(MENAFN – Gulf Times) The Qatar Financial Centre (QFC) is eyeing more financial and professional services firms, including Islamic finance firms from Asia and South East Asia as part of its strategic move to reach out to the untapped promising markets. The QFC, an onshore platform with a unique offering,… – Continue reading
On September 7, 2015, the local tax court of Cologne (the “Court”) issued an injunction against the German Federal Central Tax Office (“FCTO”) to prevent the FCTO from conducting a coordinated exchange of information with the E6 countries Canada, Great Britain, France, Australia and Japan, which aimed at gathering intelligence… – Continue reading
On 5 October 2015 the OECD published the final package of recommendations to reform the international tax system – the “BEPS” Project. Base Erosion and Profit Shifting (BEPS) refers to tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations… – Continue reading
A delegation from the UAE’s Ministry of Finance (MoF) is on its official visit to Denmark, where it seeks to strengthen trade relations and sign an agreement on the exchange of information for tax purposes at the Danish Ministry of Taxation. The agreement was signed by Obaid Humaid Al Tayer,… – Continue reading
The European Network on Debt and Development (also known as “Eurodad”), a network of NGOs, has issued a recent report identifying European nations that have served as havens for tax evasion and money laundering. According to the report, Germany, Luxembourg, and Spain are among the most egregious offenders. By turning… – Continue reading
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi, has given its approval today for amending the Double Taxation Avoidance Convention (DTAC) signed between India and Turkmenistan in 1997 for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income… – Continue reading
The visit aimed to explore ways of developing and promoting the technical partnership as well as exchanging experience on financial and economic affairs between the two parties. The UAE delegation started off with a visit to the Capital of Norway Oslo, during which the Ministry of Finance (MoF), signed an… – Continue reading
The blacklisting of Hong Kong by the European Union is over for the moment with Spain explaining to the EU it didn’t have HK on its list. In the course of investigation, Harbour Times receives a quick response from the Latvian embassy in Beijing to clarify their stance on Hong… – Continue reading
Barbados and Slovakia signed a double tax agreement on October 28, 2015, to boost investment and trade prospects. The DTA allocates taxing rights to the two territories, to ensure that cross-border income is not taxed twice. It further stipulates that cross-border income from dividends will be subject to a withholding… – Continue reading
PanARMENIAN.Net – The negotiation of a U.S.-Armenia Double Tax Treaty will be on the agenda of the upcoming U.S.-Armenia Economic Task Force meeting, an annual bilateral gathering taking place in Washington, DC on November 19. The Armenian National Committee of America (ANCA) welcomed the initiative, suggesting that the Administration support… – Continue reading
Eurodad’s country comparison table, showing how each of the studied countries fared in the evaluation of four tax-related categories. Germany, Luxembourg, and Spain are egregious offenders in “supporting an unjust global tax system,” according to a new report from the European Network on Debt and Development (Eurodad), a network of… – Continue reading
The Income Tax Treaty between Hong Kong and South Africa entered into force on 3 November 2015. The provisions of the Treaty will become effective on 1 April 2016 in Hong Kong and on 1 January 2016 in South Africa. The Treaty was signed in October 2014. In accordance with… – Continue reading
TThe Income and Capital Tax Treaty between Cyprus and Switzerland entered into force on 15 October 2015. The provisions of the treaty will become effective on 1 January 2016. The treaty was signed on 25 July 2014. In accordance with the treaty, the following withholding taxes will apply: Dividends: 0%… – Continue reading
Republican lawmakers are sounding the alarm about the Obama administration’s plans for Iran, warning officials are on the verge of waiving tax penalties that make it harder for companies to do business in the country. The administration has not responded to an inquiry from the tax-writing House Ways and Means… – Continue reading
Prime Minister of Mauritius, Anerood Jugnauth, on Tuesday said there will be no revisions to the main provisions of its Double Tax Avoidance Agreement (DTAA) with India as both countries are happy with the existing provisions of the tax treaty. “This treaty between our two countries has been there for… – Continue reading
They say the only certain things in life are death and taxes, but a large number of non-U.S. citizens may have found a way to avoid at least one of those. Under U.S. tax law, the estates of foreign holders of U.S. assets, such as stocks, real estate and valuables,… – Continue reading
Billionaire JP McManus sought to pay just €200,000 in tax on gambling earnings of €15.8m. The disclosure was made in filings to a US court, where the horse owner and philanthropist is seeking the refund of $5.2m (€4.7m) in taxes taken from his winnings by the US government. Authorities there… – Continue reading
The government has been accused of opening a loophole that allows super rich individuals and multinational companies to avoid taxes. The Tax Justice Network (TJN), a lobby group, has sued the government over agreements, which it says are robbing Kenya of the ability to raise revenues domestically, driving the country… – Continue reading
Viet Nam and Iceland established diplomatic relations in 1973 and the ties have shown positive development in recent times. Two Vietnamese prime ministers have visited Iceland. Vo Van Kiet visited the country first in 1995, followed by Phan Van Khai in 2002. The prime minister of Iceland visited Viet Nam… – Continue reading
Buying a property overseas is an exciting venture, but also one that requires careful financial consideration. To help ease the process, Chris White, Founding Director of boutique estate agency Ideal Homes Portugal, has compiled his top tax tips for buying property in Portugal. Portugal has been called ‘Europe’s best kept… – Continue reading
An Israel delegation is scheduled to visit Australia in June 2016. The Israel Tax Authority is negotiating a treaty for prevention of double taxation with Australia, sources inform “Globes.” Tax Authority head Moshe Asher is currently in advanced talks with Australian Treasurer Joe Hockey, who himself declared that the Australian… – Continue reading
Tax systems within the European Union remain largely secretive and opaque despite leaders’ claims that measures are underway to fix loopholes, the European Network on Debt and Development (Eurodad) has said. The coalition of 46 NGOs from 20 European countries including Oxfam, Save the Children and ActionAid said that, while… – Continue reading
The Swiss Federal Council has adopted dispatches on a new double tax agreement (DTA) with Liechtenstein and a protocol to the agreement with Norway. The DTA with Liechtenstein was signed on July 10, 2015. It replaces the existing 1995 treaty. The agreement provides that old age and survivors’ insurance (AHV)… – Continue reading
Biz-friendly tax regime is one of incentives Belgium, a global hub for international government institutions, wants to attract more Korean investment with its business-friendly tax regime. At the “Belgium: Gateway to Europe” seminar at the Koreana Hotel on Oct. 27, the event host, the Embassy of Belgium, invited Bart Adams,… – Continue reading
The Dutch finance minister has said the Netherlands wants to make progress in clamping down on corporate tax avoidance during its EU presidency, after criticism of its sweetheart deal with Starbucks. The Dutch system has allowed some corporations to pay almost no tax and that was never the intention, Jeroen… – Continue reading
Robert Stack, US Treasury Deputy Assistant Secretary (International Tax Affairs), initiated a further push for ratification of the pending protocol to the US tax treaty with Switzerland at a hearing of the Senate Committee on Foreign Relations on October 29. Tax treaties and protocols with Switzerland, Luxembourg, Hungary, Chile, Spain,… – Continue reading
There can be no straight jacket formula to determine what is meant by “provision of service,” which may include where services are i) provided; ii) rendered; or iii) utilized. The expression ‘provision of services’ is much wider than ‘provision of rendering of services,’ and covers the services even if they… – Continue reading
Indians nowadays are increasingly buying properties overseas, particularly in London, New York, Singapore and Dubai. It is critical for them to study foreign exchange regulations and tax provisions of the relevant country as well as India before they make buying decisions. Some of the important aspects to be noted in… – Continue reading
Suggest Easwar panel on Income Tax Act should also make safe harbour profit margins more realistic The justice R V Easwar committee on the Income Tax Act set up last week would do well to clarify whether payments for software should attract income tax or service tax, and make safe… – Continue reading
The justice R V Easwar committee on the Income Tax Act set up last week would do well to clarify whether payments for software should attract income tax or service tax, and make safe harbour profit margins more realistic, tax experts said. Tax demands based on ‘excessive’ advertising and promotional… – Continue reading
IRDA norms on retrocession viewed as being restrictive Top foreign reinsurers, namely Swiss Re, Hannover Re and Scor Re would soon be applying to the insurance regulator for opening branch offices in India. The Insurance Regulatory and Development Authority (IRDA) on Friday came out with the regulations for registration and… – Continue reading
Ohio Gov. John Kasich, fighting to rise in the Republican presidential race, says he would allow U.S. companies to repatriate without penalty trillions of dollars they have earned and kept offshore and then create a new system ensuring Americans aren’t double-taxed on foreign profits. “I’m for bringing the taxes down,… – Continue reading
South African Tax Legislation: Proposed Amendments in an International Tax Context[1] This article sets out a brief summary of some of the proposed amendments introduced by recent South African draft Tax Bills. The article focuses on amendments in the context of international taxation. The draft Taxation Laws Amendment Bill, 2015… – Continue reading
Washington, Oct 30 : India and the US have agreed to continue their engagement on the vexed issue of a totalization agreement for the purpose of avoiding double taxation of income with respect to social security taxes. “There is steady progress on the issue,” Minister of State for Commerce &… – Continue reading
NEW DELHI: Often accused of being an offshore financial centre misused for round tripping, Mauritius today assured India that it will “walk the extra mile” to ensure that its reputations as clean and trusted jurisdiction is upheld at all costs. “We will put in all the necessary efforts and walk… – Continue reading
Barbados has formally endorsed the AEOI global standard during a signing ceremony held in Barbados on Wednesday. The event was held in conjunction with a meeting of the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes that was also hosted in Barbados. “Transparency and the exchange… – Continue reading
Switzerland stands on a provisional Russian tax havens list: The document lists 119 countries and territories which do not ensure the exchange of tax information with Russia Russian authorities consider. If the document actually come into force as planned in the form of a regulation, threaten Russian investors in Switzerland… – Continue reading
Bern, 10.29.2015 – The double taxation agreement (DTA) in the area of taxes on income and on capital between Switzerland and Argentina is on 27 November 2015 to enter into force after the ratification procedures in Switzerland has been completed. It will replace the agreement of 1997 and corresponds to… – Continue reading
The aim is that the neighboring country will have greater control over information. Merida, Yucatan. The Tax Compliance Act relating to accounts abroad (FATCA, for its acronym in English) is not a tool to seek to collect more taxes from 65 member countries, said Enrique Hernandez, international tax specialist. “It… – Continue reading
Most double tax avoidance treaties between two countries attempt to repel probable abuse of benefits under the pacts. Incorporating a clause for limitation of benefits (LOB) in the treaty is the usual practice adopted for checking such abuses. LOB provisions are for denying benefits of the tax treaty to those… – Continue reading
Hong Kong needs more double tax agreements to grow its exchanged-traded funds (ETFs) market, according to a new report from the Financial Services Development Council. Although there are currently over 100 ETFs listed in Hong Kong, the territory has been overtaken in Asia by Tokyo and Shanghai. The report recommends… – Continue reading
Republican and Democratic lawmakers vowed on Thursday to push for the ratification of eight tax treaties which have been held up for years because of one Republican senator’s objections, despite support from companies that want consistency in rules for how to do international business. U.S. Senator Rand Paul of Kentucky… – Continue reading
Mexico is experiencing a rough time, economically speaking at the moment, but hopes are high for better times ahead. With new tax laws and a relatively young government, these are interesting times for this country. To find out more about how the recent tax reforms will affect Mexico and the… – Continue reading
An income tax treaty between Italy and Hong Kong has entered into force, with the exchange of instruments of ratification. The official communication of the Italian Ministry of Foreign Affairs announcing this exchange was published in the official journal on 26 October 2015. BLACK LIST, WHITE LIST Italy’s “black list”… – Continue reading
Nearly three quarters of companies surveyed by legal practice Allen & Overy said that their approach to tax planning either sometimes or often conflicts with the domestic tax authority’s expectations. 350 senior-level executives operating in a range of jurisdictions were questioned by FT Remark on behalf of Allen & Overy… – Continue reading
A DOUBLE TAXATION agreement was signed between Barbados and the Slovak Republic this afternoon. Minister of International Business Donville Inniss signed on Barbados’ behalf at a ceremony at Hilton Barbados. It is the 37th treaty signed between Barbados and another territory while Barbados became the 74th country to sign an… – Continue reading
JAKARTA, Oct 28 (Reuters) – Indonesian conglomerate Lippo Group plans to shift two real estate investment trusts (REITs) with 35 trillion rupiah ($2.6 billion) in assets from Singapore to Indonesia next year in order to benefit from new tax breaks offered by Jakarta. Lippo’s move could be followed by at… – Continue reading
Austria is on the preliminary list of 119 countries and territories which from the point of view of Russian authorities don’t guarantee the exchange of tax information with Russia. If the document is implemented, as planned, in form of a resolution, Russian investors in Austria will face massive tax disadvantages… – Continue reading
The European Commission recently published new rulings, the OECD published its base erosion and profit shifting (BEPS) final reports, and many countries are reviewing and reinforcing their transfer pricing rules—and France is no exception. Tax professionals in France have observed certain recent trends with regards to transfer pricing. The current… – Continue reading
Following the recent Irish budget statement (the “Budget”), the Finance Bill 2015 (the “Bill”) has been published and it implements the changes announced by the Irish Minister for Finance (the “Minister”). The Bill includes additional detail on: the new knowledge development box (“KDB”); and Ireland’s implementation of country by country… – Continue reading
