Category: Investments

Can the PHL fully participate in ASEAN Taxation Cooperation?

(Second of two parts) Embracing the Automatic Exchange of Information (AEoI), whether in the form of FATCA and/or CRS, affects stakeholders ranging from the government and businesses down to the ordinary consumers of financial products and services. As such, the uncertainties arising from the supposed implementation are definitely not in...

Blockchain Startup Smart Valor Receives Approval To Operate In Switzerland

Blockchain startup Smart Valor has announced that it received approval to operate in the Swiss financial market. Based in Switzerland’s Crypto Valley, Smart Valor is a company building a decentralized marketplace for tokenized alternative investments. Its network is coordinated by a smart-contract-based governance model, which incentivizes each participant to contribute...

Walmart-Flipkart Deal: Income Tax Dept Rejects Plea For Capital Gains Exemption

Income Tax department is also inquiring into some alleged suspicious transactions and investment flow into Flipkart Authorities have demanded a valuation report from Flipkart The international taxation division of the I-T department is currently studying the valuation of Indian assets of Flipkart Singapore At the time when ecommerce company Flipkart...

Crypto Islands as Double Offshore

There is a small island in the Caribbean … You immediately imagine relaxation, a beach, palm trees. However today in these small areas a really big crypto history is being created. The crypto business is increasingly mastering the jurisdiction of “dwarf” states, such as Cyprus, Malta, Gibraltar, The Republic of...

Shanghai Business Registration: Online Platform for Foreign Invested Enterprises Launched

Shanghai recently launched a new online platform to facilitate the business registration of foreign-invested enterprises (FIEs) in the city. Launched on June 30, 2018, the platform makes it easier for foreign investors to report their business information to the Administration of Industry and Commerce (AIC) if their projects do not...

Nigeria Concludes Double Tax Treaties With Ghana, Cameroon

The Federal Government of Nigeria (FGN) concluded the negotiation of Double Taxation Agreements (the DTAs) with the Republic of Ghana and the Republic of Cameroon on 26 July 2018 and 3 August 2018, respectively. While this is a welcomed development, it is expected that efforts will now be directed towards...

Sri Lanka And Oman Sign Agreement On Avoidance Of Double Taxation, Tax Evasion

An agreement on Avoidance of Double Taxation and Prevention of Fiscal Evasion between Sri Lanka and Oman was signed during the Second Meeting of the Sri Lanka-Oman Bilateral Consultations, held on August 15, 2018 in Colombo at senior officials’ level by the leaders of the respective delegations. The Sri Lankan...

Bitcoin Hedge Funds Caught in IRS Crypto Tax Crosshairs Amidst Unclear Regulations

Hedge Funds Are Struggling to Correctly Tax Crypto Holdings Amidst Unclear Regulations According to US law, bitcoin and other cryptocurrencies are taxed like property – similar to real estate. Amidst unclear regulations, however, hedge funds are struggling to correctly pay their taxes, which is a problem because the IRS just...

Pakistanis’ hidden foreign assets worth around $350bn

ISLAMABAD: Authorities probing illegal foreign accounts and properties of thousands of Pakistanis made shocking revelations on Tuesday that the volume of these assets hidden in different tax havens abroad reached up to US$350 (Rs43 trillion). Interestingly, the authorities also revealed for the first time that only accounts and properties worth...

Warning to declare foreign income before September deadline

UK taxpayers who receive any foreign income or profits from offshore assets have been urged to contact HMRC and disclose this income before 30th September 2018 to avoid being hit by higher penalties. David Redfern, tax preparation specialist and director of DSR Tax Claims, warned those affected to contact HMRC...

Lyford Cay Blasts 500% Hike In Tax

The Government is moving to reinstate the $50,000 property tax “cap” after The Bahamas’ wealthiest community slammed “punitive taxation” that threatens “500 percent or greater” tax hikes. KP Turnquest, deputy prime minister, yesterday told Tribune Business that the Government was “actively reviewing” recent Real Property Tax Act reforms that could...

VN-Cambodia agreement on double taxation avoidance ratified

The Government has ratified the agreement on double taxation avoidance and income tax evasion prevention between Vietnam and Cambodia. The Government assigned the Ministry of Finance to coordinate with relevant ministries and agencies of Vietnam and Cambodia in implementing the agreement. The agreement was officially signed on the occasion of...

HMRC warn UK taxpayers it’s time to declare offshore assets

HM Revenue and Customs (HMRC) is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties New legislation called “Requirement to Correct’ requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK...

Tax Hike ‘Shockwaves’ Hit High-End Properties

Foreign investors were yesterday said to have halted construction projects, with some threatening to sell their high-end properties, as the “shockwaves” from Budget tax changes hit home. Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that much of the Bahamas’ second home market “is dead” unless...

PM asks authorities to probe tax evasion by FDI firms

Media reports have suggested the Government to build a more effective mechanism to tackle the problem that prolonged loss-making FDI enterprises have still enlarged investment and production. — Photo cafebiz.vn Viet Nam News HA NOI – Prime Minister Nguyen Xuan Phuc has assigned the Ministry of Finance (MOF) and General...

Parliament approves Bitcoin BCH payments for Antigua and Barbuda citizenship

Securing citizenship in the Eastern Caribbean jewel of Antigua and Barbuda is now easier for Bitcoin Cash (BCH) investors. Early this week, the parliament of Antigua and Barbuda unanimously approved the resolution to amend the Citizenship by Investment Program (CIP) Act, allowing for payments to be made in Bitcoin BCH...

UK Adopts EU Anti-Money Laundering Legislation

The UK is upgrading its national security by adopting a recently implemented European Union fifth anti-money laundering directive, the Department for Business, Energy and Industrial Strategy (BEIS) announced in a statement on Tuesday. The fifth directive is aimed at combating corruption and money laundering and came into effect in the...

European Leaders Press for New Digital Tax at G20 Meeting

European finance officials just wrapped up a G20 summit in Argentina where they pressed for new global rules to better collect tax on digital giants like Google (NASDAQ:GOOGL 1258.15 0.04%), Facebook (NASDAQ:FB 214.67 0.02%), and Amazon (NASDAQ:AMZN 1829.24 0.02%), among others. The European Commision is the executive (read: tasked with...

The use of UK holding companies in international group structures – tax considerations

From a commercial viewpoint it is important that the Holdco is located in a reputable jurisdiction when seeking to access international equity and debt capital markets. The choice of Holdco location will also be relevant in circumstances where private equity investment is envisaged or where a trade sale is planned....

Hong Kong’s retail chain Cheong Hing plans to enter Pakistan

KARACHI: Hong Kong-based companies including a retail chain store planned to enter Pakistan following a bilateral treaty signed between the two countries last year to avoid double taxation that may boost annual foreign direct investment inflows from approximately $35 million, officials said on Tuesday. Officials at Trade Development Authority of...

Australia: Experts Say Tax Office on ‘Warpath’ Against Crypto Investors

Australian tax experts have confirmed that the Australian Taxation Office (ATO) is cracking down on cryptocurrency investors this year, local news outlet The New Daily reports Friday, June 15. The ATO had said in early March that they would be using a combination of data matching and “100-point identification checks”...

Gibraltar—Marbella. Russian oligarchs hide their Spanish assets offshore

It emerged that Russian oligarchs, members of ‘Russian mafia’, and many other owners of real estate in Spain have neither Spanish citizenship nor residential permit and successfully evade national taxes. Mansions in Marbella purchased by Russians officially belong to offshore companies incorporated in Gibraltar, a tiny British Overseas Territory. The...

Govt to maintain investment climate, tax reform in setting 2019 tax target

Finance Minister Sri Mulyani Indrawati has said the government will consider several scenarios in determining its 2019 tax revenue target while adhering to its commitment to maintaining a conducive investment climate and pushing for tax reform. “The tax revenue target will be set in consideration of current global and national...

Tax Competitiveness in India: Changing Rules, Trends in Taxation

Ease of doing business and tax reforms are at the center of India’s growth agenda as the country pitches itself as the leading investment destination among global emerging markets. Yet, India’s tax competitiveness record remains mixed. At a time when the U.S., U.K., and Japan have slashed their corporate tax...