Category: DTA

P Chidambaram’s Letter and IT Raids on IPL Gets Added in New Book on Black Money

NEW DELHI: Anecdotes about the first Income Tax searches in the T-20 IPL cricket tournament and a letter by former Finance Minister P Chidambaram seeking information about alleged illegal accounts by Indians in Switzerland find place in a new book on black money. The recently launched book “It’s Raining Black!… – Continue reading

China and Chile sign DTA

On May 24, Premier Li Keqiang and a delegation of Chinese senior officials arrived in Chile. During the visit, China and Chile signed a double taxation avoidance agreement (DTA), updated their Free Trade Agreement and agreed on setting up an RMB clearing center in Chile, reports China Briefing. China and… – Continue reading

Income Tax return: No relief for Indian citizens with foreign assets

The Income Tax Department will retain the detailed questions on foreign assets and income of resident Indian citizens… The Income Tax Department will retain the detailed questions on foreign assets and income of resident Indian citizens in the revised tax return forms, to be issued shortly. The relaxation announced by… – Continue reading

What Nigeria, Singapore stand to gain from investment promotion, protection pact –Ambassador Rajis-Opara

From today, negotiation on the Investment Promotion and Protection Agreement (IPPA) between Nigeria and Singapore will start in Abuja, aimed at enhancing business between the two countries. Revealing this in an interview with the African Independent Television (AIT), Nigerian High Commissioner to Singapore. Mrs. Nonye Rajis-Opara, said there would be… – Continue reading

Regional Co-operation on Taxation: Avoiding harmful tax competition

The objectives of the Southern African Development Community (SADC) Protocol on Finance and Investment include enhancing the productive capacity of the economies in the region and thereby increasing trade opportunities to eventually alleviate poverty. To achieve the objectives, various strategies can be employed, including, among others, improving the investment regime,… – Continue reading

Switzerland: Switzerland’s Practice Of Information Exchange Regarding Stolen Data

Introduction The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) decided in mid-March 2015 that Switzerland should enter Phase 2 of the Peer Review. This decision represents a clear statement by the OECD that Switzerland’s legal and regulatory framework for information exchange complies with internationally… – Continue reading

HK Report Released On Enhancing The SAR’s Appeal

Hong Kong’s Financial Services Development Council (FSDC) has released a report setting out recommendations on policies, including tax measures, to help Hong Kong capitalize on the increasing number of Chinese enterprises looking to invest and expand overseas. Introducing the report, “Chinese Enterprises ‘Going Global’: Opportunities and Hong Kong’s Policy Responses,”… – Continue reading

The conundrum of the interplay between interest deduction limitations, interest withholding tax and double tax agreements

The deductibility of interest has for years been a contentious issue and this has been reaffirmed with the introduction of section 23M into the Income Tax Act No 58 of 1962 (the “Act”) with effect from 1 January 2015. A further addition to the interest sphere of income tax is… – Continue reading

Taiwan, Canada agree on double taxation avoidance

Taipei, May 2 (CNA) Taiwan has reached an agreement with Canada on the avoidance of double taxation at an annual bilateral economic consultation, the Ministry of Economic Affairs (MOEA) said Saturday. The double taxation avoidance pact, which will be signed very soon, will be favorable to Taiwan businesses because it… – Continue reading

Barbados: Its Systems Validated

During 2014, Barbados again produced strong evidence of the underlying strength of its financial system. All of the financial stability indicators and stress tests performed for the financial system strongly indicate that the system remains stable with the capacity to withstand a wide variety of severe economic shocks. It is… – Continue reading

Switzerland To Amend Tax Treatment Of PEs

Switzerland is to amend federal tax legislation to prevent the double taxation of certain permanent establishments (PEs) located in the country. The planned reform is the result of a consultation on the application of the flat-rate tax credit. It will affect PEs in Switzerland that have their registered office in… – Continue reading

The Cost of Business in Myanmar Compared With China

Myanmar remains an enigmatic country – one of the largest and most populated in Asia but also one of its poorest and least understood. It remains a country that has largely stood still for seventy years – hardly any infrastructure of note was developed in the country since the end… – Continue reading

Cyprus: Cyprus’s New Double Taxation Agreement With Bahrain

On 17 March 2015 Cyprus and Bahrain signed a new double taxation agreement. Like all of Cyprus’s recent DTAs it closely follows the 2010 OECD Model Tax Convention. Its main provisions are summarised below. Taxes covered The agreement applies to taxes on income imposed by either country. In Bahrain these… – Continue reading

South Korea-Turkmenistan Summit Leads to US$13 Billion Plant Project

The South Korean government is going to construct a natural gas plant in Turkmenistan, which has the world’s fourth largest natural gas reserves. The government is supporting a US$13 billion scale project in total, which includes natural gas-to-liquids (GTL) plant construction and the modernization of essential oil factories. South Korean… – Continue reading

Tax Treaty Changes Boost HK-Shanghai Stock Trading

Hong Kong Exchanges and Clearing Limited’s securities market turnover has risen to a record high, and the recent signing of the fourth Protocol to the China-Hong Kong double taxation agreement (DTA) will further boost trading activity through the Shanghai-Hong Kong Stock Connect (SHKSC) program. Hong Kong Exchanges and Clearing Limited’s… – Continue reading

EU studies four countries over banks’ deferred tax assets

(Reuters) – European Union regulators are scrutinizing four EU countries’ treatment of banks’ deferred tax assets (DTAs) to see if they constitute potentially illegal state aid, the European Commission said on Tuesday. The EU executive said it had contacted authorities in Spain, Italy, Portugal and Greece following requests from some… – Continue reading

Guernsey: Will Guernsey Crack The Enigma Code?

Michael Betley, group chairman of Trust Corporation International looks at how Guernsey has coped in an increasingly transparent and regulated world and how it can adapt to further change in the future. Is Guernsey positioned to navigate its way successfully through the maze of initiatives designed to penetrate the legal… – Continue reading

Tax traps to avoid for Aussies working overseas

Working overseas can lead to tricky tax pitfalls, but seeking expert advice can keep you from paying up twice. Going overseas to work is a grand adventure for many young professionals. It offers the opportunity to experience a different culture, expand your work experience and enhance future career opportunities. But… – Continue reading

Tax residency tweak may hit Indian firms with overseas operations

Foreign subsidiaries may now have to pay tax both in India and the country of their operations At present, a company incorporated outside India is considered a tax resident only if the control and management of its affairs is situated wholly in India. Photo: Pradeep Gaur/Mint New Delhi: A budget… – Continue reading

Taxing times: does the UAE remain unaffected?

Al Tamimi & Company – Advocates and Legal Consultants Surabhi Singhi Kataria Tax planning has always been a topic of international debate and adjudication. The borderlines between permitted tax planning/avoidance and unlawful tax evasion have occupied the centre stage across the globe with several modern economies emphasizing the need for… – Continue reading

Worldwide: Asia Tax Bulletin – January 2015

CHINA China Releases GAAR Administrative Measures Courtesy of Mr Glen Wei, an attorney at law, certified tax adviser, and CPA based in China.China’s State Administration of Taxation (SAT) on December 12 issued Decree 32 (dated December 2) introducing administrative measures for applying the domestic general anti-avoidance rule to special tax… – Continue reading

Italy Introduces Patent Box

As a means of encouraging the development of intellectual property (IP) in Italy, rather than elsewhere, a “patent box” preferential tax regime has been introduced with effect from January 1, 2015, at the same time as a restructuring of the country’s research and development (R&D) tax credit system. Following the… – Continue reading

Another French footballer on tax evasion radar

Switzerland is cooperating with French tax authorities over an investigation of alleged tax fraud involving former French footballer Marcel Desailly. The notice of Swiss cooperation was published on Tuesday in the Federal Gazette. Desailly, captain of the French football team from 2000 to 2004, allegedly holds or has held assets… – Continue reading