The quest by the President Muhammadu Buhari’s administration to improve the ease of doing business in Nigeria and diversify the nation’s economy on Wednesday received a boost. This followed the passage of “a Bill for an Act to Provide for the Domestication and Enforcement in Nigeria of the Avoidance of… – Continue reading
Iran is to launch an offshore bank on one of its Gulf islands “within a month”, according to a report by the official IRNA news agency, as it continues to seeks ways around restrictions on international payments. The bank will be set up on Kish Island, which has been developed… – Continue reading
The unpopular Foreign Account Tax Compliance Act (FATCA) of the United States has set off a rash of similar legislation around the world, and Costa Rica has been eager to adopt these international asset reporting treaties, which many taxpayers consider overreaching and in violation of financial privacy. The Costa Rica… – Continue reading
The National Assembly of South Korea is postponing the ratification of the Foreign Account Tax Compliance Act (FATCA) for the automatic exchange of South Korean and U.S. taxpayers’ financial information. Under the circumstances, South Korean financial companies are about to be forced to pay more than 600 billion won (US$521… – Continue reading
Georgia and South Korea have recently signed a double tax agreement, which allocates taxing rights to the two countries to prevent the double taxation of the same income. The agreement was signed by Georgian Finance Minister Nodar Khaduri, and South Korea’s Deputy Prime Minister and Minister of Finance, Yoo II-Ho,… – Continue reading
Georgia and South Korea are stepping up bilateral cooperation to avoid double taxation, boost investments and increase economic cooperation. Georgia’s Finance Minister Nodar Khaduri plans to visit South Korea and sign a cooperation agreement on avoidance of double taxation, prevention of evasion of income and capital taxes. Double taxation is… – Continue reading
The Federation of Korean Industries (FKI) has disclosed that 81 percent of respondents to a survey of South Korean companies professed that, although they were aware of the OECD’s base erosion and profit shifting (BEPS) project, they were not, as yet, making any preparations. The South Korean Government is preparing… – Continue reading
The Finance Act 2015 introduced certain gateway conditions for the new exemption from UK withholding tax on interest payments for “qualifying private placements.” The Qualifying Private Placement Regulations 2015 setting out the detailed conditions for relief have now been made. While January 1, 2016 was appointed as the effective date,… – Continue reading
The government has decided to form a taskforce involving government and private sector stakeholders to bring the tax-evading unauthorised foreigners under the tax radar. An inter-ministerial meeting has already been held recently to discuss about the formation a high-powered taskforce that will enhance monitoring on the unauthorised foreigners for realising… – Continue reading
The revived Asia Tax Awards will feature categories for companies, firms and individuals. The Asia Tax Awards are back! More than five years after they last took place in November 2010, the Asia Tax Awards will be held once again on Thursday May 5 2016, following the Asia Tax Forum,… – Continue reading
2015 has officially come to an end. Amidst the ending celebrations, packing away of decorations, and last spoonful of dessert, many of us are putting together our work plans and resolutions for 2016. And looking back at last years’ list, there remains one capitalised, un-crossed-off item: BEPS Perhaps your organisation… – Continue reading
SEJONG, Jan. 27 (Yonhap) — South Korea’s tax authorities said Wednesday that it has launched probes into 30 offshore tax evasion cases as part of its efforts to clamp down on tax dodging. The National Tax Service (NTS) said the investigation is targeting companies and individuals who have allegedly concealed… – Continue reading
Macau’s Financial Services Bureau (DSF) has confirmed to Business Daily that the local authority is to sign a Tax Information Exchange Agreement (TIEA) with South Korea, which would add to the existing 15 jurisdictions that have already signed this agreement with the territory. According to the Bureau, its South Korean… – Continue reading
South Korea and the Republic of Serbia have signed an agreement on the prevention of double taxation. South Korea’s Ambassador to Serbia Lee Do-hoon said that Serbian Finance Minister Dusan Vujovic and he signed the agreement on Friday in Serbia. South Korea’s Foreign Ministry expects the latest taxation agreement will… – Continue reading
China’s central bank said on Monday it will start implementing a reserve requirement ratio (RRR) on offshore banks’ domestic deposits, in what appears to be its latest attempt to stem speculation in the yuan and manage money flowing in and out of the country. Confusion over China’s foreign exchange policy… – Continue reading
China’s central bank said on Monday it will start implementing a reserve requirement ratio (RRR) on offshore banks’ domestic deposits, in what appears to be its latest attempt to stem speculation in the yuan and manage money flowing in and out of the country. Confusion over China’s foreign exchange policy… – Continue reading
HONG KONG: In the space of about five years, the offshore market in Chinese yuan has gone from the poster child of Beijing’s financial market liberalisation to a battleground to regain control of the currency, spooking investors and raising questions about the future of the market. While investor appetite for… – Continue reading
SEOUL, Jan. 11 (Yonhap) — Actor Jang Keun-suk has finally broken his silence after stirring up controversy for his alleged tax evasion in China. The “hallyu” star dropped out of the popular tvN reality show “Three Meals a Day” early last year after reports accused him of underreporting his income… – Continue reading
Luanda – Throughout the year just ended, as in the previous, the country’s economy “found himself grappling” with a major setback if they can be considered, due to the continued drop in oil prices, which is in the house $ 37 a barrel, far from the historic $ 122 value,… – Continue reading
Taipei, Jan. 6 (CNA) President Ma Ying-jeou (馬英九) lauded his administration’s efforts to improve the country’s development and expressed optimism Wednesday about the future for Taiwan’s next generation, citing a recent survey that found Taiwan the most optimistic about the future among other Asian nations. If peace and prosperity in… – Continue reading
Footwear is one of the industries with high export turnover. However, the profitable industry is being controlled by companies from South Korea and Taiwan. According to the Vietnam Leather & Footwear Association (Lefaso), with 800 enterprises and 1 million workers, FIEs account for one-fourth of total number of footwear makers,… – Continue reading
Initiated by the Organisation for Economic Cooperation and Development in 2013 and endorsed by the G-20, the OECD’s “Action Plan to Address Base Erosion and Profit Shifting (BEPS)” includes 15 key areas to encourage more transparency, better reporting and more cooperation between countries in which multinational companies operate. On October… – Continue reading
From next month, offshore tax evasion through tax havens will become more difficult. The Finance Ministry said Thursday that starting January first, financial firms in the country must verify information on financial accounts held in South Korea by overseas residents. This is a prior measure for a system to be… – Continue reading
NEW DELHI: India and Korea have inked a new memorandum of understanding on suspension of collection of taxes during pendency of mutual agreement procedure. This MoU will relieve the burden of double taxation for taxpayers in both the countries during the pendency of MAP proceedings. MAP or Mutual Agreement Procedure… – Continue reading
The government will look into compelling taxpayers to report to authorities if they receive consulting to reduce their tax obligations. The Ministry of Strategy and Finance said Sunday that it will review the measure as a follow-up to the Base Erosion and Profit Shifting program approved at last month’s Group… – Continue reading
The Base Erosion and Profit Shifting (BEPS) project is an initiative being pursued by the Organization of Economic Cooperation and Development (OECD) to curtail perceived exploitation of international tax rules and loopholes by multinational enterprises (MNEs). The OECD’s BEPS project was initiated in 2013 at the request of the Group… – Continue reading
Government officials say multinational technology giants are reluctant to pay anything The Korean affiliates of Microsoft (MS) and Oracle are under increasing pressure to pay taxes here, with government officials saying the two multinational technology giants were reluctant to pay anything, although they generated huge a lot of money from… – Continue reading
Abuja – The speaker of the House of Representatives, Rt. Hon Yakubu Dogara, yesterday reiterated the resolve of the legislature to domesticate all pending treaties, memoranda of understanding and agreements that will bring benefit to Nigerians. Dogara said this while speaking to a Korean delegation that paid him a courtesy… – Continue reading
The creation of the Group of Twenty (G20) was believed to serve as a remedy to the harsh realities of the world today. The initial formation of the Group of Seven G7 could do little to avert pertinent challenges both the developing and the developed nations face frequently. So a… – Continue reading
Latest developments under the Base Erosion and Profit Shifting (BEPS) initiative of the Organisation for Economic Co-operation and Development (OECD) was one of the key points of a recent four-day visit by KPMG’s global leader for Transfer Pricing Services Sean Foley to Vietnam. He shared the issue with Vietnam’s General… – Continue reading
Google is said to have evaded paying an estimated $1.3 billion earned from selling apps in Korea based on the argument that their server is based in Ireland. The so called ‘Google Tax’, also known as the Base Erosion & Profit Shifting (BEPS) regulation, has been adopted this week by… – Continue reading
President Park Geun-hye called Monday for a careful adjustment of monetary policies of advanced countries amid lingering worries over a potential Fed rate hike. Last month, the U.S. Federal Reserve kept interest rates at near zero due to global headwinds but suggested that it could raise rates by the end… – Continue reading
3/11/2015 – On 11-12 November 2015, the first Asia-Pacific Technical Meeting on BEPS discussed the outcomes of the BEPS Project, and the challenges countries face in the region in implementing BEPS, and explored how countries in the region can engage in the implementation, on-going development and monitoring of the measures… – Continue reading
A Financial Action Task Force (FATF) delegation visits Israel this week to consider Israel’s application for membership. “Israel is working tirelessly to upgrade its standing as a regional leader in the struggle against money laundering and financing of terrorism through persistent regulatory changes and a more effective regime. Up until… – Continue reading
What has happened? On 5 October 2015 the OECD issued its final paper on BEPS Action 12 Mandatory Disclosure Rules, Action 12 – 2015 Final Report (Paper). In this Alert we highlight the main issues and recommendations for taxation reform raised in the Paper. The Australian Treasurer’s BEPS Press Release… – Continue reading
A recent Thomson Reuters survey report reveals that European companies are outpacing all others in developing their Base Erosion and Profit Shifting (BEPS) action plans by Dec. 31, 2017 – the deadline set by the Organization for Economic Cooperation and Development (OECD). But most respondents voiced several concerns about BEPS… – Continue reading
Some might be surprised to learn that certain areas of Richmond and Vancouver, despite being thoroughly decorated with mcmansions, monster homes, and incessantly rising land prices, are actually inhabited by low income residents that make up a surprising per cent of the population. Conservative Party leader Stephen Harper, during a… – Continue reading
Three years ago, Chinese officials said U.K. Prime Minister David Cameron had “seriously damaged” relations by meeting with the Dalai Lama, the exiled Tibetan leader. As planned talks between the two countries were canceled or failed to take place, worries emerged that Britain would miss out on building deeper economic… – Continue reading
South Korea is seeking ways to levy a corporate tax on profits of global technology companies and other multinationals as early as next year in response to growing criticism of their tax avoidance structures. The diverted profits tax is more widely called the “Google tax,” as U.S. tech giants such… – Continue reading
Last week’s OECD release of the final package of measures for a coordinated international approach to the reform of the international tax system, under the OECD/G20 base erosion and profit shifting (BEPS) project, marks the end of the discussion and recommendation phase, and the start of the implementation and practical… – Continue reading
Bangladesh is set to sign an agreement with Bhutan to avoid double taxation to boost investments, trade and facilitate information exchange between the two Saarc nations, the National Board of Revenue said in a statement. A team led by NBR Chairman Md Nojibur Rahman is now in Thimpu to take… – Continue reading
Swiss firms have bagged major business from global brands such as GSK, Novartis and Crédit Suisse this year, while their Asia ventures have come good. The legal minds behind the Glaxo-SmithKline and Novartis asset swap, global banking investigations, Schaeffler’s €2bn high yield bond issuance and Dufry’s £1.05bn takeover of Nuance… – Continue reading
A quarter of companies say they won’t meet the first deadline proposed by the Organisation of Economic Co-operation and Development (OECD) in its base erosion and profit shifting (BEPS) action plan, reports Economia. Globally, 74 per cent said they will complete their country-by-country analysis by the first due date, December… – Continue reading
SEJONG, Oct. 5 (Yonhap) — Finance ministers of South Korea, China and Japan will hold talks to coordinate policies on the sidelines of the Group of 20, International Monetary Fund (IMF) and World Bank meetings in Peru this week, the government said Monday. The finance ministry said the meeting, scheduled… – Continue reading
SEOUL/SEJONG, Oct. 1 (Yonhap) — A professor of international business law at Boston University has been tapped to represent South Korea in a tax dispute case involving a Netherlands-based company, the government said Thursday. Hanocal Holding B.V., a Dutch paper company belonging to the International Petroleum Investment Company (IPIC) of… – Continue reading
NEW YORK, Sept. 28 (Yonhap) — Nigerian President Muhammadu Buhari has vowed to make efforts to quickly resolve the issue of double taxation avoidance with South Korea. South Korea and Nigeria signed a double taxation avoidance agreement in 2006 to help boost two-way investment and trade, though the West African… – Continue reading
Bloomberg BNA’s first transfer pricing conference in Asia—the latest offering in our Global Transfer Pricing Conference series with Baker & McKenzie—could not have been better timed. The day the conference opened, Sept. 17, China issued a revised draft circular on transfer pricing that completely changed the game for multinational companies… – Continue reading
Myanmar plans to introduce more laws and regulations to increase its tax income over the coming years, sources said. The Internal Revenue Department (IRD) currently sets polices under the Myanmar Tax Law and the Union Tax Law. Sources at the IRD said they will issue further notifications, if required, to… – Continue reading
Industry welcomes move by Singapore’s financial regulatory authority to go public with tax criticism of ARFP passport scheme. They say it could force Australia and Korea into a corner. Industry figures have welcomed a move by the Monetary Authority of Singapore (MAS) to go public with the reasons it declined… – Continue reading
All eyes are on how much taxes the British retailer Tesco Group will pay to the South Korean government after its profit of more than 5 trillion won (US$4.21 billion) with the sale of Homeplus. Industry sources say that the company will not have to pay taxes at all, or… – Continue reading
