Jersey has tabled new laws to address the EU’s concerns over ‘economic substance’, the degree of real business activity carried out by companies registered in the Island. The new proposed requirements for an economic substance test for Jersey tax-resident entities have been published and are set to come into force… – Continue reading
KARACHI: A global investment migration association on Wednesday termed Pakistanis among high-risk nationalities who could exploit loopholes in the OECD’s common reporting standard (CRS) developed to curb offshore tax evasion and avoidance. “Of those nearly one million citizenships granted by the EU each year that are not related to CBI… – Continue reading
The Office of the Comptroller of the Currency (OCC) announced that it has fined Capital One $100 million due to shortcomings in the company’s Bank Secrecy Act and anti-money laundering programs. “The deficiencies, cited in the OCC’s 2015 order against the bank, included weaknesses in its compliance program and related… – Continue reading
The government is targeting Rp 1.51 quadrillion (US$99.29 billion) in tax revenues for 2019, or 16.67 percent higher than this year’s target. Meanwhile, it has set a 12.11 percent tax-to-gross domestic product (GDP) ratio. “We have implemented tax amnesty. It was an initial step. We also have access to banking… – Continue reading
The head of one of Denmark’s biggest pension funds has spoken out to condemn a wide-scale tax fraud uncovered by a media investigation. Danish national broadcaster DR, newspaper Politiken and other European media outlets in the last three months have published articles detailing a withholding tax scam – dubbed ‘Cum-Ex’… – Continue reading
Officials in the international business sector here are in somewhat of a wait and see mode as Barbados continues to make necessary legislative and regime changes governing the sector. This means companies seeking to attract new international business to Barbados have not been as robust in their efforts as they… – Continue reading
The Antigua and Barbuda government is willing to amend the necessary laws to ensure that local financial institutions are able to share banking information of dual citizenship holders with the relevant authorities in their original country of birth, if this becomes necessary. Prime Minister Gaston Browne made the disclosure following… – Continue reading
On the list of countries operating CBI/RBI schemes, that the OECD feels have the potential to be used for tax dodging, are 2 tax havens that are popular with wealthy Canadians and large Canadian companies. These are Barbados and Panama. Ottawa (19 Oct. 2018) — New information from the Organization… – Continue reading
The Organisation for Economic and Social Development named and shamed 22 countries out of over 100 it studied that have either residency or citizenship programmes, for having lax rules that potentially pose high-risk to the integrity of Common Reporting Standard’. Malta, which has long cited the OECD’s endorsement of its… – Continue reading
The Chinese government has decided to tight policies that target investors in the country and that hold their wealth overseas with the intention to avoid paying taxes. However, these investors that are now threatened by the government might move to cryptocurrencies and avoid being investigated by Chinese authorities. Most of… – Continue reading
The National Tax Agency of Japan has gathered details on 400,000 overseas bank accounts held by Japanese nationals in about 50 countries in a bid to fight fiscal evasion as only 9,000 citizens declared having an offshore account in 2016. The tax agency will compare the two sets of information… – Continue reading
The Bahamas has drafted new legislation to ensure the jurisdiction achieves the right balance of business, economic sustainability, and compliance with international standards. Uppermost among the Bahamas’ priorities include compliance with the OECD and EU criteria on tax governance which has led to the Bahamas implementing sweeping changes to the… – Continue reading
The tax law gave a last-minute windfall to commercial property owners such as President Donald Trump. But regulations proposed by the Internal Revenue Service could diminish the benefit. Under the proposals, the agency’s rules would penalize real estate investors when they make like-kind exchanges — a common practice used to… – Continue reading
On September 18, China’s State Administration of Taxation (SAT) issued the Circular about Further Optimizing Tax Deregistration Procedures for Enterprises (Shui Zong Fa [2018] No. 149) to further improve its business environment. The notice introduces tax clearance certificate exemption, optimizes the tax deregistration service, and simplifies the documentation required and… – Continue reading
While preparations for a Brexit deal slowly gain pace in the UK, the German government hasn’t been wasting any time. The German Chancellor Angela Merkel is not a fan of Brexit and having predicted that the future UK-EU relationship is likely to be based on a “very, very intensive free… – Continue reading
ISLAMABAD: The Asia Pacific Group (APG) on Financial Action Task Force (FATF) has asked Pakistan for tracking down all financial transaction ranging from 3000 to 15,000 US dollars/Euro in cash through real estate agents, dealers in precious metals and stones, lawyers, notaries, other independent legal professional and accountants as well… – Continue reading
In the wake of blowing hot and cool on bitcoin, the government of India is thinking about drawing out its very own cryptocurrency. A board comprised by India’s finance ministry suggested that the nation launch a government-backed cryptocurrency. “We are assessing the government-backed cryptocurrency and crypto-token,” said a senior government… – Continue reading
The Swiss Data Protection Commissioner has issued a legal complaint against the Finance Ministry for sending the names of bank employees, lawyers, accountants and other third parties to the United States to assist with tax evasion investigations. The Swiss Supreme Court has already issued a ruling that bans the indiscriminate… – Continue reading
Luanda, ANGOLA, October 6 – Angola and China are due to sign a set of agreements including an accord to put an end to double taxation in commercial transactions, as part of a visit the Angolan president Joao Lourenco is due to start to the Asian country, Angop has learnt…. – Continue reading
A new sub-decree issued this week creates a slew of tax incentives for small and medium-sized enterprises in the Kingdom, and confirms that the sector is now one of the government’s main priorities. Sub-decree No 124 – signed by Prime Minister Hun Sen, and issued Tuesday – sets us tax… – Continue reading
KARACHI: Dubai’s famous construction company and developers, Emaar Properties, has issued lists, containing the names of 34,000 individuals, and 3,550 of them are Pakistanis. Most of them are living in Dubai or Pakistan currently, according to the addresses given in the list. FIA Director-General Bashir Memon told The News that… – Continue reading
The Australian Securities and Investment Commission (ASIC) said it would create a team to monitor initial coin offerings (ICOs) and cryptocurrencies. Australia’s market regulator, the Australian Securities and Investments Commission (ASIC) is considering a new tactic in regulating digital currency exchanges and raising the monitoring of initial coin offerings (ICOs)… – Continue reading
Viet Nam News HÀ NỘI —Vietnam will institute new policies designed to attract foreign direct investment (FDI) by boosting the development of local companies and setting up value chains driven by advanced technologies. FDI has been a major factor in Vietnam’s rapid socio-economic development; however, some key metrics remain below… – Continue reading
7.What are Mutual Administrative Assistance Agreement (MAAAs) The new IRA defines the “Mutual Administrative Assistance Agreement” to mean a tax information exchange agreement or other international agreement for mutual administrative assistance in relation to taxation matters. Section 75 (5) of new IRA “Mutual administrative assistance agreement” means a tax information… – Continue reading
National Board of Revenue has decided to set up a separate unit to handle income tax files of foreign companies operating in Bangladesh. The decision was taken responding to a proposal of the European Union for establishing a separate NBR unit for providing hassle-free services to foreign taxpayers. EU came… – Continue reading
How tax residency in China gets determined is among key changes introduced in the recently passed individual income tax (IIT) law. The new law is set to reform IIT in the country, including the tax treatment of foreigners. Beginning January 1, 2019, an individual who resides in China for 183-days… – Continue reading
The American Institute of CPAs made recommendations to the U.S. Department of Treasury and the Internal Revenue Service on Monday about the proposed rules regarding the deduction for qualified business income under section 199A of the Internal Revenue Code. The proposed guidance, issued Aug. 16, 2018, provides rules addressing how… – Continue reading
The automatic exchange of information between Switzerland and the European Union came into effect on Monday. Owning property abroad without declaring it will no longer be possible. The deadline of September 30 ended the possibility of coming forward voluntarily, reported Swiss public television, RTS, on Sunday. For latecomers who have… – Continue reading
Magistrates’ Court ruled that Ilya Yurov persecution was politically motivated because of his connections with Khodorkovsky. Westminster Magistrates’ Court refused to extradite Ilya Yurov, the former part owner of Trust Bank, who is on the international wanted list, RBC reported. The court believes that the extradition would violate human rights…. – Continue reading
ISLAMABAD: The federal government has decided to issue notices to 300 Pakistani nationals who own properties in the United Arab Emirates, sources informed Geo News Saturday. The sources said that notices will be sent to individuals who own six or more properties in UAE. They will be inquired about their… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) is all set to launch a major crackdown against individuals with concealed and untaxed offshore assets from next week as the revenue body bets on financial information shared under an international treaty, officials said on Friday. The officials said the FBR finalised the… – Continue reading
A recent report published by the New Zealand Law Foundation on regulating cryptocurrencies in New Zealand suggests the regulators of the country to start taking tax in crypto and trial a CBDC. The report, that is commissioned by the New Zealand Law Foundation and written by the University of Auckland… – Continue reading
Investors globally will now be able to start their business in Dubai without having to be in the UAE, following an agreement between Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED) in Dubai, and the US-based Alliance Business Centres Network (ABCN). The partnership… – Continue reading
The government is considering imposing taxes on companies’ digital revenue as a way of increasing public coffers by capitalising on the rapidly expanding digital commerce sector. Plans to establish a so-called ‘e-tax’ are in line with the government’s strategy to prepare for the fourth industrial revolution, said Aun Pornmonirath, Deputy… – Continue reading
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 Internal Revenue Service’s Bank Secrecy Act program, in which it is supposed to safeguard against money laundering, is having only a minimal impact on tax compliance, according to a new report. The report, from the Treasury Inspector General for Tax Administration, noted that the Currency and Foreign Transactions Reporting… – Continue reading
In Ukraine in some areas taxes are too high, and entrepreneurs simply can’t pay, so toughen system of tracking defaulters only after tax cuts. Comments about this correspondent of ГолосUA said political analyst Nikolai Spiridonov. “In Ukraine, a number of taxes too high. Businesses simply can’t pay. And is double… – Continue reading
With Bitcoin and other cryptocurrencies making huge sums of money for those adept at timing the market, the U.S. Internal Revenue Service (IRS) is keen to make sure it receives its cut of the profits. However, a lawyer from Morgan Lewis & Bockius states that many users do not realise… – Continue reading
The Internal Revenue Service is considering relaxing the rules for companies to qualify for tax-free spinoffs — a shift that could benefit drugmakers and tech firms with promising early-stage products. The agency said Tuesday it’s looking into whether units should still be required to generate revenue before a spinoff from… – Continue reading
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
The new Tax Identification Number (NIF) of Angola for individuals and companies goes into effect on 1 October, said on Friday in Luanda, the head of the Registration and Collection Directorate of the General Tax Administration (AGT). The entry into operation of the new NIF, which will be the same… – Continue reading
A large-scale police operation into money laundering appears to have targeted the Airiston Helmi real estate firm, led by a Russian man with Maltese citizenship. An exceptionally large police operation took place in southwest Finland this weekend, in what the National Bureau of Investigation (NBI) said was an extensive search… – Continue reading
Issue of multiple registration for foreign operators to be reviewed by panel NEW DELHI, SEPTEMBER 20 The Finance Ministry on Thursday notified that e-commerce operators shall collect an amount at the rate of one per cent as tax collected at source (TCS) under the Goods and Services Tax (GST) on… – Continue reading
On September 13, South China’s Guangdong province announced a series of investment incentives and cost-cutting measures to offset the impact of the worsening trade war with the US. The measures, outlined in the Policy Measures for Expanding Opening-up and Using Foreign Investment, consist of a 10-point plan to attract foreign… – Continue reading
The Australian Taxation Office (ATO) is increasing its efforts to identify taxpayers who fail to report all their income this tax time, as it strives to recover an annual tax shortfall of nearly $1.4 billion caused by individuals who leave income out of their return. “Tax lost from under-reported income… – Continue reading
The Finance Ministry, last day informed that the Government is planning to introduce income tax exemption to the interest income on the specified Offshore Rupee Denominated Bonds. “Legislative amendments in this regard shall be proposed in due course”, the Ministry said. Interest payable by an Indian company or a business… – Continue reading
PARIS – France is watering down its punitive tax on the assets of wealthy individuals who leave the country. The government of France is altering the conditions of its infamous “exit tax” and limiting the conditions under which ex-taxpayers of France are liable to pay a tax on the capital… – Continue reading
In June this year, the Chinese government announced much-anticipated revisions to the country’s individual income tax laws. KPMG Partner and Senior Advisor Michael Olesnicky says that these new revisions will likely have ‘profound implications’ within the wealth management community in Asia. Hubbis CEO Michael Stanhope recently spoke with him about… – Continue reading
(Second of two parts) Embracing the Automatic Exchange of Information (AEoI), whether in the form of FATCA and/or CRS, affects stakeholders ranging from the government and businesses down to the ordinary consumers of financial products and services. As such, the uncertainties arising from the supposed implementation are definitely not in… – Continue reading
HONG KONG – The majority of Hong Kong financial institutions have divulged detailed data about their international clients for an international data swap. New media reports in Hong Kong indicate that approximately 1 700 financial institutions have submitted details about their clients for international information exchanges. The information exchanges are… – Continue reading
