India’s Central Board of Direct Taxes (CBDT) has released further information on the long-term capital gains tax announced in the recent budget, in the form of a list of answers to frequently asked questions. Explaining the change, the CBDT noted that, under the existing regime, long-term capital gains arising from… – Continue reading
On February 3, 2018, China’s State Administration of Taxation set out new rules on the disallowance of tax treaty benefits where an entity fails to demonstrate it is the beneficial owner of Chinese assets from which passive income is derived. A beneficial ownership requirement is introduced in treaties to prevent… – Continue reading
Singapore is considering introducing a levy on e-commerce to give traditional vendors a fighting chance in the face of increased online competition The Singaporean government is expected to introduce a new e-commerce tax in its budget next Monday, in an attempt to level the playing field between online and offline… – Continue reading
ONCE again reports are appearing in the media about the billions of dollars stashed by Pakistanis in foreign accounts or the investments they have made especially in property market abroad. National Assembly’s Standing Committee on Finance was informed on Friday that seven thousand Pakistanis have invested a whopping Rs 800… – Continue reading
HÀ NỘI– Foreign direct investment (FDI) enterprises, which have enjoyed multiple tax incentives, pay the lowest State taxes despite reporting high profits, statistics show. FDI enterprises have achieved the highest profit growth among the economic sectors, generating VNĐ327.4 trillion (US$14.4 billion) in pre-tax profits in 2016, an increase of 17.3… – Continue reading
Metro Manila (CNN Philippines, February 7) — The Bureau of Internal Revenue (BIR) on Wednesday said it will begin investigating Chief Justice Maria Lourdes Sereno’s alleged failure to pay taxes. BIR Deputy Commissioner for Operations Arnel Guballa made this commitment in response to an order from the House Committee on… – Continue reading
KUALA LUMPUR: The Inland Revenue Board (IRB) will raise the level of awareness among taxpayers and boost compliance rate among them to achieve a collection target of RM134.7 billion this year. It chief executive officer (CEO) Datuk Seri Sabin Samitah said that in 2017, tax collection rose by 8.15% compared… – Continue reading
The Indian Central Board of Direct Taxes on February 7 announced that it entered into its first ever bilateral advance pricing agreement with a US firm, in cooperation with authorities in the US. In total, during January 2018, the CBDT entered into five unilateral APAs and two bilateral APAs. CBDT… – Continue reading
ASTANA. KAZINFORM Kazakhstan has ratified the Protocol between the Governments of Kazakhstan and India on introducing amendments to the Convention on the avoidance of double taxation, the press service of Akorda reports. Head of State Nursultan Nazarbayev signed the Law of the Republic of Kazakhstan “On Ratification of the Protocol… – Continue reading
The Bureau of Internal Revenue (BIR) said employees of regional operating headquarters (ROHQ) who used to enjoy preferential tax rates, will no longer be able to avail them beginning this year. In a tax advisory, the BIR said in view of the recent amendment of the provisions of Section 25(B),… – Continue reading
SUBANG: The Inland Revenue Board (IRB) will this year put in place strong measures to deter tax avoidance and evasion by focusing on individuals and firms engaging in such misconduct. Chief Executive Officer (CEO) Datuk Dr Sabin Samitah said the offences included those who engaged in aggressive tax planning, by… – Continue reading
The Russian Ministry of Finance is drafting a bill to allow the creation of offshore companies to trade cryptocurrencies. This follows the bill which the ministry recently published on the legal framework for cryptocurrencies. Crypto Trading Offshore “The Ministry of Finance proposed to create offshore companies in Russia for trading… – Continue reading
Finance Ministry’s move under BEPS treaty will impact Google, Facebook, Amazon MUMBAI, FEBRUARY 5 Digital players such as Google, Facebook and mobile application services providers must pay taxes in India on income generated from Indian consumers even if the companies’ infrastructure is physically located abroad. According to a new proposal… – Continue reading
JEDDAH — Saudi Customs will inspect companies, clearance offices and importers to check violations such as bill manipulations to evade tax or customs duty. Violators will be fined an amount ranging between SR500 and SR5,000 and imprisoned for no more than two years. Their licenses may also be revoked, said… – Continue reading
Hong Kong (HKSAR) – The Inland Revenue (Amendment) Ordinance 2018 (the Ordinance) was gazetted today (February 2). The technical amendments on automatic exchange of financial account information in tax matters (AEOI) (i.e. clauses 5 to 11) under the Ordinance will come into operation on January 1, 2019, while other provisions… – Continue reading
Hong Kong on February 2, 2018, ratified an Ordinance to enable the territory to soon join the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters and thereby more simply and more broadly agree to exchange tax information with other countries’ tax authorities. The Inland Revenue Department said the… – Continue reading
Also, multinational companies with a physical presence in Israel will soon get their first tax bill Israel will need to amend its corporate tax policies to counter the effects of US President Donald Trump’s tax reform, the head of Israel’s Tax Authority head acknowledged — but only slightly. “There will… – Continue reading
Lower corporate income taxes should come with a reduction in business incentives to limit the impact on government revenues, the Finance department said. Finance Undersecretary Karl Kendrick Chua said that least P26 billion had to be raised for every percentage point cut to the corporate income tax rate, which the… – Continue reading
Washington–Ahead of Finance Minister Arun Jaitley’s last full Union Budget, the US-India Business Council (USIBC) has urged him to further reduce tax uncertainty for multinational companies and foreign investors, even as Indian industry has voiced its own areas of concern. In a memorandum submitted to Jaitley, the USIBC has said… – Continue reading
VALLETTA, Jan. 24 (Xinhua) — Malta has generated 518 million euros since it started its citizenship by investment scheme, according to Prime Minister Joseph Muscat. Replying to a parliamentary question on Wednesday, Muscat said that of the total revenue generated, 363 million euros had entered in the country’s National Development… – Continue reading
On December 29, 2017, the Inland Revenue (Amendment) (No. 6) Bill 2017 (BEPS bill) was gazetted in Hong Kong. The BEPS bill introduces a transfer pricing regulatory regime and mandatory transfer pricing documentation requirement in Hong Kong as well as a variety of other anti-BEPS changes. The BEPS bill marks… – Continue reading
Expects to avoid the mandatory dividend distribution tax BENGALURU, JANUARY 24: Consultancy multinational Accenture Solutions expects to avoid a substantial amount of tax for its Indian operations as it seeks nod from its creditors on Thursday for reduction of its capital from ₹5,361 crore to ₹2,263 crore. It has now… – Continue reading
UAE was confident of swift removal from the tax haven list in 2018. The UAE, along with seven other countries, has been removed from the European Union’s list of Uncooperative Tax Havens as the country further enhanced its transparency in tax procedures. As a mark of strengthening ties with EU… – Continue reading
The Macau SAR has been removed from the European Union list of non-cooperative jurisdictions for tax purposes, joining a separate category of jurisdictions ‘subject to close monitoring,’ the European Union (EU) announced on Tuesday Macau (MNA) – The Macau SAR has been removed from the European Union list of non-cooperative… – Continue reading
There is a need to streamline the institutional framework for granting tax incentives such that all 14 investment promotion agencies (IPAs) at present observe a single menu of incentives rather than a diverse, confusing and non complementing set of rules, the Department of Finance (DOF) said last Friday. According to… – Continue reading
The National Accountability Bureau (NAB) has written to several state institutions seeking record and details of offshore companies reportedly established in tax havens abroad by Pakistan Tehreek-e-Insaf (PTI) leader Aleem Khan and Pakistan Muslim League-Quaid (PML-Q) leader Chaudhry Moonis Elahi, DawnNews has reported. The Supreme Court had in November last… – Continue reading
India’s tax dept. orders investors to pay up after national survey reveals $3.5 billion worth of transactions during a 17-month period. Indian cryptocurrency investors have been issued notices by the income tax department, after a national survey revealed that cryptocurrency transactions during a 17-month period amounted to more than $3.5… – Continue reading
KARACHI: Government on Saturday said it may roll out an amnesty to allow offshore bank account holders to declare their wealth against nominal tax rates ahead of the implementation of OECD’s treaty to exchange financial details with foreign countries in September. Miftah Ismail, adviser to the Prime Minister for finance,… – Continue reading
Malaysia’s Inland Revenue Board (IRB) on January 11, 2018, released guidelines on applying for the resolution of double tax cases through the Mutual Agreement Procedure. The MAP Guidelines have been updated to incorporate the recommendations of the OECD BEPS Action 14 report on making dispute resolution mechanisms more effective. The… – Continue reading
The General Department of Taxation called last week on banks, insurance companies and microfinance institutions (MFIs) to accurately report the taxpayer identification numbers (US-TIN) of clients with US citizenship. The statement, issued on January 3 and signed by GDT’s general director Kong Vibol, said reporting accurate US-TIN numbers is necessary… – Continue reading
Police and tax agencies raided South Korea’s largest cryptocurrency exchanges this week for alleged tax evasion South Korean financial authorities had previously said they are inspecting six local banks that offer virtual currency accounts The crackdown comes as the South Korean government attempts to calm frenzied demand for cryptocurrency trading… – Continue reading
The United Arab Emirates Cabinet on January 7, 2018, approved two double tax agreements concluded by the territory in 2017 with Moldova and Croatia. Double tax agreements seek to facilitate trade and investment between two or more countries by setting out the taxing rights of the territories involved, to ensure… – Continue reading
The Income Tax Department recently released a clarification stating that it would accept requests for mutual agreement procedures (MAPs) and bilateral advance pricing agreements (BAPAs) in transfer pricing disputes with all countries regardless of the existence of specific provisions in the Double Taxation Avoidance Agreements (DTAAs). A 2012 survey by… – Continue reading
LAHORE: Pakistan Muslim League-Nawaz (PML-N) President Nawaz Sharif has instructed Prime Minister’s Adviser on Finance Economic Affairs and Revenue Miftah Ismail to implement tax reforms to strengthen the economy. During a meeting at his Raiwind residence, Nawaz instructed Miftah to refund 100 per cent sales tax to exporters by February… – Continue reading
The double tax avoidance agreement (DTA) between Cambodia and Singapore came into effect this month, helping clarify taxation rights on all forms of income arising from cross-border business activities, while minimising double taxation. On January 1 the Inland Revenue Authority of Singapore (IRAS) issued an announcement stating that the DTA… – Continue reading
Taiwanese Premier Lai Ching-Te has directed the Ministry of Finance to work towards a Taiwan-US tax treaty. Speaking at a strategic briefing to the National Development Council on January 4, 2018, Lai noted that the US is one of Taiwan’s most important trading partners. A tax treaty would ensure that… – Continue reading
The GOP tax bill that was signed into law by the white house late last year, significantly reduced corporate taxes which has piled pressure on other significant economies around the world to adjust so as not to lose investors to the United States. Just hours after President Trump signed the… – Continue reading
Ernst and Young Solutions LLP, Singapore, has released its wish list for the Singapore Budget 2018, calling for reforms to sharpen the territory’s competitiveness. The firm said that Singapore should maintain its 17 percent corporate income tax (CIT) rate, which is one of the lowest in the world, but recommended… – Continue reading
Despite failing to achieve revenue collection targets last year, the Indonesian Government has set an ambitious goal for 2018 of boosting collections by 20 percent. Indonesia posted a nine percent shortfall against budget targets in 2017. However, the Government hopes to considerably boost the tax take in 2018, bargaining on… – Continue reading
THE Cabinet yesterday approved a draft bill aimed at preventing the transfer of assets and profits for the purpose of avoiding tax liabilities. Also approved yesterday were proposals requiring that juristic persons with interconnected transactions of more than Bt30 million a year send the authorities a clarification report and a… – Continue reading
Viet Nam News HCM City – The Netherlands-based ride-hailing firm Uber International Services Holding B.V has filed a lawsuit against the HCM City tax department after it decided to forcibly collect tax, Người Lao Động (Labourer) newspaper reported. Earlier the department had sent a notice to Uber that it had… – Continue reading
Switzerland’s abandonment of banking secrecy for international tax dodgers is having an unexpected side effect at home: more domestic tax cheats with accounts around Europe are coming forward. If 2017 was the glide path for Switzerland’s international data-swapping agreements, this year means business: Swiss banks must automatically share client data… – Continue reading
Manama : In a bid to curb tax evasion, the Government of Bahrain has decided to give cash rewards of up to BD10,000 to those who report such irregularities to the authorities here. “Those who report tax evasion will be paid 2.5 percent of the fine imposed or a maximum… – Continue reading
More than 100 companies with international operations are being asked for the first time to give the Tax Authority marks for its performance. Taxpayers in Israel rarely have the opportunity to rate the performance of the Israel Tax Authority. Even if they did, they would be apprehensive about doing so… – Continue reading
Jakarta. Indonesia failed to meet its tax revenue target in 2017, posting Rp 132.1 trillion — around $9.5 billion — in tax shortfall from the target set in last year’s revised budget, its Finance Ministry announced on Tuesday (02/01). Finance Minister Sri Mulyani Indrawati said the 2017 tax target was… – Continue reading
India entered into three more advance pricing agreements in December, with two unilateral agreements and a bilateral APA concluded with authorities in the United Kingdom. With the signing of these agreements, the total number of APAs entered into by the Central Board of Direct Taxes totals 189, comprising 173 unilateral… – Continue reading
A joint investigation by the Department of Special Investigation (DSI) and related agencies has led to the retrieval of nearly Bt9 billion in luxury car tax and a case against tax-avoiding importers would soon be submitted for prosecution, DSI deputy chief Pol Lt-Colonel Korrawat Panprapakorn said on Tuesday. Korrawat reported… – Continue reading
Hong Kong published two bills in its Official Gazette on December 29 to introduce provisions to counter base erosion and profit shifting and to alter its business tax regime. The bills are to be tabled before the Legislative Council on January 10, 2018, and must pass through three readings before… – Continue reading
‘Globes Israel’ claims that a secret department was set up in France’s tax authority specifically to investigate French Jews for tax evasion. The French have set up a secret department within their tax authority that employs 20 Hebrew speakers in order to find out if Jews are trying to evade… – Continue reading
BEIJING, Dec. 30 (Xinhua) — China’s foreign exchange regulator on Saturday toughened the rules on overseas cash withdrawals from personal bank cards to curb money laundering, terrorist financing and tax evasion. The State Administration of Foreign Exchange (SAFE) said in a circular that the total amount of overseas cash withdrawals… – Continue reading
