Category: Argentina
Argentina issues burdensome draft transfer pricing guidance for public comment
Argentina’s tax authority on October 2 launched a public consultation on proposed guidance that includes significant and burdensome changes to the transfer pricing requirements that local taxpayers must comply with. ... - Continue reading
Argentina: The OECD Guidelines For Multinational Companies And The Specific Instance
For over 20 years the Argentine Republic has adhered to the "OECD Guidelines for Multinational Companies" ("Guidelines"), through the "Declaration on International Investments and Multinational Companies" of the Organization for Economic Cooperation and Development ("OECD"). ... - Continue reading
Japan, Argentina sign tax treaty
Japan and Argentina join hands for tax reform ... - Continue reading
Argentina offers new tax incentives for high tech businesses
Measures set to attract high technology businesses to Argentina ... - Continue reading
Argentina, Panama, Paraguay and Uruguay to share tax information with each other
The governments of Argentina, Panama, Paraguay and Uruguay have joined forces to create a Latin American initiative to tackle tax evasion and corruption by making sharing and making better use of the information exchanged under international tax transparency standards. The countries have agreed to “consider the possibility” of making a… – Continue reading
Argentina, Panama, Paraguay and Uruguay to share tax information with each other
The governments of Argentina, Panama, Paraguay and Uruguay have joined forces to create a Latin American initiative to tackle tax evasion and corruption by making sharing and making better use of the information exchanged under international tax transparency standards. The countries have agreed to “consider the possibility” of making a… – Continue reading
European Leaders Press for New Digital Tax at G20 Meeting
European finance officials just wrapped up a G20 summit in Argentina where they pressed for new global rules to better collect tax on digital giants like Google (NASDAQ:GOOGL 1258.15 0.04%), Facebook (NASDAQ:FB 214.67 0.02%), and Amazon (NASDAQ:AMZN 1829.24 0.02%), among others. The European Commision is the executive (read: tasked with… – Continue reading
Argentina Extends CbC BEPS Reporting Deadline
Argentina’s Federal Administration of Public Income has extended the filing deadline for country-by-country (CbC) notifications. Taxpayers who are part of multinational enterprises now have until May 2, 2018, to file CbC notifications where the ultimate parent company of the multinational group has a December 2017 fiscal year end. The CbC… – Continue reading
There Is a Raging Battle of Tax Codes with China and the US Starting the Race
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
Argentina To Look To VAT To Fund Income Tax Cuts
Argentina is reportedly considering shifting the burden of tax towards consumption, to bring the country’s corporate tax rate down to a competitive level. Specific measures are expected to be tabled before lawmakers soon. It is anticipated that there could be a 10 percent cut to the corporate income tax rate,… – Continue reading
Brazil’s Petrobras Loses Appeal of Double Taxation
For the second time in 14 months, Brazil’s state oil company Petrobras has lost a dispute over Brazil’s recognition of tax treaties. On March 24, a federal revenue service appeals court ruled against Petrobras in a $510 million case (16682.721067/2014-01) involving the company’s profits in the Netherlands for 2010. Although… – Continue reading
Armenia and Argentina to exchange taxation-related information
YEREVAN, February 9. /ARKA/. The Armenian parliament ratified today an agreement between the governments of Armenia and Argentina on exchange of taxation-related information, signed in 2015 July. According to the deputy head of Armenian State Revenue Committee Vakhtang Mirumyan, this agreement, initiated by the Argentine side, is aimed at providing… – Continue reading
Argentina: Argentina And The United States Of America Signed An Exchange Of Information Agreement
On December 23, 2016, the US ambassadors and Alberto Abad signed an agreement for the exchange of tax information on request. 1. Introduction For the past few years, Argentina has been an active participant in the progress of exchange of international tax information. More than seventeen agreements have been signed… – Continue reading
Switzerland eyes AEOI with 21 countries
Switzerland, which has been working to end its years-long practice of banking secrecy, on Thursday said it aimed to dramatically increase the number of countries it cooperates with toward international fiscal transparency. The Swiss government said in a statement that it wanted to extend the automatic exchange of information (AEOI)… – Continue reading
UAE, Argentina sign deal on double taxation
The UAE has signed an agreement on the avoidance of double taxation with Argentina with the aim of boosting expanding joint economic partnerships. The agreement was signed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, and visiting Argentina’s Vice President Gabriela Michetti, in the presence of Fernando… – Continue reading
Gov’t, Chile agree deal to end ‘double taxation’
Argentina and Chile yesterday announced the implementation of a long-awaited agreement to eliminate double taxation for residents of both countries in order to encourage investment and prevent tax evasion. Chile’s Foreign Minister Heraldo Muñoz, Public Works Minister Alberto Undurraga, and Finance Minister Rodrigo Valdés met with Argentina’s Finance Minister Alfonso… – Continue reading
US, Argentina Negotiating Comprehensive Double Tax Pact
During his remarks at a September 26 meeting with Argentine Finance Minister Alfonso Prat-Gay in Buenos Aires, US Treasury Secretary Jack Lew disclosed that the two countries are to negotiate a comprehensive double taxation agreement, to include provisions for the exchange of tax information. “To accelerate the process of sharing… – Continue reading
India to get tax, banking related info from Seychelles
NEW DELHI: Aiming to curb tax evasion and avoidance, India has operationalised the Tax Information Exchange Agreement (TIEA) with Seychelles, one of the major sources of foreign investment into the country. The agreement will enable the authorities of both nations to provide assistance through exchange of tax and banking information,… – Continue reading
Bank secrecy rules face ‘lethal blow’ in Uruguay
Gov’t sends bill to Congress to force banks to share account data automatically Described by government officials as a “lethal blow” to bank secrecy, Uruguay has sent a bill to Congress that will force banks to automatically provide the DGI tax bureau information on the accounts held by individuals and… – Continue reading
Swiss banks feel threatened by LatAm tax clampdown
Countries pursuing billions in unpaid taxes push region’s wealthy to pull cash from accounts LONDON — Switzerland’s private bankers fear cash-strapped Latin American countries pursuing billions of dollars in unpaid taxes will push the region’s wealthy to pull cash from their Swiss bank accounts. For these banks, still recovering from… – Continue reading
Five More Countries Agree To Exchange CbC Reports
A further five countries have signed the OECD’s Multilateral Competent Authority Agreement for the automatic exchange of country-by-country (CbC) reports, bringing the total number of signatories to 44. The Agreement allows all signatories to bilaterally and automatically exchange CbC reports with each other, as contemplated by base erosion and profit… – Continue reading
Assets agreement with US not quite ‘reciprocal’
Government most likely not to access bank data of Argentines in States despite deal As the whitewash bill is set to be approved this week, the government seeks to sign an assets deal with the United States to have access to data of the bank accounts of Argentines in the… – Continue reading
Chile seeks to eliminate double taxation with China
SANTIAGO, June 7 (Xinhua) — The Foreign Relations Committee of the Chilean Senate approved Monday legal proposals to eliminate double taxation with China and three other countries. Chile and China first signed an agreement over the matter on May 25, 2015 in Santiago. “China is our main trading partner and… – Continue reading
Beyond FATCA, Costa Rica Adopts “GATCA” Tax Reporting Measures
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
ICRC used to conceal offshore account beneficiaries
The Swiss-run humanitarian organisation International Committee of the Red Cross (ICRC) has allegedly been used without its knowledge to mask the true beneficiaries of offshore accounts whose details were leaked in the Panama Papers. According to revelations by the Swiss papers Le Matin Dimanche and SonntagsZeitung on Sunday, the ICRC… – Continue reading
EU threatens sanctions on money laundering, tax evasion havens
BERLIN – A European Union official threatened Thursday to sanction Panama and other nations if they don’t cooperate fully to fight money laundering and tax evasion, after a leak of data showed the small country remains a key destination for people wanting to hide money. The 11.5 million documents from… – Continue reading
20 Caribbean, Latin American Nations Named Major Money Laundering Countries
Twenty Caribbean and Latin American nations have been named by the U.S. as “major money laundering” countries in the 2016 International Narcotics Control Strategy Report (INCSR) from the U.S. State Department released Wednesday, Mar. 2, 2016. A major money laundering is defined by statute as one “whose financial institutions engage… – Continue reading
A tax haven professes to stand on principle, risking pariah status
PANAMA’S most notorious moment as a haven for tainted cash came with the nationalisation of money-laundering in the 1980s under Manuel Noriega, a military strongman. It has since clamped down on egregious financial criminality, but remains home to thousands of secretive firms and famous for the discretion of its bankers… – Continue reading
S. Korea, Macau to sign tax information exchange agreement
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
Javier Mascherano sentenced to jail over tax evasion charges – but is unlikely to serve prison time
The Argentine has been fined €815,000 and handed a year’s sentence for two counts of fiscal crimes committed in 2011 and 2012 Javier Mascherano has been sentenced to a year in prison but is unlikely to ever serve time in jail, after a verdict was reached in his tax evasion… – Continue reading
Lionel Messi’s tax fraud trial conflicts with Copa America
MADRID (AP) – Lionel Messi’s tax fraud trial has been set for May 31-June 3, conflicting with the start of the centennial Copa America in the United States. The Copa America Centenario will kick off June 3, meaning the five-time world player of the year will not have the best… – Continue reading
Argentina: “White list” countries for 2016; transfer pricing implications
The Argentine tax authorities (AFIP) posted an updated “white list” of countries, jurisdictions, and territories—that is, a list of countries and jurisdictions that are identified as cooperative for tax transparency purposes. A broader application of Argentina’s transfer pricing rules will not apply to transactions involving entities located in the countries… – Continue reading
Argentina: Guidance implementing CRS regime
Guidance—General Resolution No. 3826—issued by the Argentine tax authorities (AFIP) implements new information reporting for banks and financial institutions pursuant to the OECD’s common reporting standard (CRS) regime, effective January 2016. Background Argentina agreed to early implementation of the new “automatic exchange of information” (AEOI) measures. Accordingly, the AFIP will… – Continue reading
Latin America business potential for Island
The World Captive Forum takes place in Florida next month Bermuda’s business chiefs will be out in force at next month’s World Captive Forum. The event, to be held in Florida, will include several speakers from Bermuda including lawyers, regulators and business leaders. And Bermuda delegates will use the event… – Continue reading
Two Little Known Tax Treaties Will Lead to Substantially More Identity Theft, Crime, Industrial Espionage, and Suppression of Political Dissidents
The Protocol amending the Multilateral Convention on Mutual Administrative Assistance in Tax Matters will lead to substantially more transnational identity theft, crime, industrial espionage, financial fraud, and the suppression of political opponents and religious or ethnic minorities by authoritarian and corrupt governments. It puts Americans’ private financial information at risk…. – Continue reading
Arab League intent on increasing investments in Brazil
The organization’s new ambassador in the Brazilian capital Brasília claims trade and mutual investment between Arab countries and Brazil can be worked on. São Paulo – Newly appointed to represent the Middle East and North Africa countries in Brazil, the ambassador of the League of Arab States in the national… – Continue reading
Spain and Finland sign new treaty to avoid double taxation and to fight tax fraud
Given that the latest treaty was signed on 15 November 1967, the two countries felt it was appropriate to revise it in full. The new treaty, signed on Tuesday by the Spanish Ambassador to Finland, María Jesús Figa, and the Finnish Minister for Finance, Alexander Stubb, seeks to enable tax… – Continue reading
Judge drops charges against Messi relating to tax fraud in charity games
It’s been proved that the Argentina international did not receive money for the matches A Barcelona judge has archived the case against Lionel Messi regarding a claim he committed tax fraud in relation to six charity matches he participated in in 2012 and 2013, concluding that the Argentine international did… – Continue reading
Coming soon: More disclosures for MNCs in India
Firms over a certain threshold group turnover may be required to give detailed info of financials. MULTINATIONAL companies in India over a certain threshold group turnover may be required to make comprehensive disclosures relating to their revenues, taxes paid, staff strength and assets in different countries where they operate from… – Continue reading
More than 50 banks which helped American clients dodge tax in Swiss bank accounts receive immunity from criminal prosecution in US
More than 50 banks which helped American clients dodge tax in Swiss bank accounts have received immunity from criminal prosecution in the US. The firms, which include UK giant Standard Chartered, Germany’s biggest lender Deutsche Bank, and France’s BNP Paribas, have reached plea bargains with the US Department of Justice…. – Continue reading
Switzerland – Argentina: Tax Treaty Enters into Force
The new Income and Capital Tax Treaty between Switzerland and Argentina entered into force on 27 November 2015. The new treaty generally applies from 1 January 2015 for withholding taxes and from 1 January 2016 for other taxes and article 25 (Exchange of information). The new agreement will replace the… – Continue reading
Tax amnesty to charge as much as 8% in penalties
AFIP tax bureau will charge between three and eight percent as a penalty for evasion Amid a shortage of dollars and decreasing foreign-currency reserves at the Central Bank, president-elect Mauricio Macri will try to entice Argentines with undeclared assets and foreign currency to take part in a new tax amnesty… – Continue reading
Ethiopia: Unmet Demands of the G20
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
Chelsea, Arsenal and Man United eye Lionel Messi… but he wants £600k-a-week
Lionel Messi wants a staggering £600,000 a week to play in the Premier League. The four-time World Footballer of the Year is open to a move to England after falling foul of the tax authorities in Spain. But the Barcelona superstar’s staggering demands look to have priced him out of… – Continue reading
Mexico, Argentina Sign Double Tax Avoidance Agreement
Mexico and Argentina have signed an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital. The agreement allocates taxing rights to the two countries, to avoid taxation being levied twice on the same income from companies and individuals… – Continue reading
Billionaire Dart Reinvents Himself as Cayman Islands Land Baron
Two decades after Ken Dart renounced his U.S. citizenship and took his tax attorney with him to the Caribbean, the billionaire bond investor and local kingpin is reinventing himself as the Cayman Islands’ biggest real estate owner. In a rare glimpse into Dart’s holdings, Mark VanDevelde, chief executive of the… – Continue reading
Marco Rubio’s Billionaire Backer Likes to Sue Poor Countries and Put Profits in Tax Havens
Paul Singer has a good track record as a money manager. In 1995, he bought $20 million worth of Peruvian debt at a discounted price of $11.4 million, then forced Peru’s government, through lawsuits, to eventually pay nearly five times his initial investment — some $58 million. In 2002 and… – Continue reading
Barcelona defender admits tax evasion
Javier Mascherano appeared in court on Thursday and the Barcelona star has admitted to tax evasion. Barcelona midfielder Javier Mascherano has pleaded guilty to tax evasion after appearing at a Spanish court on Thursday. The Argentina star was accused of failing to alert Spanish authorities to earnings totalling more than… – Continue reading
Green light for the entry into force of the DTA between Switzerland and Argentina
Bern, 10.29.2015 – The double taxation agreement (DTA) in the area of taxes on income and on capital between Switzerland and Argentina is on 27 November 2015 to enter into force after the ratification procedures in Switzerland has been completed. It will replace the agreement of 1997 and corresponds to… – Continue reading
