New Delhi, Jan. 23: India and the US have failed to make much progress in the totalisation pact that addresses the the problem of the double payment of social security taxes by Indian software professionals in America, dampening expectations surrounding President Barack Obama’s visit this weekend. Top officials said discussions… – Continue reading
India has worked out a bilateral tax agreement with the United States, which could be signed during U.S. President Barack Obama’s visit, that would boost foreign investment and ease investors’ concerns raised by high profile cases against Vodafone and Shell. The pact, which industry executives say would specifically target the… – Continue reading
NEW DELHI: India and the US have finalised a framework to resolve transfer pricing cases, some of them pending for five years, in what could end tax trauma for more than 50 American MNCs such as Microsoft, IBM and Oracle by the fiscal year-end and send a strong signal to… – Continue reading
NEW DELHI: Dabur promoter Pradip Burman, whose name has cropped up in the blackmoney list, was today once again stopped from going abroad by a Delhi court which said there was an apprehension that he could flee. Additional Chief Metropolitan Magistrate (ACMM) Devendra Kumar Sharma, rejected Burman’s application saying no… – Continue reading
NEW DELHI: India’s software product startups plan to approach the finance ministry this week to get the ambiguity cleared in this Union Budget on the pending issue of whether software sold in the country should be classified as a product or service. Tax officials have been levying both value-added tax… – Continue reading
Stakeholders in Real Estate Investment Trusts (REITs) have identified double taxation as challenge to investment in the sector, even as they clamour for enabling legislation. In order to make the Real Estate Investment Trusts (REITs) a tax-effi¬cient vehicle for invest¬ment, there is an urgent need for an enabling leg¬islation, they… – Continue reading
SUCCESSFUL INTERNATIONAL STRUCTURES in most cases begin with choosing the right jurisdiction to host a company that will form part of an international business. Depending on the company’s activities, the choice will depend on the range of double taxation treaties and the availability of tax reliefs followed by a host… – Continue reading
Decree-law no. 7/2015, dated 13 January, introduced important changes to the taxation system of revenues obtained by investors in all funds located and operating in Portugal. Taxation in Portugal had hitherto been levied on gains and other revenues earned by funds irrespective of costs incurred in achieving them. One of… – Continue reading
The thrust of the Indian government’s economic policy is encouraging, particularly the tax reform of proposed introduction of goods and services tax. NEW DELHI, JAN 20: Germany has made a case for ‘respecting the secrecy’ of any information shared with India for tax administration purposes. This stance assumes significance given… – Continue reading
Voltaire wrote “If you see a Swiss banker jumping out of a window, follow him, there is sure to be a profit in it”. Following this train of thought India is seen to be ruined by a cartel of Swiss bankers, terrorists and corrupt industrialists. Unlimited black money is apparently… – Continue reading
Voltaire wrote “If you see a Swiss banker jumping out of a window, follow him, there is sure to be a profit in it”. Following this train of thought India is seen to be ruined by a cartel of Swiss bankers, terrorists and corrupt industrialists. Unlimited black money is apparently… – Continue reading
After almost three years’ negotiations over untaxed Italian assets in Swiss banks, Switzerland and Italy have reached an agreement in principle on future cooperation in tax matters. The agreement between Switzerland and Italy was initialled on 19 December 2014 The two governments are currently preparing the signature of a Protocol… – Continue reading
Kansas Governor Sam Brownback had championed the largest tax cuts in the state’s history, eliminating taxes on non-wage earnings for nearly 200,000 small businesses. Just like all Republicans these days, Brownback had made cutting taxes and shrinking government the centerpieces of his government. Now the great State of Kansas has… – Continue reading
Introduction Malta is increasingly becoming a financial services centre of repute looked at by a number of financial services operators as the ideal platform to set up their private pension schemes. Malta’s success is attributable to the flexible and prudent manner in which the industry is regulated, providing the desired… – Continue reading
A person who earns income must pay tax in the country he earns in as well as the country he resides in. In order to avoid this, India has signed Double Taxation Avoidance Agreements (DTAAs) with many countries so that the income is taxed only once. To claim this benefit,… – Continue reading
Although the Swiss authorities are poised to initiate formal talks for the return of the plundered money, the Pakistani government remains dilatory to sign a formal agreement for the purpose; it was learnt here on Saturday. Sources said that government in order to avoid face-off with Pakistan Peoples’ Party (PPP)… – Continue reading
City Residents Forced Into Double Taxation Unfortunately, Lewis County officials seem to conveniently forget that “city” resident/taxpayers are entitled to the same consideration given to resident/taxpayers who live in the unincorporated area of Lewis County — something akin to an “us vs. them” situation.
Switzerland and Italy have reached an agreement in principle on future cooperation in tax matters. Negotiations with Italy over untaxed Italian assets in Swiss banks have been running for two and a half years. The agreement will facilitate the processing of the Italian voluntary disclosure programme recently adopted by Italy’s… – Continue reading
Anyone who participates in an employee stock option or stock purchase plan at work could overpay their taxes — perhaps by a lot — if they don’t understand a reporting requirement that took effect in 2014. Under the requirement, all brokers must report cost basis on Form 1099-B for stock… – Continue reading
The International Chamber of Commerce (ICC) has reaffirmed its active engagement in the second phase of the G20 / Organization for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) project while underscoring the importance of a coordinated and consistent approach to tax law changes. ICC continues to… – Continue reading
SINGAPORE: A revised Agreement for the Avoidance of Double Taxation (DTA) was signed between the Republic and France on Thursday (Jan 16). The revised DTA offers improved terms for businesses such as lower withholding tax rates for dividends and includes anti-abuse provisions, according to a joint press release on Friday…. – Continue reading
It explains how recent amendments to the Singapore-UAE Avoidance of Double Taxation Agreement will translate to more savings for UAE tax residents when they fund Singapore companies. Singapore (PRWEB) January 14, 2015 With the recent signing of the protocol to amend and improve the Singapore-UAE Avoidance of Double Taxation Agreement… – Continue reading
NEW DELHI: Top officials from IT, BPO and eCommerce sectors today requested Finance Minister Arun Jaitley to address certain issues related to taxation in the Budget 2015-16, and provide incentives for setting up data centres in the country. They also suggested that the minister look at ways to help in… – Continue reading
Action Aid country Director Pamela Chisanga says the next government should consider reviewing double taxation agreements Zambia has signed with other country in bid to make them more beneficial to the country. Ms Chisanga says most of the agreements are outdated hence the need to review them in order to… – Continue reading
Top officials from IT, BPO and eCommerce sectors today requested Finance Minister Arun Jaitley to address certain issues related to taxation in the Budget 2015-16, and provide incentives for setting up data centres in the country. They also suggested that the minister look at ways to help in growth of… – Continue reading
In a new paper, the Tax Foundation has recommended that the United States should reduce corporate tax rates and amalgamate corporate and shareholder taxes. The TF points out that the US loses about 60,000 corporations per year, with about one million having been lost since the last reform of corporate… – Continue reading
Taipei, Jan. 13 (CNA) President Ma Ying-jeou said Tuesday that the Republic of China and Ireland have enjoyed close exchanges in recent years and that the two sides are now negotiating on signing an agreement on the avoidance of double taxation to further boost bilateral trade. The president noted that… – Continue reading
(Bloomberg) — Australia is set to become the newest entrant to the Islamic debt market this year as a solar-power joint venture seeks to sell a debut sukuk in Malaysia’s offshore tax haven of Labuan. SGI-Mitabu, run by The Solar Guys International and Mitabu Australia Pty, has revived a plan… – Continue reading
Already on the radar of governments and regulatory bodies around the world, recent developments with respect to the Organization for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) Action Plan are raising further the profile of oil and gas companies globally with both tax authorities and the… – Continue reading
SPECIAL REPORT: IS AMERICA LOSING IT’S CORPORATE SECTOR? Corporate inversions have been the dominant tax issue over the last year and have forced a serious evaluation of the U.S. corporate tax system. While there is widespread agreement that the U.S. corporate tax code is out of step with our global… – Continue reading
The President of the Chartered Institute of Nigeria (CITN), Mr Anthony Dike, on Sunday called for synergy between tax institutes and government to combat double taxation in the country. Making the call in an interview with the News Agency of Nigeria (NAN) in Lagos, the CITN president said that the… – Continue reading
Kenya, India to ratify double taxation agreement NAIROBI, Feb. 10 (Xinhua) — Kenya and India will soon ratify an agreement on the avoidance of double taxation, officials said on Tuesday. India’s Deputy High Commissioner to Kenya Sushil Singhal told Xinhua in Nairobi that the ratification of the agreement signed in… – Continue reading
British Members of Parliament (MPs) have questioned the Government’s unilateral decision to push for the introduction of a Diverted Profits Tax (DPT) ahead of the completion of the Organisation for Economic Cooperation and Development’s (OECD’s) work on base erosion and profit shifting (BEPS). In a debate held in Parliament on… – Continue reading
Taiwan’s Strait Exchange Foundation (SEF) chairman is scheduled to hold negotiations with his Chinese counterpart on the Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income on Jan. 13, reports our Chinese-language sister newspaper Commercial Times. The agreement will possibly… – Continue reading
Q: Reader Neill Clift of Washington, saying he and his wife are British immigrants with U.K. pensions from when they worked in that country, wrote that FinCen 114 and IRS Form 8938 filing obligations feel like “traps set for us and expect additional traps to be set. Is there any… – Continue reading
Many factors influence a foreign buyer’s decision to purchase residential real estate in the United States. Generally, most of these decisions tend to be driven by concerns over political and economic uncertainty in the buyer’s home country. Most foreigners do not leave their home country, family, and friends for trivial… – Continue reading
Easy access drawdown rules for Qualifying Recognised Overseas Pension Scheme (QROPS) come with a twist in the tail. The Treasury and HM Revenue & Customs (HMRC) have confirmed QROPS are included in pension reforms that start from April 6, 2015 – which means retirement savers can access their QROPS fund… – Continue reading
Will a person working both in India and outside for a certain time be taxed in both the countries or is there any tax regulation present. Indians have become accustomed to taking up jobs outside India as an offshore assignment or project. That means spending some part of the year… – Continue reading
India is considering removing Cyprus from the blacklist of countries that do not share details about tax evaders after examining information given the island nation, reports from New Delhi have suggested. India had blacklisted Cyprus in 2013 for not sharing information about tax evaders. “They (Cyprus) have given some information…. – Continue reading
A double taxation avoidance agreement between Taiwan and Austria, which is expected to boost bilateral trade an investment, will take effect on Jan. 1, 2015, Taiwan’s Ministry of Foreign Affairs said Wednesday. The agreement was signed in July, and with the two countries now having completed the necessary domestic legal… – Continue reading
The conditions for becoming tax-resident and tax non-resident vary from country to country and depend on such things as length of stay, type of accommodation, location of family, and nationality. In most tax systems, presence of an individual in a country for 183 days or more in any 12-month period… – Continue reading
Once a niche proposal, the recent public focus on corporate tax avoidance has sparked real interest in the idea of eliminating corporation tax altogether. Surprisingly, the statistics suggest that employees and other stakeholders may also benefit from this In winter 2012, hundreds of activists packed inside their local Starbucks after… – Continue reading
Currently, there is a tendency among those who take an interest in international tax developments to look to the future and try to guess how the international tax landscape will look in, say, three of four years, once countries begin to implement the OECD’s base erosion and profit shifting (BEPS)… – Continue reading
AMSTERDAM: The Dutch Ministry of Finance announced that a new regulation for the avoidance of double taxation between the Netherlands and Curacao is expected to be effective beginning 1 January 2016. In anticipation of the new tax regulation, the Netherlands is extending measures provided to Curacao in previous years, concerning… – Continue reading
NEW DELHI, DEC 25: India will look at removing Cyprus from the blacklist of countries that do not share details about tax evaders after examining information given the island nation. India had blacklisted Cyprus last year for not sharing information about tax evaders. “They (Cyprus) have given some information. We are… – Continue reading
As part of the Indonesian Government’s drive to improve tax administration and compliance, the Ministry of Finance recently announced that, following a proposal from the Director General of Taxation (DGT), it has placed a temporary ban on overseas travel by senior personnel of 147 companies and 21 individuals. The action… – Continue reading
The Budget pensions overhaul has hit the overseas pension market as new rules have been proposed which would remove the requirement for qualifying recognised overseas pension schemes (Qrops) to provide an income in retirement. Current rules around Qrops require that 70% of the amount transferred from a UK scheme has… – Continue reading
Japan has remained a cornerstone of Pakistan’s economy for the past many years. Japanese Companies have invested in all sectors across Pakistan. Be it auto, trading, manufacturing, infrastructure development, packaging, steel manufacturing, indenting, etc a large number of Japanese Companies have a strong presence in Pakistan. Pakistan’s Investment and Corporate… – Continue reading
BARBADOS AND THE Republic of Rwanda have taken a giant step in the strengthening of their bilateral relations. This has come with the signing of a Double Taxation Agreement on the Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income. It took place on… – Continue reading
The decision by the Cabinet of Ministers of Ukraine and the possible future adoption by parliament of the bill dissolving a convention between the governments of Ukraine and Cyprus on the avoidance of double taxation and the prevention of tax evasion regarding income tax and the related protocol does not… – Continue reading
