georgia did not adopt the 1982 Cyprus–USSR DTA when it became independent, and the new agreement is the first between the two countries. It will come into force once… – Continue reading
One European country’s generous tax regime to entice wealthy expats is looking even more attractive thanks to pension freedom. Many dream of retirement in sunnier climes and with pension freedom the opportunity to take your savings and run is even more tempting. A reduced tax bill is even more enticing,… – Continue reading
The recommendations of Justice AP Shah-led three-member committee on minimum alternative tax (MAT) has come in for big relief to foreign investors. The 64-page report, exclusively accessed by dna, says a foreign investor is not liable to pay MAT prior to April 1, 2015. The report, however, is silent on… – Continue reading
Tax Commissioner Pierre Moscovici has said that European Commission law was not breached in the case of a French professional association taxing royalty payments earned by UK musicians in France. In a written question to the European Commission, Julie Girling, a UK Member of the European Parliament (MEP), alleged that… – Continue reading
Cyprus and the Islamic Republic of Iran signed a double taxation and a fiscal evasion treaty which aim at helping the two countries develop bilateral trade and economic links, the finance ministry said today. “Expansion and upgrading the network of double taxation agreements, is of high economic and political importance… – Continue reading
British expats in Cyprus could lose a host of privileges if Britain withdraws from the EU, a popular expat forum has warned. The website is urging them to register to vote in the UK’s in/out referendum, which could take place as early as the middle of next year. The vote’s… – Continue reading
The Barbados Revenue Authority (BRA) was subjected to rigorous assessments by the United States Internal Revenue Service (IRS) recently in a bid to verify the island’s readiness to enact the Foreign Account Tax Compliance Act (FATCA), reports Barbados Today. Anthony Gittens, the BRA’s manager of policy and planning, said as… – Continue reading
NEW DELHI: Government today said the tax department will expeditiously process the cases where FIIs have claimed exemption from minimum alternate tax (MAT) as a benefit under the bilateral tax treaties. “The CBDT ( Central Board of Direct Taxes) has directed its officers to expeditiously process the cases where the… – Continue reading
While the traders have announced shutter down strike on August 01 (Saturday), the All Pakistan Business Forum (APBF) has endorsed their stance on 0.3% WHT on banking transaction, persuading the government to withdraw this tax to avoid any confrontation. President All Pakistan Business Forum Ibrahim Qureshi, said that the government,… – Continue reading
The Indian Income Tax Act 1961 in its section 172 deals with “Shipping business of non-residents”. Section 172 of the Act applies “for the purpose of the levy and recovery of the tax in the case of any ship, belonging to or chartered by a non-resident, which carries passengers, livestock,… – Continue reading
ANDORRA LA VELLA: Sheikh Abdullah Bin Zayed Al Nahyan, UAE’s Foreign Minister, has met Gilbert Saboya, Minister for Foreign Affairs of Andorra. During the meeting, Sheikh Abdullah underscored the UAE’s keenness to enhance cooperation with Andorra as well as ways to boost relations in all fields. Saboya expressed his wishes… – Continue reading
On 9th July 2015, the Cyprus House of Representatives voted in favour of the introduction of a Notional Interest Deduction regime, aimed at encouraging investment into corporate structures, and thus reducing excessive debt financing. Such changes, aimed to further improve Cyprus’ growth prospects, will align the Republic’s system with that… – Continue reading
NEW DELHI: The government today said it’s taking effective steps to deal with black money and will focus on high-impact cases with a view to prosecuting offenders expeditiously for credible deterrence against tax evasion. “While focusing on non-intrusive measures, due emphasis has been given on enforcement measures in high-impact cases… – Continue reading
GOVERNMENT HAS TAKEN key steps to meet the requirements of the Foreign Account Tax Compliance Act Intergovernmental Agreement (FATCA IGA), which allows for the reciprocal exchange of information between the USA and Barbados. Minister of Finance, Christopher Sinckler, outlined the key steps as amending the Income Tax Act and putting… – Continue reading
On 25 July 2015 the Cabinet of Ministers of Ukraine published an order on the conclusion of advance pricing agreements (“APA”) in respect of controlled transactions for transfer pricing purposes* (“the APA Order”). The APA Order replaces the former procedure for the conclusion of APAs which became outdated due to… – Continue reading
These proposals can be implemented individually or as part of other reforms that may be in the pipeline PKF wishes to contribute its part towards the next budget implementation and for this purpose it has researched new areas which in its opinion warrant attention by the government during the public… – Continue reading
The Britain has commended the Zambian government for implementing the UK-Zambia double taxation agreement. British High Commissioner to Zambia James Thornton said the agreement will help promote and foster business linkages between British and Zambia companies. In a press statement issued to ZANIS in Lusaka today, Mr. Thornton said the… – Continue reading
The Britain has commended the Zambian government for implementing the UK-Zambia double taxation agreement. British High Commissioner to Zambia James Thornton said the agreement will help promote and foster business linkages between British and Zambia companies. In a press statement issued to ZANIS in Lusaka today, Mr. Thornton said the… – Continue reading
On June 22, 2015, the finance ministry issued Circular 96/2015/TT-BTC, guiding the corporate income tax regime in Decree 12/2015/ND-CP (“Decree 12”) of the government, dated February 12, 2015. Decree 12 provides the details for the implementation of the law that amends and supplements some articles of tax laws, tax decrees… – Continue reading
There is a rising trend that many start-ups incorporate their ultimate holding companies abroad, especially in Singapore for various reasons with tax being one of the top 3 factors for such decisions. Some of them have restructured the holding structures after few months of direct Indian holding to accommodate requests… – Continue reading
Blaming foreigners for homegrown economic woes is a tradition of sorts in Washington. In recent years, the favored scapegoat has been China and its folkloric trade indiscretions. But, lately, some have taken to demonizing foreign companies for the sins of a broken U.S. corporate tax system. Given the importance of… – Continue reading
Where a foreign company renders professional services to a South African company in South Africa, it is important that the foreign entity considers whether, as a result of rendering such services, the foreign company will create a permanent establishment in South Africa. The reason why this becomes important is that… – Continue reading
Manama, July 27 (BNA): The cabinet has strongly condemned all forms of interference by Iranian officials in the domestic affairs of the Kingdom of Bahrain, noting that such meddling is a flagrant violation of the UN Charter and the norms of International Law. The weekly session reiterated Bahrain’s keenness on… – Continue reading
The evolving tax landscape in the MENA region was discussed at the EY MENA Tax Conference held recently in London. The conference was attended by EY Tax specialists and senior finance and tax executives from major European companies with investments in the MENA region. Sherif El-Kilany, MENA Tax Leader, EY,… – Continue reading
Kenya signed several pacts with the US during talks between US President Barack Obama and Kenya’s President Uhuru Kenyatta, signalling a deepening of bilateral relations in trade and investment. Addressing a joint press conference, President Obama said discussions on the prospects of introducing direct flights between the two countries were… – Continue reading
South Africans who provide services from within this country to entities or individuals in another country should not be able to claim a special tax credit for foreign withholding taxes. This is according to a proposal by National Treasury in the Draft Taxation Laws Amendment Bill, which was released for… – Continue reading
Baku, Fineko/abc.az. The Azerbaijan’s Ministry of Taxes pays much attention to agreements on information exchange. According to Orkhan Musayev, International Relations Department Manager at the Ministry, such agreements, the same as agreements on elimination of double taxation, are very important. “So far, the Ministry of Taxes has signed agreements on… – Continue reading
