Category: Education

German economics minister sees SMEs as “secret weapon”: report

German Minister for Economic Affairs and Energy Peter Altmaier had developed a strategy for the “Mittelstand” or small and medium-sized enterprises (SMEs), the newspaper Handelsblatt reported on Wednesday. “In the eyes of foreigners, SMEs are Germany’s secret weapon and, unlike the Dax 30 companies, SMEs are proving to be extremely… – Continue reading

These Universities Benefit From an Offshore Tax Loophole

Universities are always looking for new ways to increase returns on their endowments. The hunt for lucrative investments has reportedly led several institutions offshore. College endowments are typically exempt from federal taxes. However, when income is earned on an endowment outside of the core educational mission, it can be subject… – Continue reading

Special tax regime for Non-Habitual Portuguese Resident individuals

Portuguese income tax law provides for a 20% reduced rate and, in respect to income obtained abroad, a full tax exemption, for certain types of income derived by individuals having the status of Non-Habitual Portuguese Residents (NHPR). Any individual that in a certain year becomes tax resident in Portugal will… – Continue reading

Ukraine: Tax Residency Status: Issues To Consider When Moving Abroad

Recent social and economic developments have had a powerful impact on many Ukrainian citizens and businesses and have led them to look for a better life beyond the borders of Ukraine. Obviously, Ukrainians moving abroad is not something new. Periods of economic crisis in almost every state are usually accompanied… – Continue reading

EU agrees screening process for tax havens, critics cry foul

European Union finance ministers agreed on Tuesday how to screen countries for a blacklist of tax havens across the world, officials said, and said applying zero-rate taxes was not necessarily a factor, prompting an outcry. The bloc committed in May to agree on a common list of tax offenders by… – Continue reading

New Mexico settles lawsuit over immigrant tax refunds

The New Mexico tax department has agreed to stop automatically withholding income tax refunds from many foreign nationals without Social Security numbers who file under alternative identification numbers provided by the IRS, a New Mexico state senator said Friday. Sen. Gerald Ortiz y Pino said he co-signed the settlement as… – Continue reading

Pakistan signs PTA with Mauritius

Governments of Pakistan and Mauritius on Friday signed a number of trade deals which included the Preferential Trade Agreement (PTA) – an agreement on avoidance of double taxation – which have a great potential for enhancing their bilateral trade. These agreements were signed during discussions held at the Mauritius Board… – Continue reading

Georgia-Kyrgyzstan sign agreement on double taxation

Georgia and Kyrgyzstan are increasing economic cooperation by signing an agreement on avoidance of double taxation. The deal was signed today in Georgia’s capital Tbilisi and will prevent people or businesses working between the two countries from evading income and capital taxes. Double taxation is the levying of tax by… – Continue reading

STUDY: 73% OF FORTUNE 500 COMPANIES USED TAX HAVENS IN 2015

In 2015, more than 73 percent of Fortune 500 companies maintained subsidiaries in offshore tax havens, according to “Offshore Shell Games,” released today by the U.S. PIRG Education Fund, Citizens for Tax Justice and the Institute on Taxation and Economic Policy. Collectively, multinationals reported booking $2.5 trillion offshore, with just… – Continue reading

Pakistan’s taxation crisis

Whether they indulged in legal tax avoidance or evaded taxes under the counter, leaked documents of a Panamanian firm revealed quite a lot in April about a number of Pakistani politicians and businessmen. Tax evasion has of late become synonymous with Pakistan because of its failure to overcome its taxation… – Continue reading

Tax Havens Impact Canadians Too

Tax havens have become increasingly formidable players in the global economy. With increased globalization and financialization of the global economy, tax havens have become important players in the world economy. According to a report by Tax Justice Network, $21 to $32 trillion is stashed offshore. According to the World Bank, the GDP… – Continue reading

Ghana loses US$2.1 billion to tax evasion annually

Ghana loses nearly $2.1 billion dollars to tax evasion and incentives annually, reveals a study carried out by the Integrated Social Development Centre (ISODEC), a civil society organisation. According to the study, which was conducted on behalf of the National Coordinating Council of the Public Services International (PSI), there was… – Continue reading

Ashgabat, Berlin sign tax agreement

Turkmenistan and Germany signed an agreement on avoidance of double taxation with respect to income and property taxes in Berlin, the Turkmen Dovlet Habarlary(TDH) state news agency reported. According to the message, the signing ceremony took place as part of the two-day working visit of Turkmen President Gurbanguly Berdimuhamedov to… – Continue reading

Tanzania extends its e-tax system to cut fraud

Tanzania’s president, John Magufuli, has extended the e-tax system to all government bodies as he bids to slash fraud. Tanzania’s president, John Magufuli, has been in office for less than a year, but he is already making a name for himself as a staunch opponent of fraud and corruption. Magufuli… – Continue reading

Pravin Gordhan’s 10-point solution to tax evasion

Tax and prosecution bodies must build the capacity to curb illicit activities that rob countries of tax revenues, said Finance Minister Pravin Gordhan on Thursday, speaking at the High Level Conference on Illicit Financial Flows at the University of Pretoria. Illicit money leaving Africa reduces the amount of resources available… – Continue reading

Birong: Tax Day — the real April fools

As April 18 looms near, it’s hard not to have taxes weigh heavy on our minds. For a lot of Vermont small businesses, this day can be bittersweet. Paying taxes typically means that, as a business, you’ve made money; and for most small businesses that alone is an achievement. Small… – Continue reading

Cyprus-India build on ties

Lobby groups and business associations from Cyprus and India are working to build trade relations between the two countries with an eye to a new double taxation agreement that is being negotiated. The two sides see mutual benefits to their cooperation. The Indian High Commissioner Ravi Bangar said in an… – Continue reading

Public can bank on tax office says Jordan

The Commissioner of Taxation, Chris Jordan has assured the public it can have confidence in the compliance approach the Australian Taxation Office (ATO) is taking to its wealthiest taxpayers. Following the release of tax details relating to about 300 private companies with incomes of $200 million or more, Mr Jordan… – Continue reading

Canadian Budget Focuses On Tax Compliance

The first Budget tabled by Canada’s new Liberal Government provides for a major crackdown on tax evasion and avoidance, and streamlines the domestic tax credits system. The Budget was delivered by Finance Minister Bill Morneau on March 22, 2016. He told Parliament: “Today, we begin to restore hope for the… – Continue reading

IRS now allows Cuban tax credit

President Barack Obama is heading to Cuba next week. When Air Force One lands on that island nation on March 20, Obama will become the first U.S. commander in chief to visit Cuba in 88 years. In advance of that historic visit, which the administration hopes will eventually lead to… – Continue reading

Simple, transparent tax system needed: Narayana Murthy

N.R. Narayana Murthy, Founder and Chairman Emeritus of Infosys, said here on Saturday that reducing friction for business and creating an easy-to-comply-with tax system can help shore up the Human Development Index (HDI) of the country. He also called for jailing people who do not pay tax as it is… – Continue reading

Colorado tax-haven bill passes after ‘big business vs. little guy’ debate

Colorado House Democrats succeeded Wednesday for a second straight year in sending a bill to the Senate that would generate more tax revenue from some international companies — but only after a lengthy and very pointed debate that often sought to pit big businesses against small companies and average Colorado… – Continue reading

‘Tax me if you can’: Tax activism of a different kind

It’s unlikely anybody was particularly surprised when Finance Minister Pravin Gordhan announced a number of initiatives to increase the amount of tax revenue; from sugar tax to a “tyre levy” to an increase in a number of existing sin taxes. But it’s perhaps the relaxing of voluntary disclosure rules that… – Continue reading

Brazil: study abroad exempt from new overseas payment tax

Study abroad programmes will be exempt from a new 25% tax on overseas payments that was announced last week, the Department of Federal Revenue has announced, prompting a sigh of relief among stakeholders that send and receive Brazilian students abroad. The new levy prompted widespread concern in the study abroad… – Continue reading