Offshore banking can play a crucial role, internationally and domestically The concept of offshore banking in Bangladesh is not new, and is getting very popular to among business-people in Bangladesh due to its overwhelming capacity to unlock the international financial settlement. Offshore banking, by its name and structure, can play… – Continue reading
The first companies to enter Russian offshores are those that face pressure on the part of foreign authorities, the Head of the Ministry of Economic Development believes. Also, the first residents of the Special Administrative Region (SAR) will be those that will not entail significant costs. The first residents of… – Continue reading
MOSCOW (Sputnik) – Russian Finance Ministry is considering complete abolition of value added tax (VAT) on gold, believing that this measure will help to return the capital worth tens of billions of rubles to the country, Deputy Finance Minister Alexey Moiseev told Sputnik on Thursday. “We receive appeals, including from… – Continue reading
Blockchain startup Smart Valor has announced that it received approval to operate in the Swiss financial market. Based in Switzerland’s Crypto Valley, Smart Valor is a company building a decentralized marketplace for tokenized alternative investments. Its network is coordinated by a smart-contract-based governance model, which incentivizes each participant to contribute… – Continue reading
The top story in the finance section on Tuesday morning is about the Chinese government’s hunt for hidden assets (and unpaid taxes) overseas. The article mentions Australia and New Zealand freezing accounts from customers who don’t identify if they are foreign taxpayers. It goes on to say many of the… – Continue reading
(Yicai Global) Sept. 5 — China’s tax authority will begin sharing residents’ financial investment data with around 100 countries this month in a bid to crack down on tax evasion. The State Administration of Taxation will begin exchanging data to learn more about what Chinese citizens are doing with their… – Continue reading
Income Tax department is also inquiring into some alleged suspicious transactions and investment flow into Flipkart Authorities have demanded a valuation report from Flipkart The international taxation division of the I-T department is currently studying the valuation of Indian assets of Flipkart Singapore At the time when ecommerce company Flipkart… – Continue reading
BEIJING, Aug. 31 (Xinhua) — China’s top legislature on Friday voted to adopt the revised Individual Income Tax Law in an effort to pursue fairer income distribution. Lawmakers approved the legislation at the end of a five-day bimonthly session of the National People’s Congress (NPC) Standing Committee. The new law… – Continue reading
TEMPO.CO, Jakarta – The Finance Ministry`s Tax Directorate General ensures all preparations have been completed before the implementation the automatic exchange of information (AEoI). The program is set to kick off in September this year. “It’s ready; we can now just wait for the data. It will be done through… – Continue reading
Several multi-national corporations have moved their European headquarters outside of the UK ahead of Brexit, and many others are expected to follow suit, especially as the likelihood of a no-deal Brexit rises further. Japanese tech giant Panasonic will be transferring its European HQ away from London to Amsterdam in October… – Continue reading
When it comes to fulfilling your tax and National Insurance (NI) obligations, compliance is everything. HM Revenue & Customs (HMRC) has recently highlighted a new area of concern for UK taxpayers, urging those who haven’t already done so to declare any foreign income or profits on offshore assets. Taxpayers have… – Continue reading
Federal Inland Revenue Service has published Nigeria’s revised Transfer Pricing Regulations (NTPR). The NTPR is effective for basis periods commencing after 12 March 2018 and incorporates BEPS outcomes and suggestions from The African Tax Administration Forum. The NTPR includes significant penalties for non-compliance (a) failure to file TP declaration =… – Continue reading
At a recent merger and acquisition (M&A) forum, Deputy Prime Minister Vuong Dinh Hue said that in restructuring of the country’s banking industry, the Government plans not to license any more wholly foreign-owned banks in Viet Nam, instead encouraging foreign banks to acquire domestic banks. According to Hue, the Government… – Continue reading
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) held that the assessee is entitled for capital gain exemption under section 54F of the Income Tax Act in respect of the properties acquired outside India. In the instant case, the Revenue approached the Tribunal contending that for granting benefit… – Continue reading
There is a small island in the Caribbean … You immediately imagine relaxation, a beach, palm trees. However today in these small areas a really big crypto history is being created. The crypto business is increasingly mastering the jurisdiction of “dwarf” states, such as Cyprus, Malta, Gibraltar, The Republic of… – Continue reading
China offers a number of preferential corporate income tax (CIT) policies for businesses operating in the country. Businesses that qualify for these preferential policies can benefit from incentives like CIT rates lower than the standard 25 percent rate and other CIT exemptions and deductions. These preferential tax treatments, however, do… – Continue reading
ISLAMABAD: Prime Minister Imran Khan has ordered the finance ministry task force established to pursue laundered Pakistani cash parked overseas to submit its recommendations within two weeks, Minister for Finance Asad Umar said on Monday. He said the government would first move against the Pakistani owners of $8 billion worth… – Continue reading
Last week, Medtronic Plc suffered a legal setback in its bid to avoid a $1.4 billion U.S. tax bill — a ruling that may have costly implications for other multinationals battling the Internal Revenue Service over the use of overseas payments to lower their taxes. Companies including Facebook Inc. and… – Continue reading
Singapore is globally renowned for its competitive tax structure. The country imposes corporate income tax (CIT) at a flat rate of 17 percent, which is the lowest among the ASEAN member states. The single-tier corporate tax system enables businesses to save on the cost of compliance, eliminate restrictions placed on… – Continue reading
Baker McKenzie (Thailand) discuss how the proposed trust law aims to bring more wealth back to the country as both Thai and overseas assets (including real estate properties) can be used to set up a trust and promote Thai private banking business. Preserving a faily business for the next generation… – Continue reading
Hedge Funds Are Struggling to Correctly Tax Crypto Holdings Amidst Unclear Regulations According to US law, bitcoin and other cryptocurrencies are taxed like property – similar to real estate. Amidst unclear regulations, however, hedge funds are struggling to correctly pay their taxes, which is a problem because the IRS just… – Continue reading
Bill of law no. 7278, providing for the implementation of new value-added tax grouping rules in Luxembourg, entered into force on July 31, 2018. The bill was approved by parliament on July 26. The new VAT grouping regime is intended to replace the Independent Group of Persons (IGP) regime, which… – Continue reading
India is to receive bank account information from HSBC, after Switzerland’s highest court ruled that the bank is obligated to provide data requested where the leaked data has not been purchased. The information was leaked in 2008 by Herve Falciani, who worked for HSBC’s Swiss private bank. The Indian authorities… – Continue reading
Malaysia has suspended its MSC Malaysia tax regime, pending changes to bring it into line with recommendations from the OECD’s Base Erosion and Profit Shifting initiative. Under the regime, domestic and foreign information and communication technology-related businesses can apply for “MSC Malaysia Status,” which allows them to benefit from tax… – Continue reading
UK taxpayers who receive any foreign income or profits from offshore assets have been urged to contact HMRC and disclose this income before 30th September 2018 to avoid being hit by higher penalties. David Redfern, tax preparation specialist and director of DSR Tax Claims, warned those affected to contact HMRC… – Continue reading
ISLAMABAD: After expiry of the tax amnesty scheme that had failed to lure owners of offshore assets abroad in a big way, the Federal Board of Revenue (FBR) has decided dispatching tax notices to 600-700 individuals having rental income from possessing expensive properties in the UK in a bid to… – Continue reading
Russian President Vladimir Putin signed a package of laws allowing Russia-controlled foreign offshore companies to be re-registered in offshore financial centers (OFCs) established in Russia’s Kaliningrad Region and Primorsky Territory in order to minimize the possible consequences of sanctions and political risks from foreign countries. The legislation establishes the procedure… – Continue reading
Draft laws stopping multinational companies leveraging their Australian assets with debt, to reduce their tax burden have been released for public comment. The “thin capitalisation” rules prevent multinationals from shifting profits offshore by using excessive levels of tax-deductible debt to fund their Australian operations. “This will further reinforce the government’s… – Continue reading
U.S. companies that had been unsure of how to calculate a new tax on profits they’ve stashed offshore now have official answers. The Internal Revenue Service issued proposed regulations on Wednesday on Section 965, governing the so-called repatriation tax, detailing which corporate taxpayers are subject to the tax, which assets… – Continue reading
HM Revenue and Customs (HMRC) is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties New legislation called “Requirement to Correct’ requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK… – Continue reading
Macau financial authorities announced today that starting from September 1 the city will start complying with automatic financial exchange regulations devised by the Organisation for Economic Co-operation and Development Macau (MNA) – The Office of the Secretary for Economy and Finance, Lionel Leong Vai Tac, has announced this Tuesday that… – Continue reading
The Russian parliament’s upper chamber approved a package of laws enabling Russia-controlled foreign offshore companies to be re-registered in offshore financial centers (OFCs) established in Russia’s Kaliningrad Region and Primorsky Territory in order to minimize the possible consequences of sanctions and political risks from foreign countries. The legislation establishes the… – Continue reading
Media reports have suggested the Government to build a more effective mechanism to tackle the problem that prolonged loss-making FDI enterprises have still enlarged investment and production. — Photo cafebiz.vn Viet Nam News HA NOI – Prime Minister Nguyen Xuan Phuc has assigned the Ministry of Finance (MOF) and General… – Continue reading
The OECD has committed to providing proposals to fix the taxation of the digital economy by 2020, in an update to G20 leaders on international efforts to mitigate base erosion and profit shifting (BEPS). In the newly released Second Annual Progress Report of the OECD/G20 Inclusive Framework on BEPS, the… – Continue reading
Securing citizenship in the Eastern Caribbean jewel of Antigua and Barbuda is now easier for Bitcoin Cash (BCH) investors. Early this week, the parliament of Antigua and Barbuda unanimously approved the resolution to amend the Citizenship by Investment Program (CIP) Act, allowing for payments to be made in Bitcoin BCH… – Continue reading
The Monetary Authority of Macao has revoked offshore authorisation for 13 companies in the first half of this year with no new offshore permits being provided Macau (MNA) – Some 13 offshore companies saw their authorisation to operate in Macau revoked in the first half of this year by the… – Continue reading
The UK is upgrading its national security by adopting a recently implemented European Union fifth anti-money laundering directive, the Department for Business, Energy and Industrial Strategy (BEIS) announced in a statement on Tuesday. The fifth directive is aimed at combating corruption and money laundering and came into effect in the… – Continue reading
The extension of the deadline of the tax amnesty scheme has not borne the results it was expected to. The FBR is said to have taken the advice of accounting firms to extend the deadline, but the results have not matched the early optimism. Despite this, though, the amnesty scheme… – Continue reading
The British tax man is asking foreign governments to chase down expats working overseas who have failed to pay the right amount of tax. Almost £6 million was raised for HM Revenue & Customs by foreign tax authorities in 2017. This was triple the amount raised from British expats in… – Continue reading
Revamped rules for Delaware Companies create new reporting obligations for owners and eliminate any vestiges of confidentiality that once made these offshore structures attractive for many property buyers. Effective since the beginning of 2017, Delaware Limited Liability Companies (LLCs) that are wholly owned by a non-resident, now become subject to… – Continue reading
A new agreement on international tax and financial information exchange aims to provide less opportunity to shelter wealth from taxation. Global wealth managers and advisors need to make sure they and their clients are in compliance. CHARLOTTE, N.C. (PRWEB) JULY 18, 2018 The Common Reporting Standard (CRS) for the automatic… – Continue reading
From a commercial viewpoint it is important that the Holdco is located in a reputable jurisdiction when seeking to access international equity and debt capital markets. The choice of Holdco location will also be relevant in circumstances where private equity investment is envisaged or where a trade sale is planned…. – Continue reading
Money laundering and abuse of sophisticated financial instruments have come under increasing scrutiny from regulators. However observers warn high-profile initiatives often act as a distraction from a lack of genuine political will to tackle global financial crime. For example, India’s leading stock exchange, the BSE, de-listed 222 dormant shell companies… – Continue reading
By end of last month, over $6 billion of overseas assets had been declared by Pakistani nationals on which they paid $290 million in taxes and the amnesty scheme has been extended to the 31st of July earlier this month Affluent individuals are pushing the interim government to permit them… – Continue reading
The UK does still have one significant disadvantage namely the 20% withholding tax imposed by UK domestic law on “yearly interest” that arises in the UK is paid to persons whose “usual place of abode” is outside the UK. The UK is normally regarded as an attractive location for the… – Continue reading
The OECD has welcomed efforts by the Dutch Government to tackle base erosion and profit shifting but called for the overall tax regime to be simplified, including in area of value-added tax. In its latest Economic Report on the Netherlands, the OECD said that the Government is attempting to change… – Continue reading
A vote by the UK parliament to insist that Britain’s Overseas Territories introduce publicly available beneficial ownership registers by December 31, 2020, has sparked anger and dismay within these autonomous, mainly small island, jurisdictions. An amendment to a UK Sanctions and Anti-Money Laundering Bill requires the British government to impose… – Continue reading
HMRC has formed an alliance with tax enforcement bodies in 4 countries to share intelligence and expertise in the battle against international tax crime. The UK has joined forces with Canada, the Netherlands, the United States and Australia to launch the Joint Chiefs of Global Tax Enforcement (J5) – a… – Continue reading
(BVI NEWS) – Stakeholders in the local financial services sector are said to be considering Crown Dependent countries such as the Isle of Man, Jersey, and Guernsey to relocate their businesses. That’s according to Executive Director of BVI Finance, Lorna Smith. Smith made the disclosure during a public forum at… – Continue reading
WELLINGTON, June 26 (Xinhua) — New measures to ensure multinational companies in New Zealand pay their fair share of tax will come into force next week. Revenue Minister Stuart Nash said the Taxation (Neutralizing Base Erosion and Profit Shifting) Bill, which passed its third reading in Parliament on Tuesday, takes… – Continue reading
