12 March 2014: In its 2013 Annual Report, the Luxembourg Direct Tax Authorities reported that they have negotiated new tax treaties with Hungary, New Zealand, the UK and Uruguay. It is also reported that 659 exchanges of information upon request, spontaneous information exchanges and automatic exchanges of information have been… – Continue reading
KUALA LUMPUR: Small and medium enterprises (SMEs) should tap Hong Kong’s access to the markets in China, Japan and South Korea to gain tax advantages under the double-taxation deduction pact signed between Malaysia and HK. Hong Kong Trade Development Council deputy executive director, Margaret Fong, said HK SMEs paid five… – Continue reading
MoUs on joint committee and cooperation in higher education Tirana: UAE Foreign Minister Shaikh Abdullah Bin Zayed Al Nahyan met in Albanian capital Tirana Ditmir Bushati, Albania’s Foreign Minister, and discussed with him avenues of joint cooperation between the two friendly countries. The two ministers signed an agreement on avoidance… – Continue reading
The Taxation (Annual Rates, Employee Allowances, and Remedial Matters) Bill contains proposed legislative amendments to give effect to the intergovernmental agreement (IGA) New Zealand is currently negotiating with the United States in respect of the United States’s Foreign Account Tax Compliance Act (FATCA). The Commentary to the Bill states that… – Continue reading
The draft double taxation agreement between Cyprus and Latvia has been published by the Latvian authorities, allowing practitioners a “sneak preview” of its provisions. The draft agreement requires the approval of the Latvian Cabinet of Ministers before signature. After signature it will need to be ratified by both countries before… – Continue reading
In order to encourage the growth of international trade including that of financial services, successive Maltese governments have sought to conclude double tax treaties with important trading partners as well as with emerging countries. This policy is expected to continue in the future. To date, treaties are in force with… – Continue reading
Georgian Finance Minister Nodar Khaduri and Ambassador of the Federal Republic of Germany to Georgia Ortwin Hennig will sign a protocol to amend the Agreement on liquidation of double taxation between Germany and Georgia on March 10. Khaduri and Hennig will also sign an agreement on financial cooperation and specific… – Continue reading
There has been considerable publicity in recent months on the alleged tax avoidance perpetrated by multinationals that has resulted in the Organisation of Economic Cooperation and Development (OECD) publishing its action plan on base erosion and profit shifting (BEPS). The action plan, consisting of 15 proposals to counter the perceived… – Continue reading
As of January 1st 2014, Cyprus entered into five new Double Tax Treaties (DTT’s) with Estonia, Finland, Portugal, Spain and Ukraine expanding its already rich list of DTTs. All the agreements aim to avoid double taxation between the mentioned countries and follow the OECD conventional model on income and capital. The… – Continue reading
The OECD proposes to reform transfer pricing documentation for multinational enterprises and to impose onerous country-by-country (CbC) reporting obligations, including disclosure of taxes paid in each country in which a business operates, in a bid to enhance revenue authorities’ abilities to identify high risk transfer pricing situations and to make… – Continue reading
KUALA LUMPUR: Malaysia and Liechtenstein have agreed to enhance bilateral ties and co-operation between both countries, particularly in the fields of trade, investment, finance and tourism. The matter was agreed at a meeting between Foreign Minister Datuk Seri Anifah Aman and Liechtenstein Foreign Affairs, Education and Culture Minister Dr Aurelia… – Continue reading
New Delhi: With India stepping up its pursuit of alleged black money in Swiss banks, Switzerland says it is exchanging information with Indian authorities on all lawful requests, but cannot help on enquiries based on stolen banking data. The European country, which has often been accused of being the most… – Continue reading
The aggressive approach of Indian tax authorities on transfer pricing and international tax matters underlines the government’s intention of taking strong action to defend its tax base. When it comes to taxation of cross-border transactions, India’s inclination to widen the source-based tax rules is clearly demonstrated by the retrospective amendments,… – Continue reading
PARIS – The OECD is initiating an international discussion into measures to prevent the occurrence of profits shifting and tax evasion through the abuse and misuse of international tax treaties. Late last week the Organization for Economic Cooperation and Development released a public discussion draft “Preventing the Granting Of Treaty Benefits In… – Continue reading
Once you do your taxes internationally, you will soon face the concept of fiscal residency, or residence for purposes of taxation. Especially if you have no previous experience with living and working abroad, or if you aren’t a financial expert, you may need to think about this topic for the first… – Continue reading
New Delhi: The Income Tax department has rebutted Vodafone’s notice under BIPA saying that the pact between India and Netherlands does not cover taxation issues. “Tax department has sent its response to Vodafone saying BIPA does not cover tax issues,” an official source said. The response to the Bilateral Investment… – Continue reading
PRLog (Press Release) – Mar. 4, 2014 – NICOSIA, Cyprus — As of January 1st 2014, Cyprus entered into five new Double Tax Treaties (DTT’s) with Estonia, Finland, Portugal, Spain and Ukraine expanding its already rich list of DTTs. All the agreements aim to avoid double taxation between the mentioned… – Continue reading
BANGALORE: In response to the letter written by finance minister P. Chidambaram, the Swiss finance minister Eveline Widmer-Schlumpf has informed that the Swiss authorities can’t share the details of the bank accounts held by Indians in Swiss bank without the consent of the account holders, reports Economic Times. An Indian… – Continue reading
Negotiations between the governments of Cyprus and Latvia on a new double taxation agreement, which began in 2006, appear to be reaching the final stages. The Latvian authorities have now published the text of the final draft agreement, which requires the approval of the Latvian Cabinet of Ministers before signature…. – Continue reading
NEW DELHI: The Swiss authorities have told the Indian government they will not be able to share information on bank accounts without the consent of the account-holders. In a letter last month, Switzerland’s finance minister also told her Indian counterpart that the 2011 Double Taxation Avoidance Agreement, under which India… – Continue reading
Luxembourg has been widely hailed as an international investment center for years. The Association of the Luxembourg Fund Industry (ALFI) provides a number of reasons underlying the country’s designation as a top fund-industry choice. Its legal and regulatory framework for investment funds is recognized for its excellence by the global… – Continue reading
The Russian Finance Ministry will offer companies based offshore but with operations in Russia a choice: either disclose their ultimate beneficiaries and maintain their zero tax rate, or pay taxes at the higher Russian rate. Under Russia’s current corporate tax structure, offshore beneficiaries of Russian companies are treated as de-facto… – Continue reading
Batam, Riau Islands (ANTARA News) – Indonesias finance ministry is preparing four strategies to withdraw funds worth Rp1,500 trillion kept in Singaporean banks, an official stated here on Wednesday. “We are preparing four strategies,” remarked Deputy Minister of Finance Bambang Brodjonegoro. The four strategies are tax incentives, eradication of double… – Continue reading
Ordinarily resident’s global income is taxable in India I worked in Sweden for about two months this year. What will be the tax implication of my earnings there? —Shruti The tax implications in India of income earned in Sweden would depend upon your tax residential status in India during the… – Continue reading
The Vodafone tax issue has affected investor sentiments towards India: ABAX Corporate CEO NEW DELHI, FEBRUARY 26: The Vodafone tax dispute and General Anti-Avoidance Rules have impacted investor sentiment badly. Coupled with the delay in revising the Double Taxation Avoidance Agreement (DTAA) with Mauritius, fund flow from the island-nation has… – Continue reading
A documentary on the working of tax havens in the context of the double taxation avoidance treaty between India and Mauritius reveals that while India may have received foreign investments due to the treaty, tax losses on its account run to the tune of tens of thousands of crores. Is it worth… – Continue reading
The Cyprus government has announced the signature of a new double taxation agreement with Norway. Double taxation avoidance between Cyprus and Norway is currently regulated by the 1951 double tax agreement between Norway and the United Kingdom, which was extended in 1955 to include several British colonies, including Cyprus. On… – Continue reading
Montenegro held the first round of talks with the Kingdom of Spain for the conclusion of an avoidance of double taxation agreement and prevention of income tax. Montenegrin delegation was led by Mitar Bajčeta, chief of the Directorate of Customs System and Customs Policy in the Ministry of Finance, and… – Continue reading
The overlap of Australia’s new transfer pricing laws with the thin capitalization rules is causing challenges and likely duplication of analysis for taxpayers – particularly for the arm’s length amount-of-debt test. Australia legislated comprehensive new transfer pricing laws in 2012[i] and 2013.[ii] These laws were passed in two installments: Subdivision 815-A, dealing with… – Continue reading
CYPRUS and Norway on Monday signed an agreement for the avoidance of double taxation. A statement said the text agreed between the finance ministries of the two countries would contribute to the further development of trade and economic relations between Cyprus and Norway, as well as other countries. “The updating,… – Continue reading
Barbados’ financial-services sector is rated as the second-largest source of foreign exchange earnings, behind tourism, for which new markets are being sought outside of Canada. On Thursday, central bank governor, Dr DeLisle Worrell, said the country has been losing business in its International Business and Financial Services Sector (IBFS), which… – Continue reading
Winston Churchill said there is “no such thing as a good tax.” Surely, then, it follows that no good can come from double taxation. While it’s difficult to feel sympathy for Conrad Black, who earned approximately $3.39 million with another $1.7 million of taxable benefits in 2002, the underlying principles… – Continue reading
It’s a u-turn, but unavoidable: bankers and politicians are preparing for the automatic exchange of tax information. Switzerland has helped develop the new standard, which the OECD wants to fast-track worldwide. The days when Swiss finance ministers said banking secrecy was non-negotiable and carved in stone are over. Switzerland has… – Continue reading
A government bill has been submitted to the Knesset to amend the Income Tax Ordinance, adding a chapter on the exchange of information under international conventions. This will allow the Israel Tax Authority to share information with tax authorities of other countries, including countries with which has no tax treaty,… – Continue reading
Pakistan and Afghanistan would finalise modalities for signing Avoidance of Double Taxation and the Prevention of Fiscal Evasion Convention in the next meeting of the 9th session of the Pak-Afghan Joint Economic Commission (JEC) to be held on February 23-24 in Kabul. A senior FBR official told Business Recorder here on Tuesday… – Continue reading
NEW DELHI: Continuing its crackdown on black moneymenace, India has entered into an agreement with Switzerland for liberal interpretation of identity requirements for gathering information about illicit funds stashed away by its citizens in Swiss banks. “Government has also signed a mutual agreement with government of Swiss Confederation for liberal interpretation of the… – Continue reading
Bangladesh and Kuwait have signed a double taxation avoidance agreement recently in a bid to promote bilateral trade and investment between the two countries. The agreement titled ‘The avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income’ was signed Wednesday in Kuwait. Bangladesh’s National… – Continue reading
Russian Federation Council foreign committee chairman Mihhail Margelov said at his meeting with Estonian Riigikogu speaker Ene Ergma on Thursday that the agreement on avoiding double taxation between the two states is in Russia interests too, LETA/Public Broadcasting reports. Ergma expressed concerns over the halting of the ratification process of… – Continue reading
A mainland spokeswoman on Monday talked up cross-Strait plans for a pact on the avoidance of double taxation, after concern that it may lead to the exposure of people’s personal data. The pact, currently being discussed by negotiators across the Strait, will benefit both sides, said Fan Liqing of the… – Continue reading
India and Croatia have signed a double taxation avoidance treaty as an important step in strengthening their economic cooperation. The treaty was signed in Zagreb on Wednesday by Croatian Finance Minister Slavko Linic and Indian Minister of State for External Affairs Preneet Kaur, during her working visit to Croatia. The… – Continue reading
Government today said efforts are being made to find mutually acceptable solution to address India’s concerns while revising the tax treaty with Mauritius. Government has proposed to review the India-Mauritius Double Taxation Avoidance Convention (DTAC) to incorporate amendments to the pact for prevention of treaty abuse and to strengthen the… – Continue reading
A new India-Cyprus double tax avoidance agreement (DTAA) or tax treaty, inches closer to finalisation. The delegates of the two countries are slated to meet in early-mid March to tie up the loose ends. While the revised treaty will contain more stringent provisions relating to exchange of information, it is… – Continue reading
State Minister Ambassador Berhane met on Monday (January 27) with Mr. Deepak Obhrai, Parliamentary Secretary of the Foreign Ministry of Canada. Their discussions focused on strengthening the bilateral relations between Ethiopia and Canada. Mr. Obhrai said he appreciated the growing relationship between the two countries and was looking for additional… – Continue reading
Belgium’s finance ministry on January 27 announced changes to the effective dates of the agreement for the avoidance of double taxation and prevention of fiscal evasion with China. The finance ministry had previously announced that the agreement would come into effect on Jan. 4, 2014 and apply to taxes on income… – Continue reading
