2nd Symposium of CR for transfer pricing The 2nd Symposium Transfer Pricing organized by EY Greece, exactly one year after the successful organization of the 1st Symposium was intended as the developments in transfer pricing in Greece and international tax developments, focusing on the recently finalized OECD Actions tackling Erosion… – Continue reading
The value of import exemptions for the first nine months of this year exceeded what the government has budgeted for the period by more than a billion Ghana cedis. The revised budget of government estimated the value of import exemptions for the first three quarters of the year at a… – Continue reading
€1 trillion a year: that’s how much tax evasion and tax avoidance is costing European tax payers every year, according to the European Commission. Parliament set up a special committee to investigate these practices in the wake of the Luxleaks scandals and came up with plans to ensure multinationals pay… – Continue reading
The Brazilian Government has submitted to Congress four tax information exchange agreements (TIEAs) concluded with Uruguay, Jersey, Guernsey, and the Cayman Islands, Brazil’s Ministry of Finance said on November 11, 2015. Congress will also consider a protocol to expand and upgrade provisions for the exchange of information with India in… – Continue reading
The Organisation for Economic Co-operation and Development (OECD) has described its newly unveiled Base Erosion and Profit Shifting (BEPS) Action Plan as a “change of paradigm.”1 A few very large global groups aside, a more apt description may be a minefield for the unwary. BEPS has received considerable air time… – Continue reading
When in 1915 Albert Einstein developed the general theory of relativity, providing a unified description of gravity, the impression was that said theory applies to big objects (like stars) as well as to small objects (subatomic particles). But during the following 15 years it was discovered that in the “small… – Continue reading
The UK Government launched a consultation on 22 October 2015 regarding the UK corporate tax rules for interest deductibility. The consultation seeks views on the design of a general limitation for UK corporation tax deductions for interest and similar finance costs, imposing a capcalculated by reference to a fixed percentage… – Continue reading
Eight tax treaties and protocols were passed forward for a ratification vote by the full US Senate at a business hearing of the Committee on Foreign Relations on November 10, reports Tax News. The Committee approved the new US double taxation agreements (DTAs) with Chile and Hungary, and protocols to… – Continue reading
Across the globe, base erosion and profit shifting (BEPS) is making headlines and drawing the attention of not only governments and tax authorities but also non-government organizations, activists, lobbyists and the general public. As the public debate has spread to the Gulf Cooperation Council (GCC) countries, the focus now centers… – Continue reading
The Common Reporting Standard (CRS) impacts Irish funds from 1 January 2016. The CRS framework represents a globally coordinated approach to the disclosure of income earned by individuals and organisations in order to combat tax evasion. It emerged from the Organisation for Economic Co-operation and Development (OECD) in February 2014… – Continue reading
What does Uber mean for Canberra? Journalist Henry Belot explains how Uber will work in the ACT and what it means for passengers and drivers. Uber and Airbnb will be dragged before the Senate inquiry into corporate tax avoidance this week to face questions about tax structures that allow them… – Continue reading
DUBLIN (Alliance News) – After the European Commission ruling that multinationals received unfair tax benefits in the Netherlands and Luxembourg, Ireland is braced for an EC ruling on whether its taxation treatment of technology company Apple constituted state aid. “I don’t know what the outcome will be, but this is… – Continue reading
As a reminder, the international automatic exchange of financial account information is considered by most countries as particularly efficient in the fight against tax evasion and international tax fraud and is becoming the new global standard (considering the US FATCA legislation, the OECD Common Reporting Standard). The Belgian Council of… – Continue reading
Currently 15,980 foreign companies are operating in Korea. While hiring workers and producing goods and services, foreign investors encounter numerous difficulties and experience a variety of grievances. One particular grievance brought to our attention is that they suffer from a discrepancy between the value of imported goods assessed by the… – Continue reading
Antalya, Nov. 16: The Group of 20 nations today pledged to adopt sound macroeconomic policies to achieve strong, sustainable balanced growth. The near-term objective would be to support growth, create jobs and put debt as a share of gross domestic product (GDP) on a sustainable path. Data show that several… – Continue reading
The OECD’s base erosion and profit shifting (BEPS) reforms do not go far enough in changing the international corporate tax system, G20 leaders have been told. In a letter to leaders at the G20 summit in Antayla, Turkey, Nobel Prize-winning economist Joseph Stiglitz and others from the Independent Commission for… – Continue reading
Amazon, Facebook and Google in line of fire after committee backs proposals to force multinational corporations to pay tax where they make their sales MEPs have launched a scathing attack on Facebook, Google and Amazon in the European parliament, accusing them of diverting profits worth billions of pounds to low… – Continue reading
As Deputy Prime Minister, the holier-than-thou Nick Clegg made huge play of how his Lib Dems forced their Tory Coalition partners to crack down on tax avoidance. Offshore tax havens, in particular, were his target, when he said: ‘There are millions of people who pay their taxes . . …. – Continue reading
Indonesia is set to end its “bank secrecy” policy in September 2017, allowing the country to exchange tax information with other countries, which would be a major step in the fight against tax evasion and financial fraud. Finance Minister Bambang Brodjonegoro said that Indonesia would be an early adopter of… – Continue reading
* G20 leaders say they will deliver on vow to lift global growth * G20 promise not to surprise markets with policy decisions * World leaders agree to tackle tax dodgers, pledge to cooperate on migrants (Adds details, background) BELEK, Turkey, Nov 15 The heads of the world’s 20 largest… – Continue reading
CORK, Ireland — As lord mayor of this quiet seaside city in southern Ireland, Chris O’Leary seems to have a situation most other local politicians can only dream about. Blue-chip international companies like Apple, Dell and IBM have all set up shop in and around this city, filling newly built… – Continue reading
Leaders of world’s major economies gather in Turkish city of Antalya Leaders of the world’s major economies gather in the Turkish city of Antalya this weekend for the tenth annual G20 summit. The summit takes place at a sensitive moment in international affairs. The war in Syria and the resulting… – Continue reading
SPAIN is among Europe’s worst offenders for helping firms launder money and avoid paying tax. According to European Network report, 50 Shades of Tax Dodging, Spain is the fourth worst offender behind Luxembourg, Germany and Italy. The report accuses Spain of conducting the most aggressive tax treaty negotiations with developing… – 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
Luxembourg and Netherlands must recoup unpaid tax from Fiat and Starbucks of €20m-€30 each The European Commission has ordered Luxembourg and the Netherlands to recover unpaid tax from Fiat and Starbucks in the region of €20 million to €30 million each. On October 21st, competition commissioner Margrethe Vestager condemned tax… – Continue reading
The Organisation for Economic Cooperation and Development Global Forum on Transparency and Exchange of Information for Tax Purposes has revised its Phase 2 rating for Cyprus to ‘largely compliant’. Following the initial Phase 2 assessment that was carried out in mid-2013, Cyprus was assessed as ‘non-compliant’ in two of the… – Continue reading
CXC Global have warned that contractors are running out of time to get to grips with international tax regulations. The issue highlighted by CXC is the new automatic exchange of tax information, put in place by the OECD, will mean that countries will have considerably more information on potential transgressors… – Continue reading
Contractors working abroad have been urged to get their international tax affairs in order following the introduction of new legislation. The Organisation for Economic Co-Operation and Development (OECD) has put in place a new automatic exchange of tax information, which means countries across the globe will able to access much… – Continue reading
French lawmakers sought to tackle corporate tax avoidance on Thursday, voting to require big French companies to report tax information on their foreign activities on a country-by-country basis from 2016. The French government wants to get an early start on implementing an OECD recommendation for country-by-country reporting that aims to… – Continue reading
In the first step towards boosting trade and investment between the two nations, Australia and Germany have signed a new tax treaty in Berlin. It also marks an attempt to improve the integrity of the tax system by pinning down on multinational tax evasion. The deal, which preceded the arrival… – Continue reading
The Group of Twenty (G20) is the premier forum for its members’ international economic cooperation and decision-making. Its membership comprises 19 countries plus the European Union and together they represent 85% of global Gross Domestic Product. The 2015 G20 Summit will be held in Turkey for the first time and… – Continue reading
By the very criteria set in the United States by the Multistate Tax Commission (MTC), several states in the US are “tax havens”. But, they have not been named in the legislation passed by the legislatures of Oregon, Montana and others. Among the MTC criteria for determining a tax haven… – Continue reading
ANZ Banking Group has paid an instalment on its 2016 financial year company tax in order to get enough credits to maintain a fully franked final dividend in 2015, raising the spectre of future ANZ dividends being only partially franked or the dividend payout ratio falling to reflect the growing… – Continue reading
Macky Sall, the Senegalese president, tells journalists on the sidelines of the Malta migrants summit that Africa would have no need of handouts if wealthy governments stopped multinationals avoiding legitimate taxation in their countries African leaders have rejected a European Union bid to curb migration with aid payments as “not… – Continue reading
G20 countries spend over 15 times subsidizing the coal and oil industry than developed countries provide in adaptation finance to poor and vulnerable countries, said Oxfam today, ahead of the G20 Summit in Antalya, Turkey. Oxfam also urged the G20 leaders to tackle fundamental reforms to ensure the benefits of… – Continue reading
As at least the first phase of the OECD’s BEPS project1 wound down with the October release of the “final” BEPS deliverables, questions remained regarding how much of the recommended changes would be implemented in the United States in the near term. Because many of the recommendations require legislative changes… – Continue reading
The group, as a whole, will have to contend with adopting the BEPS framework and fulfilling the commitments made under the Brisbane Action Plan 2014 The tenth G-20 meeting at Antalya, Turkey, (that starts day after tomorrow) is gaining momentum. The challenges before the G-20 nations are many and varied…. – Continue reading
Canada is expected to join other G20 countries to sign off on an international deal in Turkey aimed at cracking down on “profit shifting” by large multinational companies seeking to reduce their tax bills. The changes, which are also aimed at exposing the corrupt use of tax havens to launder… – Continue reading
The Organisation for Economic Co-operation and Development’s (OECD) chief economist has warned that Ireland cannot rely on low corporation taxes to fuel growth. “Ireland is going to have to seek real investment based on comparative advantages other than tax,” Prof Catherine Mann told a conference hosted by the Irish Department… – Continue reading
Ireland has among the lowest taxes in Europe. However, the Organization for Economic Cooperation and Development (OECD) is not impressed. They warned Ireland that it will have to spend more time selling itself in the new era of global tax transparency if it wants to experience meaningful economic growth. OECD… – Continue reading
Both leaders recently discussed key bilateral issues on the new ‘hotline’ NEW DELHI, NOVEMBER 12: In a major deviation from earlier times, the much-publicised bilateral meeting between Prime Minister Narendra Modi and US President Barack Obama is unlikely to happen on the sidelines on the 10th G20 summit in Turkey…. – Continue reading
Ahead of a G20 meeting in Turkey this weekend that will tackle, among other issues, the GDP lost to global tax havens, the anti-poverty organization Oxfam is warning that it’s not just poor countries that suffer when corporations evade taxes. Julie Delahanty, Oxfam Canada’s executive director, says the only people… – Continue reading
The Senate Foreign Relations Committee has approved, for a second time, the following income tax treaties and Protocols. 12 November 2015 Switzerland: A Protocol to amend the income tax treaty with Switzerland—the Protocol was signed in 2009. Luxembourg: A Protocol to amend the income tax treaty with Luxembourg—the Protocol was… – Continue reading
A bill submitted to the Luxembourg Parliament in November 2015 would transpose, into Luxembourg domestic law, an EU directive amending a 2011 directive for administrative cooperation and concerning the exchange of information on request. The directive (2011/16/EU) as amended, is referred to as “DAC 2” (the updated “directive on administrative… – Continue reading
Corporate corruption is still prevalent in rich Group of 20 nations despite their pledges last year to close loopholes, according to Transparency International. It has listed Brazil, China and the US among the offenders. Transparency International on Thursday labeled this weekend’s G20 summit in Turkey as a mere “photo opportunity,”… – Continue reading
Tax: Luxembourg among countries helping US firms cut their tax bills by more than a quarter, campaigners say. The abuse of holding company structures in the Grand Duchy, and fiscal regimes in several other countries, allows American firms to avoid paying billions of dollars in corporate profit taxes, two NGOs… – Continue reading
VALLETTA) – Senegalese President Macky Sall called Thursday for multinationals to pay their fair share of taxes following a summit with EU leaders aimed at curbing the poverty fuelling mass migration to Europe. Sall also said Africans should receive a a fair price for their natural resources when he addressed… – Continue reading
Chief economist says clampdown on tax avoidance will be ‘negative for Ireland’ Ireland will have to sell itself as more than just a low-tax destination in the new era of global tax transparency, OECD chief economist Catherine Mann has said. She said moves to better align taxable profits with real… – Continue reading
MUMBAI: A US passport doesn’t look like such a priced possession anymore. Some Indians even want to surrender their hard-won green cards. India and the US are set to freely exchange financial information about their citizens, leaving no asset concealed. This could mean US tax officials imposing punitive levies on… – Continue reading
The Swiss Federal Council has adopted a dispatch on a protocol to the double tax agreement (DTA) with Albania. The protocol was signed on September 9 and the dispatch was adopted on November 11. Its aim is to bring the DTA into line with Switzerland’s current policy on tax agreements…. – Continue reading
