Bulgaria’s Cabinet approved on March 25 the draft of the updated treaty with United Kingdom on avoiding double taxation of income and property, the Government press service said in a statement. The existing double-taxation agreement between the two countries dates back to 1987, when economic relations between the two countries… – Continue reading
ISLAMABAD: A three member high level delegation of Inland Revenue-Policy Wing of the Federal Board of Revenue (FBR) will attend a three day conference on regional taxation problems in the first week of April in Japanese capital Tokyo. The conference is funded by the International Monetary Fund (IMF) as well… – Continue reading
CARSON CITY — Buried in the 130-page tax bill that Gov. Brian Sandoval pitched to lawmakers last week, there’s a safe haven for mining, gaming, insurance and bankers. The tax, known as the business license fee, is a broad-based framework that would levy new dollars from the state’s 330,000 businesses… – Continue reading
Jakarta (ANTARA News) – The Indonesian and Japanese governments agreed to review the Indonesia-Japan Economic Partnership Agreement (IJ-EPA) to derive mutual benefits, according to a press release from the Ministry of Foreign Affairs received by Antara here on Tuesday. The review of IJ-EPA was agreed during a bilateral meeting between… – Continue reading
PM’s sudden decision to shelve the controversial land and buildings tax reflects a communications failure about its long-term benefits The sudden turnaround by Prime Minister Prayut Chan-o-cha on the imposition of the land and buildings tax brought relief to middle-income taxpayers but prompted confusion among economists, policymakers and even the… – Continue reading
BARBADOS IS IN A “good position” to thrive as an international financial centre (IFC) despite various challenges, including a worrying initiative introduced by the Organisation for Economic Cooperation and Development (OECD). Ben Arrindell, one of the island’s leading international business practitioners who has also advised Government on such issues or… – Continue reading
BRUSSELS: Fresh efforts at bolstering economic and trade relations between Belgium and Qatar kicked-off on a high note as Belgium’s Princess Astrid, representative of the King of Belgium, met Emir H H Sheikh Tamim bin Hamad Al Thani, Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin… – Continue reading
HM Revenue & Customs contacted foreign governments on 490 separate occasions in one year as it sought information on suspected tax evasion, a drop of 150 information requests compared to the previous year. During the 2012-13 tax year, the Revenue made nearly 500 information requests to tax authorities to find… – Continue reading
THE Nigerian Indigenous Ship owners Association of Nigeria, NISA, has concluded plans to move against the proposed re-registration of vessels by the management of the National Inland Waterways, NIWA , a development they say will lead to double taxation. Speaking at the end of its quarterly meeting, President of NISA,… – Continue reading
The Investment Association has hit out at Labour plans to widen the tax net for hedge funds, arguing this could harm the economy and increase the costs of UK funds. The Financial Times reports that Labours wants to remove “intermediaries relief” tax which allows investment funds to avoid paying stamp… – Continue reading
Steve Forbes made the flat tax the centerpiece of his two presidential campaigns. Now, he’s promoting the idea once again as he relaunches an organization called Americans for Hope, Growth and Opportunity to advance a pro-growth agenda. “The flat tax is absolutely crucial to turbocharging our molasses-like economy,” Forbes, editor… – Continue reading
New Delhi: The Income Tax department will carry out closer scrutiny of those tax statements wherein an assessee has disclosed that he or she holds bank accounts or any other assets abroad before the current financial year ends on March 31. Sources said the drive has been undertaken by the… – Continue reading
Compliance with non-resident state taxes is difficult enough for athletes or other professionals who occasionally travel out of state to work. For telecommuters and other home-based workers that work for a company based in another state, the tax situation can get even more complicated. As a general rule, if you… – Continue reading
NEW DELHI: The Income Tax department will carry out closer scrutiny of those tax statements wherein an assessee has disclosed that he or she holds bank accounts or any other assets abroad before the current financial year ends on March 31. Sources said the drive has been undertaken by the… – Continue reading
America’s tax code is riddled with problems. It imposes high rates on families, businesses, investors, and entrepreneurs. Its double taxation of capital gains and dividends creates a bias against savings and investment—activities essential for economic growth. Its convoluted system of deductions, credits, and exemptions distorts incentives and inefficiently allocates resources,… – Continue reading
Blackmoney stashed abroad will entail a 10 year rigorous imprisonment and a whopping 90% tax under the proposed stringent law that provides for a limited window of opportunity to offenders to disclose illicit wealth and escape prosecution. Blackmoney stashed abroad will entail a 10 year rigorous imprisonment and a whopping… – Continue reading
The Federal Board of Revenue (FBR) has received a budget proposal of the Overseas Investors Chamber of Commerce & Industry (OICCI) regarding reduction in activation tax on mobile phones from Rs 250 to Rs 150 and withdraw sales tax on SIM card issuance and IMEI tax to avoid double taxation… – Continue reading
Where applicable, foreign landlords with property in Turkey are required to file tax returns to Turkish financial authorities by March 25 The tax treatment of income elements earned by foreigners from any source of income usually tops the international tax agenda and is extensively debated worldwide by experts, academics and… – Continue reading
The Organisation for Economic Cooperation and Development (OECD) has welcomed Switzerland’s recent moves towards greater tax transparency, admitting the country to phase 2 of the peer review process. Jacques de Watteville, head of Switzerland’s State Secretariat for International Financial Matters, said: “We are delighted about this decision. It is the… – Continue reading
GENEVA: Facing a global crackdown including from India on their ‘safe haven’ tag, Swiss banks today asserted that “bank-client confidentiality” will not disappear and ‘automatic information exchange’ is not the only solution to the black money menace. The assertion comes at a time when Switzerland is in the process of… – Continue reading
BENGALURU, MARCH 19: IT major Wipro has won a legal victory with the Karnataka High Court allowing it to save a significant amount in taxes from its overseas operations. The judgment is likely to have an impact on Indian companies that have overseas operations. US taxes In a ruling on… – Continue reading
1.GENERAL QUESTIONS 1.1 Why is the Commission presenting a Tax Transparency Package? The Commission has made the fight against tax evasion and corporate tax avoidance a political priority, with a view to creating a socially and economically more efficient Single Market. While much has been done to advance this agenda… – Continue reading
The International Chamber of Commerce (ICC) has responded to announcements in the Budget speech by the UK Chancellor, George Osborne. On the new diverted profits tax, John Danilovich, ICC Secretary General, said: “We welcome the UK Government’s efforts to consult business on the introduction of a ‘diverted’ profits tax in… – Continue reading
Russian Prime Minister Dmitry Medvedev has ordered the signing of a protocol to the Russian-Chinese agreement aimed to eliminate double taxation and prevent tax evasion, the government said on its website on Wednesday. “Under the sanctions imposed on Russia by the European Union, US and other countries, the signing of… – Continue reading
Azerbaijani and Sudanese officials have voiced readiness to further expand cooperation between the two countries. President Ilham Aliyev received a delegation led by Ali Ahmed Karti, Sudanese Foreign Minister on March 18. The head of the state expressed confidence that the visit of the Sudanese delegation will be fruitful and… – Continue reading
BELGRADE — Serbia and Portugal have “very good political and friendly relations” with Lisbon “strongly supporting” Serbia’s EU integration, it has been said in Belgrade. Portugal also supports Serbia’s bid to open accession negotiations chapters with the EU, the country’s Foreign Minister Rui Machete said during a joint news conference… – Continue reading
islamabad Pakistan and Austria here on Tuesday signed additional protocol amending the agreement on avoidance of double taxation (ADTA). FBR Chairman Tariq Bajwa and Austrian Ambassador Ms Brigitta Blaha signed the document on behalf of their respective governments. Finance Minister Ishaq Dar witnessed the signing ceremony. Austria and Pakistan, it… – Continue reading
From 1 January 2015 the list of information about clients which banks must provide to the tax authorities is expanded (Law of the Republic of Belarus of 30 December 2014 No. 224-Z). In particular, information about client bank account activity must be provided to the Belarusian tax authorities in response… – Continue reading
Delhi HC noted while treating advertising, marketing & promotional expenses by Indian arm of an MNC as int’l transactions, ‘the exercise undertaken should not result in over- or double-taxation In a reprieve to multinational companies (MNCs) and their subsidiaries operating out of India, the Delhi High Court has laid out… – Continue reading
Towards the end of last December, the cabinet passed resolutions representing the latest attempt to turn Thailand into an attractive location in which to establish an international headquarters (IHQ). This is the third attempt in a little over a decade to lure multinational companies to Thailand. The first regional operating… – Continue reading
(Seychelles News Agency) – Seychelles and Singapore are looking to increase their collaboration in a number of economic sectors from trade, financial services, port development – including transshipment and fuel bunkering – to public-private partnerships. This follows the recent official visit to Singapore by the Minister of Finance, Trade and… – Continue reading
On March 13, 2015, New Zealand’s Minister of Revenue, Todd McClay, announced the Government’s tax policy work program for 2015/16, which includes key international tax reforms aimed primarily at countering base erosion and profit shifting (BEPS). In particular, the Government intends to focus on the following areas of reforms: •… – Continue reading
KUALA LUMPUR: The Goods and Services Tax will not be imposed on rentals of commercial units below RM500,000 a year, says Najib Tun Razak. The prime minister said the government had also decided that supply services for all stratified residential houses would be GST-exempt. He said under subsection 18(2) of… – Continue reading
MINSK, 17 March (BelTA) – Expert consultations on the draft agreement between the governments of Belarus and Malaysia to avoid double taxation and prevent the evasion of income and capital taxes took place in Malaysia. The parties initialed the draft agreement following the talks, BelTA learnt from the press service… – Continue reading
Switzerland has made further progress on meeting international tax compliance standards after being upgraded to phase 2 of the Organisation for Economic Cooperation and Development’s (OECD) tax transparency review process. However, Switzerland faces a potentially tougher examination in the coming months, particularly regarding the use of stolen bank data by… – Continue reading
SUSRIS serves as your chronicle of developments in the Saudi-US relationship, in the Kingdom and in the region. As part of our service we archive the daily news reviews produced by the Saudi-US Trade Group and selected press clippings and other resources. You can find these archives and more on… – Continue reading
In case of mobile employees, it is vital to plan their assignments after factoring residential status in India Residency is mostly the trigger for taxation in every country, with every country having it’s own rules for taxation. Similarly, each sovereign nation has its set of rules for determining residency. For… – Continue reading
Switzerland is moving towards “greater transparency” in providing administrative assistance on tax matters, a global body today said amid India making efforts to bring back illicit funds stashed by its citizens in Swiss banks. Long perceived as a safe haven for unaccounted wealth, Switzerland has been facing international pressure to… – Continue reading
Court ruled in favour of the tax dept and held that market intangibles are international transactions and hence come under the transfer pricing ambit New Delhi: The Delhi high court on Monday brought clarity on application of transfer-pricing rules on marketing intangibles in a long-awaited judgement that will reduce disputes… – Continue reading
A person with dual citizenship is a citizen of two countries at the same time. Dual citizenship (sometimes called dual nationality) happens automatically in some situations, such as when a child is born to parents in the United States to foreign parents. In this case, the child (unless the parents… – Continue reading
– The Indian financial system needs to rethink its regulatory norms The role of the banking and financial service sector (BFS) in the process of economic development has always attracted attention. The framework of the Indian financial system needs a relook if we need to ensure unhindered credit availability to… – Continue reading
Rio Tinto has warned that multinational companies could be discriminated against if moves to combat tax “base erosion and profit shifting” went too far. With Australia and the other 33 member nations of the Organisation for Economic Co-operation and Development ramping up efforts to prevent multinational companies avoiding tax, Rio… – Continue reading
Indian equity benchmarks have entered into red terrain after a firm start as investors opted to book profits at higher levels. Meanwhile, retail inflation rose to 5.37 percent in February, the third consecutive month of uptick, the industrial output grew by modest 2.6 percent in January, diminishing hopes of another… – Continue reading
I hold some U.S. stocks in a non-registered account and pay U.S. withholding tax of 15 per cent on the dividends. My tax slips provide the dividend and tax information in U.S. dollars. Given the currency fluctuations we’ve seen recently, how do I report these amounts on my Canadian income… – Continue reading
Republican Senators Marco Rubio and Mike Lee recently released a tax reform proposal that is a curious mix of principled pro-growth measures and populist middle-class relief. Where it sticks to principle, it is great. But where it veers into populism, the plan collapses into incoherence. The senators’ plan is a… – Continue reading
Port Louis, March 12 : Prime Minister Narendra Modi on Thursday assured that India would work with Mauritius to avoid the “abuse” of the double taxation avoidance agreement and added that the destinies of both nations are “linked by the currents of the Indian Ocean”. Addressing the National Parliament of… – Continue reading
Ruling by the European Court of Justice means France is liable to reimburse tens of millions of euros to British and other EU non-resident owners who let out or sold their properties France has lost its tax war against British second home owners after the European Union’s top court deemed… – Continue reading
Your Isa investments don’t have to be limited to the UK. It’s also possible to hold shares in foreign firms in one. However, the rules for this are a little more complicated, and you need to be aware of an extra cost that can outweigh the tax benefits if you’re… – Continue reading
ASTANA. KAZINFORM – Kazakh President Nursultan Nazarbayev has signed the law “On ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of the Republic of Macedonia for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income”, Akorda… – Continue reading
On 9 March 2015, the State Secretary of the Latvian Foreign Ministry, Andrejs Pildegovics, met with the members of the South Korean Parliament, Byun Jae Ill and Park Young-sun, who are visiting Latvia from 9 to 11 March in order to strengthen cooperation between the Latvian and South Korean Parliaments,… – Continue reading
