Federal Board Of Revenue (FBR) Revenues To Surge To Rs 10.5 Trillion By 2023-24: IMF
The International Monetary Fund predicts revenue of FBR by 2023-24 ... - Continue reading
Category: Revenue
Pagcor: Government not inclined to impose higher taxes on POGOs
State-run Philippine Amusement and Gaming Corp. expressed optimism the government will not impose higher taxes on offshore gaming operators in the country to encourage them to stay here. Pagcor chairman and chief executive Andrea Domingo said at the sidelines of the opening of the first Philippine-Asian Gaming Expo held on… – Continue reading
Taiwan to join anti-tax evasion program CRS
Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading
Taiwan to join anti-tax evasion program CRS
Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading
Buyback tax: A loophole fixed or an anomaly made worse?
In the past three fiscals, Indian firms bought back shares at an average rate of ₹47,800 crore ... - Continue reading
IRB can track undeclared offshore accounts for taxation
Malaysia aims to track offshore tax revenue ... - Continue reading
India ratifies multilateral convention to curb abuse of tax treaties
The union cabinet, chaired by Prime Minister Narendra Modi on Wednesday approved the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The Convention will modify India’s treaties in order to curb revenue loss through treaty abuse and base erosion… – Continue reading
Pakistan: Imran Khan announces tax evasion amnesty scheme
The prime minister is seeking to end Pakistan’s rampant tax evasion as he secures a major IMF bailout. Only about 2 million tax returns are filed in Pakistan annually. Pakistani Prime Minister Imran Khan, who ran on a campaign of tackling corruption, gave a televised address on Monday calling on… – Continue reading
India: Split Residency – ITAT Upholds The Taxpayer’s Claim For Treaty Exemption, Applies Centre Of Vital Interest Test
Dual Residency gets attracted when an expat in the year of move qualifies as a resident of the host country (i.e., the country in which he is deputed) as well as home country (i.e., the country of his residence). On account of dual residency, an expat can be doubly taxed… – Continue reading
Money is fleeing in panic from Russia
Last week, the Bank of Russia has published data on key indicators of the balance of payments for the first four months of the current year. One of them — the balance of financial transactions of the private sector. It was negative and amounted to 34.7 billion dollars. Translated into… – Continue reading
FBR to abolish 25 withholding taxes
“The FBR is contemplating upon options to reduce numbers of WHT by 50 percent bringing it down from existing 50 to 25 in totality in the upcoming budget,” top official sources in FBR confirmed to The News here on Wednesday. Official data shows that there are some withholding taxes where… – Continue reading
Government Should Investigate BAT’s Tax Evasion
Kenya Tobacco Control Alliance KETCA has today called upon the government to prioritize regulations that enable the maximization of corporate tax revenue from British American Tobacco (BAT) Company. The KETCA Chairman, Joel Gitali said that BAT avoids paying full corporate taxes which would have been used for public services like… – Continue reading
Anti-Money Laundering Software Market to Generate the Revenue of US$ 4,262.0 Mn by 2026
Companies, especially in the financial services industry are investing in the anti-money laundering software to effectively track the transactions and eliminate the risk of fraudulent. Companies offering anti-money laundering software are also focusing on providing effective and efficient software including currency transaction reporting software, transaction monitoring software, compliance management software,… – Continue reading
NBR for 30pc job quota for Bangladeshis
The National Board of Revenue recommended that the proposed guidelines on local entrepreneurs’ overseas investment should include provisions that the interested businesses have no overdue taxes in Bangladesh and have to employ minimum 30 per cent Bangladeshis in overseas projects. The NBR made the suggestions in its observations sent last… – Continue reading
Uber makes $785 million in Australia in 2018 – but pays just $8.5 million tax
Uber’s local arm made a gross profit of $785 million connecting Australians to rides and restaurant meals in 2018, but most of it was wiped out by a service payment to its US parent, and it paid just $8.5 million in company tax. Uber Australia Holdings, which combines four entities… – Continue reading
Three Chinese businessmen arrested over Sh58 million tax evasion
Detectives on Wednesday night arrested three Chinese nationals for evading to pay tax to Kenya Revenue Authority (KRA) amounting to Sh58 million. The three, Pi Ning, Li Hua and Hu Bin, are directors of Electric Tools Kenya Limited. The suspects, who are being held at the Railway Police Station, will… – Continue reading
Tax amnesty to regularize undeclared assets approved by Pakistan cabinet
Only a million people out of a population of more than 208 million pay income tax in Pakistan Recently signed IMF bailout plan requires government to squeeze around $5 billion in extra taxes ISLAMABAD: Pakistan’s government on Tuesday announced a new tax amnesty scheme aimed at broadening the government’s revenue… – Continue reading
Non-resident capital gains tax on UK commercial property ‘could block overseas investment’ – expert view
The Government’s changes to the tax treatment of overseas investment in UK commercial property will increase revenues in the short term but might prove short-sighted, write Craig Hughes and Russell Dickie There is, as they say, no place like home. However, in recent years, solid and steady capital growth and… – Continue reading
Tax court drops tax evasion against talent promoter
The Court of Tax Appeals (CTA) has cleared a model and talent promoter of tax evasion charges because the Bureau of Internal Revenue’s (BIR) final assessment notice (FAN) did not mention the date when the alleged deficiency taxes should be paid. The BIR filed the case after its national investigation… – Continue reading
48 KRA officers wanted for bribery, tax evasion
48 Kenya Revenue Authority (KRA) officials were Monday morning expected at the Directorate of Criminal Investigations (DCI) headquarters on Kiambu road for questioning. The individuals include 32 officers from KRA’s Domestic Taxes Department, 15 from the Customs and Border Control Department and one from the Investigations and Enforcement Department. They… – Continue reading
German gov’ts to have less-than-expected tax revenue in coming years
BERLIN, May 9 (Xinhua) — According to current tax estimates, the German federal, state and local governments will have 124.3 billion euros (139.5 billion U.S. dollars) less to spend by 2023 than previously predicted, the Federal Ministry of Finance announced on Thursday. According to the German finance ministry, expectations about… – Continue reading
Peruvian Government Passes Law to Tackle Tax Avoidance
LIMA, PERU — The Peruvian government passed a law on Monday aimed at closing loopholes that allow companies to avoid paying taxes, estimating it will be able to collect additional revenues equal to nearly 1 percent of gross domestic product per year. The law, which was passed by decree after… – Continue reading
A perspective on tax amnesty
Tax amnesty is defines as “grant of an opportunity to a specific class of society to declare their undeclared assets by payment of a meagre amount of tax in addition to grant of immunity from default surcharge, penalties and prosecution”. It is introduced by the governments to fulfill the slogan… – Continue reading
EU must curb corporate lobbying power — NGO
Corporate influence at the EU level needs to be reined in, LobbyControl has warned. Businesses have been accused in its latest report of using incredible lobbying power to advance their own interests. LobbyControl on Monday accused the European Union of doing too little to combat corporate influence. A new report… – Continue reading
Beware the £470m home rental tax trap for accidental landlords
More than half a million ‘accidental’ landlords have less than a year to sell up before they could be hit with new tax bills for thousands of pounds. Earlier this month, the Government put forward plans to scrap two types of tax relief for landlords who sell a property that… – Continue reading
RMB deposits held by banks rebound in Taiwan
TAIPEI, April 21 (Xinhua) — Renminbi (RMB) deposits held by banks in Taiwan rebounded to 282.28 billion yuan (42.34 billion U.S. dollars) at the end of March, 880 million yuan more than February, according to data released by the island’s banking authority. The rebound in March snapped a decline streak… – Continue reading
No double VAT
Small business owners are being told that they will not have to pay Value Added Tax (VAT) twice if they have already paid the tax while making an online transaction, one of the Government’s top consultants on the economy has told the small business association. Starting on May 1, Barbadians… – Continue reading
Israeli bank to pay $195M for US tax-avoidance scheme
Mizrahi-Tefahot Bank and two subsidiaries acknowledge that from 2002 until 2012 they conspired with U.S. clients to avoid taxes on assets and securities by opening and maintaining offshore accounts under false or code names or through foreign entities. One of Israel’s largest banks has agreed to pay $195 million for… – Continue reading
Ikea Being Investigated for Dodging Taxes of More than $1.1 Billion
According to a Green party report in the European Parliament, Ikea has been accused of tax dodging for as much as 1 billion euros or $1.1 billion in its taxes from 2009 to 2014. The political organization has accused the retailer of a large scale avoidance of taxes. In the… – Continue reading
FAMILY BUSINESSES DOMINATE LIST OF BRITAIN’S HIGHEST TAXPAYERS
Britain’s wealthiest families paid $1.2 billion in tax in the last financial year at a time when the state revenue contributions of the world’s richest individuals and corporations are coming under increasing scrutiny. Campden FB totalled the tax bills for 2017-18 of the 21 families of significant wealth as conservatively… – Continue reading
One in nine US multinationals ‘fail to comply with tax transparency law’
Analysis of more than 600 US multinational corporations has revealed that 12 per cent failed to comply with UK law requiring them to publish their tax strategies. With the UK estimated to lose £25 billion in corporate tax revenue each year due to multinational corporations shifting profits out of the… – Continue reading
Apple settles 10-year tax battle with France, paying a reported €500M ($570M)
Apple has settled a ten-year tax battle with France, agreeing to pay a reported half a billion Euros ($570M) in back tax. The French government had accused Apple of evading or avoiding tax due on sales made in France. The line between tax evasion, which is illegal, and aggressive tax-avoidance,… – Continue reading
Tunisian Government Estimates Tax Evasion at USD8.3 Billion
Prime Minister’s adviser in charge of tax reform Faisal Derbal has revealed that tax evasion is estimated to reach TND25 billion (around USD8.3 billion) in Tunisia. He denied, during a press conference in the government’s headquarters, rumors circulating about the tax evasion value rising to double of the mentioned number… – Continue reading
Global tax advisory services revenue grows to $20B, up $5B in 3 years
Tax advisory revenue at professional services firms expanded 8.6 percent to $20.3 billion in 2017, and grew by around $5 billion in just the three years from 2014 to 2017, according to a new report. The report, from Source Global Research, found that the main tax advisory services around the… – Continue reading
Withholding tax collection rises 14 percent to Rs1.128 billion
KARACHI: The withholding tax collection from non-cash banking transactions has posted 14 percent growth; following introduction of an amendment through the Finance Supplementary Act, 2018. The collection of withholding tax from non-cash transactions, which is applicable only on non-filers of income tax returns, increased to Rs1.128 billion in December 2018,… – Continue reading
Austria to Introduce Tax on Tech Giants With Annual Revenues Over $864Mln – Kurz
VIENNA (Sputnik) – The Austrian government will introduce a 3-percent tax on international tech giants with an annual turnover exceeding 750 million euros ($864 million), Austrian Chancellor Sebastian Kurz said on Thursday. “Europe currently does not have taxation of digital Internet giants and Austria intends to become a pioneer in… – Continue reading
FBR detects Rs2 billion tax evasion by sugar mills
KARACHI: The Federal Board of Revenue (FBR) has detected tax evasion of around Rs2 billion by sugar mills through suppressing sales, sources said on Wednesday. In its ongoing drive against tax concealment by sugar mills, the revenue authority recovered around Rs500 million from one sugar mill and issued another five… – Continue reading
Ireland recovers €572.6m in unpaid tax
The Irish taxman has managed to uncover and collect €572.6m in unpaid tax last year, an average of €1,000 per case according to the latest official figures. The data for 2018 shows Revenue officials “intervened” a total of 572,785 times during the year, with around 99% of taxpayers willingly handing… – Continue reading
Taxman starts questioning & issuing notices to BPOs
One month after the Authority of Advance Ruling (AAR) ruled that back office support services qualify as “intermediary” support services and not exports, officers of the indirect tax department have started issuing preliminary notices to captive units of multinationals and Indian companies exporting offshore support services. AAR’s directive meant several… – Continue reading
Germany Using Blockchain to Combat Tax Evasion
The German government is reportedly considering using blockchain in combating tax evasion This comes following the reveal of the CumEx files, which cost the government $63 Billion in lost tax revenue A while ago, it was reported that Bangkok would be making use of blockchain technology to combat tax evasion…. – Continue reading
Barbados overhauls corporate tax regime, slashes tax rate on local companies more than 20 per cent
BRIDGETOWN, Barbados, Thursday November 22, 2018 – Barbados will harmonize its domestic and international corporation tax regimes, by December 31, 2018, slashing the tax burden for some local companies by up to 29 per cent. Prime Minister Mia Mottley announced in the Barbados Parliament on Tuesday, November 20, the ambitious… – Continue reading
PM announces tax ease for businesses
Prime Minister, Mia Mottley has announced a major tax break for local business. In her mini-budget presentation made earlier this year, she had announced that come July 1, corporation tax will increase from 25 per cent to 30 per cent which was expected to raise $57M in a full year…. – Continue reading
Trade misinvoicing costs South Africa $7.4bn in tax a year
While SARS is scrambling to meet collection targets, a new report estimates the country lost $37-billion in revenue to trade misinvoicing in five years. Trade misinvoicing is thought to be the largest component of illicit financial flows, draining developing countries of much-needed finances. In a new report, Global Financial Integrity… – Continue reading
Major loss-making foreign-invested firms to be inspected for tax compliance
The foreign-invested enterprises which have been running large, prolonged losses and large related-party transactions, will be inspected for tax compliance. The General Department of Taxation (GDT) has just sent a document asking provincial and city Departments of Taxation to inspect and supervise groups, corporations, and companies, which reported big losses… – Continue reading
Britain to start taxing big internet companies
LONDON — Britain’s Treasury chief unveiled Monday a new tax on big internet companies’ revenues, insisting it is time that the global tech giants with profitable business in the United Kingdom pay their fair share for public services. Philip Hammond made the announcement as he outlined his budget, explaining that… – Continue reading
Creditsafe pays £1m to HMRC under ‘Diverted Profits Tax’
Caerphilly-based credit referencing company Creditsafe has paid Her Majesty’s Revenue and Customs almost £1 million after it was served with a ‘Diverted Profits Tax’ charge. Registered as Creditsafe Business Solutions, the company, based at Caerphilly Business Park, sells business data for credit check purposes and other uses. According to full… – Continue reading
Government targets 16.6% tax revenue growth in 2019
The government is targeting Rp 1.51 quadrillion (US$99.29 billion) in tax revenues for 2019, or 16.67 percent higher than this year’s target. Meanwhile, it has set a 12.11 percent tax-to-gross domestic product (GDP) ratio. “We have implemented tax amnesty. It was an initial step. We also have access to banking… – Continue reading
Japan obtains 400,000 overseas account details
The National Tax Agency of Japan has gathered details on 400,000 overseas bank accounts held by Japanese nationals in about 50 countries in a bid to fight fiscal evasion as only 9,000 citizens declared having an offshore account in 2016. The tax agency will compare the two sets of information… – Continue reading
FBR launches probe into Rs7 billion tax evasion
KARACHI: The Federal Board of Revenue (FBR) has launched investigation against 42 textile units for rendering an estimated seven billion rupees in tax revenue losses through misuse of zero-rating facility of sales tax, officials said on Friday. The officials said the FBR identified 42 textile companies which made sales of… – Continue reading
