Category: Miscellaneous

Budget and taxation

With the present outdated and corrupt tax system, FBR cannot collect taxes as per its real potential — even proposed target of Rs5500 billion for next fiscal year 2019-20 would be an uphill taskThe Pakistani state does not need any borrowing, if all the citizens, especially the rich, are taxed… – 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

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

Report: £250 billion fraud in UK tax havens greater sum than 20 years of foreign aid budget

Russia most common place of origin for fraudsters using British overseas territories A NEW report has identified over £250 billion in fraudulent funds directed through UK tax havens, more than over 20 years of the UK Government’s foreign aid budget. The report, by Transparency International, examined the UK’s overseas territories,… – Continue reading

Worldwide: UK Tax Round Up – November 2018

General UK Tax Developments Finance Bill The Finance (No 3) Bill 2018-19 (which will become the Finance Act 2019) was published on 7 November and includes legislation to enact the changes highlighted in our UK Budget blog post ( UK Budget Blog). Another key area covered by the Finance Bill… – Continue reading

FDI policy shift aims to support domestic firms

Viet Nam News HÀ NỘI —Vietnam will institute new policies designed to attract foreign direct investment (FDI) by boosting the development of local companies and setting up value chains driven by advanced technologies. FDI has been a major factor in Vietnam’s rapid socio-economic development; however, some key metrics remain below… – Continue reading

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… – Continue reading

EU budget: Boosting cooperation between tax and customs authorities for a safer and more prosperous EU

For the next long-term EU budget 2021-2027, the Commission is proposing measures to make tax and customs cooperation between Member States better and more efficient. Continued funding of these programmes will help the EU to progress in offering businesses unfettered and easy access to the EU’s Single Market so that… – Continue reading

Four years of monitoring have crushed tax fraud in Indiana

Officials say fraudulent claims fell off quickly after new technologies took the state off attackers’ easy-target list. With tax season comes attempted fraud, as crooks use false identities to try to trick all levels of government into sending them refund checks. There are ways to fight back, though, and Indiana… – Continue reading

Offshore Tax Haven Marshall Islands to Issue National Cryptocurrency

A small island nation with less than 60,000 inhabitants best known internationally as a former test site for nuclear weapons is joining the hottest new trend – issuing a national cryptocurrency. The planned Marshall Islands’ Govcoin is expected to be issued later this year. Marshall Islands Govcoin ICO The Republic… – Continue reading

Singapore to help brick-and-mortar stores compete against Amazon

Singapore is considering introducing a levy on e-commerce to give traditional vendors a fighting chance in the face of increased online competition The Singaporean government is expected to introduce a new e-commerce tax in its budget next Monday, in an attempt to level the playing field between online and offline… – Continue reading

UK Releases Guidance On Royalties WHT Proposal

The UK Government has released a consultation on the royalty withholding tax targeting digital firms announced in the UK’s most recent Budget. Under the proposal, the Government intends to introduce legislation in Finance Bill 2018-19 to broaden the circumstances in which certain payments made to non-UK residents have a liability… – Continue reading

Be warned! HMRC flexes its muscles

Island tax expert Greg Jones has issued a warning saying he believes the UK taxman has ‘bulked up’ and is starting to ‘flex his muscles.’ Mr Jones, a director of KPMG at its offices in Athol Street, Douglas, has analysed the UK Budget in this special report for Business News:… – Continue reading

France Boasts Second-Highest Taxes In the World

A new study shows that France taxes its population the second-most among developed countries. Which country claimed the first place spot? Denmark. As research from the OECD economic think tank attests, the combination of France’s income and property taxes, social security payments, and goods and services makes up 45.3% of… – Continue reading

Autumn Budget 2017: Hidden Tax Blow to Real Estate Sector

Summary: The Chancellor unexpectedly announced a U-turn to tax gains made by non-residents on UK commercial property with effect from April 2019. This will have a significant impact on overseas investors into UK real estate and creates additional uncertainty during an already volatile time as Brexit negotiations continue. Overseas investors… – Continue reading

Cayman Budget Targets Budget Surpluses

The Cayman Islands’ Premier, Alden McLaughlin, recently delivered the territory’s first two-year budget, which was notable for the absence of new borrowing or revenue-raising measures. McLaughlin said his administration will continue to pay down debt and deliver operational budget surpluses to fund capital investment plans and provide for contingency against… – Continue reading

Change to intellectual property tax write-offs will boost revenues

Move on multinational tax arrangements expected to be announced in the Budget An important change to multinational tax arrangements is expected to be announced in Budget 2018, limiting the tax write-offs big companies can take up front on movements of valuable intellectual property to Ireland. The move could provide a… – Continue reading

The Netherlands – Budget 2018 – Dividend withholding tax and non-resident taxation

On 19 September 2017, the Dutch government released the State’s Budget for the year 2018. The Budget includes a draft bill to expand the dividend withholding tax exemption to tax treaty countries, to introduce a withholding tax obligation for holding cooperatives and to limit the taxation of non-resident investors. If… – Continue reading

Malawi Releases 2018 Budget

Malawi’s recent budget included numerous tax changes and announced updates to the country’s transfer pricing rules. On the indirect tax front, the Budget, released in mid-August, introduced a 10 percent excise tax on television subscriptions and introduced a value added-tax exemption for dairy products, animal or vegetable fats and oils,… – Continue reading

Irish FinMin Considers Impact Of Brexit On Taxes

As part of the Irish Budgetary process, officials from the Finance Department have published a paper on the implications of Brexit for Ireland’s tax system. The paper was prepared for consideration by the Tax Strategy Group (TSG), an interdepartmental committee chaired by the Finance Department. The papers produced by the… – Continue reading

Study: The ultra-rich hide 25 percent of their wealth in tax havens

A study released May 28 by University of California Berkeley economist Gabriel Zucman and two Scandinavian colleagues, “Tax Evasion and Inequality,” demonstrates that global wealth inequality is drastically underestimated in official statistics because of how successful the super-rich are at evading taxes. According to the paper, the super-rich, that is… – Continue reading

IRS loses lawsuit over PTIN fees, suspends PTIN system, and may be forced to refund preparers

A federal district court has ruled in favor of tax preparers who filed a class-action lawsuit against the Internal Revenue Service over its right to charge fees for Preparer Tax Identification Numbers, and the IRS may need to refund hundreds of millions of dollars in fees collected each year. In… – Continue reading

Australian Budget Targets Housing, Tax Compliance

Australian Treasurer Scott Morrison’s 2017 Budget focused on measures to cool the housing market and crack down on tax avoidance. Morrison handed down the Budget on May 9. He said the the budget would return to a surplus in 2020-21 and remain in surplus over the medium term. The Budget… – Continue reading

Budget 2017: “Black economy”, multinationals in spotlight as government focuses on tax integrity

The federal government has pledged to create more fairness for businesses and “level the playing field” through a series of budget measures directed at tackling Australia’s so-called “black economy”. The government gave its “black economy taskforce” the job of investigating how individuals and businesses use cash payments in December 2016,… – Continue reading

Federal Budget 2017: Foreign home buyers hit by vacancy tax and restrictions

Foreign ownership of new developments will be restricted, there will be steeper charges applied to purchases, less favourable tax treatment and charges on those with empty properties, in a raft of measures in the federal budget aimed at taking the sting out of the housing market. One measure to be… – Continue reading

Chevron: a game-changer for multinational tax avoiders

The Australian Tax Office had a superb win against Chevron in the Federal Court last week, but there is something everyone is missing, something that will turn the art of tax avoidance on its head; a game-changer for multinationals. Put simply, Chevron borrowed US$2.5 billion in the US at less… – Continue reading

Noonan: Too Early To Anticipate Tax Performance For 2017

Irish Finance Minister Michael Noonan has said that despite a dip in tax revenues for the first quarter of 2017, “it remains too early to discern any firm trends.” Noonan made the comment during an appearance before parliament’s Budget Oversight Committee. He said that his Department has increased its GDP… – Continue reading

Ukraine Sets Out Fiscal Plans In Talks With IMF

Ukraine has ruled out major tax reform, in consultations with the International Monetary Fund. The IMF noted that Ukraine has major substantial progress on improving its finances. The IMF said budget execution continues to be strong, over-performing relative to program targets. The 2016 budget deficit has been limited to 2.3… – Continue reading

Australia Amends Company Tax Cuts Package

Australian lawmakers have passed legislation to cut the company tax rate for SMEs. However, the Enterprise Tax Plan was only partially approved. On March 31, the Senate passed legislation to phase in three years of changes to the company tax system. The Government’s original proposals had covered a period of… – Continue reading

Slovakia Urged To Redouble Efforts Against Tax Evasion

Slovakia should tackle value-added tax and corporate tax evasion, the International Monetary Fund has said. In its annual report for the country, the Fund said that measures to target tax fraud and non-compliance have reduced the VAT gap – the amount lost compared with the theoretical maximum were the headline… – Continue reading

Finance Bill confirms measures to crack down on tax avoidance

The 2017 Finance Bill was published on Monday 20 March, introducing dozens of initiatives with a focus on improving and modernising the tax system The Treasury said the bill, which is over 700 pages in length, “continues the government’s crackdown on tax avoidance” and “improves the fairness of the tax… – Continue reading

Tackling tax evasion vital in current economic conditions — experts

AMMAN — Addressing tax evasion efficiently has become of vital importance to the state budget and the overall economy in light of Jordan’s current economic conditions, experts agreed on Saturday. Participants in a panel, organised by the Jordan Transparency Society, agreed on the need for stricter inspections and more awareness… – Continue reading