An Egyptian court for tax evasion sentenced on Saturday a fugitive Egyptian contractor to three years in jail over tax evasion charges, Egypt’s state-run MENA news agency reported. Mohamed Ali, a businessman and an actor, said in online videos last year that he fled to Spain after working with the… – Continue reading
Egypt is to receive international support to implement new measures in the area of tax transparency and information exchange. Unveiled at a meeting on international tax reform in Cairo on March 7, the OECD and Egypt agreed a new project entitled “Enhancing Domestic Resource Mobilization in Egypt through a better… – Continue reading
VAT is at the forefront of current tax reforms and soon to be a reality for many regional businesses, as it is expected to be introduced across the GCC from 1 January 2018. The GCC countries have signed up to a unified framework, which will form the basis of the… – Continue reading
The programme includes measures to combat base erosion and profit shifting, based on four main measures that can challenge exploitation of tax agreements, monitor developing international tax work rules, and ensure a more transparent environment. Egypt was chosen by the Organisation for Economic Cooperation and Development (OECD), in a conference… – Continue reading
Historically, the Middle East and North Africa (MENA) region has been perceived as a region where taxation and transfer pricing initiatives are not high up on government agendas. Although this has been the case for a significant period of time, recent changes in the region such as decreases in global… – Continue reading
At the recent G20 meeting in China, finance ministers stressed their support for greater tax transparency, calling for a report from the OECD on the implementation of automatic exchange of information before the end of the year, and stating that by July 2017 it wants a list of non-compliant jurisdictions… – Continue reading
Lobby groups and business associations from Cyprus and India are working to build trade relations between the two countries with an eye to a new double taxation agreement that is being negotiated. The two sides see mutual benefits to their cooperation. The Indian High Commissioner Ravi Bangar said in an… – Continue reading
Deputy head of the US Financial Advisory and Audit Firm (USFAAF) Jim O’Neill said US citizens and green card holders in Egypt and Arab countries are obligated to comply with the US Foreign Account Tax Compliance Act, commonly known as FACTA, to avoid paying fines or imprisonment. According to O’Neill,… – Continue reading
SAS and DataGear implement tailor-made FATCA solution within Al Baraka Bank Dubai, UAE – Al Baraka Bank Egypt , a subsidiary banking unit of Al Baraka Banking Group B.S.C. (ABG) , partnered with SAS®, the leader in analytics, and Data Gear, a Business Intelligence (BI) software & services provider, to… – Continue reading
Penalties range from imprisonment to revoking nationally; anyone with a minimum of $10,000 in their bank accounts is subject to the law The US Internal Revenue Service (IRS) will start tracking Americans evading compliance with the Foreign Account Tax Compliance Act (FATCA) as of January 2016, according to Deputy Chairman… – Continue reading
Penalties range from imprisonment to revoking nationally; anyone with a minimum of $10,000 in their bank accounts is subject to the law The US Internal Revenue Service (IRS) will start tracking Americans evading compliance with the Foreign Account Tax Compliance Act (FATCA) as of January 2016, according to Deputy Chairman… – Continue reading
Effective Jan. 1, 2016, the IRS will compile a list of Americans in violation of new rule It is possible that the United States expats could have their passports revoked next month if they fail to comply with their tax and financial obligations under the Foreign Account Tax Compliance Act… – Continue reading
(MENAFN – Arab News) RIYADH: Custodian of the Two Holy Mosques King Salman on Monday briefed the Cabinet over the phone call he received from the king of Bahrain the call he made to the president of Nigeria and the results of his talks with the chairman of the Presidency… – Continue reading
The organization’s new ambassador in the Brazilian capital Brasília claims trade and mutual investment between Arab countries and Brazil can be worked on. São Paulo – Newly appointed to represent the Middle East and North Africa countries in Brazil, the ambassador of the League of Arab States in the national… – Continue reading
Dec. 14 — The Coca-Cola Co. filed a petition in U.S. Tax Court challenging a proposed $9.4 billion income adjustment related to the company’s transfer pricing for tax years 2007-09 (Coca-Cola Co. v. Commissioner, T.C., petition filed, 12/14/15). If the adjustment is sustained, the company could face a tax bill… – Continue reading
According to the Brazilian FM Mauro Vieira, the country is in talks for an agreement to avoid double taxation in air transport with Egypt. The Arab country plans on creating the route once the deal is in place. Riyadh – The Egyptian carrier EgyptAir could launch a route to Brazil,… – Continue reading
To increase the scope of income tax laws, GCC countries are pursuing tax determinations with significantly broader interpretations of activities or actions that constitute doing business in-country. New concepts like Virtual Service Permanent Establishment and dependent agents are being used in Saudi Arabia and Kuwait to determine taxable presence or… – Continue reading
The government has been accused of opening a loophole that allows super rich individuals and multinational companies to avoid taxes. The Tax Justice Network (TJN), a lobby group, has sued the government over agreements, which it says are robbing Kenya of the ability to raise revenues domestically, driving the country… – Continue reading
(October 28, 2015, Colombo, Sri Lanka Guardian) “I and my family members have no secret accounts in Dubai banks,”said the Rajapaksa ‘Crown Prince’ Namal when the media published reports about a secret account in a Dubai bank of a son of a VVIP. The media reports stated that the Sri… – Continue reading
Staff Correspondent The National Board of Revenue on Monday started negotiations with Bhutan to sign an agreement on avoidance of double taxation and prevention of tax evasion and capital flight from the country. A five-member delegation led by NBR chairman Md Nojibur Rahman has been carrying out the first round… – Continue reading
KUWAIT: The Cabinet has called on ministers and senior officials of state bodies to submit their financial disclosure reports to the Anti-Corruption Authority as soon as possible. The call was made by the Cabinet during its customary weekly meeting held at Bayan Palace yesterday under chairmanship of HH the Prime… – Continue reading
The value-added tax (VAT) system could boost tax revenue by an additional LE30 billion if implemented instead of the current sales tax system, according to a new study by the Egyptian Centre for Economic Studies (ECES). The study profers that the introduction of VAT would lead to a one time… – Continue reading
Aug 24 (Reuters) – Switzerland expects to adopt a new law by the end of the year that will speed restitution of illicit funds stashed in the Alpine country, where thousands of ‘politically exposed persons’ are believed to hold bank accounts, a top Swiss official said on Monday. Swiss authorities… – Continue reading
Value added tax (VAT) is being actively considered in many GCC countries and Egypt, reports Gulf News. A number of governments in the Middle East and North Africa (Mena) region have undertaken various forms of subsidy reforms to boost government finances in the context of sharp decline in oil prices… – Continue reading
The evolving tax landscape in the MENA region was discussed at the EY MENA Tax Conference held recently in London. The conference was attended by EY Tax specialists and senior finance and tax executives from major European companies with investments in the MENA region. Sherif El-Kilany, MENA Tax Leader, EY,… – Continue reading
KUWAIT, July 13 (KUNA) ¬¬ The cabinet, under the chairmanship of His Highness the Prime Minister Sheikh Jaber Al¬Mubarak Al¬Hamad Al¬Sabah, approved Monday a number of agreements to boost cooperation with several friendly countries. The endorsed agreements included a memorandum of understanding for cooperation in social insurance with Bahraini government,… – Continue reading
Initiative aims to deepen dialogue with developing countries and develop diagnostic tools for member countries to evaluate and strengthen tax policies The World Bank and the International Monetary Fund (IMF) launched a new initiative Friday, to help developing countries strengthen their taxation systems. The move comes on the back of… – Continue reading
The Egyptian Tax Authority and the Real Estate Tax Authority have signed a cooperation agreement on Tuesday to exchange data and information in order to create a database that facilitates the collection of taxes. Head of the Tax Authority Abdel Moneim Matar said, in a Ministry of Finance statement, that… – Continue reading
Canada’s health-care stocks are sizzling, as Concordia Healthcare Corp. and Valeant Pharmaceuticals International Inc.’s buy-and-streamline strategy has pushed the industry’s earnings and margins ahead of U.S. peers. The drugmakers are the two top-performing stocks in the Canadian equity benchmark this year, boosting total returns for the members of the Standard… – Continue reading
Egyptian tax on shares sold by non-residents In 2014, the Egyptian Income Tax law was changed to introduce a 10% Egyptian tax charge on the net gain realised on a disposal of shares in an Egyptian company. This tax charge is intended to apply to non-resident as well as resident… – Continue reading
TWO Ugandan diplomats will soon find out how long they will be locked up in a jail in the UK after court found them guilty of fraud and tax evasion relating to duty-free goods. Diplomats are exempt from paying duties and taxes on cars, food and electrical appliances that they… – Continue reading
The Palestinian Authority has denied that an Israeli move to unfreeze the PA’s tax revenues was part of a deal to get the Palestinians to halt their bid to have Israel prosecuted at the International Criminal Court (ICC) Ha’aretz reported yesterday. The report cited an anonymous senior Palestinian official. “We… – Continue reading
SUSRIS serves as your chronicle of developments in the Saudi-US relationship, in the Kingdom and in the region. As part of our service we archive the daily news reviews produced by the Saudi-US Trade Group and selected press clippings and other resources. You can find these archives and more on… – Continue reading
The files at the foundation of the Swiss Leaks articles are based on data secreted away by Hervé Falciani, a former HSBC employee-turned-whistleblower. He turned the data over to the French government in 2008 and its tax authority launched an investigation. The French newspaper Le Monde obtained a version of… – Continue reading
The upmarket leather goods firm employing the Prime Minister’s wife is based in a tax haven. Smythson is owned through a holding company in Luxembourg and linked to a secretive trust in the Channel Island of Guernsey, another well-known tax haven. The store in Central London’s New Bond Street, which… – Continue reading
Orascom Construction Industries, an international engineering and construction firm, has won a ruling in its favor from the Egyptian Tax Authority’s Independent Appeals Committee, against an earlier USD1bn tax evasion ruling relating to its Egyptian subsidiary. Orascom Construction Industries (OCI) SAE said that it had been served with an assessment… – Continue reading
In front of European Commissioners, leading politicians, chief executives of huge multinationals, senior bank bosses and billionaires, the Egyptian investment tycoon was asked to set the tone of the forum, a three-day lobbying event funded by the EU. Dr Heikal is founder and chairman of Qalaa, an African investment fund… – Continue reading
The meeting took place at the official residency of the Egyptian ambassador, in Brasília, and focused on ways to further trade ties between Brazil and the Arab countries. Marcos Carrieri* marcos.carrieri@anba.com.br São Paulo – Ambassadors and chargés d’affaires from 18 Arab countries and the Arab League met last Thursday (9th)… – Continue reading
The bank accounts of retired Egyptian football player Mohamed Abu Trika were frozen due to failure to pay dues to the Egyptian Tax Authority (ETA), an official at the Ministry of Finance’s fight against tax evasion department confirmed to the Daily News Egypt. The official said that the “this is… – Continue reading
Minister of Finance Hany Kadry Dimian has announced plans for Egypt to take on a policy of tax sharing internationally in an effort to protect the Egyptian taxpayer from double taxation. This is within the framework of government procedures to increase revenue and reform an exhausted economy. In a statement… – Continue reading
Minister of Finance Hany Dimian said introducing amendments to some provisions of the tax law on individual’s annual income allow inserting articles to combat tax evasion. The Minister added that this comes within the reform package adopted by his ministry to address the new budget deficit. These amendments, President Abdel… – Continue reading
Sentenced in absentia, Nassef Sawiris is also fined LE50 million for refraining from paying due checks to Egypt’s tax authority Egypt’s wealthiest man, Nassef Sawiris, has been sentenced in absentia to three years in prison and fines worth LE50 million on charges of refraining from paying due checks to Egypt’s… – Continue reading
