Summary: NAGPUR: Prominent doctors across the state were raided by income tax department on Saturday suspecting major evasion of tax through cash deals. The income tax department has got a disclosure of Rs30 crore from the action against jewellers. Last month the taxmen covered jewellers across the state. One of… – Continue reading
SCOTLAND is being used as a virtual base to help French nationals avoid tax and social security payments. An online agency – registered to a Glasgow shell firm – is offering a range of “offshore solutions” for those who want “zero per cent tax” and “complete confidentiality”. The company –… – Continue reading
The State Administration of Taxation (SAT) is about to hold Chinese citizens’ foreign account information in 101 countries and regions, as the regulation on the localization of the Common Reporting Standard (CRS) in China was put into effect on January 1, the Xinhua News Agency reported on Sunday. Under the… – Continue reading
German banks support stricter beneficial ownership rules for companies and trusts, while the leading Scandinavian bank backed an offshore corporate economic substance test to help comply with EU laws against money laundering and tax evasion. Testifying before the European Parliament’s Panama Papers investigative committee, the Association of German Banks told… – Continue reading
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
The US taxes its citizens and permanent residents on their worldwide income regardless of where they live or how long they’ve lived outside of the US. There is only one other country in the world that operates like the US – Eritrea – an African nation. According to the IRS:… – Continue reading
HYDERABAD: Tennis player Sania Mirza has been issued notice by the Service Tax department over alleged non-payment or tax evasion. Service Tax office in Hyderabad has issued summons to the tennis star on February 6 and she will have to appear before it in person or by an authorised agent… – Continue reading
With the arrival of the new year, don’t be surprised if your bank asks for information about yourself and your accounts that you didn’t have to provide before. These questions signal an important development as banks in Hong Kong and around the world prepare to share certain information with tax… – Continue reading
The Foreign Account Tax Compliance Act (FATCA) United States of America Implementation and Enforcement of the Inter-Governmental Agreement was passed in Parliament without opposition, making it mandatory for Antigua & Barbuda’s banks to provide the banking information of US citizens to the Internal Revenue Service (IRS). The Act requires local… – Continue reading
For avoiding double taxation and for the prevention of fiscal evasion with respect to taxes on income, India and Austria signed a protocol, amending the existing convention between the two countries. On behalf of India, the protocol was signed by the Chairman of CBDT, Shri Sushil Chandra, and on behalf… – Continue reading
Madison – Tax-related identity theft is an established concern nationwide, as state and federal tax authorities have wrestled for years with a blight of criminals filing fraudulent tax returns using other people’s personally identifiable information. For a scammer, tax identity theft means quick cash. For a victim, it’s a delayed… – Continue reading
Italy’s government intends to use value-added tax (VAT) as the fundamental lever to fight evasion estimated at €40 billion annually, double the average of other European Union countries. The measures being studied (which will not concern an increase in VAT rates, Economy Minister Pier Carlo Padoan has assured) will also… – Continue reading
A Republican plan to overhaul the U.S. corporate income tax could put the dozens of existing U.S. double-tax treaties in limbo. U.S. companies doing business abroad may no longer be able to rely on the mechanisms in treaties for resolving cross-border tax disputes—overlapping claims on a company’s tax—or they may… – Continue reading
The Kuwait Ministry of Finance (MOF) has issued a ministerial resolution announcing that Deloitte & Touche, Al-Wazzan & Co in Kuwait has been certified with the ministry for the provision of Foreign Account Tax Compliance (FATCA) services. FATCA is a US legislation which aims to combat tax evasion by US… – Continue reading
More than 20 informants have signed contracts with tax agency that could lead to reward money The Canada Revenue Agency’s offshore tax evasion tip line has resulted in signed contracts with more than 20 informants and more than $1 million in tax reassessments and penalties. The tips have also resulted… – Continue reading
The OECD is seeking taxpayer input on the tax treaty dispute resolution process in a second tranche of countries and is seeking comments on the mutual agreement procedure (MAP) in Austria, France, Germany, Italy, Liechtenstein, Luxembourg and Sweden. Improving the tax treaty dispute resolution process is identified as a priority… – Continue reading
Documents for thousands of Canadian residents transferred under controversial FATCA legislation Banking records of more than 315,000 Canadian residents were turned over to the U.S. Internal Revenue Service last year under a controversial information sharing deal, CBC News has learned. That is double the number transferred in the deal’s first… – Continue reading
The programme includes measures to combat base erosion and profit shifting, based on four main measures that can challenge exploitation of tax agreements, monitor developing international tax work rules, and ensure a more transparent environment. Egypt was chosen by the Organisation for Economic Cooperation and Development (OECD), in a conference… – Continue reading
HM Revenue and Customs’ failure to get tough with Britain’s richest individuals is undermining confidence in the whole tax system, MPs have warned. In a scathing report, the Commons Public Accounts Committee accused HMRC of creating the impression in its dealings with taxpayers there was “one rule for the rich… – Continue reading
The IRS has been using a John Doe summons to get access to taxpayers’ bitcoin information and is now using the same tactic to get debit card information. According to a report by Forbes, a federal court in Montana gave the IRS permission to serve Michael Behr of Bozeman, Montana,… – Continue reading
A European leader in financial, tax and regulatory reporting for the banking and insurance sectors, Invoke is expanding its software range to meet CRS/AEoI cross-country tax reporting requirements. As part of the global fight against tax evasion, the G20 and OECD program for the exchange of tax payers’ financial information… – Continue reading
New guidelines aim to check tax evasion, ensure foreign firms are not taxed on their global income. New Delhi: The income-tax (I-T) department on Tuesday issued the final guidelines for place of effective management (PoEM) rules that seek to determine the residency status of a firm for calculating its tax liability. The… – Continue reading
Country’s reputation being exploited for ‘snow washing’ global money trails, experts warn Far from the palm-fringed beaches of the usual offshore tax havens, Canada has quietly become a go-to destination for international tax cheats eager to exploit the country’s twin benefits of a sterling reputation and rules that allow private… – Continue reading
Nassau, The Bahamas – The Bahamas has taken many steps to comply with global standards in the financial services sector. One such step is the implementation of the Common Reporting Standard (CRS). The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council… – Continue reading
The move comes after HM Revenue & Customs received representations from the Association of Charitable Foundations and the Charity Finance Group HM Revenue & Customs has updated its guidance on the forthcoming common reporting standard after receiving concerns from charities. The CRS is an international standard for the automatic exchange… – Continue reading
A new legislative approach of the German tax authorities leaked last December 19 will have a significant impact on the tax deductibility of royalties owed to related persons being subject to a preferential back end tax regime for IP not being in compliance with the Organisation for Economic Co-operation and… – Continue reading
The Offshore Compliance Advisory Committee issued a report in December 2016 to the Canada Revenue Agency about the Voluntary Disclosures Program (VDP or tax amnesty). If a taxpayer submits a successful income tax or GST/HST voluntary disclosure program application then generally criminal income tax prosecution and civil tax penalties under… – Continue reading
Manama, Jan. 22 (BNA): An agreement was signed between the Government of the Kingdom of Bahrain and the Government of the United States of America to improve international tax compliance and implement the Foreign Account Tax Compliance Act (FATCA). The agreement was signed by the Minister of Finance, H.E. Shaikh… – Continue reading
New Delhi: The GST council has decided that tax evasion up to Rs. 2 crore will be a bailable offence. To make the Goods and Services Tax or GST regime less onerous, the centre and states have decided to water down the penal provisions to ensure a trader gets immediate… – Continue reading
RIGA – Latvian Finance Minister Dana Reizniece-Ozola (Greens/Farmers) and Motome Takisawa, Parliamentary Vice-Minister for Foreign Affairs of Japan, today signed a convention for the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance, BNS was told at the Finance Ministry. The… – Continue reading
If the tax deal is not signed, India can opt to label Panama as ‘non-cooperative’ and levy a higher tax on it Mumbai: The government is continuing its efforts to retrieve money stashed away illegally in foreign banks, including those in Panama, even as it hunts black money evaders at… – Continue reading
Unknown to many Kenyans, Parliament’s passing of Finance Bill, 2016 that granted amnesty to Kenyan residents who have offshore incomes and assets in foreign banks had a very global agenda. The foreign income that is subject to amnesty is for the year ended December 31, 2016 and offers a waiver… – Continue reading
THERE was a time when a tax professional would confidently tell you that tax avoidance would not get you in trouble. You might be bending the rules a little to minimise your tax liability, but as long as you followed the letter of the law, you would be fine. On… – Continue reading
An inter-governmental economic organisation could help tackle tax evasion across the Irish border following Brexit, the UK’s Treasury has suggested. The UK’s only land border with an EU state is in Northern Ireland. Without the European institutions, the Organisation for Economic Co-operation and Development (OECD) could help facilitate dialogue with… – Continue reading
In his Budget speech on 11 October 2016, the Minister for Finance announced a comprehensive programme of targeted intervention against offshore tax evasion. Positive action is required ahead of 1 May 2017 for those with undeclared income and gains from offshore assets. Finance Act 2016, which includes legislative changes required… – Continue reading
The government has quashed calls to look at extending the requirement to publish a public register of people with significant control to companies incorporated in the Crown dependencies and overseas territories, as part of a bid to increase tax transparency, saying new rules on the automatic exchange of information are… – Continue reading
The Israel Tax Authority says Americans have provided information on 35,000 accounts held by Israelis in the U.S. and on an unspecified number of American accounts in Israel. The Israel Tax Authority said Monday it had begun passing on data on Israeli bank accounts held by American citizens and Green… – Continue reading
Bloggers and celebrities who receive undisclosed gifts or payment to flog products and services under the guise of celebrity endorsement could ultimately wind up in jail for tax evasion. The rise of ‘Instagram celebrities’ and ‘Influencers’ who post endorsements of everything from their clothes and make-up to where they spent… – Continue reading
KUALA LUMPUR: The Inland Revenue Board (IRB) has its eye on tax evaders and tracking them down will be one of its priorities in 2017. IRB deputy chief executive Datuk Mohd Nizom Sairi said this is part of the agency’s plans to meet its target of RM127 billion in tax… – Continue reading
Belarus and Hong Kong Special Administrative Region of the People’s Republic of China signed an agreement on the avoidance of double taxation and prevention of income and capital tax evasion on 16 January, BelTA learned from the Belarusian embassy in China. Specialists believe that the agreement on the avoidance of… – Continue reading
The Kuwaiti Ministry of Finance on Sunday signed a protocol with India amending the agreement between the two countries to avoid double taxation on income and to prevent tax evasion. The protocol amends the types of Kuwaiti taxes in Article two of the agreement, as well as Article 26 on… – Continue reading
Authorities unable to access leaked e-mails from Mossack Fonseca Panama is not cooperating with the Maltese tax authorities in their investigations into the Panama Papers leak, according to Finance Minister Edward Scicluna. Prof. Scicluna made his comments to Malta Today. Inland Revenue Commissioner Marvin Gaerty told this paper last year… – Continue reading
The creation of a new United Nations tax body to clamp down on tax dodging, which experts say could cost developing countries more than $200 billion a year in missed revenues, will be a key priority of the Group of 77 and China under Ecuadorian leadership, according to the country’s… – Continue reading
The comprehensive Double Taxation Convention between Uruguay and the United Kingdom has taken effect from 1 January 2017. The United Kingdom and Uruguay signed a convention to avoid double taxation and prevent fiscal evasion related to taxes on income and on capital on 24 February 2016 in Montevideo. The document… – Continue reading
This, like previous initiatives, seems nothing more than a thinly veiled revenue measure. A new amnesty scheme is being considered to allow those who hold wealth abroad to bring it back into the country without facing a penalty other than paying a nominal amount of tax on the value of… – Continue reading
THE Panama Papers, the world’s biggest leak, highlighted the complex ways used by companies and individuals to conceal who the actual beneficiaries of a company are. Some of them put their money into offshore accounts such as in Labuan, which is also an off-shore financial centre and tax haven. One… – Continue reading
Authored by IFC Media Recent global events from the release of the Panama Papers to a series of high-profile inversions have given international tax regulators both rhetorical ammunition and public support to execute a global crackdown on multinational tax planning. The goal is to increase total taxes paid by global… – Continue reading
Tax anti-avoidance rule GAAR will kick in from April 1, 2017, the tax department said today. In its 2016 year-end review, the Central Board of Direct Taxes, which is the apex policy making body of the I-T department, listed its major achievements. “Major achievements of CBDT in the current financial… – Continue reading
The UK and Switzerland have terminated tax arrangements under the Savings Tax Directive and will instead share information in tax matters automatically under the Common Reporting Standard. The UK Government said, under the switch to the OECD’s Common Reporting Standard, UK taxpayers will no longer be able to pay a… – Continue reading
Centralised company registers will now detail who ultimate beneficiaries are. Malta’s stand on amendments seen as ‘watering down’ anti-money-laundering rules are in line with the EU’s position, a spokesman for the Office of the Prime Minister told the Times of Malta. EU governments have just agreed to create centralised company… – Continue reading
