The United Arab Emirates has more than 140 free zones across seven emirates, including 20 designated zones with separate laws, regulations and VAT treatment. This can make doing business in the UAE a complex journey. However, there is also the strong benefit of the UAE being one of the easier… – Continue reading
Standard Chartered has selected FiTAX, a solution from BearingPoint, as its global client tax reporting solution for QI, FATCA and AEoI/CRS reporting. International banking group Standard Chartered, founded in 1969, is with approximately 87,000 employees across offices in more than 60 countries one of the globe’s leading financial services institutions…. – Continue reading
THE Anti-Money Laundering Council (AMLC) said the legal treatment of tax evasion and loopholes involving real estate brokers are keeping the country from achieving full compliance with international standards for money laundering regulation. AMLC Secretariat Executive Director Mel Georgie B. Racela made the remarks to BusinessWorld on the sidelines of… – Continue reading
KARACHI: The central bank’s rules to restrict access of the non-filers to foreign currency accounts would gradually clean up untaxed money from the banking system, although it may hurt much-needed forex inflows in the short run, analysts and bankers said. Analysts said foreign currency accountholders have been facing intensifying scrutiny… – Continue reading
New Delhi-Indian deposits have increased by 50% in Swiss Banks in 2017 said Union Finance Minister Piyush Goyal. He was reacting about Swiss bank deposits. Mr Goyal also said that India has automatic exchange of information with Switzerland and we will come to know who has deposited and whether it… – Continue reading
The airline began commercial flight operations in 2010 and its fleet comprises five aircrafts The National Board of Revenue (NBR) has frozen the bank accounts one of the country’s private airlines, Regent Airways, for avoiding tax around Tk14 crore, confirmed sources at the NBR. According to them, the Customs, Excise… – Continue reading
Japanese politicians are questioning their Minister of Finance, Taro Aso, on the type of taxes they are applying on cryptocurrency gains in the country. While the politicians are demanding to treat profits from these virtual currencies as a ‘separate declared taxation,’ financial officials in the island country prefer to continue… – Continue reading
ISLAMABAD: If Panama Papers documents are any guide, Saifullahs of Lakki Marwat has the highest number of offshore companies owned by any Pakistani family and majority of them are in British Virgin Islands. Seychelles and Panama are two other jurisdictions where they have set up companies. While source of wealth… – Continue reading
KARACHI: Dubai is the offshore destination of choice for Pakistanis to park untaxed money as bulk of funds against declaration of foreign assets under the amnesty scheme were received from the Emirates, a top tax official said on Saturday. “We will disclose more details regarding declarations of foreign assets on… – Continue reading
ISLAMABAD: Pakistan is poised to receive information about offshore financial accounts in September 2018. This was stated by the spokesperson and member policy Dr Muhammad Iqbal while addressing a press conference on the ongoing Tax Amnesty Scheme on Friday. Due to the initiatives by the Organisation for Economic Co-operation and… – Continue reading
Macau and Portugal have signed a deal allowing the Secretary for Economy and Finance to alter a double taxation law between the two jurisdictions Macau (MNA) – A deal has been signed between the Secretary for Economy and Finance, Lionel Leong Vai Tac, and the Portuguese Government giving Macau the… – Continue reading
Anti-Corruption Commission chairman Iqbal Mahmood on Wednesday ordered all ACC officials to complete enquiries by June 30 against individuals or entities whose names have been appeared in Panama Paper and Paradise Paper leaks. He made the order in an urgent meeting with the secretary, all director generals, and directors of… – Continue reading
CBDT issues draft notification on interest computation NEW DELHI, JUNE 20 The Central Board of Direct Taxes (CBDT) proposes to provide a relief to MNCs on the interest payable by them on the untaxed profits stashed abroad, requiring to be repatriated back to India under the transfer pricing regime. It… – Continue reading
India’s Prime Minister Narendra Modi made a three day official visit to Singapore late last month. The trip was his first since November 2015, and followed quick visits to Indonesia and Malaysia. The three-nation tour, touted to be part of India’s Act East Policy, laid clear emphasis on closer Southeast… – Continue reading
BEIJING, June 19 (Xinhua) — The Standing Committee of China’s National People’s Congress (NPC) has begun reviewing a draft amendment to the Individual Income Tax Law at its bimonthly session that opened Tuesday. The draft amendment raises the minimum threshold for personal income tax from 3,500 yuan (about 544 U.S…. – Continue reading
The New Delhi Bench of the Authority for Advance Rulings (AAR) in the application filed by Saudi Arabian Oil Company held that Aramco India would not create a PE for Saudi Arabian Oil Company as per Treaty b/w India and Saudi Arabia. The applicant is a state owned oil company… – Continue reading
The New Delhi Bench of the Authority for Advance Rulings (AAR) in the application filed by the applicant HM Publishers Holdings Limited held that the receipts arising out of a negative covenant not to carry on a business is taxable as business income under Section 28 (va) of the Income… – Continue reading
The New Delhi Bench of the Authority of Advance Rulings (AAR) in the application filed by International Zinc Association held that membership fee and contribution from members received by the applicant from the Indian members would not be liable to Income-tax in India under the provisions of the Income Tax… – Continue reading
Islamabad : With suspension of all taxes on mobile phone cards for next 15 days on the orders of Supreme Court (SC) with effect from Wednesday midnight, the Federal Board of Revenue (FBR) is contemplating upon different options including suggesting the apex court to abolish withholding tax (WHT) of 12.5… – Continue reading
NAIROBI, June 12 (Xinhua) — Kenya on Tuesday signed an agreement with Singapore to phase out double taxation and attract investments from the Southeast Asian country in key sectors like agro-processing and financial services. Henry Rotich, the Cabinet Secretary for National Treasury and Planning, said the elimination of double taxation… – Continue reading
The Foreign Account Tax Compliance Act (Fatca) is a US legislation that is part of the 2010 Hiring Incentives to Restore Employment (HIRE) Act, and forming part of four new sections incorporated into the US Internal Revenue Code. It is a law designed to improve offshore US tax collection by… – Continue reading
A delayed tax agreement between Portugal and Macau will be signed later this year, according to Mr António Mendonça Mendes, the Portuguese Secretary of State for Tax Affairs on Sunday Macau (MNA) – A delayed tax agreement between Portugal and Macau will be signed later this year, Mr António Mendonça… – Continue reading
ASTANA – The 31st plenary session of Kazakhstan’s Foreign Investors’ Council themed “Accelerated modernisation” discussed digital transformation, new technologies and prospects for further economic growth at a June 6 meeting here. Kazakh President Nursultan Nazarbayev briefed the session on Kazakhstan’s efforts to ensure the stability of the national economy in… – Continue reading
Genting Singapore Ltd has gained formal approval from the Accounting and Corporate Regulatory Authority of Singapore to transfer its legal domicile from the offshore tax jurisdiction of the Isle of Man, to Singapore. Genting Singapore runs the Resorts World Sentosa casino resort (pictured) in Singapore. The company made a net… – Continue reading
AMMAN — Jordan’s income tax draft law will enable the Kingdom achieve a “positive credit rating” and enhance ongoing fiscal reforms in Jordan, according to a report by credit ratings agency Moody’s. The report, a copy of which was obtained by the Jordan Times on Sunday, indicated that the bill… – Continue reading
Stepping up efforts to curb illicit fund flows, Switzerland plans to amend its anti-money laundering law wherein financial intermediaries will be required to verify information on beneficial owners. The Alpine nation, known for its banking secrecy practices, has been taking various measures in the fight against black money amid intense… – Continue reading
AMMAN, June 3 (Xinhua) — A Jordanian official said on Sunday that a nationwide dialogue will be launched to reach a consensus on the controversial income tax bill. “The dialogue will include all segments of the society including professional associations and stakeholders from all segments of society,” the official told… – Continue reading
Finance Minister Sri Mulyani Indrawati has said the government will consider several scenarios in determining its 2019 tax revenue target while adhering to its commitment to maintaining a conducive investment climate and pushing for tax reform. “The tax revenue target will be set in consideration of current global and national… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) will hire foreign experts to conduct tax auditing and eliminate evasion and avoidance, officials said on Tuesday. The officials said the Commissioner of Inland Revenue was authorised to call for record and conduct audit of taxpayers. The commissioner is also empowered to set… – Continue reading
Switzerland is known for 3 things: cheese, chocolates and banks. While you might understand the affinity for the first two, here’s why everyone wants a slice of Swiss banks: 1. Because of their tight-lipped privacy policy: This isn’t just any policy, but an integral part of the Swiss banking culture… – Continue reading
JAKARTA, NNC – The issue of state debt comes into spotlight of many parties. Although the swelling of debt is not only happening in Joko Widodo-Jusuf Kalla (Jokowi-JK) government alone, Finance Minister Sri Mulyani Indrawati again explains why the government as if hooked to loan. Sri Mulyani said if asked… – Continue reading
Shenzhen’s tax authority has partnered with Chinese internet giant, Tencent, to combat tax evasions in the city. According to an announcement on Thursday, Tencent and the Shenzhen National Taxation Bureau have been jointly working towards setting up an innovation lab called ‘intelligent tax’, with an aim to introduce technological innovations… – Continue reading
HONG KONG, May 24 (Xinhua) — The government of China’s Hong Kong Special Administrative Region (HKSAR) on Thursday signed a comprehensive avoidance of double taxation agreement (CDTA) with Finland, further expanding the HKSAR’s tax treaty network. The HKSAR government’s Secretary for Financial Services and the Treasury James Lau and Consul-General… – Continue reading
Agreement first of its kind between two GCC nations The UAE and Saudi Arabia have signed a landmark double income tax treaty, the first such agreement between two members of the GCC, a tweet by the UAE Ministry of Finance confirmed on Thursday. Obaid Humaid Al Tayer, UAE Minister of… – Continue reading
YEREVAN, May 23. /ARKA/. Armenia’s parliament has ratified today an agreement signed on July 25, 2017 with Israel on the exclusion of double taxation and prevention of tax evasion with respect to property and income taxes. According to Deputy Minister of Finance Armen Hayrapetyan, the agreement will create a favorable… – Continue reading
Ease of doing business and tax reforms are at the center of India’s growth agenda as the country pitches itself as the leading investment destination among global emerging markets. Yet, India’s tax competitiveness record remains mixed. At a time when the U.S., U.K., and Japan have slashed their corporate tax… – Continue reading
As Nigeria continues to innovate and source strategies to attract foreign investors, making the country an investor destination in sub Saharan Africa and indeed the whole of Africa, the United Arab Emirates’ example is perhaps the way to go. Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime… – Continue reading
Kurdish business owners in Syria pay taxes to both government and Kurdish administration. QAMILSHI – Many Kurds in Syria may dream of self-rule, but for business owners in the semi-autonomous region in the country’s north, it now comes with a painful pinch: double taxes. For several months, traders in the… – Continue reading
The searches which started at the locations pertaining to the Bhopal-based Asnani Group and its business associates have led to the disclosure of around Rs 100 crores undisclosed income. BHOPAL: Five day long searches at 30 premises related to a Madhya Pradesh-based real estate major and business associates in Bhopal,… – Continue reading
In DCIT vs. M/s. Dominos Pizza International Franchising Inc., the Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) held that Jubilant Food Works Limited, who holds the Master Franchise for Domino’s Pizza in India is not a Permanent Establishment of the Domino’s Pizza International Franchising Inc. In… – Continue reading
Clear policies, investment-friendly business environments and streamlined government approval procedures are more important, experts say. Vietnam’s special economic zones (SEZs) should focus more on developing clear policies, fostering investment-friendly environment and streamlining government approval process instead of relying only on tax incentives, a conference heard Friday. Hoang The Long, former… – Continue reading
The country introduced the tax on January 1 The UAE’s Federal Tax Authority (FTA) has set new requirements for Emiratis to receive a value added tax refund related to construction of a new home. The FTA said in a Saturday statement to news agency WAM that applicants must be UAE… – Continue reading
ISLAMABAD: Pakistan’s tax authorities have placed standardised software for receiving first batch of around 50,000 cases of Pakistanis owning assets and bank accounts abroad through automatic exchange portal from Organisation for Economic Cooperation and Development (OECD) with effect from October 1. Top officials in the Federal Board of Revenue (FBR)… – Continue reading
The Minority in Parliament has raised concerns over government’s intention to approve Double Taxation Agreements with the Czech Republic, Morocco, Mauritius and Singapore which they claim were not in the interest of the country. According to the Minority, Ghana would not benefit from the deal since the level of investments… – Continue reading
Singapore has gazetted a law to repeal the income tax concession for intellectual property income derived by companies benefiting from the Pioneer Service Companies Incentive (PC-S) or the Development and Expansion Incentive (DEI) schemes. The removal of this tax concession was first announced in Singapore’s 2017 Budget at the same… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) has given a 15-day timeline to banks and brokerages to furnish financial data of foreign customers as the country signed in an international convention for information exchange to curb tax evasion, officials said on Wednesday. The officials said FBR directed financial institutions, including… – Continue reading
Islamabad: Pakistan customs officials are reportedly reluctant to file a criminal case against a Chinese company for evading taxes due to what they described as “national interests”. According to the Express Tribune, sensitivities related to the over USD 60 billion China-Pakistan Economic Corridor (CPEC) project, is preventing customs from filing… – Continue reading
Western Australia’s residential sector could be facing up to 12 months or more of limited interest from Chinese buyers in the wake of the state government’s decision to increase taxes on offshore purchasers. Earlier this week, as part of its annual state budget, the WA government announced that it would… – Continue reading
There have been a number of recent legal and regulatory changes in Taiwan that have impact from a wealth management perspective. Tax Rates Changes effective 2018 Effective 1 January 2018, the new tax rates for Taiwan are: Local foundation tax rule tightened Effective 1 January 2018, dividend for local foundations… – Continue reading
President Muhammadu Buhari’s anti-corruption drive moved a notch higher yesterday. Nigeria and the United Arab Emirates (UAE)’s agreement on recovery of assets and cash stashed away in UAE by Nigerians takes off next month. Besides, the collaboration among heads of anti-corruption agencies in Commonwealth (Africa) countries will be stepped up… – Continue reading
