For British pension holders in the US, transferring into a Qualifying Recognised Overseas Pension Scheme (QROPS) is now commonplace. These pension solutions are widely accessible to all US residents or nationals who have accrued pensions from their time working in the UK, and are an invaluable aspect of financial planning… – Continue reading
HELSINKI–(BUSINESS WIRE)–Regulatory News: Nokian Tyres plc (HEX:NRE1V) Stock Exchange Release 7 April 2015 3:15 p.m. Board of Adjustment annulled the reassessment decision against Nokian Tyres plc concerning tax years 2007-2010 The Board of Adjustment annulled the reassessment decision from the Tax Administration, according to which the Company was obliged to… – Continue reading
The Markova Noga border crossing in Prespa could be the first project to be carried out of the series of trust-building measures between Macedonia and Greece, sources from the Ministries of Foreign Affairs of both countries have told Dnevnik off the record. The opening of this border crossing, according to… – Continue reading
MANY retirees could be forced on to age pensions if they lose tax credits on dividends, Australia’s biggest listed investment company has warned. Australian Foundation Investment Company general manager Geoff Driver says retirees would have less income if the dividend imputation system were scrapped. Higher demand for age pensions would… – Continue reading
Urgent changes are needed to Australian tax laws, say experts, amid claims BHP Billiton and Rio Tinto avoided paying billions of dollars in tax during the mining boom. The Australian Tax Office has the mining giants in its sights over claims they have been saving more than $750 million a… – Continue reading
A serious need emerges, amid the global political and economic crisis, for the dialogue among religions, cultures, different political forces, and an important role in this process is in recent years played by Azerbaijan. In this regard, the Azerbaijani President Ilham Aliyev’s visit to Saudi Arabia is significant. It is… – Continue reading
On April 3, 2015, as part of its Action Plan on Base Erosion and Profit Shifting (BEPS), the OECD released a discussion draft entitled “BEPS Action 3: Strengthening CFC Rules” (the Draft) for comments. The Draft stresses the importance of CFC rules in countering base erosion and profit shifting, and… – Continue reading
It has been revealed that illicit financial transfers are draining Africa of massive resources needed to uplift its majority poor from the claws of poverty and provide both productive and social infrastructure for development. The African Civil Society Circle, a group of nine civil society organizations and think tanks from… – Continue reading
The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), has recently issued FAQs regarding the immobilisation of bearer shares and units, as well as a press release to remind Luxembourg alternative investment fund managers (AIFMs) and non-EU AIFMs that market alternative investment funds (AIFs) in Luxembourg under… – Continue reading
Interview with Partner and National Leader, Human Capital Services, EY India The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015, popularly called the “anti-black money bill” has been in the news for its stringent and sweeping provisions. Sonu Iyer, partner and national leader, human capital services, EY India,… – Continue reading
As you may already be aware, eligible individuals can currently contribute up to $180,000 per annum to their super fund using after-tax monies (known as nonconcessional contributions). Eligible individuals under age 65 can also bring forward an additional two years’ worth of contributions as long as they don’t exceed a… – Continue reading
Writing for the Washington Post’s Wonkblog, and seizing the occasion of a House Ways and Means Committee vote to eliminate the federal estate tax, Matt O’Brien shines a momentary light on the estate tax, and comes up with some numbers that took me by surprise. Nominally, the inheritance tax takes… – Continue reading
The Ministry of Finance has issued ten Income Computation and Disclosure Standards (ICDS), operationalising a new framework for computation of taxable income by all assesses in relation to their income under the heads “Profit and gains of business or profession” and “Income from Other Sources”. The Central Board of Direct… – Continue reading
Jurisdictional issues will limit success. It’s no secret that companies including Apple, Google and Amazon, seem to pay less than their fair share of tax in Australia. Despite booking huge revenues from sales to Australian customers they are able to reduce their profits in this country by shifting profits to… – Continue reading
The Barbados Government Information Service has announced that negotiations are in progress for a double taxation agreement between Cyprus and Barbados, as well as for co-operation in other areas, such as tourism. At a recent meeting with the Barbadian Prime Minister the Cyprus High Commissioner to Barbados expressed his optimism… – Continue reading
An agreement to lower the mainland withholding tax for aircraft and ship leasing is a crucial first step towards realising the Hong Kong government’s ambition of making the city an international centre for financing a global aviation industry that will need US$4.6 trillion worth of planes in the next two… – Continue reading
The Shanghai-Hong Kong Stock Exchange Connected is working out its kinks and investors are taking notice. Hong Kong and Beijing signed a tax treaty on Thursday that ends double taxation for equity traders, which was one of the sticking points for local brokers hoping to buy into China’s massive mainland… – Continue reading
A new circular says multinational corporations like Google and Facebook will pay taxes on online business with Israelis. Foreign Internet companies and another other foreign corporation with significant business in Israel must register with the VAT authorities as authorized dealers, and their transactions are liable to VAT. Under certain conditions,… – Continue reading
One million American citizens in Canada face double tax troubles. Max Reed explores these challenges in a spring series If you’re a U.S. citizen living in Canada, you might be frantic about the IRS tax crackdown and hefty fines if you haven’t been tax compliant. How fast can the IRS… – Continue reading
The Bangladesh-China-India-Myanmar (BCIM) economic corridor and China’s proposed ‘Silk Road Economic Belt and 21st-Century Maritime Silk Road’ are “closely” related, Beijing says as it has unveiled action plans on this joint ‘Belt and Road Initiative’. Chinese President Xi Jinping during his visits to Central Asia and Southeast Asia in 2013… – Continue reading
DONETSK: The year-long conflict in east Ukraine has closed businesses across this industrial heartland, ramping up unemployment, crippling finances and leaving it ever more reliant on Moscow. Fierce fighting between government forces and pro-Russian rebels has ravaged a region that once provided 25 percent of the nation’s exports and has… – Continue reading
In 2015, Singapore celebrates its 50th year of independence and also mourns the passing of its first Prime Minister Lee Kuan Yew who steered Singapore’s success for many critical years. From its origins as a British trading post in 1819, Singapore has grown into one of the busiest ports and… – Continue reading
I. Introduction In an effort to crack down on individuals obtaining U.S. citizenship illegally, the U.S. Department of Justice recently raided several “maternity tourism” operations in Southern California.1 These companies cater to wealthy foreigners seeking to give the gift of U.S. citizenship to their children. Since at least 1868, the… – Continue reading
Hong Kong (HKSAR) – The Secretary for Financial Services and the Treasury, Professor K C Chan, signed the Fourth Protocol to the Arrangement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income with the Mainland (the Fourth Protocol) with the Deputy Commissioner… – Continue reading
Hong Kong’s Secretary for Financial Services and the Treasury, K C Chan, has described the various tax policies that the Government intends to pursue in the coming year. As part of his testimony before the Legislative Council (LegCo) Finance Committee special meeting on the 2015-16 Budget, Chan stressed that the… – Continue reading
PETALING JAYA: Local car companies can claim the 10% sales tax on unsold stock after the implementation of the goods and services tax (GST) – if they can produce documented proof of purchase. “If you’re holding stocks that had been paid for, you will get a full refund if you… – Continue reading
Malaysia has introduced a new Goods and Services Tax of six percent. However, the country’s Customs Department has said that confusion over the new tax will last six months to a year. Consumer concerns regarding the GST have been over price increases, whereas businesses concerns have focused on compliance costs… – Continue reading
A recently released discussion paper has found that Australia finds Bitcoin as becoming a threat to the country’s tax system. The paper said new technology and globalisation are among the main factors pushing multinational practices to engage in tax avoidance. According to the paper, news ways transacting such as Bitcoin… – Continue reading
TOKYO: Japan companies have pressure to use their near-record cash stockpiles to help drive growth, with Finance Minister Taro Aso saying Thursday the government should consider a tax to prod businesses into action. “Japan should carefully consider issues like this,” Aso said in Parliament in response to a question from… – Continue reading
Sukankan Roy’s Sound of Joy has won the best Animation Film at the 62nd National Film Festival. The movie is based on Swami Vivekananda’s childhood stories. Sukankan Roy and the entire team of Aura Cinematics along with animator Rishi Sahay won a cash prize of Rs 50,000 from the President… – Continue reading
U.S. multinationals represent the healthiest segment of the economy, with higher profits and more than $1 trillion of cash on hand. This has kept corporate tax reform alive as a political issue. ON Semiconductor had a solid 2014, boosting net income by 36 percent to $196 million on revenue of… – Continue reading
CO-OPERATION on investment within the SADC region is an integral part of achieving the overarching objectives of the SADC Treaty. Investment, be it foreign direct investment, cross-border investment or domestic investment is needed to enhance the productive capacity in the region, which is a pre-requisite for increasing trade across borders… – Continue reading
Australians working in Hong Kong should be aware of the various complexities that affect their residency, super and tax status. Going overseas to work is a grand adventure for many professionals. But the way income earned outside your home country is taxed is a complex area, and it’s worth seeking… – Continue reading
The Ministry of Finance yesterday issued two statements saying the government has yet to reach conclusions on tax rates or an implementation date for a proposed income levy on property gains. The ministry made the clarifications after the Cabinet called a meeting on the proposed tax and gave its go-ahead… – Continue reading
Hungaryʼs Foreign Minister Péter Szijjártó opened a Hungarian trading house in Santiago de Chile on Friday, the minister told Hungarian news agency MTI by phone early this morning following talks with Chileʼs Foreign Affairs Minister Heraldo Munoz and with Chilean businessmen. Szijjártó said on the phone that Chile is one… – Continue reading
Government questions dividend imputation and company tax rate Australian investors appear to have dodged a bullet, with the government’s first paper on tax reform discussing the dividend imputation system but falling short of attacking it outright as an idea that has outlived its usefulness. David Murray’s inquiry into the Australian… – Continue reading
Ted Cruz has developed a reputation as the most conservative of the major 2016 Republican presidential candidates, but he hasn’t taken many specific policy positions to earn that moniker. One exception? His longtime support for a flat tax. The flat tax dramatically lowers the top tax rate and exempts capital… – Continue reading
Luxembourg’s Direct Tax Administration has published a circular on February 12 clarifying issues relating to residency certificates for Luxembourg funds. These are applicable to both UCITS and non-UCITS funds regulated by Luxembourg’s investment fund legislation of December 17, 2010, which transposed the UCITS IV Directive, as well as Specialised Investment… – Continue reading
British expats in France can claim a share of millions of pounds of compensation after the European Court ruled in their favour against unfair social security payments imposed by President Francois Hollande’s government. Around 200,000 expats who have rented out or sold homes in France during the past three years… – Continue reading
Greece’s economic recovery is being undermined by large-scale corporate tax avoidance, whereby companies use loopholes in places like the Netherlands and Luxembourg to pay little or no income tax, according to a new report from Dutch research group, SOMO. Greece has been gripped by harsh austerity measures imposed by the… – Continue reading
This article continues our series on the Base Erosion and Profit Shifting (BEPS) project, and the Action Plans that have so far been submitted, by the Organisation for Economic Co-operation and Development (OECD). We now look at Action Plan 15 on Developing a Multilateral Instrument to Modify Bilateral Tax Treaties…. – Continue reading
MUMBAI: Income-tax authorities on Friday issued draft assessment orders against nearly 150 foreign portfolio investors (FPIs) asking them to pay minimum alternate tax (MAT), a move that is bound to reinforce India’s reputation for aggressive tax enforcement. The 15-page draft assessment order sent to FPIs provides reasoning as to why… – Continue reading
The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), has recently issued FAQs regarding the immobilisation of bearer shares and units, as well as a press release to remind Luxembourg alternative investment fund managers (AIFMs) and non-EU AIFMs that market alternative investment funds (AIFs) in Luxembourg under… – Continue reading
NAIROBI: Insurance brokers have contested the introduction of 10 per cent levy on their brokerage commission. Eighteen insurance brokerage firms have moved to court under a certificate of urgency, suing Commissioner of Domestic Taxes and the Attorney General. The firms complain that introduction of 10 per cent levy on their… – Continue reading
Dividend payment by an overseas company with related assets in India will not be taxable in India, the govt says New Delhi: The income tax department on Thursday clarified that dividend payment by an overseas company with related assets in India will not be taxable in India, as part of… – Continue reading
Timatex Vietnam Co. Ltd. has taken legal action against the HCMC Tax Department over the collection of US$2.8-million tax arrears but it is still open for negotiation to solve the problem. Speaking at a dialogue with the tax department yesterday, a representative of the company demanded an explanation of the… – Continue reading
The India-Mauritius Double Taxation Avoidance Agreement (DTAA) may see some headway with the island nation promising full cooperation with India to address outstanding issues relating to their bilateral tax treaty. The development comes days after Prime Minister Narendra Modi visited Mauritius. Its Finance Minister Seetanah Lutchmeenaraidoo in his Budget speech… – Continue reading
Nairobi — The Kenya Revenue Authority (KRA) wants tax incentives offered to foreign investors withdrawn. The proposal to eliminate tax incentives and concessions offered to foreign investors is aimed at boosting revenue collection to accelerate national development. Speaking at the ongoing Biennial Ambassadors/High Commissioners conference in Kwale, KRA Commissioner General… – Continue reading
A bill working its way through the state Legislature would eliminate a property tax on business equipment that the bill’s co-sponsor calls “double taxation,” but that loss of revenue could bring down funding for local governments. Under the bill, the state’s businesses and manufacturers would still pay property taxes on… – Continue reading
Ghana and the Netherlands have signed a Memorandum of Understanding (MoU) for the Automatic Exchange of Information to help in efforts to fight tax evasion. The agreement would allow the tax authorities of the two countries to automatically provide each other with information about income from immovable property earned by… – Continue reading
