Taxes have risen by around one per cent on the average worker’s wage in Organisation for Economic Co-operation and Development (OECD) countries since 2014, although the majority of governments have not increased income tax rates, the OECD has said. In its Taxing Wages 2015 report, the OECD looks at the… – Continue reading
Taxes on wages have risen by about one percent for the average worker in OECD countries between 2010 and 2014, even though the majority of governments did not increase statutory income tax rates, according to the Organisation for Economic Cooperation and Development’s (OECD’s) Taxing Wages 2015 report. According to the… – Continue reading
Johannesburg (miningweekly.com) – With the shareholder vote just over three weeks away, the planned spin-off of South32 from BHP Billiton has turned bearish and BHP Billiton has itself fallen victim to an unprecedented number of analyst sell recommendations owing to the plummeting iron-ore price, worsened by the reputational damage that… – Continue reading
Offshore investment entities in the Cayman Islands and many other international financial centers should now start turning their attention to compliance with the Common Reporting Standard (“CRS”) promulgated by GATCA – Global FATCA. They must document all account holders existing on December 31, 2015, with the exception of entities with… – Continue reading
Johannesburg – Mark Lifman, one of South Africa’s biggest underworld bosses, possibly hoped for some help in his nearly R400m tax battle against the SA Revenue Service (Sars). City Press has learnt – from four independent sources – that Sars commissioner Tom Moyane was allegedly approached to go easy on… – Continue reading
The key is to arrive at a Goldilocks mean — rolling out tax-friendly policies while being firm with incorrigible offenders A phrase first used by Prime Minister Narendra Modi while addressing a group of businessmen in the run-up to the elections last year has now come back to haunt his… – Continue reading
A veteran lawyer of 35 years, Mr Pascal Netto, has been struck off the rolls for professional misconduct. The 68-year-old had been a nominee director in a client’s firm but issued company shares to himself and borrowed some US$158,000 (S$215,000) from the firm without authorisation. In disbarring Mr Netto on… – Continue reading
DTA of Namibia president McHenry Venaani suspects that the majority of fishing and mining companies are involved in transfer pricing because of the lack of capacity in the government to control the dodgy practice. Venaani made the remarks in the National Assembly on Wednesday during his statement on the budget,… – Continue reading
Representatives from “Big Four” accounting firm Deloitte were up before the Senate tax inquiry on Friday morning. They were keen to dispel any notion that their firm would have any involvement in tax avoidance. Senator Christine Milne asked if they were aware of the Deloitte document “Investing in Africa though… – Continue reading
A Bill containing various amendments to the Tax Code has been discussed and agreed by the Georgian Economic Council. Among the measures contained in the Bill is a reduction in the rate of tax for individuals letting property, from 20 percent to five percent. There is also a proposed incentive… – Continue reading
Mauritius will create a new company to take over Bramer Banking Corp. after the central bank revoked the lender’s license last week and the country’s prime minister said there was evidence of links to a $690 million Ponzi scheme. The company, to be known as National Commercial Bank, will be… – Continue reading
On April 2, 2015, the Finnish tax authority signed a co-operation pact with the African Tax Administration Forum (ATAF), to support African tax authorities to implement changes to their international tax and transfer pricing regimes. The co-operation deal, which will extend to the administrations of over 35 African nations, focuses… – Continue reading
The Seychelles Revenue Commission has issued, for comment, Public Ruling 2015-3, which explains the authority’s rules and procedures to enforce the arm’s length principle in respect of related-party transactions under Section 54 of the Business Tax Act, 2009. The Ruling states that in applying the arm’s length principle, the Commissioner… – Continue reading
On April 1, Italy’s Minister of the Economy and Finance, Pier Carlo Padoan, signed two decrees that modify Italy’s “black lists,” and announced on the same day that Italy and the Vatican had signed their previously agreed tax information exchange agreement (TIEA). The two decrees follow the guidelines laid down… – Continue reading
Till March 31, close to 100 FIIs got notices from the Tax Department for a controversial Minimum Alternate Tax (MAT) of 20 per cent, while they are now being followed up with Assessment Orders. In the biggest-ever tax demand slapped on them, nearly 100 foreign funds have been asked to… – Continue reading
It has been revealed that illicit financial transfers are draining Africa of massive resources needed to uplift its majority poor from the claws of poverty and provide both productive and social infrastructure for development. The African Civil Society Circle, a group of nine civil society organizations and think tanks from… – Continue reading
You may be forgiven for thinking that once you no longer live in the United States, that your ongoing US tax obligations may be relatively simple or even non-existent, particularly if you have never held a US Passport or lived in the US. However the definition of US citizen is… – Continue reading
The South African Revenue Service has revised its guide for individuals not resident in South Africa about the tax treatment of South Africa-sourced income. Its “Guide on the Taxation of Foreigners Working in South Africa 2014/15” deals mainly with employment income. Under the country’s income tax system, only amounts received… – Continue reading
New rules mean that almost 100 governments around the world will exchange information about bank accounts Expat tax dodgers are running out of places to hide, as information about their bank accounts and assets will soon be exchanged between 93 governments globally. At present, if tax authorities suspect people of… – Continue reading
More and more Americans are opening offshore bank accounts. This article provides statistical details about why this is so, that offshore banking can be safe and legal and which banking jurisdictions are safest. Apr. 3, 2015 / PRZen / VALENCIA, Calif. — Offshore banking is growing in leaps and bounds… – Continue reading
Governments in resource-rich African countries must effectively negotiate the terms of operational contracts with mining companies and their affiliates if they are to avoid revenue losses that reduce their capacity to finance development, the African Civil Society Circle has said. The Circle is a coalition of nine civil society groups… – Continue reading
Governments in resource-rich African countries must effectively negotiate the terms of operational contracts with mining companies and their affiliates if they are to avoid revenue losses that reduce their capacity to finance development, the African Civil Society Circle has said. The Circle is a coalition of nine civil society groups… – Continue reading
Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is… – Continue reading
CO-OPERATION on investment within the SADC region is an integral part of achieving the overarching objectives of the SADC Treaty. Investment, be it foreign direct investment, cross-border investment or domestic investment is needed to enhance the productive capacity in the region, which is a pre-requisite for increasing trade across borders… – 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
LEGISLATION is needed to make multinationals pay their fair share if we are to help more people out of poverty, writes Jamie Livingstone. In the run-up to the General Election, Oxfam is urging politicians from all parties to commit to the introduction of a new Tax Dodging Bill within the… – Continue reading
NATO Secretary General Jens Stoltenberg and EU Counter-terrorism Coordinator Gilles de Kerchove visit Parliament this week to discuss security challenges and the EU’s response to terrorist threats. In addition MEPs vote on legislation to increase transparency when setting key interest rates, while the new special committee on tax rulings will… – Continue reading
Luxembourg’s Direct Tax Administration has published a circular on February 12 clarifying issues relating to residency certificates for Luxembourg funds. These are applicable to both UCITS and non-UCITS funds regulated by Luxembourg’s investment fund legislation of December 17, 2010, which transposed the UCITS IV Directive, as well as Specialised Investment… – Continue reading
More JSE-listed counters announce offshore opportunities. It is becoming increasingly difficult for JSE-listed property companies to find value and attractive deals in the local market, which has seen the offshore diversification spree continue. Industry players believe that the sector has turned over the last few years, with more property counters… – Continue reading
NATIONAL debt will soon come under effective and professional control, thanks to the national debt management office whose establishment is reportedly in the final stages, the national assembly heard on Friday. Deputy Finance Minister Mwigulu Nchemba under the envisaged office, the national debt will be effectively, efficiently and closely monitored… – Continue reading
MUMBAI: Income-tax authorities on Friday issued draft assessment orders against nearly 150 foreign portfolio investors (FPIs) asking them to pay minimum alternate tax (MAT), a move that is bound to reinforce India’s reputation for aggressive tax enforcement. The 15-page draft assessment order sent to FPIs provides reasoning as to why… – Continue reading
Reports that two South Africans are involved in what is alleged to be a massive Ponzi scheme created what some of the actors in the drama this week referred to as a media storm. The storm raged for most of the week, with the bad weather clouding some South African… – Continue reading
A new report by the United Nations Conference on Trade and Development (UNCTAD) says developing countries are losing about $100 billion every year through tax avoidance by multinational enterprises. According to the report, published this week, as much as $300 billion development finance was lost. The report notes that multinational… – Continue reading
AT a focus group discussion in Padibe, Lamwo district, a young male participant rises up and says, “Why should we pay taxes when results are not seen at community level? Services are poor; our roads and health services are appalling.” Though the young man did not receive an apt response… – Continue reading
Australian companies are taxed too highly, and politicians need to realise it’s harming the economy, according to Rio Tinto chief executive Sam Walsh. Australia’s corporate tax rate had been stuck at 30 per cent for a decade while New Zealand, South Africa, the UK and Canada had cut their rates… – Continue reading
NAIROBI: Insurance brokers have contested the introduction of 10 per cent levy on their brokerage commission. Eighteen insurance brokerage firms have moved to court under a certificate of urgency, suing Commissioner of Domestic Taxes and the Attorney General. The firms complain that introduction of 10 per cent levy on their… – Continue reading
(Bloomberg) — South Africa’s Financial Services Board said it’s helping regulators in Mauritius and Guernsey investigate the affairs of Cobus Kellermann, a Cape Town-based money manager. “The regulators in the foreign jurisdictions have asked us to assist them in tracking particular investments” made into South Africa, Caroline da Silva, the… – Continue reading
DIAMOND mining companies operating in Zimbabwe’s Marange diamond fields are reportedly on a last minute looting spree ahead of a loathed mandatory consolidation exercise. As government peruses through various consolidation proposals submitted by seven companies operating in Marange and prepares for an audit, miners are reportedly exploiting the existing loopholes… – Continue reading
All too often, changes to tax legislation happen at a glacial pace. As a nation, we can’t afford to let that happen with the GST changes required to modernise the law and processes to capture GST from overseas online purchases. Budget 2015 provides a suitable time for the government to… – Continue reading
The India-Mauritius Double Taxation Avoidance Agreement (DTAA) may see some headway with the island nation promising full cooperation with India to address outstanding issues relating to their bilateral tax treaty. The development comes days after Prime Minister Narendra Modi visited Mauritius. Its Finance Minister Seetanah Lutchmeenaraidoo in his Budget speech… – Continue reading
Nairobi — The Kenya Revenue Authority (KRA) wants tax incentives offered to foreign investors withdrawn. The proposal to eliminate tax incentives and concessions offered to foreign investors is aimed at boosting revenue collection to accelerate national development. Speaking at the ongoing Biennial Ambassadors/High Commissioners conference in Kwale, KRA Commissioner General… – Continue reading
Ghana and the Netherlands have signed a Memorandum of Understanding (MoU) for the Automatic Exchange of Information to help in efforts to fight tax evasion. The agreement would allow the tax authorities of the two countries to automatically provide each other with information about income from immovable property earned by… – Continue reading
As part of the Small Business, Enterprise and Employment Bill which Parliament is expected to approve today, the government is attempting to implement a public register showing who really owns companies. The bill is a good example of how UK legislation can affect countries around the world, especially those in… – Continue reading
According to Offshore Alert, CWM World is linked to a $16 billion Ponzi scheme run by the Mauritius-based Belvedere Management Limited, as sources close to the firm have dismissed the report as inaccurate. Offshore Alert, an investigative research publication, is claiming that CWM Group is part of a massive $16… – Continue reading
Cobus Kellermann, Stellenbosch University graduate now in his late 30s who runs Cape-based money manager Clarus Capital, has been fingered as a mastermind behind a massive global Ponzi scheme run out of Mauritius. Kellermann’s company also manages eight South African unit trusts under the Met Collective Investments banner. They have… – Continue reading
Car dealers in Uganda who are unregistered importers are set to face the wrath of Uganda Revenue Authority as the tax body moves in to catch tax evaders. Last week, the tax body said more Ugandans were importing cars in the pretext of owning them, but when they reached the… – Continue reading
THE Nigerian Indigenous Ship owners Association of Nigeria, NISA, has concluded plans to move against the proposed re-registration of vessels by the management of the National Inland Waterways, NIWA , a development they say will lead to double taxation. Speaking at the end of its quarterly meeting, President of NISA,… – Continue reading
Continuing its drive towards fiscal and economic reform, Tunisia has signed two conventions with the Organisation for Economic Co-operation and Development (OECD). The conventions deal with reform of tax collection and payment systems and aim to support the young to become economically active, and tax-compliant, through training and new tax… – Continue reading
Azerbaijani and Sudanese officials have voiced readiness to further expand cooperation between the two countries. President Ilham Aliyev received a delegation led by Ali Ahmed Karti, Sudanese Foreign Minister on March 18. The head of the state expressed confidence that the visit of the Sudanese delegation will be fruitful and… – Continue reading
Date: 18-Mar-15 to 19-Mar-15 Location: The Johannesburg Country Club (Woodmead) / Johannesburg / South Africa Category: Banking, Finance & Investment Conferences & Trade Fairs In response to an increasing awareness of the importance of Mauritius, and in light of the recent DTA agreements coming into effect 1 January 2015, now… – Continue reading
