Tax Authorities in jurisdictions who have joined the OECD/G20’s Base Erosion and Profit Shifting (BEPS) inclusive framework can now avail of Vizor’s new Country-by-Country (CbC) Reporting module to fully meet their obligations set out under Action 13. DUBLIN (PRWEB) FEBRUARY 11, 2018 Today, Vizor Software announced the launch of its… – Continue reading
THE International Monetary Fund (IMF) has observed that certain tax exemptions are narrowing Zambia’s tax base which urgently needs to be broadened to allow Government collect more revenue for development. IMF Zambia country representative, Alfredo Baldini, observed that tax exemptions on certain areas which had special treatment were narrowing the… – Continue reading
It is a known fact that many of the cryptocurrency traders, as well as investors, are not paying taxes. The reason for this is that there is no proper legal framework to pay taxes. Moreover, the exchanges are not compliant with the tax laws. Owing to this very reason, investors,… – 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
The Bermuda Government on January 31, 2018, updated the lists of the countries with which it will exchange country-by-country reports filed in Bermuda in 2018 and in 2019. The Government has disclosed that it expects to exchange CbC reports with a total of 41 territories in 2018 relating to financial… – Continue reading
On February 2, 2018, Costa Rica published Resolution no. DGT-R-001-2018 in its Official Gazette, setting out the rules for filing a country-by-country report. The parent company of a multinational group resident in Costa Rica with consolidated group revenue of the equivalent of EUR750m in the Costa Rican currency – presently… – Continue reading
The European Commission has recommended that the EU Council approve a request from Italy to derogate from the VAT Directive in introducing a mandatory electronic invoicing obligation on all taxable persons established in Italy except exempt small firms. In its request, Italy submitted that introducing an obligation to provide such… – Continue reading
The Federal Government of Nigeria and some foreign countries, including the United Kingdom Government, have commenced the Automatic Exchange of Tax Information (AETI), particularly on overseas assets held by Nigerians. Minister of Finance, Mrs. Kemi Adeosun, confirmed this on Friday in Abuja during the presentation of Progress Report on Tax… – Continue reading
The European Union is taking eight countries and jurisdictions off its tax avoidance blacklist after they made commitments to meet EU requirements. Barbados, Grenada, Macao, Mongolia, Panama, South Korea, Tunisia and the United Arab Emirates were removed after agreeing to tighten their tax laws. French Finance Minister Bruno Le Maire… – 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
“Financial secrecy provided by the U.S. has caused untold harm to the ordinary citizens of foreign countries,” said the Tax Justice Network. While European Union, EU, officials busied themselves with listing 17 countries or overseas colonies as being dicey tax havens – notably excluding Switzerland and the United States from… – Continue reading
The Antigua and Barbuda government is to take steps to harmonise the offshore and onshore tax rates for financial services to avoid the European Union making good on a threat to blacklist the country if it fails to comply. The European Council of Finance Ministers last month published a list… – Continue reading
PARIS, France– Ministers and high-level officials from six countries, including two in the Caribbean, have signed the BEPS Multilateral Convention, the first multilateral treaty of its kind. The Convention will enable governments to swiftly update their networks of existing tax treaties and further reduce opportunities for tax avoidance. Barbados, Jamaica,… – 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
The Swedish tax authority (Skatteverket), has published guidance on companies’ country-by-country reporting obligations with respect to short and extended tax years, and company divestments and restructurings. Under Sweden’s Tax Procedures Act, a group is not obligated to submit a CbC report if, according to its consolidated accounts, it has a… – 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
The Norwegian Government is considering possibilities for the taxation of multinational companies’ “value creation” in Norway, including in the area of value-added tax, although it said that it would prefer a multilateral agreement on any new measure. In a letter to the parliamentary finance committee dated January 18, Finance Minister… – Continue reading
After a B.C. resident was swindled out of $3,000 in a bitcoin tax scam, the RCMP is warning the public not to pay any tax bill using cryptocurrency. The incident occurred in North Vancouver on Jan. 18 when the victim received a phone call from someone claiming to be an… – Continue reading
(CMC) – The St Lucia government Friday said it expects to join fellow Caribbean Community (CARICOM) neighbours, Barbados and Grenada, in being removed from a new list of global tax havens by the European Union. The EU has signalled its intention to remove the CARICOM countries after they submitted plans… – Continue reading
In 2017, the UK scrapped its non-dom tax regime. Consequently, an increasing number of individuals are instead relocating their tax domicile to Italy At the start of 2017, in a bid to attract more wealthy citizens and capital to Italy, Rome introduced a non-domiciled tax regime. Now, citizens can move… – Continue reading
NEW DELHI, JANUARY 16: Panama, a popular tax haven that was in the eye of a data-leak storm dubbed ‘Panama Papers’ in 2016, has finally signed an international agreement that would pave the way for exchange of financial account information with the international community. By signing this agreement — CRS… – 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
ST GEORGE’S – Prime Minister Dr Keith Mitchell says Grenada is expected to be removed from the European Union Blacklist by the end of January. The decision to remove Grenada, one of 17 countries blacklisted by the EU, is expected to follow a meeting of the Financial and Economic Unit… – Continue reading
VALLETTA, Jan.11 (Xinhua) — The 2017 International Tax Co-Operation Report published by the Organisation for Economic Cooperation and Development (OECD)showed Malta to be a tax compliant jurisdiction ,the Maltese Finance Ministry said on Thursday. “This is exactly what we have been stating all along in the face of unfair criticism… – Continue reading
The leaders of Hungary and Ireland have both expressed their opposition to the prospect of additional tax harmonization within the EU. Irish Prime Minister Leo Varadkar was in Hungary to visit his counterpart, Viktor Orban. Reuters reported that, during a joint news conference following their meeting, Orban said that his… – Continue reading
The U.S. Treasury Secretary is disputing a decision by the European Union to place Guam, and American Samoa, on its blacklist of noncooperating tax jurisdictions. In a letter to EU Secretary General Jeppe Tranholm-Mikkelsen, U.S. Treasury Secretary Steven Mnuchin wrote that “there is no basis for concluding that American Samoa… – Continue reading
The “fair and efficient” taxation of corporate profits and the fight against tax avoidance and evasion through enhanced administrative cooperation are among the priorities of the new Bulgarian presidency of the European Union, which commenced on January 1, 2018. The recently released program of the Bulgarian presidency states that it… – Continue reading
A European Union consultation is ongoing on a draft Directive that would make permanent the provision in the EU VAT Directive that requires all member states to levy a minimum standard VAT rate of at least 15 percent. In the absence of the measure, the temporary restriction would be repealed… – 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
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
As part of the Cayman Islands’ ongoing commitment to international tax transparency, the Tax Information Authority (International Tax Compliance) (Country-By-Country Reporting) Regulations, 2017 (the “CBCR Regulations“) were issued on 15 December 2017. The CBCR Regulations essentially implement in the Cayman Islands the model legislation published pursuant to the OECD’s Base… – Continue reading
Namibia has 18 months to sort out “tax haven mess” – EU Namibia has 18 months, up to June 2019 to comply with the European Union (EU) demand that it joins the Global Forum on Transparency and Exchange of Information for Tax purposes and to sign, ratify and participate in… – Continue reading
Today the European Parliament releases a list of recommendations to crack down on tax evasion. Following evidence of tax avoidance in both the Panama Papers and the Paradise Papers, the EU has steadily moved to crack down on tax evaders. In December alone, the EU blacklisted 17 countries with lax… – Continue reading
Commissioner Margrethe Vestager, in charge of competition policy, said “Tonnage tax systems are meant to promote the competitiveness of the EU shipping industry in a global market without unduly distorting competition. I am pleased that Malta committed to adapt its tonnage tax system to achieve this. Moreover, by encouraging the… – Continue reading
European finance ministers are worried. They say the United States’ big tax reform bill contains measures that would unfairly disadvantage European business and contravene global fair-taxation rules. Are they right? Last week, the finance ministers of Europe’s five biggest economies — Germany, France, the UK, Spain and Italy — wrote… – Continue reading
Calendar 2017 saw significant advances in the Australian Tax Office armoury, both through Court wins and new or pending legislation. The Tax Commissioner openly now claims the upper hand in corporate and multi-national tax compliance. The Senate seems almost becalmed!? This note outlines our selection of 10 key things that… – Continue reading
On December 15, 2017, the CRA released the final version of Information Circular IC 00-1R6 – Voluntary Disclosures Program (“VDP”) for income tax, after receiving and considering community input on the June 2017 draft version. This article summarizes the important differences between the draft and the final ICs and discusses… – Continue reading
Amazon reached a major tax settlement with Italy by agreeing to pay €100 million ($118 million) to the European country in order to put an end to an investigation of potential back taxes it owes that spanned the majority of this year. According to initial reports on the matter, Italian… – Continue reading
The European Commission is launching an investigation into Ikea’s tax construction in the Netherlands. European Commissioner on competition Margrethe Vestager is expected to officially announce the investigation on Tuesday, British newspaper the Financial Times reports. The Swedish furniture company is suspected of evading nearly a billion euros in taxes between… – Continue reading
Luxembourg is challenging a European Union order to recover about €250m in back taxes from Amazon, saying it disagreed with EU state aid regulators’ decision that the US online retailer had received special treatment. The appeal to the Luxembourg-based General Court, Europe’s second-highest, comes two months after the European Commission… – Continue reading
Members of the European Parliament (MEPs) have approved the recommendations made by the European Parliament’s special committee on tax avoidance and evasion, calling for open registers of beneficial owners, effective protections for whistleblowers, and new rules for intermediaries. On December 13, MEPs approved the recommendations made by Parliament’s Special Inquiry… – Continue reading
CASTRIES, St Lucia, Thursday December 14, 2017 – The St Lucia government says it will introduce tax reform measures to bring the country in line with European Union (EU) standards, after the country was among four Caribbean nations on a list of 17 global tax havens released by the EU…. – Continue reading
The Cypriot tax authority has extended until January 15, 2018, the deadline for multinational corporations to submit their notifications concerning country-by-country reporting for 2017. The deadline had been December 31. In December 2016, Cyprus issued a decree introducing CbC reporting obligations for multinational enterprises with consolidated group revenue of EUR750m… – Continue reading
The Bahamas may have to completely overhaul its corporate and taxation structure to escape European Union/OECD ‘blacklisting’ threats, the Attorney General revealed yesterday. Carl Bethel QC told Tribune Business that the Government was “looking very carefully” at whether compliance with European (EU) demands will require this nation to eliminate the… – Continue reading
The European Union is reportedly threatening to blacklist Antigua and Barbuda if it does not harmonise its tax rates for onshore and offshore financial services. This is according to Prime Minister Gaston Browne who was speaking in the parliament on Tuesday during the presentation of the Automatic Exchange of Financial… – Continue reading
HAMILTON, Bermuda (CMC) — Bermuda has signed a new tax agreement with the United States that premier David Burt says demonstrates the island’s continued commitment to transparency. Burt, who left here over the weekend for Jamaica, said the Country by Country Competent Authority Agreement signified that the PLP government had… – Continue reading
Laws regulating digital currency exchanges for the first time have been approved by Parliament in a major milestone for the burgeoning local sector. The amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act easily passed through Parliament at the end of last week thanks to bipartisan support, despite the Opposition… – Continue reading
