Category: Tax competition

Chief of the economy for tax cuts

The head of the economic experts, Christoph Schmidt, has spoken out for tax cuts. “Other countries such as the United States have reduced business taxes. Germany has fallen back in the international tax competition,” said Schmidt of the German press Agency in Berlin. The tax burden had increased in the… – Continue reading

Bahamas’ Corporate Tax World’s Most ‘Corrosive’

The Bahamas yesterday received no credit for laws said to have raised compliance costs by 75-80 percent after its corporate tax policies were rated as the world’s most “corrosive”. This nation achieved a “perfect” 100 out of 100, a score matched only by the Isle of Man, Turks & Caicos… – Continue reading

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

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

France to propose world business tax at G7: minister

DAVOS, Switzerland: French Finance Minister Bruno Le Maire said on Thursday that France would plead for global minimum corporate tax as a priority of its presidencyof the G7 nations group this year. “We need an effective minium corporate tax in all developed countries,” the minister said at a press conference… – Continue reading

Barbados minister foresees OECD compliance by year-end

Barbados is to scrap its international business company (IBC) regime in response to the OECD labeling the policy as “harmful” to competition, and being in breach of rules governing international taxation. Last year the OECD included Barbados on its list of jurisdictions with a “harmful” preferential tax regime, and said… – Continue reading

Canada’s Trudeau Announces $10.5-Billion Fiscal Stimulus to Compete With US

The cabinet of Canadian Prime Minister Justin Trudeau is set to implement tax cuts for the nation’s businesses, which, along with the announced plans to reduce regulation, are highly reminiscent of the economic policies of Canada’s southern neighbour. Kristian Rouz — Canadian Prime Minister Justin Trudeau has unveiled an ambitious… – Continue reading

Bahamas Meets Tax Exchange Deadlines

The ministry of finance last night said The Bahamas had met the September 30 deadline to begin automatic tax information exchange (AEOI) with some 35 partner jurisdictions. Revealing that the first such exchange with another country had already occurred, the ministry said this further demonstrated The Bahamas’ commitment to meet… – Continue reading

German companies unconvinced by Brexit tax reduction promises: study

BERLIN, Sept. 27 (Xinhua) — German companies are highly sceptical that the British government can deliver on a promise to attract more business to Britain by lowering taxes after Brexit, a study published on Thursday by the Foundation for Family Business in Germany and Europe found. According to the study,… – Continue reading

The Hukou System in Shanghai: Benefits, Eligibility, and Application Process

Hukou (户口) is a system of household registration in China. Each citizen is issued a household register under supervision of the Ministry of Public Security, China’s police. Hukou serves as an identity proof for citizens, recording their basic information and permanent residence. The hukou registration also determines access to housing,… – Continue reading

ASEAN taxation cooperation via automatic information exchange

IN 2015, the ASEAN Economic Community (AEC) Blueprint 2025 was adopted as part of the ASEAN 2025: Forging Ahead Together plan. This collaboration charts the broad trajectories of ASEAN economic integration from 2016 to 2025. It aims to strengthen and reinforce by 2025 these five AEC characteristics: 1. A highly… – Continue reading

Australian PM Planning New SME Tax Changes

Australia’s new Prime Minister has said his Government is working on plans to help improve the tax competitiveness of small businesses. Former Treasurer and now Prime Minister Scott Morrison had been at the forefront of the Government’s two-year battle to pass a package of company tax cuts. He had sought… – Continue reading

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… – Continue reading

Deloitte: Romania faces growing fiscal competition as 8 EU member states cut corporate tax rates since 2017

Romania will be able to count less on the low taxation advantage in order to attract investments due to growing competition, after eight EU member states have reduced their corporate tax rates since 2017, according to a study released by Deloitte Romania. “Even in the new context, the Romanian corporate… – Continue reading

Relying on tax incentives in SEZs may breed unhealthy competition: experts

Clear policies, investment-friendly business environments and streamlined government approval procedures are more important, experts say. Vietnam’s special economic zones (SEZs) should focus more on developing clear policies, fostering investment-friendly environment and streamlining government approval process instead of relying only on tax incentives, a conference heard Friday. Hoang The Long, former… – Continue reading

‘We’ll Lose The Plot’ If Eu/Wto Dictate Taxation Reforms

The Bahamas will have “lost the plot” if it allows external pressures to dictate tax reform, a top accountant yesterday warning against any “knee jerk” changes. Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that this nation must avoid reform merely for the sake of… – Continue reading

Dutch Cabinet Approves Anti-Evasion Measures

The Government of the Netherlands has announced a comprehensive package of tax anti-avoidance proposals designed to bring the jurisdiction’s rules into line with new European Union anti-avoidance laws and fulfill its obligations under the international BEPS agenda. The plans were detailed in a parliamentary paper sent by State Secretary for… – Continue reading

Slovenia Pursuing ‘Tax Haven’ Asset Tax, Covering Also EU States

The European Central Bank on February 14 published an opinion (CON/2018/8) on a proposal from lawmakers in Slovenia on a draft law on the return of monetary funds to the country from designated “tax havens” and the imposition of a penalty tax, providing an outline of the proposed regime. Before… – Continue reading

Tax avoidance rife among Australia’s largest companies

Amid all the hoopla over company tax cuts, it’s easy to forget that hundreds of companies across Australia haven’t paid corporate taxes in the last decade. From The ABC: Qantas CEO Alan Joyce, one of the most prominent supporters of the Turnbull Government’s proposed big business tax cut, presides over… – 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

US tax overhaul could see $2 trillion repatriated: UN

The recent U.S. tax overhaul could prompt U.S. multinationals to repatriate around $2 trillion (1.6 trillion euros), making a significant impact on global foreign direct investment, the U.N. said on Feb. 5. The forecast from the United Nations Conference on Trade and Development (UNCTAD) came just over a month after… – Continue reading

Bermuda Ranked 36th In Financial Secrecy Index

Bermuda is ranked 36th in the 2018 Financial Secrecy Index, which was recently released by the UK-based Tax Justice Network, who stated that some of the world’s “important providers of financial secrecy” are “mostly not small, palm-fringed islands as many suppose, but some of the world’s biggest and wealthiest countries.”… – Continue reading

There Is a Raging Battle of Tax Codes with China and the US Starting the Race

The GOP tax bill that was signed into law by the white house late last year, significantly reduced corporate taxes which has piled pressure on other significant economies around the world to adjust so as not to lose investors to the United States. Just hours after President Trump signed the… – Continue reading

State aid: Commission approves the Maltese tonnage tax scheme subject to commitments

Commissioner Margrethe Vestager, in charge of competition policy, said “Tonnage tax systems are meant to promote the competitiveness of the EU shipping industry in a global market without unduly distorting competition. I am pleased that Malta committed to adapt its tonnage tax system to achieve this. Moreover, by encouraging the… – Continue reading

Morrison Pushing For Australian Company Tax Cuts

Cutting Australia’s company tax rate is “now an urgent matter,” according to Treasurer Scott Morrison. In a speech to CEDA, Morrison said that with the UK, France, and the US each seeking to lower their corporate tax rate, Australian businesses risk “becoming stranded on an uncompetitive tax island if we… – Continue reading

Small EU countries need tax competition tools to compensate for major disadvantages – Sant

Maltese MEP and former Prime Minister Alfred Sant said that small EU countries and islands use tax competition tools in order to compensate for major competitive disadvantages due to their limited endowments and distance from major markets. Along with Malta, even Ireland and Cyprus have notably expressed their great concerns… – Continue reading

Income Tax Jitters in The Bahamas Following IMF Recommendation

NASSAU, The Bahamas, Friday September 22, 2017 – An International Monetary Fund (IMF) proposal for The Bahamas to implement a low rate income tax has drawn a mixture of skepticism, approval and downright rejection. Following its Article IV consultation with the Hubert Minnis administration, the Washington-based financial body urged the… – Continue reading

Turkish gov’t to form special team to surveil, audit e-commerce

In order to tackle irregularities and unfair competition among e-commerce companies, Ankara is planning to form a special unit to track e-commerce activities and transactions in the country The Turkish government is planning to create a special unit of 200 people to track e-commerce activities in the country, Finance Minister… – Continue reading

Greece raising taxes when other countries slashing them

    Greece is defying the prevalent trend among the world’s industrialized nations for reducing tax rates in order to boost investment and competitiveness, a report published on Wednesday by the Organization for Economic Cooperation and Development (OECD) has shown. According to the report, in contrast to the majority of… – Continue reading

Eurozone’s big four demand measures against tax avoidance

The four biggest economies in the Eurozone – Germany, France, Italy, and Spain — demand an end to the erosion of their tax base by means of incorporation in states that facilitate tax avoidance. According to the Financial Times, Bruno Le Maire, Wolfgang Schaeuble, Pier-Carlo Padoan, and Luis de Guindos,… – Continue reading

Anti-tax avoidance measures under fire from employers, tax advisors

The caretaker government may make the Netherlands a less attractive location for international business because of changes to the corporate tax system, the employers’ organisation VNO-NCW and tax advisers have warned, the Financieele Dagblad said on Monday. The employers and Dutch Order of Tax Advisors say the government is choosing… – Continue reading

EU Takes Legal Action Against Portugal, Two Others on Tax Deals

The European Commission launched legal proceedings against Portugal, Bulgaria, and Cyprus for not adopting, in their national laws, European Union legislation requiring all EU countries to exchange tax rulings granted to multilateral companies. The legislation was adopted in the wake of the 2014 LuxLeaks scandal that revealed more than 100… – Continue reading

The Easiest and Most Complex Jurisdictions in the World for Accounting and Tax Compliance

Brazil, Greece, Argentina, China among the top 10 most complex Cayman Islands, Hong Kong, BVI, UAE the easiest places in the world for Accounting and Tax LONDON–(BUSINESS WIRE)–Turkey is the most complex place in the world for Accounting and Tax compliance, followed by Brazil, Italy, Greece and Vietnam – according… – Continue reading

EU targets lawyers and accountants in tax-avoidance clampdown

Jean-Claude Juncker tells MEPs legislation will try to solve ‘real problem’ of experts helping clients exploit tax laws Brussels is preparing to crack down on accountants and lawyers running tax-avoidance schemes in response to the Panama Papers scandal that showed how the rich and powerful hide their money. Jean-Claude Juncker,… – Continue reading

Countries Looking To Tax Incentives To Stay Competitive: Survey

Governments are expanding their use of tax incentives to maintain their country’s international appeal to businesses, alongside the adoption of anti-base erosion and profit shifting measures, according to a survey from EY. EY’s survey of tax policy professionals in 50 countries found that, “While the long-term trend for countries to… – Continue reading

Survey: Citizens in G-20 countries favor gov’t cooperation over tax competition

The overwhelming majority of people in G-20 countries believe that cooperation between governments on tax policy is more important than competition to increase national tax revenue. According to a survey by the Association of Chartered Certified Accountants, the preference for cooperation over competition is strongest in Argentina, Australia, Brazil, France,… – Continue reading

G20 Citizens Favor BEPS Crackdown Over Tax Competition

Citizens in G20 countries would prefer their government engage in international efforts to improve the functioning of international tax rules than compete for tax receipts, says a new survey. G20 public trust in tax, a report compiled by the ACCA (the Association of Chartered Certified Accountants), IFAC (the International Federation… – Continue reading

Investment under threat

It seems that our tax system is quite the topic of conversation. It has even been called “not European”, “not social” and “a harmful tax practice”. Indeed. The idea that there is some moral code that can be called ‘European’ is as absurd a notion as any I have ever… – Continue reading