Lawmakers of The Gambia Tuesday considered and ratified two agreements on the avoidance of double taxation, signed between the Republic of The Gambia, the Republic of the Turkey and the State of Qatar. Tabling the motion before the House, Hon. Abdou Kolley, the minister of Finance and Economic Affairs said… – Continue reading
When Indian President Pranab Mukherjee gave Finance Bill 2015 his assent on May 14, most provisions were largely hailed as improvements to the business environment in India. Others, while seen as primarily positive, have been the cause of some concern. One such provision changes the residency test for companies doing… – Continue reading
The Government of Netherlands has successfully negotiated the inclusion of anti-abuse provisions, aimed at combating cross-border tax avoidance, in tax treaties with Ethiopia, Ghana, Kenya, Malawi, and Zambia. At present, talks are being held with another seven countries and new agreements with several other countries are expected to be concluded… – Continue reading
Newcomers to the United States on temporary visas may be unpleasantly surprised at the income tax consequences. A little advance planning with tax and immigration professionals can go a long way towards mitigating income taxes due. Many countries imposes taxes on income earned in that country (i.e., a territorial tax… – Continue reading
The Isle of Man’s Agreement for the Exchange of Information Relating to Tax Matters with the Government of the Italian Republic entered into force on 10 June 2015. The agreement was signed on 16 September 2013 in London between Eddie Teare, the Isle of Man’s Treasury Minister, and His Excellency… – Continue reading
Former Prime Minister Alfred Sant said that as a matter of urgency all national parliaments should be active participants and decision makers in the process which the European Commission has been launched on the harmonisation of taxes in the eurozone. Dr. Sant said that having the same tax structures for… – Continue reading
Conor Hynes and Ronan Connaughton of Deloitte Ireland explore the impending changes arising from BEPS Action 7 and the Skandia case and provide insight on the potential tax impact for the insurance industry. The Greek philosopher Heraclitus is attributed with the saying, “the only thing that is constant is change”…. – Continue reading
TEHRAN- The first round of talks for signing a double tax avoidance agreement between Iran and Hungary was held between the two countries’ tax officials. The three-day negotiations were held from June 15 to 17 in the meeting hall of the Iranian National Tax Administration (INTA), the IRNA news agency… – Continue reading
Hong Kong’s Government has expressed its regret that the European Union included the territory in its list of non-cooperative tax jurisdictions, saying that criticism of its transparency in tax matters is “totally unfounded.”, reports Tax News. The EU tax blacklist was included in the European Commission’s new Corporate Tax Reform… – Continue reading
The General Anti-Avoidance Rules (GAAR) are of no use to India, and may work against the country by hurting foreign inflows is the word coming in from Vishnu Lutchmeenaraidoo, the Finance Minister of Mauritius, reports Money Control. He told CNBC-TV18 that lower taxation is the need of the hour for… – Continue reading
Spain will call on the European Commission to include Gibraltar on the EU blacklist of tax havens published last week, it emerged over the weekend. The list names the 30 top tax havens as identified by EU countries, but Gibraltar is not on it. Only nine of the EU’s 28… – Continue reading
A controversial Euro list of dodgy tax jurisdictions that included Bermuda has been dealt a blow after Poland said the Island should not have been included on its submission. The move came after the European Commission unveiled the 30-jurisdiction ‘blacklist’ of non-cooperative tax jurisdictions singled out by member states. Poland… – Continue reading
After a controversial political debate, the Swiss voters have decided to reject the popular initiative to introduce a federal inheritance tax with a vast majority of 71.7% in the popular vote of 14 June 2015.. The 26 Cantons also unanimously rejected the the popular initiative. The clear result shows that… – Continue reading
The United States has been criticized on more than one occasion for failing to be a meaningful participant in the OECD’s multi-pronged initiative to address base erosion and profit shifting (BEPS). Some commentators have even gone so far as to accuse the United States of actively working against the BEPS… – Continue reading
Someone once said that a good tax system enables the government to pluck the feathers from the taxpaying goose with the least amount of hissing, says Rod Houng-Lee. The least amount of hissing occurs when the law is simple and clear. The hissing increases exponentially when the law is more… – Continue reading
NEW DELHI: Finance Minister Arun Jaitley, who is currently on a nine-day visit to the United States, will on Monday meet representatives of pension funds and other long- term investors to allay their concerns over tax issues and ease of investing in India. He is scheduled to meet investors, including… – Continue reading
The G20’s efforts to crack down on multinational tax avoidance are likely to be defeated by national self-interest, particularly from the United States, one of Australasia’s top tax advisers says, reports the Sydney Morning Herald. Rod Houng-Lee, formerly Asia Pacific Tax Leader head of tax in Asia Pacific for big-four… – Continue reading
CONNIE Smith, President of the Barbados International Business Association (BIBA), said BIBA is very disappointed that Barbados’ name has appeared on this list of allegedly non co-operative countries indulging on tax avoidance. News broke about the development last week. However, the EU has withdrawn the blacklist. But at a news… – Continue reading
Washington, June 21 (IANS): Indian Finance Minister Arun Jaitley is wooing American investors with twin assurances — more economic reforms and a stable policy regime with no intention to legislate or apply laws retrospectively. Jaitley has held talks with US Treasury Secretary Jacob Lew, Commerce Secretary Penny Pritzker and US… – Continue reading
NEW DELHI: Mauritius has offered to put in place stringent conditions for investors seeking benefits under its tax treaty with India to weed out post-box operations, addressing a key concern of New Delhi that has been attempting to amend the agreement for years. “We don’t want investors to open shell… – Continue reading
Lutchmeenaraidoo, who met foreign minister Sushma Swaraj, played down the issue of misuse of the India- Mauritius Double Taxation Avoidance Convention (DTAC). Mauritius will make it difficult for shell companies using a liberal and controversial bilateral tax treaty with New Delhi to evade taxes in India, said the island nation’s… – Continue reading
A new Texas law will give tax breaks to a small group of businesses but slightly increase taxes across the rest of the state. Gov. Greg Abbott on Saturday signed House Bill 3150, which will trigger a tiny increase in unemployment taxes to cover an $84 million hit to the… – Continue reading
Accounting and legal professions in Ireland oppose major strands of business tax plan Key strands of the Organisation for Economic Co-operation and Development plan (OECD) to overhaul global business tax rules have run into resistance within the accounting and legal professions in Ireland. A submission this week to the Paris-based… – Continue reading
Pretoria — Government has gazetted the South Africa-Mauritius tax treaty which came into force at the end of May, said National Treasury. “This new treaty reflects changes in the tax policies of the two countries and is in line with international best practices to deal with tax abuse as outlined… – Continue reading
The European Commission has added Panama to its blacklist of countries designated as tax havens over a lack of support for anti-tax fraud and evasion efforts. The European Union’s executive Commission unveiled the list in the introduction to its action plan to fight tax fraud. The blacklist consists of 30… – Continue reading
With less than seven weeks between signature on 13 November 2014 and entry into force on 22 December, the new DTA between Cyprus and Iceland set a new standard for timeliness. Like most of Cyprus’s recent double taxation agreements, the DTA closely follows the form of the 2010 OECD Model… – Continue reading
International tax rules will soon change, but companies’ behaviour may change sooner. There will soon be fewer places for multinational companies and ultra-rich individuals to squirrel away money. In November leaders of the G20 are expected to adopt a full range of measures to curb the practices of base erosion… – Continue reading
Abstract Over the past 25 years, Cyprus has become the portal of choice for investment into and out of Russia and Central and Eastern Europe. The new Russian de-offshorization law, which took effect on 1 January 2015, will have significant implications for users of overseas structures. This article examines the… – Continue reading
Guernsey’s Chief Minister and Commerce and Employment Minister have expressed their astonishment that Guernsey has been included on a list of 30 so-called ‘non-cooperative’ non-EU jurisdictions, which was published today, reports Guernsey Finance. The list consolidates national tax ‘blacklists’ as they stood six months ago, and includes any jurisdiction on… – Continue reading
Hong Kong (HKSAR) – The Hong Kong Special Administrative Region Government today (June 18) expressed regret over the inclusion of Hong Kong in the list of non-cooperative tax jurisdictions published by the European Commission. “Hong Kong has all along been supportive of international efforts to enhance tax transparency and combat… – Continue reading
Effective from January 1st next year, personal income tax in Hungary will be paid at a flat tax rate of 15%. Consequently, the standard withholding tax rate on all Hungarian securities (debt securities and equities) will also be reduced from the current 16% to 15%, says Clearstream Banking in a… – Continue reading
Alongside an imminent price rise in houses in Britain (The Economist) and several other factors to take into account in considering moving to Malta, your domicile status and subjectivity to UK inheritance tax should also feature in the picture. It is useful to know that neither permanently leaving the UK… – Continue reading
Effective from January 1st next year, personal income tax in Hungary will be paid at a flat tax rate of 15%. Consequently, the standard withholding tax rate on all Hungarian securities (debt securities and equities) will also be reduced from the current 16% to 15%, says Clearstream Banking in a… – Continue reading
The U.S. Model Income Tax Treaty (the U.S. Model Treaty) generally represents the United States’ opening position in treaty negotiations. As a result, when changes to the treaty are proposed, international tax practitioners should be aware of the potential impact those changes can have on their existing inbound U.S. structures…. – Continue reading
THE new double-tax treaty between SA and Mauritius is set to come into force in January next year, following a controversial renegotiation to better protect the South African tax base. However, tax experts have warned that sweeping changes to the treaty, including withholding taxes for interest (10%) and royalties (5%)… – Continue reading
NEW DELHI: India, which blacklisted Cyprus in 2013 for not sharing tax information under the treaty, is in dialogue with the island nation to resolve the issue, a top finance ministry official said today. “It’s not only exchange of information but it is also the quality of exchange of information… – Continue reading
Cabinet has approved the Income Tax (Amendment) Bill of 2015, which seeks to implement the proposed changes to the mining tax regime and increase corporate income tax for mining operations from zero percent to 30 percent. Acting chief Government spokesperson Ngosa Simbyakula told journalists shortly after a Cabinet meeting yesterday… – Continue reading
Politically incendiary proposals will set sights on multinationals’ tax planning with EU states and 30 worst offending havens could be officially blacklisted Officials in Brussels will on Wednesday announce a series of measures designed to stamp out the toxic culture of secret, sweetheart tax deals for multinationals which prevails in… – Continue reading
Following the implementation of the EU Alternative Investment Fund Managers (AIFM) Directive (2011/61/EC) and associated legislation, Cyprus now lays claim to being a growth jurisdiction within the European Union for the establishment and servicing of boutique and low cost alternative investment funds based locally or offshore. The choice of fund… – Continue reading
As the financial world continues its march towards a more transparent and open environment, regulations governing private wealth are under scrutiny. The traditional is changing for good while new players emerge. Once was a time, not too long ago, the words “Swiss bank” conjured up evocative imagery: secret deals; bank… – Continue reading
Senior Republicans voice concerns over Obama administration’s response to plan Political divisions are opening up in Washington over the US response to the overhaul of international tax rules by the global powers, an initiative with big implications for Ireland’s corporate tax regime. The Republican leaders of the two tax-writing committees… – Continue reading
A country which is small in size but a giant in stature, Malta is rapidly gaining more and more attention on the global stage. With a rapidly expanding financial services sector which rivals some of the most established economies in the world, Malta is an extremely attractive place to do… – Continue reading
MUSCAT: Japan-Oman robust economic relationship is set to leap to a new level with the signing of an investment agreement between the two countries, which is expected in the second quarter of this year, says Japan’s ambassador to the Sultanate. “The signing of the Japan-Oman Investment Agreement is expected to… – Continue reading
Nigeria and Singapore have concluded plans to sign agreements to strengthen their bilateral air services and curb double taxation on investments in both countries. The Nigeria’s Ambassador to Singapore,Amb. Nonye Rajis-Okpara, disclosed the plan in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja. Rajis-Okpara said… – Continue reading
AUSTRALIA and Germany are starting negotiations to update a tax treaty between the two countries that stretches back 40 years. TREASURER Joe Hockey says the discussions will focus on maximising the efficiency of the trade and investment relationship with the world’s fourth largest economy and Australia’s tenth largest trading partner… – Continue reading
With revenue from petroleum taxes at its lowest point in fifteen years, Nigeria is under even more pressure to tackle tax evasion and pursue other revenue enhancing initiatives. Indeed, experts have found that tax evasion plays a significant part in the over $50 billion that the continent loses every year… – Continue reading
ISLAMABAD: Several amendments have been proposed to the tax laws in the Finance Bill 2015-16 to empower the federal government to enter into agreements for exchange of tax-related information with provinces and other countries. The new sections proposed to be inserted in the Finance Bill will empower Islamabad to enter… – Continue reading
Non-UK domiciliaries’ loans with certain offshore collateral Introduction HM Revenue & Customs (HMRC) made an unexpected announcement on 4 August 2014 on the taxation of unremitted foreign income or gains used as collateral for a loan enjoyed in the UK. As a result, UK resident individuals who are not domiciled… – Continue reading
SINGAPORE — The Republic and Thailand inked four agreements yesterday, setting the stage for more collaboration between business federations and in media events and co-productions as well as cruise development. The agreements include a new Singapore-Thailand Avoidance of Double Taxation Agreement that contains improved terms to provide for avoidance of… – Continue reading
Cite ambiguity over assessing officers’ power to withdraw tax demand and pending appeals Foreign portfolio investors (FPIs) have decided to not file an application seeking exemption from the Minimum Alternate Tax (MAT) by citing DTAAs (Double Taxation Avoidance Agreements). FPIs decided to not apply for an exemption because of the… – Continue reading
