Category: Legislation

Your Taxes: Israel to sign tax treaty with Panama

With regard to business operations, a resident of one country (e.g., Panamanian company) may be taxed in the other country (e.g., Israel) if it has a “permanent establishment” (PE) in the other country. Panama is famous for its canal, colorful history and cool offshore tax regime. To that we can… – Continue reading

Russia ready to collect information on its depositors abroad

The Russian authorities are ready to provide the U.S. internal revenue service with information on American depositors, but have drafted a bill for similar measures in the United States. All foreign banks that work with Russian clients will be obligated to disclose information about such clients to Moscow. Primarily, the… – Continue reading

US Congress to deny federal contracts to Bermuda-based offshore companies — plan

Bermuda has again been singled out and labelled “a tax haven” by US legislators as they last week attached an amendment to US federal funding measures, seeking to block federal contracts to former American companies involved in corporate inversions. A leading publisher of financial information, Bankrate Inc, reported at Bankrate.com:… – Continue reading

United Kingdom: The UK Introduces New Criminal Offence For Tax Evaders

The UK Chancellor, George Osborne, announced new sanctions against offshore tax evasion, last month. The UK government intends to introduce a new “strict liability” criminal offence for not declaring untaxed offshore assets. Under the plans announced by the Chancellor, HM Revenue & Customs (HMRC) would no longer need to prove… – Continue reading

Italian Supreme Court ruling maintains arm’s-length principle must apply to related companies within Italy

The Italian Supreme Court ruled, on April 16, that all transactions carried out between companies belonging to the same Group, and all of which have offices in Italy, are subject to the arm’s length principle. Ruling No. 8869 confirmed once more the Supreme Court’s position already expressed through Ruling No…. – Continue reading

TRA starts to apply refined rules in cross-border transactions

The Tanzania Revenue Authority (TRA) has set up new tax determination guidelines aimed at providing consistency in tax administration on both domestic and cross-border transactions.The new system –“Transfer Pricing Regulation” will also provide taxpayers with insights on the procedures followed in determination of income tax, duty and levies in various… – Continue reading

Turning FATCA into a Competitive Advantage

Regulatory compliance is an ongoing, escalating cost that is stifling profitability. Today, the “cost of compliance” is now 85% of a financial institution’s average operational budget, leaving a mere 15% available for programs like business development and customer acquisition. Many institutions continue to rely on disconnected, incomplete approaches to regulatory… – Continue reading

Consultation puts tax law plans in spotlight

THE Department of Finance has launched a public consultation on how Ireland’s tax system might respond to proposed international changes. The Organisation for Economic Cooperation and Development (OECD) is already conducting a public discussion around its Base Erosion and Profit shifting (BEPs) project, which could see tax avoidance loopholes shut… – Continue reading

Don’t delay law for sharing tax information with U.S., Canada’s investment industry urges

The head of Canada’s investment industry association is urging the federal government not to defer legislation that will facilitate handing tax information of U.S. citizens living in Canada to authorities in the United States. Ian Russell, chief executive of the Investment Industry Association of Canada, made his pitch to the… – Continue reading

Companies Miscellaneous Provisions Act 2013

The Companies (Miscellaneous Provisions) Act 2013 was signed by the President on 24th December 2013. This action had the effect of changing the citation of the Companies Acts to “1963 to 2013”. This citation should henceforth appear on all copies of Memoranda and Articles of association filed with the CRO…. – Continue reading