Category: Tax Laws

Canada: “Changing Of The GAAR”: A Background On The General Anti-Avoidance Rule, And Canada’s Attempt To Expand Its Tax Power In The 2022 Budget

The Budget purports to introduce several new financial and taxation regimes, as well as enhance several existing mechanisms. One of the existing taxation mechanisms proposed to be amended is the General Anti-Avoidance Rule (the "GAAR"). The Government initially indicated they would be amending the GAAR in the 2021 Budget. The 2022 Budget now provides some additional detail, though we are still waiting for the actual legislation. ... - Continue reading

Q&A: tax issues for private equity funds in Cayman Islands

Under current Cayman Islands law, there are no Cayman Islands taxes on income or gains of the private equity fund (PE fund) or on gains on dispositions of shares or partnership interests, and distributions made by a PE fund will not be subject to withholding tax in the Cayman Islands. ... - Continue reading

Spain’s National Court challenges the deductibility of intragroup services in the absence of a written contract

In recent years, the Spanish tax administration and Spanish courts have had a clear tendency to challenge the provision of intragroup services, denying its corporate income tax deductibility and increasing the tax burden for taxpayers carrying out these transactions in Spain. ... - Continue reading

Is Tax Avoidance A Crime In The Uk?

There are financial and criminal penalties involved in tax evasion. Other instances can be civil or criminal. Generally speaking, HMRC deals with all types of fraud and evasion through civil processes. The severity of your tax evasion depends on how large a jail sentence you can expect, assuming you are charged with tax evasion. ... - Continue reading

Impact of Mexico’s ‘controlling beneficiary’ rules

From 2022, taxpayers are obligated to obtain, keep and provide to the Mexican tax authorities when so requested, information of individuals who are considered to be the ‘controlling beneficiaries’ of legal entities, trusts and other legal vehicles, such as name, date of birth, gender, nationality, tax residence, tax ID number and marital status. ... - Continue reading

How To Evade Taxes Canada?

In order to hide income or inflate expenses, intentionally overstating receipts or claiming in the wrong ways, hiding income, or lying to the Canadians, tax evasion can be considered in this regard. The goal is to gain as many benefits from compliance as possible in violation of the law, whereas aggressive tax avoidance is to evade compliance. ... - Continue reading

How much capital gains tax you pay in Portugal?

Like many countries, Portugal imposes a capital gains tax on the sale of assets. It only applies to gains made on real estate and investments; personal items are not taxable and inheritances are only subject to a limited form of stamp duty. Your exposure will depend on whether you are resident, how you own the asset and, with property, whether it is your main home. ... - Continue reading

Requests for confirmation, tax treaty relief applications and tax sparing applications

IN 2021, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) 14-2021 and Revenue Memorandum Circular (RMC) 77-2021, which streamlined the procedure for the availment of benefits under the applicable tax treaty.  ... - Continue reading