THE CABINET yesterday gave the green light to a draft agreement on the exemption of double taxation between Thailand and Cambodia. It aims to back this up with a similar deal with Brunei as part of Thailand’s effort to complete cooperation on this and other economic initiatives with all the… – Continue reading
The Panamanian Government with the aim of improving the competitiveness of the international services industry in Panama and, at the same time, comply with international standards for the effective exchange of information, initiated in 2009 a decisive agenda for the selection of countries with whom tax agreements were going to… – Continue reading
Japan and Estonia signed a convention to eliminate double taxation on cross-border trade and investment on August 30. The treaty sets out the taxing rights of both countries on cross-border income deriving from investment or trade between the two. It also provides for assistance in the collection of tax and… – Continue reading
The APA scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance. New Delhi: The Central Board of Direct Taxes (CBDT) has entered into four more Advance Pricing Agreements (APAs), pertaining to… – Continue reading
The government said Wednesday that it will toughen its stance against tax evasion by multinational firms by adopting a global agreement in the country’s legal system within the year. In the mid-to-long term tax policy plan announced Wednesday, the finance ministry said that it would submit bills to enact “OECD… – Continue reading
Switzerland and Zambia signed a new double taxation agreement (DTA) in the area of taxes on income. It replaces the agreement between Switzerland and the United Kingdom of 1954 which up to now applied to Switzerland and Zambia and will create legal certainty conducive to the further development of economic… – Continue reading
Brazil’s unique international tax rules present a significant challenge for both the OECD and Brazil, as the South American country seeks to join the international organization. However, the challenges aren’t insurmountable. The push for Brazil to join the Organization for Economic Cooperation and Development “is a little bit rushed,” Sergio… – Continue reading
Companies registered in Mauritius are the largest source of FDI into India, making it crucial for New Delhi to amend double tax avoidance agreement (DTAA) in its bilateral tax treaty New Delhi: India and Mauritius are set to begin a fresh round of negotiations to amend their double tax avoidance… – Continue reading
Hong Kong (HKSAR) – The Secretary for Financial Services and the Treasury, Mr James Lau, on behalf of the Government of the Hong Kong Special Administrative Region, signed in Hong Kong today (August 24) a comprehensive agreement for the avoidance of double taxation (CDTA) with Saudi Arabia, which signifies the… – Continue reading
The government approved the agreement on Thursday to avoid double taxation between Estonia and Japan and handed over the power to the finance minister to sign the agreement on behalf of Estonia. The plan is to sign the agreement on August 30 in Tallinn, spokespeople for the government said. The… – Continue reading
Croatia and New Zealand have agreed that they should negotiate an agreement on the avoidance of double taxation. Croatia’s President, Kolinda Grabar-Kitarovic, said an agreement was discussed in a meeting with New Zealand’s Prime Minister, Bill English, while she was on a state visit to the country. A double tax… – Continue reading
African nations will have more resources at their disposal to meet the Sustainable Development Goals if their national revenue authorities can boost tax collection. The United Nations Economic Commission for Africa estimates that the continent loses more than $50 billion through illicit financial outflows per year, much of this linked… – Continue reading
China will continue value-added tax reform in an attempt to boost the economy through tax cuts. VAT reform is a key part of supply-side economic reform and has made good progress, according to a statement released after a State Council executive meeting presided over by Premier Li Keqiang. The most… – Continue reading
This article is the third of a series of articles that examines tax aspects of the UK company which make it an attractive international business company, or “IBC”. This generic label, and its acronym, are normally associated with the BVI company, and its international competitors in other offshore financial centres…. – Continue reading
The Government of Hong Kong has said that it will introduce legislation into the Legislative Council by the end of this year to implement the minimum standards proposed by the OECD as part of its base erosion and profit shifting project. The BEPS framework, proposed by the OECD at the… – Continue reading
The New Zealand Government has announced the signature of two Orders of Council that will implement amendments to its tax treaty arrangements with India and San Marino. The third protocol to the double tax agreement (DTA) with India updates the information exchange provisions and inserts an article on assistance in… – Continue reading
The Philippines is set to sign a double taxation agreement (DTA) with Brunei while eyeing to start negotiations with three other Asean countries as part of its commitments under the regional integration framework. Internal Revenue Assistant Commissioner Marissa O. Cabreros told the Inquirer yesterday that the Philippines’ DTA with Brunei… – Continue reading
Paying employees in gold bullions to avoid tax will not be permitted under the first use of the general anti-abuse rule (GAAR). The GAAR advisory panel stated that the use of gold as payments for employees is “abnormal and contrived” and “not a reasonable course of action”. “We can see… – Continue reading
The Swiss Federal Council has announced that an information exchange amendment to the double tax agreement with Belgium has entered into force. On August 7, the Council said the additional agreement to amend the DTA had entered into force on July 19. It contains an administrative assistance clause in accordance… – Continue reading
France is Airbnb’s second largest market and yet in 2016, the internet giant paid the country just €92,944 in taxes – equivalent to the amount paid by small and medium-sized enterprises (SMEs). Second only to the US as Airbnb’s biggest market and with Paris its top city for listings, during… – Continue reading
Stock analysts in South Korea played down the possible impact of the government’s decision Wednesday to impose taxes on foreign investors holding over 5 percent of a company, but warned of widening volatility prompted by foreign investors’ sell-offs over the past couple of weeks. Starting January 2018, a broader scope… – Continue reading
Nigeria’s federal government on Wednesday signed an agreement with Singapore that would help companies operating in the two countries avoid double taxation in their different bases. The agreement clearly spells out taxing rights of the two countries in respect of different incomes derived from each country. It will specifically assist… – Continue reading
The Act currently provides for income taxable as ‘capital gains’ to be computed after taking into account the full value of consideration received or accrued on transfer of a capital asset “A person doesn’t know how much he has to be thankful for until he has to pay taxes on… – Continue reading
As part of the Irish Budgetary process, officials from the Finance Department have published a paper on the implications of Brexit for Ireland’s tax system. The paper was prepared for consideration by the Tax Strategy Group (TSG), an interdepartmental committee chaired by the Finance Department. The papers produced by the… – Continue reading
BEIRUT: The Association of Banks in Lebanon and other private sector leaders are weighing the few options open to them as recently approved new tax measures, poised to be implemented soon, threaten to have a detrimental effect on their businesses and the overall economy. The few available options include trying… – Continue reading
Cambodia signed a double taxation agreement (DTA) with Brunei aimed at preventing dual taxation and fiscal evasion, the Ministry of Economy and Finance said yesterday in a press release. This is the third DTA agreement that Cambodia has signed after Singapore and China, while the government is currently developing framework… – Continue reading
Israel wants to develop friendly relations with Armenia, according to that country’s Regional Cooperation Minister, Tsakhi Hanegbi, who told Foreign Minister Edward Nalbandian on Wednesday as he kicked off an official visit to Armenia. He said that the purpose of his visit was to advance those ties. The two signed… – Continue reading
On 22 June 2017, the parliament of Kyrgyzstan approved the bill ratifying the tax treaty signed with Georgia on 13 October 2016. Currently, the ratification from Georgian side is still pending, and in order to become law and to be ratified, the bill still needs to be signed by the… – Continue reading
HM Revenue and Customs (HMRC) has released guidance on a change to value-added tax rules to tax services used outside the EU by UK consumers. The changes, which were introduced in the Spring Budget 2017, will affect suppliers of mobile telecommunication services, private consumers, and non-business users who consume telecommunication… – Continue reading
Representatives from the tax authorities of Cambodia and Thailand have agreed in principle to speed up a proposed double taxation agreement that would protect their nationals from dual taxation and encourage bilateral investment. The agreement was made last week during a two-day consultation workshop in Bangkok for tax officials from… – Continue reading
India has participated in the global joint task force meet to discuss with countries information exchange as it looks to pursue work on the Panama Papers, the finance ministry said on Tuesday. The Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC) meeting was reconvened in Paris in the last… – Continue reading
TEHRAN – A Double Taxation Avoidance Agreement (DTAA) was signed between Iran and Kenya during the visit of an Iranian trade delegation to the African country. According to the Public Relations Department of Iran’s Trade Promotion Organization (TPO), the agreement was signed by the Iranian ambassador to Kenya Hadi Farajvand,… – Continue reading
The UAE Ministry of Finance (MoF) signed a final agreement for the avoidance of double taxation with the Republic of Cameroon at the Ministry’s premises in Dubai today. The agreement comes in line with the ministry’s strategy to strengthen bilateral trade and economic relations between the two countries, in order… – Continue reading
The National Assembly of Ecuador endorsed the agreement on cooperation in taxation with Belarus by a majority vote. The document is meant to avoid double taxation and prevent property and real estate tax evasion. The agreement was endorsed by the Belarusian and Ecuadorian governments in 2016. The Special Permanent Commission… – Continue reading
Irish Finance Minister Paschal Donohoe has explained the country’s approach to tax evasion during a hearing of the European Parliament’s PANA Committee, and said Ireland is “a strong supporter of international tax reform efforts.” Donohoe was one of several European finance ministers who appeared before the committee on July 11…. – Continue reading
The Government of the Netherlands has announced that it has concluded an agreement with Indonesia on the taxation of investment funds. The Dutch Ministry of Finance announced on July 11 that the new competent authority agreement was signed by the two sides on June 23, 2017. The agreement clarifies the… – Continue reading
Switzerland and France have smoothed over concerns which had blocked the exchange of tax data between the two countries, a boost to French efforts to pursue cash hidden from the taxman. The way in which data sent over by Switzerland was used in a French legal case involving UBS (UBSG.S),… – Continue reading
Move to maximise revenue collections this fiscal The Income-Tax Department is likely to monitor transactions by e-commerce firms in the coming year to maximise revenue collections including those from the equalisation levy. This is part of the enforcement strategy in the Central Board of Director Taxes (CBDT) action plan for… – Continue reading
Mauritius has signed the Multilateral Convention to Implement Tax Treaty Related Measures to prevent Base Erosion and Profit Shifting (MLI). Once ratified, the MLI will affect as many as 23 tax treaties entered into by this island nation, which has been an important jurisdiction for routing investments into India. Interestingly,… – Continue reading
On June 28, 2017, the Swiss Federal Council adopted the dispatch on a revised double taxation agreement with Latvia and submitted it to Parliament for approval. A protocol to revise the agreement was signed by the two countries in November 2016. The revised agreement contains an anti-abuse clause in line… – Continue reading
New Zealand has updated its double tax agreement with Hong Kong to allow for the automatic exchange of information in tax matters between the two jurisdictions. Once in force, the updated double tax treaty will require both Hong Kong and New Zealand to automatically exchange tax information with each other,… – Continue reading
Ghana signed another Double Tax Agreement (DTA) with the Czech Republic on 11 April, 2017. Ghana already has DTAs in force with Denmark, the United Kingdom, Belgium, Italy, South Africa, Switzerland, Netherlands, France and Germany. DTAs with Mauritius, Singapore and the Czech Republic are in the process of being ratified… – Continue reading
The Australian Taxation Office has reversed its stance on the tax treatment of trustee dividend-equivalent payments to participants in employee share schemes. The ATO’s June 8 draft guidance, Draft determination TD 2017/D2, deals with circumstances in which an employer establishes a trust to provide shares to employees under an employee… – Continue reading
The Government of Australia has announced it is taking steps to become a global financial services leader by loosening a number of policy standards. One includes removing the double tax that currently implemented on digital currencies. The Australian Government has announced it will no longer be imposing a double tax… – Continue reading
Nigeria has ratified multilateral conventions on tax related treaties to end profit shifting and tax evasion by multinational companies. The ratification of the treaties Wednesday followed the approval of a memo submitted by the Minister of Finance, Kemi Adeosun, who said this was part of government’s plan to widen its… – Continue reading
The Organisation for Economic Co-operation and Development (OECD) announced on Tuesday that Botswana has joined the Inclusive Framework on base erosion profit shifting (BEPS) becoming the framework’s 99th member.The Inclusive Framework on BEPS is a group of countries that have pledged to implement measures designed by OECD and G20 countries… – Continue reading
BISHKEK (TCA) — On June 13, the first Double Taxation Agreement was signed between the Kyrgyz Republic and the United Kingdom of Great Britain and Northern Ireland by British Ambassador Robin Ord-Smith and Kyrgyz Minister of Economy Arzybek Kojoshev, the British Embassy in Bishkek said. This Double Taxation Agreement represents… – Continue reading
The OECD is seeking taxpayers’ input on the mutual agreement procedure (MAP) frameworks in place in the third batch of countries that will now be peer reviewed under Action 14 of the OECD’s base erosion and profit shifting Action Plan: the Czech Republic, Denmark, Finland, Korea, Norway, Poland, Singapore, and… – Continue reading
In a meeting with Iran’s foreign minister in Tehran on Sunday, Schelling said he has visited Iran with the purpose of boosting bilateral economic and financial relations. Voicing Austria’s eagerness to develop joint training programs with Iran in the banking industry, Schelling hoped he would nail down investment deals and… – Continue reading
Effects on Cayman to be relatively benign Ministers and high-level officials from more than 60 countries and jurisdictions on Wednesday are to sign a multilateral convention to reduce the opportunity for tax avoidance by multinational enterprises. The Organization for Economic Co-operation and Development, which developed the convention, said the signing… – Continue reading
