In advance of the UK Chancellor’s Autumn Statement, Geoff Cook, CEO of Jersey Finance said: “The Chancellor has shown a strong commitment to tackling tax evasion and I look forward to hearing more detail behind his future plans in this regard in the Autumn Statement. It is vital that the… – Continue reading
Padoan : “it will enable member states to better fight aggressive tax planning by groups of companies” The Council approved an amendment to an EU directive with the aim of preventing tax avoidance and aggressive tax planning by corporate groups. To this end, it agreed that it would introduce a… – Continue reading
Australia may follow the UK in implementing a “diverted profits” tax on multinationals to crack down on tax avoidance. Joe Hockey, Australia’s treasurer, said on Tuesday that his office is exchanging information with London on its “Google tax”, which was announced last week, writes Jamie Smyth in Sydney. I am… – Continue reading
BRUSSELS–European Union finance ministers struck two separate deals on Tuesday aimed at cracking down on tax avoidance by multinationals, an issue that is high on Europe’s political agenda as a lackluster economic recovery fails to replenish crisis-hit state coffers. At a meeting in Brussels, finance ministers agreed to update a… – Continue reading
The European Commission welcomes two breakthrough agreements reached by the Council today towards combating corporate tax avoidance and aggressive tax planning. The Council has given its political backing to the anti-abuse clause of the Parent Subsidiary Directive and to the mandatory exchange of information between EU tax authorities. “I applaud… – Continue reading
In advance of the UK Chancellor’s Autumn Statement, Geoff Cook, CEO of Jersey Finance said: “The Chancellor has shown a strong commitment to tackling tax evasion and I look forward to hearing more detail behind his future plans in this regard in the Autumn Statement. It is vital that the… – Continue reading
In the past fifty years, European nations have become increasingly reliant on value-added taxes, according to a recent study released in December by the Tax Foundation. The study, authored by Tax Foundation Center for Federal Tax Policy economist Kyle Pomerleau, details the rising popularity in Europe of the value-added tax… – Continue reading
Jersey Finance has welcomed the signing of a Tax Information Exchange Agreement (TIEA) between Jersey and Romania this week. The agreement, which was signed by the Minister for External Relations, Senator Sir Philip Bailhache, and the Romanian Ambassador, His Excellency Ion Jinga, at the Romanian Embassy in London on Monday… – Continue reading
Juncker has put corporate tax reform firmly back on the EU agenda The “Lux leaks” scandal may have cast a shadow over Jean-Claude Juncker’s first months as European Commission president, but its real significance will be how it impacts the EU’s position on corporate tax. Some contend the scale of… – Continue reading
Four years after entering a punishing €67bn bailout, the Irish economy is booming again. Gross domestic product expanded at an annual rate of 5.5 per cent between January and June. The European Commission expects Ireland to be the fastest-growing country in the eurozone in 2014. Yet a chorus of economists… – Continue reading
The EU’s most powerful official is under mounting pressure as dozens more multinational corporate names are dragged into the Luxembourg tax scandal following a new leak of confidential documents on Tuesday. Jean-Claude Juncker, president of the European commission, has been battling to distance himself from the growing furore over the… – Continue reading
Ambassador to London Matthew Barzun says US citizens must pay up Boris Johnson was born in New York so faces a tax bill in America London Mayor has branded the Transatlantic rules ‘outrageous’ Barzun defends US firms like Amazon and Google over tax dodging Insists they are just playing by… – Continue reading
New Delhi: Citing national security and confidentiality clauses, Finance Ministry has declined to disclose information on exchange of correspondence among India, Swiss and German authorities in connection with the black money probe. Replying to an RTI query, the ministry said it was obtaining information regarding Indians having accounts in foreign… – Continue reading
The Swedish Tax Agency has, on request by the Swedish Government (Ministry of Finance), evaluated the transfer pricing documentation rules’ functionality and proposed possible changes to simplify the application. The first step was to make an international comparison of the rules in relevant, comparable OECD countries. An overall assessment showed… – Continue reading
New Delhi: The government on Tuesday said Mauritius is yet to agree to certain proposals to the long pending revision of bilateral tax treaty. “India has made certain proposals for revision of DTAC (Double Taxation Avoidance Convention) to end round tripping and other aspects. Mauritius is yet to agree to… – Continue reading
Bulgaria has formally signed up to the US’s Foreign Account Tax Compliance Act (FATCA), just over six months after the two countries concluded a transitional “in substance” agreement. FATCA, which was enacted by the US Congress in 2010 and took effect on July 1, 2014, is intended to ensure that… – Continue reading
(Reuters) – Luxembourg is giving details of its tax deals with foreign firms to governments that ask for them, its finance ministry said on Tuesday, addressing critics of its role in helping companies avoid taxes on a global scale. In a statement issued after a Belgian minister revealed he was… – Continue reading
Thousands of rich Australians have come forward to declare billions of dollars in untaxed assets and income stashed in bank accounts in Switzerland and in other countries. The rush comes as what the Australian Taxation office says is the last tax amnesty it will ever offer comes to an end…. – Continue reading
The MT Conferences section did not involve the reporting or the editorial staff of The Moscow Times. Russian business is trembling in expectation of the new year when major changes recently introduced to the tax legislation will enter into force. There has been a lot of discussion regarding the increase… – Continue reading
The Joint Committee on Taxation has increased, from USD19.5bn to more than USD33.5bn, its estimate of tax revenue that could be saved over a ten-year period from legislation to restrict corporate inversions introduced by Democrat lawmakers in the United States House of Representatives in May this year. A recent letter… – Continue reading
Hong Kong’s financial institutions have been urged to assess whether their Occupational Retirement Schemes Ordinance (ORSO) retirement schemes are required to comply with the requirements of the US Foreign Account Tax Compliance Act (FATCA), which aims to prevent tax avoidance by US residents, according to law firm Deacons. ORSO schemes… – Continue reading
Please credit and share this article with others using this link:http://www.bangkokpost.com/business/telecom/448032/officials-use-it-to-catch-tax-dodgers. View our policies at http://goo.gl/9HgTd and http://goo.gl/ou6Ip. © Post Publishing PCL. All rights reserved. The Revenue Department has adopted an IT system to track taxpayers with irregularities in their tax payments as part of its effort to increase collection… – Continue reading
Mumbai: As India continues its pursuit of black money allegedly stashed abroad, Switzerland has said it would not entertain any ‘fishing expedition’ and authorities cannot ask for names of all Indian account holders in Swiss banks without doing their own independent investigations. Switzerland’s ambassador to India Linus von Castelmur also… – Continue reading
As India continues its pursuit of black money allegedly stashed abroad, Switzer-land has said it would not entertain any ‘fishing expedition’ and authorities cannot ask for names of all Indian account holders in Swiss banks without doing their own independent investigations. Switzerland’s Ambassador to India Linus von Castelmur also said… – Continue reading
Global regulators need to standardise the mechanisms by which financial institutions exchange tax information on their clients amid concern the number of tax information exchange agreements between various countries is spiraling out of control. This comes as a number of countries and global regulatory bodies introduce their own tax reporting… – Continue reading
President Luis Guillermo Solís said that Costa Rica would present its application to join the Organisation for Economic Co-operation and Development in June 2015, during remarks following a meeting with the organization’s president in Mexico on Sunday. The meeting with OECD President José Ángel Gurría took place during a business… – Continue reading
The Brazilian Ministry of Finance has issued Portaria MF no. 488/2014, on December 1, which reduced the maximum income tax rate from 20% to 17% for the purposes of applying the concepts of tax havens and privileged tax regimes. The reduction is an important move because it demonstrates a… – Continue reading
In his annual address to both houses of parliament, President Vladimir Putin announced a large-scale program for the liberalization of the Russian economy. In particular, he proposed an amnesty for the repatriation of offshore capital and tax breaks for small businesses. However, Russian experts point out that some of the… – Continue reading
People who provide services delivered through electronic means (‘Electronic Services’), sold to final consumers based in other EU states, need to cope with the change of ‘place of supply’ rules from 1 January 2015. Place of supply rules are one of the more hotly debated areas of VAT. They determine… – Continue reading
Tennis legend Roger Federer is set to move into a 6.5million glass mansion in a Swiss tax-haven Wollerau Three-storey building comes with floor-to-ceiling windows, a swimming pool and view across Lake Zurich Wollerau is one of the lowest tax municipalities in Europe and has attracted other multi-millionaires Tennis ace Roger… – Continue reading
On November 6th, 2014, the ICIJ journalists’ network revealed its investigation into leaked documents from professional services firm PricewaterhouseCoopers. Their analysis shows that over 340 multinational companies use schemes to avoid paying taxes – schemes made possible by Luxembourg’s particularly favourable tax laws. How did the ICIJ work together on… – Continue reading
The Property Council of Australia has joined efforts by the broader business community to lobby the federal government to implement significant tax reforms next year. Members of the Business Coalition for Tax Reform (BCTR) will meet with the Australian Council of Social Service (ACOSS) on December 15 to commence discussions… – Continue reading
The Irish President Michael D. Higgins is in China on a ten day visit — his first state visit to the country. Accompanying him is a delegation of leading Irish state companies, including IDA Ireland — the country’s foreign investment agency. They are set to hold meetings with leading personnel… – Continue reading
Islamic Finance has garnered an increased interest in the last few years and has the potential to develop the capital markets of Sri Lanka and assist in the development of infrastructure along with encouraging foreign investment in the island state, according to an economist in Sri Lanka. In an interview… – Continue reading
The Federation of Indian Chambers of Commerce and Industry (FICCI) has urged the Finance Ministry to defer the introduction of General Anti-Avoidance Rules (GAAR) under the Indian Income-Tax law. In their pre-Budget interaction with the Revenue Secretary Shaktikanta Das, a high-level FICCI team led by its President Sidharth Birla also… – Continue reading
President Putin’s surprise amnesty allowing Russians with cash stashed abroad to bring it back home with no penalty may be a windfall, but then maybe not. The US, Mexico, Italy, Kazakhstan, and many others have tried it with varied success. When financial crises hit, governments have tried to reel in… – Continue reading
BEIRUT: There is no threat to Lebanon’s banking secrecy, despite the mounting pressure from the international community to disclose the accounts of Lebanese with dual passports, bankers said. “The United States and some European countries, which are seeking the full cooperation of other states in disclosing the bank accounts of… – Continue reading
The Treasury will this week detail sweeping new powers for the Revenue to investigate tax-avoiding global companies, and will issue a list of suspect structures which it says are designed to dodge British dues. The Chancellor declared war on tech giants such as Google, Amazon and eBay, which pay little… – Continue reading
The factbox devoted to two years of the so-called Magnitsky Act passed by US Senate. This act allows Washington to deny visas and freeze assets of Russian officials allegedly involved in the death of Russian lawyer Sergei Magnitsky. Five years ago, on November 16, 2009, Sergei Magnitsky, a tax and… – Continue reading
RETAIL billionaire Solomon Lew is threatening to ship Australian online orders from New Zealand to sidestep the GST in light of the Federal Government’s failure to axe the tax-free threshold for overseas purchases. The Premier Investments chairman has also slammed Australia Post for setting up a US mail forwarding service… – Continue reading
The Lima Stock Exchange urged Peru to eliminate a 5 percent capital-gain tax on equities, saying it has deterred investors and contributed to a drop in trading volume over the past five years. The country’s weighting in global portfolios has fallen 40 percent since 2010, and the tax has helped… – Continue reading
PRWEB.COM NewswireSingapore (PRWEB) December 06, 2014 Buoyant by Singapore Government’s foreign direct investment policies, efficient corporate tax regime, robust intellectual property safeguards, and exemptions on qualifying foreign-sourced incomes, several big Indian companies such as Flipkart, InMobi, Crayon Data, Zipdial and Mobikon have made the city-state their incorporation destination. To assist… – Continue reading
Under transitional relief, certain non-U.S. investment funds, including Cayman Islands funds, that qualify as foreign financial institutions (FFIs), have been permitted to certify their status under the U.S. Foreign Account Tax Compliance Act (FATCA) without registering with the Internal Revenue Service (IRS) to obtain a Global Intermediary Identification Number (GIIN)…. – Continue reading
Jersey Romania TIEAJersey and Romania signed a tax information exchange agreement (TIEA) at the Romanian Embassy in London on 1 December. The agreement was signed by the Minister for External Relations, Senator Sir Philip Bailhache, and the Romanian Ambassador, His Excellency Ion Jinga. Senator Bailhache said: “We attach great importance… – Continue reading
The Tax Commission, appointed by the Government in March last year to review corporate taxation in Norway in light of international developments, submitted its report on December 2, and proposed a cut in both corporate and individual income tax rates, alongside other adjustments to combat corporate base erosion and profit… – Continue reading
The Ministry of Finance this week published Ordinance MF 488/14 in the Official Gazette, which reduces from 20% to 17% the threshold income tax rate for defining the concepts of low-tax jurisdictions and privileged tax regimes. The qualifications of low-tax jurisdictions and privileged tax regimes are relevant because they may… – Continue reading
TOKYO, Dec 5 (KUNA) — Japan will launch negotiations for bilateral tax treaty with Qatar aimed at helping businesses and investors avoid double taxation involving the two countries, the Foreign Ministry announced Friday. The first round of talks will be held here on December 8, the ministry said in a… – Continue reading
European Union nations that offer “patent box” tax breaks should retool their laws so that only deserving companies can claim benefits tied to technical innovations, according to a draft report from a European Union working group. Countries that use this kind of technology tax break should start legislative work next… – Continue reading
Corporation tax is “not a good candidate for devolution” an independent think tank has concluded. The Institute for Fiscal Studies (IFS) analysed the Autumn Statement, in which the chancellor made a conditional offer to devolve the tax to Northern Ireland. The IFS said such a move could introduce profit shifting… – Continue reading
(AFP) The European parliament ordered reports delving into tax evasion Thursday, a contentious topic after the “Luxleaks” scandal that has embroiled EU commission head and former Luxembourg premier Jean-Claude Juncker. A journalistic investigation using thousands of leaked files revealed last month that Luxembourg allowed hundreds of top companies to enjoy… – Continue reading
