Category: Uncategorized

BIR files tax evasion charges against 15 Metro Manila business taxpayers

The Bureau of Internal Revenue filed Thursday separate criminal cases against 15 business taxpayers in Metro Manila for alleged refusal to pay tax debts totaling to more than P493 million. This brought to 482 the number of tax evasion charges lodged by the bureau under its Run-After-Tax-Evaders (RATE) program under… – Continue reading

China toughens rules on overseas cash withdrawals

BEIJING, Dec. 30 (Xinhua) — China’s foreign exchange regulator on Saturday toughened the rules on overseas cash withdrawals from personal bank cards to curb money laundering, terrorist financing and tax evasion. The State Administration of Foreign Exchange (SAFE) said in a circular that the total amount of overseas cash withdrawals… – Continue reading

MAS issues stern money laundering warning; Jakarta starts StanChart probe

Private-bank assets held by StanChart in Channel island tax haven were moved to S’pore in 2015: report Singapore THE Monetary Authority of Singapore (MAS) on Monday declared its firm commitment to keeping the country’s financial centre clean and safeguarded from illicit activities. Singapore’s central bank and financial regulatory authority said… – Continue reading

ECOFIN approves Malta Presidency’s compromise solution on tax avoidance practices

Finance Minister Edward Scicluna presented amendments to rules against tax avoidance practices within the ECOFIN Council today, amounting to a compromise solution which was accepted. The solution provides rules regarding corporate hybrid mismatches and third countries. The Council agreed its position on rules aimed at closing down ‘hybrid mismatches’ with… – Continue reading

CSBS releases tool to assist financial institutions with Bank Secrecy Act/Anti-Money Laundering risk

The Conference of State Bank Supervisors (CSBS) and state regulators have developed a self-assessment tool to help banks and financial institutions identify, monitor and communicate Bank Secrecy Act/Anti-Money Laundering (BSA/AML) risk. The BSA/AML Self-Assessment Tool is a spreadsheet intended to reduce uncertainty surrounding BSA/AML compliance and support more transparency within… – Continue reading

EU may blacklist Jersey as tax haven post-Brexit

JERSEY could be left vulnerable to being blacklisted as a ‘tax haven’ by the EU as the UK’s influence in Brussels fades during the Brexit process, a top adviser to the States has warned. Speaking at an Institute of Law seminar on the implications of Brexit for Jersey, Colin Powell… – Continue reading

How Donald Trump’s tax plan might save Apple billions of dollars

Over the past few years, Apple’s cash hoard has swelled to near unthinkable levels. Per the company’s most recent earnings report, Apple now has more than $237 billion in cash and other securities, anchored of course by the company’s insanely lucrative iPhone. Though the iPhone only has a thin slice… – Continue reading

UN seeks to shut all tax havens

In order to put an end to illicit financial flows including tax havens like offshore accounts, a United Nations human rights expert urged António Guterres, the Secretary-General-designate, as well as the UN General Assembly, to consider liquidating tax havens and summoning a world conference on the matter. Alfred de Zayas,… – Continue reading

UK Updates Tax Scheme Disclosure Guidance

HM Revenue and Customs has updated its guidance on the tests to be applied to determine whether a tax avoidance scheme disclosure is required from someone who promotes or uses an arrangement designed to give a tax or national insurance advantage. Under the Disclosure of Tax Avoidance Schemes (DOTAS) regime,… – Continue reading

ATO warns accounting firms on tax avoidance

Back in July, ABC’s The Business and Michael West featured an extraordinary raft of allegations from a 32-year veteran industry insider turned whistleblower, George Rozvany, who claimed that multinational tax avoidance was “out of control” and cost the Budget up to $50 billion dollars a year in lost revenue. Rozvany… – Continue reading

EU agrees anti-tax evasion deal

Brussels (AFP) – The European Union agreed a raft of anti-tax evasion measures Tuesday that would make it harder for multinationals to shift profits to countries with lower taxes, but critics said they were too watered down. The proposals were agreed on provisionally by the EU’s 28 finance ministers on… – Continue reading

UAE signs double taxation deal with Kosovo

The UAE government has signed key agreements on avoidance of double taxation and protection and promotion of investment with the Republic of Kosovo. The signing ceremony took place in the capital Pristina during an official visit of the UAE delegation headed by Younis Haji Al Khoori, the undersecretary of Ministry… – Continue reading

Equalisation levy not so equal

A practical implication of the levy could be higher taxation of Indian entities rather than of the non-resident service provider The Equalisation Levy (Chapter VIII of the Finance Act 2016) has many unique features. It is not part of the Income-tax Act, though it directly refers to it for definitions,… – Continue reading

HMRC launches consultation on new tax evasion offence

The Revenue has published its consultation on proposing to make companies criminally liable for failing to prevent their staff facilitating tax evasion The offence was first proposed in the 2015 Budget and was expected to come into effect in 2020. The Panama papers leak and subsequent scandal has put significant… – Continue reading

No double taxation agreement with Panama; Maltese domicile subject to tax on worldwide income

Maltese individuals resident and domiciled for tax purposes, that is people whose permanent residence is in Malta, are required to pay tax in Malta on their worldwide income, according to the Income Tax Act. This essentially means that Minister Konrad Mizzi is required to pay tax on foreign earnings. However… – Continue reading

Slovak EU Presidency to tackle issue of tax evasion

BRATISLAVA, Feb. 12 (Xinhua) — Preventing VAT evasions should be one of the priorities of the Slovak EU Presidency starting this July, confirmed Andrej Kralik, head of the European Commission’s Representation in Slovakia. Europe is annually losing as much as 168 billion euros (189.5 billion U.S. dollars) on tax evasions… – Continue reading

Chinamasa hails China mega deals

Ellah Mukwati Herald Correspondent The recent historic visit by the Chinese President Xi Jinping which saw 12 mega deals worth $4 billion being signed cemented the good bilateral relationship between Zimbabwe and China, the Minister of Finance and Economic Development has said. In a statement released yesterday Minister Patrick Chinamasa… – Continue reading

UK aid money going to known tax havens

Millions of pounds of British aid money could have been given to known tax havens to fund public services The UK paid out £45m to 13 countries on the European Commission’s tax haven “blacklist” in 2013, according to a report in The Independent. The blacklisted countries that received British aid… – Continue reading

INDIA: FATCA GUIDANCE NOTES

India’s Ministry of Finance, Department of Revenue (Foreign Tax and Tax Research Division) on 31 August 2015 released guidance notes with respect to implementation of the reporting requirements under rules 114F to 114H of the Income tax rules. Rules 114F to 114H implement the intergovernmental agreement (IGA) between India and… – Continue reading