Category: Revenue

Automatic Exchange of Information / Framework / Multilateral Competent Authority Agreement / OECD / Regulatory / Revenue

Turkey: List Of Countries That Will Exchange Financial Account Information With Turkey Are Updated

Published by: Mondaq - January 8, 2021

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

Canada / Dividends / Infrastructure / Investments / Lease / Legislation / Profit Shifting / Revenue / Royalties / Tax Authority / Tax treaties / Treating Shopping / Treaty Abuse

Canada: Treaty Shopping: MIL, MLI And ALTA Things In Between

Published by: Mondaq - February 19, 2020

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

EU / Forms / OECD / Revenue / Sweden / Transfer pricing

Sweden’s tax agency rejects Puma’s transfer pricing position, concludes risk borne elsewhere

Posted On: February 11, 2020

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

Framework / G20 / Lease / Multinationals / OECD / Permanent establishment / Revenue / Transfer pricing

Countries launch review of country-by-country reporting framework for multinational groups

Published by: MNE Tax - February 9, 2020

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.
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Base Erosion & Profit Shifting / Business / Corporate Tax / Country-by-Country (CbyC) Reporting / Framework / Multinationals / OECD / Revenue / Tax Avoidance / USA

GRI issues international corporate tax reporting standard

Posted On: December 9, 2019

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

Housing / Property Tax / Real Estate / Revenue / Tax Avoidance / Trust / USA

‘Who is buying Seattle?’: New report issues warnings on Seattle’s luxury housing boom

Posted On: October 23, 2019

Seattle’s luxury housing boom will worsen inequality and affordability in the city, according to a new report, which calls for officials to require more transparency on who is actually buying luxury real estate in the area. The report — “Who is Buying Seattle? The Perils of the Luxury Real Estate… – Continue reading

Americans / Banking / Banking Secrecy / Business / FATCA / Netherlands / Revenue / Tax Avoidance / Tax Laws

Dutch government asks banks to give American expats more time to deal with FATCA

Posted On: September 30, 2019

The Dutch government is urging banks to be accommodating towards American nationals who risk having their bank accounts closed because of US fiscal regulations as it calls on EU member states to campaign together for changes to American tax laws which are affecting thousands who have American nationality but no… – Continue reading

Gaming / Offshore / Philippines / Revenue / Tax Authority / Withholding Tax

BIR padlocks main office, 2 branches of tax-dodging POGO service provider

Posted On: September 27, 2019

The Bureau of Internal Revenue (BIR) padlocked simultaneously Wednesday the main office and two branches of one of the biggest Philippine Offshore Gaming Operator (POGO) service providers in the country for alleged failure to register and pay the corresponding deficiency taxes amounting to P2 billion. Shuttered were the headquarter of… – Continue reading

Bangladesh / Budget / Double Taxation / Revenue / Tax Collection / VAT

VAT on online purchase must if not paid by cos during sourcing: NBR

Posted On: September 23, 2019

Value-added tax on online purchase of goods and services will be applicable if the e-commerce company concerned collects those from the original suppliers and manufacturers without paying VAT, according to the National Board of Revenue. ‘There will be no VAT on online purchase of any goods and services if the… – Continue reading

Common Reporting Standard / Exemptions / Income Tax / Multilateral Competent Authority Agreement / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / Nigeria / Revenue

Nigeria: The FIRS Has Published Regulations On Common Reporting Standard

Published by: Mondaq - September 20, 2019

The Federal Inland Revenue Service (FIRS) has issued the Income Tax (Common Reporting Standard) Regulations, 2019 (CRS Regulations). This follows Nigeria's signing of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) and the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of Financial Account Information, signed by Nigeria on 17 August 2017. ... - Continue reading

Dividends / High Networth Individuals / HM Revenue & Customs / Income Tax / Revenue / Tax Avoidance / Tax Collection

HMRC collects record £191bn in income tax

Posted On: September 2, 2019

The taxman is raking in record amounts in income tax as the latest figures reveal Britons paid an extra £11bn in 2018/19. Income tax receipts have soared to a record £191bn, according to figures published, a 6% increase from the previous year. Britons are paying almost 30% more income tax… – Continue reading

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