6 July 2019: In the lead up to the Group of 20 (G20) Finance Ministers and Central Bank Governors’ Meeting, the Organisation for Economic Co-operation and Development (OECD) released data that show that automatic exchange of information on financial accounts is improving tax compliance and delivering concrete results for governments… – Continue reading
UAE has published Cabinet Resolution 32, the introduction of new country by country reporting ("CbC reporting") obligations that multinationals will be required to comply with starting 2020. ... - Continue reading
Gibraltar joins the list of jurisdictions to sign the framework on BEPS ... - Continue reading
Update on the UK government’s proposal to improve transparency with a new register of persons with significant control of companies which hold UK property. In our last article (https://hubbis.com/article/transparency-enhanced-in-the-uk) we looked at the UK government’s proposal to improve transparency with a new register of persons with significant control of companies… – Continue reading
Duff & Phelps' Transfer Pricing Alliance Partner, TP EQuilibrium AustralAsia, contributed their insights, expertise and perspectives on this new development. ... - Continue reading
On April 25, 2019, the OECD released the 2017 full version of the Model Tax Convention on Income and on Capital ("MTC"). ... - Continue reading
The US today announced it is negotiating a competent authority agreement with Monaco that would provide for the exchange of country-by-country reports concerning multinationals operating in their countries. ... - Continue reading
At their Summit in Osaka this weekend, G20 leaders agreed on a range of priorities for which analysis and support from the OECD and other international organisations are playing a crucial role. Despite heightened tensions – in particular on trade and climate change – the leaders agreed to move forward… – Continue reading
LONDON: Money kept by Pakistani nationals and enterprises in Swiss banks fell by 33 per cent to a record low of CHF380 million (Rs63 billion) in 2018, falling below the level of Indian funds for the first time in four years, Swiss National Bank’s (SNB) annual statistics report showed on… – Continue reading
The Bureau of Internal Revenue filed Thursday separate criminal cases against 15 business taxpayers in Metro Manila for alleged refusal to pay tax debts totaling to more than P493 million. This brought to 482 the number of tax evasion charges lodged by the bureau under its Run-After-Tax-Evaders (RATE) program under… – Continue reading
A seminar aimed to keep clients and members of the business community up to date on a constantly evolving tax environment. ... - Continue reading
An overview of the economic substance requirements for Cayman islands ... - Continue reading
Morocco has signed the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports, becoming the 79th country to join the agreement, the OECD today announced. ... - Continue reading
Guide to Cash Pools And Transfer Pricing ... - Continue reading
The Swiss parliament has decided to eliminate anonymous shares in private companies amid international pressure to increase transparency around taxation. ... - Continue reading
The Government of India (Union Cabinet) has approved the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) and India's final position to the same. ... - Continue reading
The European Union has removed the Caribbean island of Dominica from its list of uncooperative jurisdictions in tax matters. Dominica changed its tax rules to comply with EU requirements meant to reduce the risks of tax evasion, the EU said in a statement. Dominica implemented its commitments and addressed EU… – Continue reading
AG Kokott answers questions of the Hungarian national court ... - Continue reading
Guidance on the final GILTI regulations ... - Continue reading
Tax rules regarding offshore tax planning amended ... - Continue reading
Transfer pricing positions to be reviewed by IRS ... - Continue reading
Modern tax laws for the digitalised economy provided by the OECD. ... - Continue reading
The federal government has decided to go after offshore tax evaders, laying out a number of propositions that would effectively criminalise the process and introduce heavy punishments for tax evasion. The proposed tightening of income tax laws would mean that anyone found guilty of evading taxation through foreign banks accounts… – Continue reading
The union cabinet, chaired by Prime Minister Narendra Modi on Wednesday approved the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The Convention will modify India’s treaties in order to curb revenue loss through treaty abuse and base erosion… – Continue reading
New data from the OECD indicates that Hong Kong and Singapore are adhering to tighter global standards on tax transparency. The OECD (Organisation for Economic Cooperation and Development) says IFCs (international financial centres) such as Hong Kong and Singapore are adhering to tighter global standards on tax transparency and are… – Continue reading
The G-20 and OECD aim to reach an agreement on the framework for the new digital tax rules in January 2020
Muscat: Oman, in line with its commitment to align itself with international best practices in tackling cross-border tax evasion and meeting the standards set by the European Union (EU) and the Organisation for Economic Co-operation and Development (OECD), is currently in the process of issuing regulations for automatic exchange of… – Continue reading
In brief – Beneficial ownership toolkit aims to help governments implement legal and supervisory frameworks to identify and collect beneficial ownership information Beneficial ownership is a critical issue in many areas of law, in particular tax and anti-money laundering. National authorities often struggle to keep up with private ingenuity in… – Continue reading
New Zealand Inland Revenue on 4 June 2019 launched a consultation seeking public feedback on New Zealand’s approach to a digital services tax. ... - Continue reading
The Bill of Law 7431 (“Bill”) introduced by the Luxembourg government on 11 April 2019 implements the European Union (“EU”) Directive 2017/1852 dated 17 October 2017 on tax dispute resolution mechanisms in the EU (the “Directive”). The Directive meets the BEPS Action Plan 14 minimum standards and is a subsidiary… – Continue reading
The prime minister is seeking to end Pakistan’s rampant tax evasion as he secures a major IMF bailout. Only about 2 million tax returns are filed in Pakistan annually. Pakistani Prime Minister Imran Khan, who ran on a campaign of tackling corruption, gave a televised address on Monday calling on… – Continue reading
Britain reprimanded by India? ... - Continue reading
Tax technology giants to be taxed by the Group of 20 nations ... - Continue reading
It has been over a year since the Tax Cuts and Jobs Act (“TCJA”) was enacted. The transfer pricing rules set forth in the treasury regulations with respect to IRC Sec. 482 (“the Section 482 regulations”) have remained relatively unchanged since 1986. Nonetheless, multinational corporations doing business within the United… – Continue reading
In the last decade, OECD officials have recommended measures to combat tax avoidance, culminating first in the BEPS (Base Erosion and Profit Shifting) initiative in 2015 and then the MLI (Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS) effective from July 2018 – yet have all their… – Continue reading
The government is likely to introduce third-party information system from the next financial year to check tax evasion as part of the government aim to mobilise half of the total revenue from income tax by 2020-21. Officials said that of the introduction of the system is likely to be proposed… – Continue reading
High Court sets aside section 197 order due to absence of prima facie evidence of tax avoidance Rejects factors such as lack of business activities and administrative expenses as conclusive of sham transactions Holds that a detailed inquiry can be conducted during normal assessment Directs refund of withheld tax subject… – Continue reading
Last week, the Bank of Russia has published data on key indicators of the balance of payments for the first four months of the current year. One of them — the balance of financial transactions of the private sector. It was negative and amounted to 34.7 billion dollars. Translated into… – Continue reading
Governments are stepping up efforts to recoup more tax from multinationals, with the European Commission forcing iPhone maker Apple to repay 13 billion euros after it used Ireland to cut its tax on European profits to almost zero. The Tax Justice Network, a group campaigning for transparency, said its study… – Continue reading
The Bahamas yesterday received no credit for laws said to have raised compliance costs by 75-80 percent after its corporate tax policies were rated as the world’s most “corrosive”. This nation achieved a “perfect” 100 out of 100, a score matched only by the Isle of Man, Turks & Caicos… – Continue reading
On July 4, 2018, Hong Kong’s Inland Revenue Department passed the country’s final Inland Revenue (Amendment) (No. 6) Bill 2017, (the Amendment Bill). This Amendment Bill (which became law on July 13, 2018) specified the documentary requirements from a transfer pricing perspective and also introduced measures to address various recommendations… – Continue reading
Kenya Tobacco Control Alliance KETCA has today called upon the government to prioritize regulations that enable the maximization of corporate tax revenue from British American Tobacco (BAT) Company. The KETCA Chairman, Joel Gitali said that BAT avoids paying full corporate taxes which would have been used for public services like… – Continue reading
Decades of tax wars among the world’s richest countries are unravelling the century-old global corporate tax system, new research finds. Forty per cent of today’s cross-border direct investments reported by the IMF – $18 trillion in value – are being booked in just 10 countries that offer corporate tax rates… – Continue reading
As we await official communication, information reaching us have it that Nigeria has signed off on the Common Reporting Standard (CRS) with the Organisation for Economic Co-operation and Development (OECD). As publicly stated on Wikipedia, ‘The Common Reporting Standard (CRS) is an information standard for the Automatic Exchange Of Information… – Continue reading
After consulting with professionals in the Mediterranean island’s service sector the Finance Ministry is drafting a bill on Transfer Pricing guidelines. The Transfer Pricing regime concerns tax treatment of intra-group financing transactions. The draft bill aims to put an end to the over-pricing of intra-group invoices so that any low… – Continue reading
Under Modi government, the total funds held by Indians with Swiss banks in 2016 stood at a record low of 676 million CHF (Swiss francs), which was about Rs 4,500 crore In a significant move to share financial information with India, the Swiss authorities have shot notices to 11 Indians… – Continue reading
After years of deliberation and debate spanning two administrations, the Tax Information Exchange (United States of America) Bill, 2016, also known as the Foreign Account Taxpayer Compliance (FATCA) Bill was passed in the Senate on March 7, 2017. This following its unanimous passage in the House of Representatives, two weeks… – Continue reading
ISLAMABAD: Pakistan and Bulgaria on Tuesday signed an agreement to get rid of double taxation and cooperate in preventing tax evasion as a state delegation from the European Union member country concluded its two days visit. The Federal Board of Revenue (FBR) Director General and Deputy Minister of Economy Bulgaria… – Continue reading
