Category: Statutory
COVID-19 and tax treaties: the updated OECD guidance
The new situation has created questions about the application of the existing tax treaty rules. For example, new taxing rights over an employee’s income may arise in a jurisdiction if an employee changes work location because of the COVID-19 restrictions. ... - Continue reading
Turkey: List Of Countries That Will Exchange Financial Account Information With Turkey Are Updated
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: COVID-19 Just Made Transfer Pricing More Difficult
The COVID-19 pandemic has made the lives of hundreds of millions of people around the world uncertain, wreaking havoc on all aspects of our daily lives. Governments and taxing authorities are grappling with not only how to keep the broader macroeconomy viable over the short run, but also how to bring the economy back to fiscal balance in the medium and longer term. In an article published by the Gowling WLG Transfer Pricing & Competent Authority Group entitled "CRA Audit Activity: The Calm before the Storm?", it was hypothesized that the Canada Revenue Agency ("CRA") would likely step up audit activity, after the COVID-19 episode is finally behind us, to reign in government deficits. ... - Continue reading
Croatia, USA start talks on avoidance of double taxation
Dividends for tax non-residents are taxed at a rate of 30%, which causes significant problems for Croatian companies and makes them uncompetitive. ... - Continue reading
IRS changes procedure for reporting tax shelters
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
What is VAT?
Value Added Tax (VAT) is a consumption tax charged on most goods and services consumed in the EU. The tax is levied on the 'value added' to the product at each stage of production and distribution. ... - Continue reading
Income tax implications for Indian investors investing in the US Stock Market
Indian investors are now proactively looking to diversify their portfolios overseas. We have seen the resilience and the outperformance of the US markets and we want in. ... - Continue reading
Enhanced transfer pricing regime amidst the pandemic
Globally, the coronavirus disease 2019 (Covid-19) pandemic is requiring governments to design and implement strategies to cope with the deepening impact of the virus. They are introducing measures to cushion the blow from the economic downturn, such as drawing from reserves and intensifying tax collection efforts. As entire countries and… – Continue reading
Repatriation vows exceed NT$200bn
As of Thursday last week, the Ministry of Finance had received applications to repatriate NT$207.6 billion (US$7.03 billion) in overseas funds since a repatriation law took effect on Aug. 15 last year, the Liberty Times (the Taipei Times’ sister newspaper) reported on Saturday, citing Minister of Finance Su Jain-rong (蘇建榮). The amount would be NT$210 billion if applications filed on Friday were included, Su told a news conference in Taipei on Friday. ... - Continue reading
QIB continues to introduce new features on its award-winning mobile application
Qatar Islamic Bank (QIB) has introduced new features to its award-winning Mobile App, in line with the bank’s ongoing efforts to provide customers with innovative digital options to fulfill all their banking needs remotely.Developed with customers’ daily banking requirements in mind, the QIB Mobile App now allows customers to benefit from new and simplified features, including the postponement of their Personal Finance Monthly Installment, opening the exclusive Certificates of Deposit for COVID-19 frontliners, filling and submitting the Common Reporting Standard (CRS), and completing Foreign Account Tax Compliance Act (FATCA) declarations. ... - Continue reading
HMRC ‘plea bargain’ tax evader deals collect extra £120m
Plea bargain deals give taxpayers immunity from criminal investigations as HMRC steps up investigations to help pay for coronavirus economic assistance ... - Continue reading
Taxation, growth negatively correlated: survey
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
Malta: Malta Individual Investor Program (MIIP) | Reform
An amended citizenship program is yet to surface for Malta. Here is a glimpse of it. ... - Continue reading
Why now is the best time for South Africans to apply for Portugal’s Golden visa
Guidance for South Africans to gain residency in Portugal. ... - Continue reading
The Netherlands’ new DAC6 requirements: what multinationals need to know
Multinationals with European Union operations need to be aware of the DAC6 reporting obligations, especially since there are situations in which multinationals will be required to report cross-border arrangements with local tax authorities. ... - Continue reading
Tax authorities accessed 84 million offshore accounts in 2019: OECD
OECD confirms the efficiency of the Automatic Exchange of Information after its implementation in 100 countries. ... - Continue reading
Italy: Italian Supreme Court Confirms Foreign Trusts Should Receive Tax Treaty Benefits
Foreign trusts entitled to tax relief, says Supreme Court of Italy. ... - Continue reading
Australia’s resident expats on cusp of losing CGT exemption
The new Budget - Not too welcoming to Australian expats. ... - Continue reading
EU Parliament creates permanent tax subcommittee
Tax justice taken a notch higher by the European Union. ... - Continue reading
Why ‘Digital Taxes’ Are the New Trade War Flashpoint
A further discussion on the possible treatment of digital taxes in today's world where it has its hugest economic presence. ... - Continue reading
Australia tightens rules on foreign investment
Australia becomes more stringent regarding foreign investments. ... - Continue reading
Indonesia defends digital tax policy despite US scrutiny
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
Spotlight on Mauritius tax treaty in Tiger Global ruling
Tiger Global in a difficult court case as it finds itself deprived of tax relief by the Authority of Advance Ruling (AAR). ... - Continue reading
