Category: Activity

Anti money laundering / Banking / Banking Secrecy / Business / Financial Institutions / Revenue / Tax Fraud / Tax Laws / USA

Anti-Money Laundering Software Market to Generate the Revenue of US$ 4,262.0 Mn by 2026

Posted On: May 28, 2019

Companies, especially in the financial services industry are investing in the anti-money laundering software to effectively track the transactions and eliminate the risk of fraudulent. Companies offering anti-money laundering software are also focusing on providing effective and efficient software including currency transaction reporting software, transaction monitoring software, compliance management software,… – Continue reading

Corporate Tax / Cyprus / Legislation / OECD / Offshore / Transfer pricing

Cyprus to adopt new Transfer Pricing regime

Posted On: May 27, 2019

After consulting with professionals in the Mediterranean island’s service sector the Finance Ministry is drafting a bill on Transfer Pricing guidelines. The Transfer Pricing regime concerns tax treatment of intra-group financing transactions. The draft bill aims to put an end to the over-pricing of intra-group invoices so that any low… – Continue reading

Bangladesh / Business / Double Taxation / Employment / Income Tax / Interest / Jurisdiction / Revenue / Statutory / VAT

NBR for 30pc job quota for Bangladeshis

Posted On: May 26, 2019

The National Board of Revenue recommended that the proposed guidelines on local entrepreneurs’ overseas investment should include provisions that the interested businesses have no overdue taxes in Bangladesh and have to employ minimum 30 per cent Bangladeshis in overseas projects. The NBR made the suggestions in its observations sent last… – Continue reading

Compliant / FATCA / Financial Institutions / Foreign Financial Institutions / IGA / Internal Revenue Service (IRS) / Offshore Banking / Residence / Tax Authority / Tax Collection / Tax Evasion / USA

US IRS begins FATCA crackdown

Posted On: May 23, 2019

After years of deliberation and debate spanning two administrations, the Tax Information Exchange (United States of America) Bill, 2016, also known as the Foreign Account Taxpayer Compliance (FATCA) Bill was passed in the Senate on March 7, 2017. This following its unanimous passage in the House of Representatives, two weeks… – Continue reading

Anti money laundering / Bangladesh / Bangladesh Bank (BB) / Tax Authority / Tax Evasion / Transfer pricing

Kamal says fully foreign-owned cos no more to be allowed

Posted On: May 17, 2019

Finance minister AHM Mustafa Kamal has said that the foreign companies will be required to have local partners for doing business in Bangladesh as the government wants to bring them under the tax net. ‘No foreign company can do business alone here any longer,’ he told reporters on Thursday after… – Continue reading

Base Erosion & Profit Shifting / Business / Intellectual Property / Jurisdiction / Multilateral Competent Authority Agreement / Multinationals / OECD / Offshore / Singapore / Small and Medium-sized Enterprises / Tax Authority / Tax Laws / Transfer pricing

Taxing times for SMEs

Posted On: May 15, 2019

Globalisation of the economy has resulted in a shift in the way Singapore corporations operate – from local country-specific business models, to global integrated supply chains which centralise functions at a regional or global level. Singapore, in particular is a popular location to house regional and global operations, due to… – Continue reading

Budget / Capital gains / Capital Gains Tax / Commercial Property / Inheritance Tax / Investments / Offshore / Residential Property / Revenue / Tax Break / United Kingdom / Visa

Non-resident capital gains tax on UK commercial property ‘could block overseas investment’ – expert view

Posted On: May 13, 2019

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

Corruption / Employment / Framework / Kenya / Revenue / Tax Evasion / Tax Fraud

48 KRA officers wanted for bribery, tax evasion

Posted On: May 13, 2019

48 Kenya Revenue Authority (KRA) officials were Monday morning expected at the Directorate of Criminal Investigations (DCI) headquarters on Kiambu road for questioning. The individuals include 32 officers from KRA’s Domestic Taxes Department, 15 from the Customs and Border Control Department and one from the Investigations and Enforcement Department. They… – Continue reading

Berlin / Debt / Germany / Revenue / Tax competition / Tax Laws

German gov’ts to have less-than-expected tax revenue in coming years

Posted On: May 10, 2019

BERLIN, May 9 (Xinhua) — According to current tax estimates, the German federal, state and local governments will have 124.3 billion euros (139.5 billion U.S. dollars) less to spend by 2023 than previously predicted, the Federal Ministry of Finance announced on Thursday. According to the German finance ministry, expectations about… – Continue reading

Immovable Property / Income Tax Act / Pakistan / Property / Tax Amnesty / Tax Authority / Tax Collection

FBR documents Rs75 billion properties under amnesty scheme in July-March

Posted On: May 8, 2019

KARACHI: The Federal Board of Revenue (FBR) has documented Rs75 billion worth of properties during the first nine months of the current fiscal year of 2018/19 under a tax amnesty scheme; although the revenue collection fell a quarter year-on-year on uncertainty about the concessions, sources said on Tuesday The sources… – Continue reading

Anti money laundering / Banking Secrecy / Legislation / Philippines / Tax Authority / Tax Fraud

Philippine FIU Seeks an End to Bank Secrecy Law

Posted On: May 7, 2019

The AML Council is seeking additional powers to combat financial crime, including the lifting of the bank secrecy law, which would allow it to check all accounts regardless of transaction thresholds. The Philippine AMLC (Anti-Money Laundering Council) is seeking additional powers to combat financial crime as part of the BSP… – Continue reading

Australia / Australian Taxation Office / Blockchain / Cryptocurrency / Digital Services / Investments / Tax Collection / Tax Laws

Tax cheats no longer safe from Australian Taxation Office

Posted On: May 1, 2019

The good old days of buying and acquiring cryptocurrency without having to worry about government intervention have come to an end. This is the case in Australia, where cryptocurrency investors will likely soon receive a letter from the Australian Taxation Office (ATO) informing them that they owe back taxes on… – Continue reading

Income Tax / Indonesia / Multinationals / Profit Shifting / Tax Avoidance / Tax Haven / United Kingdom

British American Tobacco shifts nearly $1bn out of developing countries into one UK office

Posted On: April 30, 2019

For every dollar British American Tobacco (BAT) paid in tax in the countries it operates in, the giant multinational shifted more than half a dollar that would have been taxed locally to a UK subsidiary where BAT paid almost no tax. New analysis by the Tax Justice Network estimates Bangladesh,… – Continue reading

Central Board of Direct Taxes (CBDT) / Country-by-Country (CbyC) Reporting / IGA / India / Jurisdiction / Multilateral Competent Authority Agreement / Multinational Enterprises ("MNEs") / Offshore / Tax Evasion / Transfer pricing / USA

India notifies pact with US to check tax evasion by MNCs

Posted On: April 29, 2019

As per the agreement, it is intended to provide relevant and reliable information to perform an efficient and robust transfer pricing risk assessment analysis. Aimed at providing relief to subsidiaries of US multinationals and ensuring a check on cross-border tax evasion, India has notified the inter-governmental agreement with the United… – Continue reading

Automatic Exchange of Information / Base Erosion & Profit Shifting / Digital Services / Multinationals / OECD / Tax Collection / Tax Laws

Int’l group to finalize digital tax plan in 2020

Posted On: April 28, 2019

Objective is to limit ability of multinational corporations to book taxes in countries with lowest tax rates BERLIN A global effort to revamp international tax rules for the digital economy will be completed by the end of 2020, said the secretary-general of the Organization for Economic Co-operation and Development (OECD)…. – Continue reading

Capital gains / Capital Gains Tax / Exemptions / Income Tax / Investments / Pakistan / Residence / Tax Laws / Withholding Tax

PSX recommends CGT exemption for foreign investors in next fiscal year

Posted On: April 27, 2019

—Says exemption to facilitate capital inflow by relaxing account opening, registration process ISLAMABAD: The Pakistan Stock Exchange (PSX) in its proposals for budget 2019-2020 has recommended exemption of capital gain tax (CGT) on disposal of securities by foreign investors. Budget proposals for next fiscal year 2019-20, available with Pakistan Today,… – Continue reading

Central Board of Direct Taxes (CBDT) / Income Tax / India / Round Tripping / Tax Evasion

MP CM’s nephew under fire for tax evasion

Posted On: April 23, 2019

According to sources, the raids were conducted at Mr Nath’s nephew Ratul Puri’s company, Hindustan Powerprojects Pvt Ltd on April 7. New Delhi: The income tax department has detected tax evasion of more than Rs 1,350 crore during search and seizure operations conducted against Hindustan Powerprojects, a company owned by… – Continue reading

Business / Corporate Tax / Country-by-Country (CbyC) Reporting / FACT / Individuals / Investments / Multinationals / Tax Avoidance / Tax Haven / Tax Transparency

FACT Coalition Calls for Corporate Tax Transparency

Posted On: April 23, 2019

“Investors see the value, policymakers see the benefits, and businesses see the inevitability of greater transparency,” says the group’s executive director. The Financial Accountability and Corporate Transparency (FACT) Coalition is calling on the U.S. Congress, the Securities and Exchange Commission, and the Financial Accounting Standards Board to require multinationals to… – Continue reading

Automatic Exchange of Information / Cayman Islands / Common Reporting Standard / Country-by-Country (CbyC) Reporting / FATCA / Internal Revenue Service (IRS) / Tax Information Exchange Agreements

Tax information exchange updates

Posted On: April 23, 2019

The Cayman Islands Department for International Tax Cooperation has updated the relevant dates for reporting under the Foreign Account Tax Compliance Act and the Common Reporting Standard. The reporting deadline for CRS and FATCA remains May 31. The department announced that the late filing of 2018 CRS and FATCA reporting… – Continue reading

Africa / Amazon / Apple / Bermuda / Europe / European Commission / Germany / Google / Luxembourg / Multinationals / Netherlands / Small and Medium-sized Enterprises / Tax Avoidance / Tax Laws / Tax Transparency / USA

Africa’s problem with tax avoidance

Posted On: April 20, 2019

Every year African countries lose at least $50 million in taxes — more than the amount of foreign development aid. So where is it all going and how can multinational companies be held to account? NGOs continue to raise the alarm. African countries are being cheated out of billions in… – Continue reading

Business / HM Revenue & Customs / Law Firm / Tax Arrangement / Tax Evasion / Tax Planning

HMRC targets accountants over tax evading clients

Posted On: March 18, 2019

HMRC sent 1,414 requests to professional services firms demanding confidential information on clients suspected of tax evasion in the 12 months to 31 March 2018, according to law firm RPC. The production orders are issued by HMRC’s Criminal Investigation Directorate to force third parties, such as accountants, lawyers and other… – Continue reading

Cyprus / High Networth Individuals / Investments / Non-Domiciled / Permanent establishment / Residence / Residency / Tax Laws

Cyprus: The Cyprus ‘Non-Dom’ Rules

Posted On: March 8, 2019

Introduction In July 2015, a number of bills relating to the Cyprus taxation system were approved by the Council of Ministers and subsequently enacted into legislation by the Parliament1. The key highlight of these new bills is the introduction for the very first time of the “non-dom” status for Cyprus… – Continue reading

Banking Secrecy / Corporate Tax / Investments / Tax Amnesty / Tax Laws

New tax amnesty bill a ‘very tall order,’ says lawyer

Posted On: February 28, 2019

MANILA – Passing another general tax amnesty bill, which will include provisions to amend the bank secrecy law, is a “very tall order” with lawmakers “sensitive” on the issue, a corporate tax lawyer said Tuesday. President Rodrigo Duterte earlier called on Congress to pass another general tax amnesty bill which… – Continue reading

Anti money laundering / Banking / Base Erosion & Profit Shifting / EU / IMF / Investments / Qatar / Tax Evasion / Tax Laws / Ukraine

Finance Ministry calls on parliament to adopt laws for cooperation with IMF, EU

Posted On: February 27, 2019

The Ukrainian Finance Ministry has called on the Verkhovna Rada to approve a package of bills that will open access to further macro-financial assistance from the EU and help continue cooperation with the IMF, the ministry’s press service has reported on its Facebook page. “This week, the Verkhovna Rada will… – Continue reading

Anti money laundering / Belgium / EU / European Commission / Luxembourg / Netherlands / Tax Authority / Tax Avoidance / Tax Fraud / Tax Haven / Tax Laws / Tax Planning / Tax Reform

EU Report Calls For Finance Authorities, AML Oversight

Posted On: February 27, 2019

European Union lawmakers released a report on Wednesday (Feb. 27) recommending that the EU create a police unit dedicated to the investigation of tax and financial crimes, as well as a watchdog organization to fight money-laundering, according to a report by Reuters. The report, which is the result of a… – Continue reading

Anti money laundering / Belgium / EU / Luxembourg / Netherlands / Tax Authority / Tax Planning

EU Report Calls For Finance Authorities, AML Oversight

Posted On: February 27, 2019

European Union lawmakers released a report on Wednesday (Feb. 27) recommending that the EU create a police unit dedicated to the investigation of tax and financial crimes, as well as a watchdog organization to fight money-laundering, according to a report by Reuters. The report, which is the result of a… – Continue reading

Anti money laundering / Banking / Banking Secrecy / Danske Bank / Ernst & Young / Russia / Sweden / Tax Authority

Swedbank hires EY to conduct forensics into money laundering

Posted On: February 26, 2019

Swedbank, one of the largest banks in Sweden, has hired professionals services firm EY to investigate the bank’s possible involvement in large scale money laundering. According to media reports in Sweden, over the period of nearly ten years the bank facilitated approximately $5.8 billion worth of suspicious transactions. The transactions… – Continue reading

Immovable Property / Income Tax / Jurisdiction / Pakistan / Property / Property Tax / Tax Authority / Tax Collection / Withholding Tax

Property tax collection rises 31pc in July-Jan

Posted On: February 23, 2019

KARACHI: Property tax collection by provinces surged 31.34 percent to Rs7.38 billion during the first half of the current fiscal year of 2018/19, official data showed on Friday. Finance ministry’s data showed property tax collection amounted to Rs5.624 billion during the corresponding period of the last fiscal year. Sources in… – Continue reading

Automatic Exchange of Information / Avoidance Convention / Corruption / Double Taxation / Income Tax / Pakistan / Tax Authority / Tax Avoidance / Tax Evasion

Foreign income declaration mandatory

Posted On: February 22, 2019

KARACHI: The income tax law has made it mandatory for taxpayers to declare foreign income and assets in order to avoid penalty, Vishno Raja Qavi, former chief tax policy, Federal Board of Revenue (FBR), said on Thursday. He was highlighting the key points of Automatic Exchange of Information (AEOI) at… – Continue reading

Amazon / Beneficial Ownership / Canada / Canada Revenue Agency / Google / Netflix / OECD / Offshore / Profit Shifting / Tax Avoidance / Tax Haven / Uber

Tax Netflix and other e-commerce companies, say Canadians and CRA professionals

Posted On: February 21, 2019

OTTAWA, Feb. 21, 2019 (GLOBE NEWSWIRE) — The federal government needn’t worry about a consumer backlash to a sales tax on Canadians’ Netflix accounts, if newly released results from an Environics Research poll and a separate survey of Canada Revenue Agency (CRA) tax professionals are any indication, says the Professional… – Continue reading

Base Erosion & Profit Shifting / British Virgin Islands / Framework / Jurisdiction / OECD / Residence / Tax Laws / Tax Planning

Virgin Islands launch new BEPS measure

Posted On: February 21, 2019

In December, the Virgin Islands implemented a new Base Erosion and Profit Shifting (BEPS) measure, according to Government Information Services. The Organisation for Economic Co-operation and Development created a BEPS “action plan” in 2013 to combat “tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift… – Continue reading

Base Erosion & Profit Shifting / Corporate Tax / EU / European Commission / Jurisdiction / Multinationals / OECD / Tax Haven / Tax Laws / USA

OECD pushes for corporate tax rules overhaul

Posted On: February 12, 2019

The 36-member state OECD has revealed that there is growing consensus behind a US proposal for an overhaul of global corporate tax rules, which would limit the ability of multinational companies to shift profits to low-tax jurisdictions. Earlier this year, the organisation put forward four different proposals to redesign corporate… – Continue reading

Business / Cryptocurrency / Digital Services / Framework / Jurisdiction / Mauritius / OECD / Tax Authority

Mauritius, first jurisdiction globally to legally protect crypto

Posted On: February 11, 2019

The Mauritius International Financial Centre (IFC) claims to be the first jurisdiction globally to offer a regulatory landscape for the custody of digital assets. This is according to communication from the country’s integrated regulator for the non-bank financial services sector and global business, the Financial Services Commission (FSC). The FSC… – Continue reading

Multinationals / Non Compliant / Profit Shifting / Revenue / Tax Laws / Tax Transparency / United Kingdom / USA

One in nine US multinationals ‘fail to comply with tax transparency law’

Posted On: February 6, 2019

Analysis of more than 600 US multinational corporations has revealed that 12 per cent failed to comply with UK law requiring them to publish their tax strategies. With the UK estimated to lose £25 billion in corporate tax revenue each year due to multinational corporations shifting profits out of the… – Continue reading

Amazon / Base Erosion & Profit Shifting / Digital Services / Facebook / G20 / Jurisdiction / Multinationals / OECD / USA

OECD moves toward consensus on taxing multinational tech companies

Posted On: February 6, 2019

The Organization for Economic Cooperation and Development is making progress on dealing with the tax challenges of the digital economy with a goal of arriving at a new consensus-based long-term solution in 2020. The OECD announced last week that the countries and jurisdictions participating in the OECD/G20 Inclusive Framework on… – Continue reading

Apple / Digital Services / EU / France / Ireland / Legislation / Revenue / Tax Authority / Tax Avoidance / Tax Collection / Tax Evasion / USA

Apple settles 10-year tax battle with France, paying a reported €500M ($570M)

Posted On: February 5, 2019

Apple has settled a ten-year tax battle with France, agreeing to pay a reported half a billion Euros ($570M) in back tax. The French government had accused Apple of evading or avoiding tax due on sales made in France. The line between tax evasion, which is illegal, and aggressive tax-avoidance,… – Continue reading

Anti money laundering / Banking / Corruption / Investments / Law Firm / Offshore Tax Evasion / Panama / Tax Authority / Tax Fraud

Investment banker extradited for helping clients defraud tax authorities

Posted On: January 26, 2019

For facilitators in Malta, it’s business as usual. A former employee of Mossack Fonesca has been extradited to Germany on charges relating to revelations from the Panama Papers, an unprecedented leak of over 11 million files from the database of the world’s fourth biggest offshore law firm at the time…. – Continue reading

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