Google has since last year been collecting tax information related to the US earnings of Taiwanese YouTubers and withholding the share of their proceeds that they owe in taxes, complying with a US government directive. In contrast, Taipei has not been able to tax the online advertising revenue Google generates in Taiwan. ... - Continue reading
Financing structures involving Irish entities often employ the use of a special-purpose vehicle ("SPV"), which is a company established specifically to hold title to the aircraft subject to the financing and to lease those aircraft to the operators. Ireland is a popular jurisdiction for the establishment of SPVs due to the numerous double-tax treaties in place between Ireland and other countries, many of which specifically refer to aviation in their text. Ireland is also attractive due to the confidence in the legal and court system (which is broadly based on English common law) and the number of aviation experts and leasing companies based in Ireland. ... - Continue reading
The global minimum corporate tax on MNCs was aimed at discouraging them from shifting profits to low-tax countries. But it will reduce the incentives to attract investment in developing countries ... - Continue reading
The Russian Ministry of Finance has sent a proposal to its Swiss colleagues requesting amendments to the current double taxation treaty (DTT) between Russia and Switzerland ... - Continue reading
‘International data sharing and anti-money laundering regulations are only likely to get tighter’ ... - Continue reading
As known, Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (the Agreement) was signed on 21.04.2017 after 6 years by 107 countries so far, including Turkey which approved the Agreement on 21.12.2019. According to the Agreement, the signatory countries will share the financial account information of the resident of the relevant country which is collected from the financial institutions every year automatically without any request. ... - Continue reading
The Internal Revenue Service is temporarily allowing taxpayers who engage in so-called “reportable transactions,” typically tax shelters, to fax the Form 8886 for initially disclosing them to the IRS instead of mailing in the form. ... - Continue reading
Plea bargain deals give taxpayers immunity from criminal investigations as HMRC steps up investigations to help pay for coronavirus economic assistance ... - Continue reading
The Pakistan Institute of Development Economics (PIDE) survey recently stated that Pakistan should review and amend its taxation policy in order to accelerate its economy. ... - Continue reading
OECD confirms the efficiency of the Automatic Exchange of Information after its implementation in 100 countries. ... - Continue reading
A further discussion on the possible treatment of digital taxes in today's world where it has its hugest economic presence. ... - Continue reading
The USA seems to be relentless at discouraging the trending 'Digital Tax which seems inevitable now. France has also already shown a keenness towards its imposition, and now it's the turn of Indonesia. ... - Continue reading
And a win for the UK tax authority - the HMRC. ... - Continue reading
Proposals from the Pakistan Stock Exchange for the upcoming budget. ... - Continue reading
Official data shows that Pakistan has faced a sharp decline in its tax revenue in the month of March due to the coronavirus. ... - Continue reading
The United Nations has launched the High-Level Panel on Financial Accountability, Transparency and Integrity (FACTI) to address corporate tax abuse and other illicit financial flows. ... - Continue reading
And hop! - Rs1.8bn from untaxed offshore funds into Pakistan's possession. ... - Continue reading
The United Kingdom unwilling to forsake revenue generated from the digital industry. ... - Continue reading
New proposals to reform the global tax system could adversely affect the economy of Ireland. Here's more. ... - Continue reading
The Automatic Exchange of Information recovers a whopping amount of Rs1.8 billion for Pakistan. ... - Continue reading
On February 12, the Federal Court of Appeal (FCA) released its decision in The Queen v. Alta Energy Luxembourg S.a.r.l.1 (Alta Energy), a case that represents an attempt by the Canadian tax authority to relitigate the issue of whether Canada’s domestic general anti-avoidance rule (GAAR) can apply to curtail so-called “treaty shopping”.2 ... - Continue reading
More efforts to be expected from OECD concerning tax matters. ... - Continue reading
The Swedish tax agency has adjusted the taxable income for the PUMA Group’s Swedish distributor, Puma Nordic AB, concluding that, for transfer pricing purposes, the Swedish distributor could not control the main risks in the Puma Group and therefore should not have carried the local market risks. The adjustment, made… – Continue reading
The US Internal Revenue Service (IRS) has said it will consider certain circumstances in which it could provide relief from double taxation resulting from application of the repatriation tax, as amended by the Tax Cuts and Jobs Act (TCJA) 2018. ... - Continue reading
An OECD-led group of 137 countries that work together on multinational group tax issues has released a consultation document and has requested public feedback to assist in a planned review of country-by-country reporting. The countries, known as the “Inclusive Framework on BEPS,” also scheduled a public consultation on the topic for March 17.... - Continue reading
Puerto Rico has amended its income tax rules to allow taxpayers to fully deduct intercompany expenses if taxpayers file a transfer pricing study with their income tax return, due April 15, 2020, if not extended. ... - Continue reading
The Polish state think-tank reveals a loss of 170 million euros for European Union member states due to tax dodging. ... - Continue reading
Tax collections in Hawaii were up by about 5% last year, a report said. ... - Continue reading
Businesses are being required to be more transparent for the sake of tax efficiency and reform. ... - Continue reading
HMRC seems reluctant with taxpayer plea bargains due to availability of a large volume of taxpayers' data. ... - Continue reading
Trouble for the Swiss private banking unit of HSBC Holdings Plc HSBA.L. ... - Continue reading
The Global Reporting Initiative has issued a new international tax reporting standard that aims to ensure multinational companies are much clearer about how much they pay in taxes, and where. While the standard has no legal force, it could influence the ongoing debate in the U.S. and abroad on how… – Continue reading
