What is VAT?
Value Added Tax (VAT) is a consumption tax charged on most goods and services consumed in the EU. The tax is levied on the 'value added' to the product at each stage of production and distribution. ... - Continue reading
Category: Legislation
Bermuda: Enforcement Of Judgments 2020 – Trends And Developments
Bermuda is a self-governing overseas territory of the United Kingdom. It has a population of over 60,000 people on a land mass of just 21 square miles. The island group is located in the Atlantic Ocean, approximately 760 miles due east of Cape Hatteras, North Carolina. Surrounded by coral reefs and the Gulf Stream, Bermuda remains a popular destination for tourists but its infrastructure, flexible and innovative corporate structures and strong regulatory environment have made it a leading offshore jurisdiction for company incorporations, including for a number of companies listed on the main New York and Hong Kong stock exchanges ... - Continue reading
Cyprus, Russia agree to amend double tax treaty: Cypriot minister
Cyprus and Russia decide to amend their double taxation agreement. ... - Continue reading
Public input sought on Brazil, OECD transfer pricing harmonization
Brazil set out in the direction of tax reform. ... - Continue reading
Wilful income tax evasion may land you in jail for up to seven years
Cases where the amount of tax sought to be evaded or tax on under-reported income is lesser than ₹25 lakh, the person can be punished with imprisonment of at least three months and up to two years and with fine. ... - Continue reading
Singapore: Draft Tax Bill In Singapore Seeks To Implement COVID-19 Related Tax Measures; Proposes 50% Surcharge On Tax Avoidance
On the 20th of July, the Singaporean government released a draft bill to adapt to the current waddling economy caused by the COVID-19. ... - Continue reading
Ukraine aims to fight tax evasion with new law
Here is a discussion into the new legislation set to take place in Ukraine which aims to tackle profit shifting. While its objective is to encourage tax transparency, many businesses believe that this measure might have adverse effects for offshore trade. ... - Continue reading
Pakistan, Hungary sign MoU
Pakistan and Hungary sign tax treaties with each other. ... - Continue reading
Fiscal policy key to overcoming pandemic’s impact on LatAm: UN agency
The United Nations Economic Commission for Latin America and the Caribbean (ECLAC) has stated that Latin American SANTIAGO, July 6 (Xinhua) — Latin American countries must turn to effective fiscal policy to cushion the social and economic impact of the COVID-19 pandemic and reactivate local economies, the United Nations Economic… – Continue reading
Netherlands announces new policies for resolving cross-border tax disputes
The government has implemented new legislations in order to reform treatment of offshore tax disputes. ... - Continue reading
Nigeria clarifies new tax on nonresident digital businesses
Now existing in a digital-led world, economies of the world have been seriously contemplating on better methods to tackle digital tax. Nigeria is no exception to the rule. ... - Continue reading
Poland poised to launch new corporate income tax regime
Government to introduce the so-called Estonian solution. ... - Continue reading
Higher tax bill for Cyprus businesses after new law
Cyprus is aiming to better tackle tax avoidance by companies through a new legislation. The latter mainly addresses base erosion and profit shifting. ... - Continue reading
Australia tightens rules on foreign investment
Australia becomes more stringent regarding foreign investments. ... - Continue reading
Challenges for Transfer Pricing in an Economic Downturn
It is no surprise to anyone that we are now enterring a recession due to the economic chaos caused by the COVID-19. Consequently, countries all over the world have been adjusting their tax laws to the unprecedented turn of events. In this article, we will focus on transfer pricing laws. ... - Continue reading
Another COVID-19 Enforcement Tool: Money Laundering Law
This article discusses about the role of anti money laundering during the 2020 pandemic. ... - Continue reading
German cabinet passes stimulus tax measures
After the 2020 crisis, Germany has taken a few steps to fuel its economy. ... - Continue reading
Countries still can’t agree on update to multinational group taxation rules, OECD official says
The 137 member countries of the “Inclusive Framework on BEPS” are having a disaccord regarding a legislation for multinationals. ... - Continue reading
German finance ministry clarifies transfer pricing proposal
"No price-setting approach", confirms the German Finance Ministry. ... - Continue reading
Ireland: The Impact Of COVID-19 On Tax Residence And Permanent Establishments
On 23 March 2020, the Irish Revenue released its programme meant to relieve tensions around tax residence and permanent establishments. The reason? - you guessed it right - COVID-19. Here's more. ... - Continue reading
OECD officials note disagreement over digital tax update, reveal plans for tax and transfer pricing guidance
Disagreement registered around the 'Pillar One' of the OECD. ... - Continue reading
New Poland transfer pricing risk assessment tool released in interactive format
Poland launches a new transfer pricing risk assessment tool and it's an interactive version. ... - Continue reading
Explainer: South Africa’s ‘expat tax’ – your questions answered
Clarifications on tax-related issues for South Africans living and working abroad. ... - Continue reading
Ireland: Covid-19 Ireland Update – Irish Corporate Tax Residence Considerations
Ireland updates its corporate tax legislations amidst the COVID-19 crisis. ... - Continue reading
Denmark extends all filing deadlines, including those for transfer pricing documentation
Extension until 1st September 2020 for deadlines, and it won't even require an application. ... - Continue reading
Luxembourg: Amendment To The Double Tax Treaty Between France And Luxembourg Passed
More details on the amended double tax treaty between France and Luxembourg. ... - Continue reading
Guernsey: The Impact Of The Coronavirus (COVID-19) On Economic Substance And Tax Residency In Guernsey And Jersey
Adjustments in laws in Guernsey and Jersey following the COVID-19. ... - Continue reading
AMLA, Bank Secrecy Law for overhaul
When forces join together to tackle Anti-Money Laundering and the Bank Secrecy. ... - Continue reading
Luxembourg: FATCA & CRS Reporting In Luxembourg: New Draft Bill Submitted To The Parliament
On 20 February 2020, the Luxembourg government filed with Parliament the draft bill of law n°7527 modifying both the CRS law of 18 December 2015 and the FATCA law of 24 July 2015 (the "Draft Bill"). ... - Continue reading
Canada: Treaty Shopping: MIL, MLI And ALTA Things In Between
On February 12, the Federal Court of Appeal (FCA) released its decision in The Queen v. Alta Energy Luxembourg S.a.r.l.1 (Alta Energy), a case that represents an attempt by the Canadian tax authority to relitigate the issue of whether Canada’s domestic general anti-avoidance rule (GAAR) can apply to curtail so-called “treaty shopping”.2 ... - Continue reading
India: India Union Budget 2020 – Unveiling Issues On International Taxation
Clarifications on India Union Budget 2020. ... - Continue reading
Malta: Tax Transparency For Tax Advisors: The Mandatory Disclosure Rules – No More Hiding
The main aim remains linked to curbing tax evasion and avoidance through capturing aggressive tax planning schemes.
... - Continue readingGTBank Urges FG to Introduce Structural Reforms
The recurring inability of government to achieve its projected non-oil revenues over the years points to the need for urgent structural reforms, a report by Guaranty Trust Bank Plc (GTBank) has stated. The bank stated this in its 2020 macroeconomic and banking sector outlook, obtained yesterday. It stressed the need… – Continue reading
Puerto Rico changes income tax law for intercompany charges
Puerto Rico has amended its income tax rules to allow taxpayers to fully deduct intercompany expenses if taxpayers file a transfer pricing study with their income tax return, due April 15, 2020, if not extended. ... - Continue reading
Uzbekistan: Amendments And Additions To The Tax Code Of The Republic Of Uzbekistan
The Republic of Uzbekistan presents changes to its taxation laws. ... - Continue reading
Denmark court applies broad interpretation of transfer pricing law
More on the new Danish transfer pricing legislation. ... - Continue reading
Vietnam issues Draft Pronouncement on Tax Administration, Transfer Pricing, Minimum Basic Wage and Personal Income Tax
The Vietnam Ministry of Finance has issued the draft pronouncement amending certain tax rulings. Some of the main aspects of the draft include: ... - Continue reading
India: Expatriate Tax And Regulatory Issues And Best Practices In India
Movement of expatriates cross borders potentially creates several tax and regulatory issues. ... - Continue reading
Home owners be aware (beware) of Capital Gains Tax – Part 2.
According to a new law, a Capital Gains Tax return and a payment of tax must be made within 30 days of the disposal following the disposal of a residential property. Here are more details about this new rule. ... - Continue reading
Malta Updates Guidelines On Automatic Exchange Of Account Info
Clarifications and updates on Automatic Exchange of Information have been issued on the 2nd of January 2020. ... - Continue reading
Belgium gets more aggressive on tax evaders
Belgium toughens up following proclamation of 'black money'. ... - Continue reading
India: Corporate Tax Rates Slashed To 22% For Domestic Companies And 15% For New Domestic Manufacturing Companies And Other Fiscal Reliefs
Changes to tax laws - Here are the key highlights. ... - Continue reading
