Kazakhstan’s National Bank is considering banning cryptocurrency use, exchanges, and mining, saying virtual currencies are an ideal vehicle for fraud, money-laundering, and tax evasion. “In Kazakhstan, the National Bank is taking a very conservative approach toward the matter, and it welcomes nothing but extremely tough restrictions,” Daniyar Akishev, the chairman… – Continue reading
Thailand’s awaited tax framework for cryptocurrencies has been announced this week by the Thai Finance Minister, local news outlet Nikkei Asian Review reported Friday, March 30. Apisak Tantivorawong reported during a March 27 cabinet meeting that crypto trades will be taxed with a 7 percent value added tax (VAT), and… – Continue reading
ASTANA, 29 March (BelTA-Kazinform) – The Senate (upper house) of the Parliament of Kazakhstan passed the law on the ratification of the protocol between the Government of the Republic of Kazakhstan and the Government of the Republic of Belarus on amendments and additions to the agreement on the avoidance of… – Continue reading
India has approved amendments to its double tax agreement with Qatar. The amendments update the information exchange provisions between the two countries in line with current international standards. A new Limitation on Benefits (LOB) provision has been introduced, which is designed to prevent “treaty shopping” (whereby companies or transactions are… – Continue reading
The Indian Central Board of Direct Taxes has issued a statement to defer the filing obligation on surrogate parent entities with regards to country-by-country reporting. Section 286 was inserted into the Income Tax Act 1981 through the 2016 Finance Act to introduce a requirement to furnish a country-by-country report. The… – Continue reading
All international groups operating in the country will have to provide a country-by-country (CbC) report as per the revised Income tax Act, the government clarified in a finance ministry release issued today. The CbC report is to be furnished by the ultimate parent entity of an international group in the… – Continue reading
President Muhammadu Buhari on Monday signed two agreements with two countries following the approval of the Federal Executive Council (FEC). The agreements, according to a statement issued by the Special Adviser on Media and Publicity to the President, Femi Adesina, include the instrument for ratification of agreement between Nigeria and… – Continue reading
Granting tax relief to Deloitte India, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the provisions relating to Tax deduction at Source (TDS) are not applicable to the professional fee paid by them to its Group Entities in US and Singapore. The division bench of the… – Continue reading
Muscat – The sultanate on Sunday signed a Double Taxation Avoidance Agreement (DTAA) with Slovakia during talks held at the Ministry of Finance to discuss cooperation in the economic fields, investment and the tax field. The agreement was signed by H E Darwish bin Ismail bin Ali al Balushi, Minister… – Continue reading
One of the fastest growing crypto exchanges over the past year, Binance, announced on its official blog its intention to move operations to the European island of Malta. This decision comes after the difficulties experienced to operate under the conditions imposed by the Japanese government. A few weeks ago the… – Continue reading
Foreign Minister of Ukraine Pavlo Klimkin and Finance Minister of Qatar Ali Shareef Al-Emadi have signed an agreement on avoiding double taxation and preventing income tax evasion between the government of Ukraine and Qatar. According to a Thursday posting on the website of the Finance Ministry of Ukraine, avoiding double… – Continue reading
Armenia and Israel will abolish double taxation, a corresponding draft decision was approved at a cabinet meeting on Thursday, March 22. Israel and Armenia expressed a wish to bolster and expand relations when the former’s foreign minister Edward Nalbandian met the latter’s prime minister Benjamin Netanyahu in November 2017. During… – Continue reading
The Union Cabinet chaired by Prime Minister Narendra Modi today gave its approval for revision of the Agreement between India and Qatar for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The existing Double Taxation Avoidance Agreement (DTAA) with Qatar… – Continue reading
Pakatan Harapan had unveiled an election manifesto earlier this month stating that they will restore the Sales and Service Tax (SST) after abolishing the Goods and Services Tax (GST) within the first 100 days of its administration. While the Prime Minister had pointed out earlier that Malaysia will only be… – Continue reading
Hong Kong (HKSAR) – The Financial Secretary, Mr Paul Chan, on behalf of the Government of the Hong Kong Special Administrative Region, signed in Hong Kong today (March 19) a comprehensive agreement for the avoidance of double taxation (CDTA) with the Ambassador of India to China, Mr Gautam Bambawale, signifying… – Continue reading
SINGAPORE, March 19 (Xinhua) — The Monetary Authority of Singapore (MAS) announced on Monday it has imposed penalties of 5.2 million Singapore dollars (about 3.95 million U.S. dollars) on the Singapore branch of Standard Chartered Bank (SCBS), and 1.2 million Singapore dollars (about 0.91 million U.S. dollars) on Standard Chartered… – Continue reading
Those who hold an account (or are a controlling person) with Hong Kong Financial Institutions – both individuals and entities – must prepare to report their tax residency information to the Inland Revenue Department (IRD) by May 2018 for exchange with 75 reportable jurisdictions under the AEOI standard. In September… – Continue reading
The deadline for multinationals to submit a master file and CbC report in India is March 31, 2018, in respect of the 2016-17 financial year. A “master file” must be furnished by multinationals if the total consolidated group revenue exceeds INR5bn and either the aggregate value of international transactions as… – Continue reading
NEW DELHI, MARCH 11 Worried about tax evasion under the Goods and Services Tax (GST), officials are keen that the new returns filing system should ensure that the tax is first paid before the credit is given. Sources said inclusion of such a provision is one of the key differences… – Continue reading
On March 1st, President Joko Widodo signed the Presidential Decree No. 13/2018 on beneficial ownership, which enables authorities to identify the beneficial owners of firms and cooperatives, among other institutions. The decree will help to curb money laundering and terrorism funding practices. Experts have said it will also provide a… – Continue reading
India and Iran signed a Double Taxation Avoidance Agreement (DTAA) in February, during Iranian President Hassan Rouhani’s official visit to India. The ‘Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income’ aims to encourage the movement of investments and services… – Continue reading
Hong Kong’s Inland Revenue Department on March 5 launched its new Country-by-Country Reporting Portal. Groups can now register to file CbC reports for accounting periods beginning between January 1, 2016, and December 31, 2017, using the online portal. The CbC report is one element of a new three-tiered standardized approach… – Continue reading
According to Reuters, the European Union will soon remove Saint Lucia, along with the Marshall Islands and Bahrain, from its blacklist of countries deemed to be tax havens. The decision was made by the EU Code of Conduct Group of tax experts from the 28 member states following “specific commitments”… – Continue reading
KARACHI: Foreign investors expressed concern over a proposed tax amnesty scheme to bring back offshore investments, terming it as an injustice with compliant taxpayers, officials said on Monday. Overseas Investors’ Chamber of Commerce and Industry (OICCI), representing major foreign companies in Pakistan recently shared its concerns, through a letter, with… – Continue reading
On December 29, 2017, Hong Kong gazetted the Inland Revenue (Amendment) (No. 6) Bill 2017 (the Amendment Bill). The Amendment Bill, which was formally introduced into the Legislative Council on January 10, represents a crucial step in the development of Hong Kong’s transfer pricing regulatory and enforcement regime. The objectives… – Continue reading
JAKARTA, NNC – Director General of Taxes of the Ministry of Finance Robert Pakpahan discloses the rules of reporting financial account of undivided inheritance of a deceased person is a derivative of Indonesia’s participation in Automatic Exchange Of Information (AEoI). According to him, the existence of this rule does not… – Continue reading
Financial institutions in Singapore are required to file information required under the US Foreign Account Tax Compliance Act starting April 16 by May 31, 2018. All reporting Singapore financial institutions (SGFIs) must submit a FATCA Return to IRAS by May 31 setting out the required information in relation to every… – Continue reading
ULAN BATOR, March 5 (Xinhua) — Mongolia has formulated a draft law on tax reform in a bid to attract more investment and optimize the business environment, Prime Minister Ukhnaa Hurelsukh said on Monday. “We aim to encourage the fair businessmen and good taxpayers by reducing their taxes,” Hurelsukh said… – Continue reading
High net worth residents in the UAE are increasingly applying for second passports to avail of maximum visa-free travel opportunities, expand businesses and avoid double taxation, experts have said. According to companies involved in citizenship programmes, most of the demand for second citizenship programmes is coming from Indians, Pakistanis, Syrians… – Continue reading
India might take the vanguard position all over the world in outlining a possible framework for taxing digital bodies that have a huge business or user base in a nation but do not have a noteworthy physical attendance there. The 2018 Union Budget has, for the initial time, cited the… – Continue reading
ISLAMABAD: A three-member committee, constituted by the Supreme Court of Pakistan, has proposed amendments to laws of Income Tax Ordinance (ITO), 2001 and Protection of Economic Reform Act, 1992, for removing legal lacunas as they consider it as pre-requisites for introducing yet another amnesty scheme to bring offshore assets into… – Continue reading
According to regional reports, China’s police agency is allegedly monitoring cryptocurrency exchanges based outside of the country. An informant details that China’s Public Information Network Security Supervision task-force is closely watching both domestic and foreign trading platforms involved with cryptocurrencies to prevent fraud, pyramid schemes, and money laundering. China’s Regulators… – Continue reading
In a meeting, both sides agreed to strengthen bilateral cooperation in the areas of economic development, trade and investment, agriculture and tourism cooperation Bangladesh and Morocco have signed an agreement on avoidance of double taxation and a protocol on Foreign Office Consultations. The two instruments were signed by Foreign Minister… – Continue reading
A small island nation with less than 60,000 inhabitants best known internationally as a former test site for nuclear weapons is joining the hottest new trend – issuing a national cryptocurrency. The planned Marshall Islands’ Govcoin is expected to be issued later this year. Marshall Islands Govcoin ICO The Republic… – Continue reading
The Inland Revenue Authority of Singapore (IRAS) on February 23, 2018, released the fifth edition of its Transfer Pricing Guidelines for income tax. During a public consultation held in June 2017, stakeholders asked the Ministry of Finance to provide more clarity and guidance on transfer pricing documentation (TPD) requirements, specifically… – Continue reading
Moshe Asher: Exempting immigrants and returning residents from reporting is unjustifiable as a matter of principle. The “Milchan Law,” which grants tax and reporting benefits to new immigrants and returning residents and is the subject of the suspicions against Prime Minister Benjamin Netanyahu in the gifts case (Case 1000), was… – Continue reading
Analysts are pointing to Finance Ministerial Regulation No. 19/2018, which was recently issued by Finance Minister Sri Mulyani Indrawati, as technical guidance to support global transparency in taxation. Economist Bawono Kristiaji said the regulation supported the implementation of the Automatic Exchange of Information (AEOI) agreement, which was signed by 100… – Continue reading
Russian president stresses the need for Russia to increase its involvement in blockchain tech, in order to avoid being “late in the race”. Russian president Vladimir Putin has fully endorsed blockchain technology, acknowledging its significance and emphasizing the importance of early adoption in order to avoid being left behind. As… – Continue reading
TEMPO.CO, Jakarta – Directorate General of Tax stated that financial data exchange and Automatic Exchange of Information (AEOI) for taxation purposes with Singapore will begin in September 2018. “We will begin information exchange with Singapore in September 2018,” said international taxation director at the tax DG John Hutagaol in Jakarta… – Continue reading
NEW DELHI: The Indian and Kenyan governments have revised their double taxation avoidance agreement (DTAA) to bring down the withholding tax rates, protect treaty from abuse and check tax evasion, an official statement said on Thursday. The revised DTAA was notified on February 19, said a Finance Ministry statement. “The… – Continue reading
Singaporeans aged 21 and above are going to get a one-off bonus of S$100 to S$300, according to budget proposals unveiled by the city-state earlier this week. But accompanying the good news came the announcement of several new tax measures which could more than offset the cash handout. Singapore has… – Continue reading
The agreement to avoid double taxation on the aviation industry across Macau and Taiwan came into effect in the second week of February. The Chief Executive signed a notice, which was published in the government’s Official Gazette, notifying the implementation of the memorandum. The notice remarks on how the implementation… – Continue reading
The general anti-avoidance rule was first introduced in China under the 2008 CIT Law. It empowers Chinese tax authorities to make reasonable adjustments where an enterprise implements an arrangement without reasonable business purposes in order to reduce its taxable income or profit. According to the CIT Law’s Implementation Guidelines, “an… – Continue reading
Finance Secretary Carlos Dominguez III said Tuesday the government is studying three kinds of tax amnesty programs. Dominguez said these programs would include amnesty for the estate taxes, amnesty for those who were remiss in paying their taxes and amnesty for those who had tax cases. “There are three kinds… – Continue reading
‘The companies think that they have not evaded any tax and went for legal help. But they will pay the claimed dues if they lose the legal battle’ Eight insurance companies have allegedly avoided around Tk345 crore in Value Added Tax (VAT) in four years, according to officials at the… – Continue reading
The Senate on Monday passed on third and final reading five resolutions concurring the ratification of five treaties, including the Budapest Convention on Cybercrime which would prevent syndicates from making the Philippines a “haven” for their illegal activities. Senators also unanimously ratified four treaties covering the Philippines’ Double Taxation Avoidance… – Continue reading
Singapore’s tax agency has made two announcements recently concerning the automatic exchange of information on foreign taxpayers’ affairs, on the Common Reporting Standard (CRS) and the US Foreign Account Tax Compliance Act. In respect of the OECD’s CRS, through which territories worldwide are to automatically exchange taxpayer data from this… – Continue reading
India and Iran today signed an agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with regard to taxes on income. The agreement is on similar lines as entered into by India with other countries, the Central Board of Direct Taxes (CBDT) said in a statement. “The agreement… – Continue reading
The Finance Ministry’s directorate general of taxation has called on all financial institutions to register with the tax office to begin the process of reporting customers’ data in accordance with the Automatic Exchange of Information (AEOI) program. Taxation directorate general spokesman Hestu Yoga Saksama said on Wednesday in Jakarta that… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) has listed 400 Pakistanis who own real estate in UAE, sources told Geo News Wednesday, after the revenue minister announced an investigation into the matter. Geo News broke the story on February 6, 2018, in which it reported that the Pakistani individuals have… – Continue reading
