Category: Individuals

Ad tax to boost digital sovereignty

Google has since last year been collecting tax information related to the US earnings of Taiwanese YouTubers and withholding the share of their proceeds that they owe in taxes, complying with a US government directive. In contrast, Taipei has not been able to tax the online advertising revenue Google generates in Taiwan. ... - Continue reading

Canada: The Importance Of Tax Due Diligence When Buying A Business

Buying a business is rarely a straightforward decision. In order to get the most out of a potential deal, buyers need to be aware of key risks and pitfalls so they can incorporate mitigation strategies into their deal negotiations. The challenge for buyers is ensuring that no significant risks are missed when making their assessment. This can be difficult, particularly when buyers focus primarily on quality of earnings analyses or other non-financial and tax diligence reviews. ... - Continue reading

What is the global minimum corporate tax?

The global minimum corporate tax on MNCs was aimed at discouraging them from shifting profits to low-tax countries. But it will reduce the incentives to attract investment in developing countries ... - Continue reading

Analysis: Budget plugs a tax evasion loophole

With a stroke of pen, the federal budget for the 2022-23 fiscal also closed a much-exploited loophole through which many individuals simply avoided paying taxes in any jurisdiction, and hence lived a tax-free existence. To be considered liable to pay tax in Pakistan, one has to spend at least 120… – Continue reading

 The Pillar Two model rules: a train wreck in the making

On December 20, 2021, the OECD issued model rules for Pillar Two—the 15% global minimum tax. It is a brutally complex 70-page package and introduces two fundamental changes to the October 2021 OECD framework: a new Qualified Domestic Minimum Top-Up tax (QDMTT) and a significant rewrite of the Undertaxed Payment Rule (UTPR). ... - Continue reading

Spain’s National Court challenges the deductibility of intragroup services in the absence of a written contract

In recent years, the Spanish tax administration and Spanish courts have had a clear tendency to challenge the provision of intragroup services, denying its corporate income tax deductibility and increasing the tax burden for taxpayers carrying out these transactions in Spain. ... - Continue reading

United States: US FinCEN Proposes Expansion Of SAR Sharing Rules

The Bank Secrecy Act ("BSA"), enacted in 1970 and amended most recently by the Anti-Money Laundering Act of 2020 ("AML Act"), was in intended to provide "appropriate frameworks for information sharing" among financial institutions, government authorities and others.2 The BSA provides for the reporting of suspicious transactions, authorizes the secretary of the Treasury (the "Secretary") to issue regulations and allows the Secretary to delegate to the director of FinCEN the authority to "take all necessary and appropriate actions to implement and administer the provisions of the [BSA]."3 ... - Continue reading

Is Tax Avoidance A Crime In The Uk?

There are financial and criminal penalties involved in tax evasion. Other instances can be civil or criminal. Generally speaking, HMRC deals with all types of fraud and evasion through civil processes. The severity of your tax evasion depends on how large a jail sentence you can expect, assuming you are charged with tax evasion. ... - Continue reading

Impact of Mexico’s ‘controlling beneficiary’ rules

From 2022, taxpayers are obligated to obtain, keep and provide to the Mexican tax authorities when so requested, information of individuals who are considered to be the ‘controlling beneficiaries’ of legal entities, trusts and other legal vehicles, such as name, date of birth, gender, nationality, tax residence, tax ID number and marital status. ... - Continue reading

How To Evade Taxes Canada?

In order to hide income or inflate expenses, intentionally overstating receipts or claiming in the wrong ways, hiding income, or lying to the Canadians, tax evasion can be considered in this regard. The goal is to gain as many benefits from compliance as possible in violation of the law, whereas aggressive tax avoidance is to evade compliance. ... - Continue reading