Sindh Chief Minister Syed Murad Ali Shah has said the provincial government has been facing frequent arbitrary and unauthorised deductions for the past some years by the Federal Board of Revenue (FBR) through the State Bank of Pakistan in connection with the withholding and sales taxes on goods from the… – Continue reading
On the occasion of the signing of the new double taxation treaty (DTT) between Luxembourg and France on 20 March 2018, the grand duchy’s finance minister, Pierre Gramegna, commented in a government press release that the new DTT is, “…an innovative instrument that will benefit both citizens and business in… – Continue reading
British lawmakers are shifting their focus towards the offshores and tax havens detailed in the Panama and Paradise papers, in order to improve tax collection, curb multinationals’ tax avoidance practices, and track the money flows of ill-gotten gains. Kristian Rouz — Members of Parliament (MPs) are set to investigate the… – Continue reading
THE Bahamas’ ‘blacklisting’ response threatens to “cause a lot of damage” to its IBC business and create “much less certainty” for the financial services industry, a top attorney is warning. Michael Paton, a former Bahamas Financial Services Board (BFSB) chairman, told Tribune Business that the proposed Multinational Entities Reporting Bill… – Continue reading
The assessment to companies like Google, Facebook or Apple would raise 5 billion a year Google, Facebook and Apple have specialized in locating in a fictitious way their operations in microaffiliates located in territories or countries where corporate tax is low or even practically nil. And they have thus turned… – Continue reading
The introduction of a unilateral revenue tax on digital businesses in the UK would stymie investment and be a strangely timed gamble, says accountancy firm Moore Stephens. The Government’s position paper, “Corporate tax and the digital economy,” released at the recent Spring Statement, includes a proposal to tax certain tech… – Continue reading
The price of BTC had increased in value significantly over the years, reaching $19,600 at its highest peak – and the exchange rate rests at $8,500 today. This is a stark contrast to just over a year ago when the digital currency’s value was under $1,000 per coin. Since the… – Continue reading
Pakatan Harapan had unveiled an election manifesto earlier this month stating that they will restore the Sales and Service Tax (SST) after abolishing the Goods and Services Tax (GST) within the first 100 days of its administration. While the Prime Minister had pointed out earlier that Malaysia will only be… – Continue reading
Investigators are in pursuit of more than £580million that was funnelled out of Toys R Us’s UK business and into a tax haven on the British Virgin Islands. Accountants and hedge funds are understood to be on the trail of the cash – a loan that was handed over by… – Continue reading
The Deputy Prime Minister and minister of financial services were yesterday travelling to Europe in a last-ditch bid to plead the Bahamas’ case against being ‘backlisted’. Carl Bethel QC, the Attorney General, confirmed to Tribune Business that both K P Turnquest and Brent Symonette are leading a government delegation that… – Continue reading
NEW DELHI, MARCH 11 Worried about tax evasion under the Goods and Services Tax (GST), officials are keen that the new returns filing system should ensure that the tax is first paid before the credit is given. Sources said inclusion of such a provision is one of the key differences… – Continue reading
India and Iran signed a Double Taxation Avoidance Agreement (DTAA) in February, during Iranian President Hassan Rouhani’s official visit to India. The ‘Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income’ aims to encourage the movement of investments and services… – Continue reading
KARACHI: Foreign investors expressed concern over a proposed tax amnesty scheme to bring back offshore investments, terming it as an injustice with compliant taxpayers, officials said on Monday. Overseas Investors’ Chamber of Commerce and Industry (OICCI), representing major foreign companies in Pakistan recently shared its concerns, through a letter, with… – Continue reading
JAKARTA, NNC – Director General of Taxes of the Ministry of Finance Robert Pakpahan discloses the rules of reporting financial account of undivided inheritance of a deceased person is a derivative of Indonesia’s participation in Automatic Exchange Of Information (AEoI). According to him, the existence of this rule does not… – Continue reading
ULAN BATOR, March 5 (Xinhua) — Mongolia has formulated a draft law on tax reform in a bid to attract more investment and optimize the business environment, Prime Minister Ukhnaa Hurelsukh said on Monday. “We aim to encourage the fair businessmen and good taxpayers by reducing their taxes,” Hurelsukh said… – Continue reading
High net worth residents in the UAE are increasingly applying for second passports to avail of maximum visa-free travel opportunities, expand businesses and avoid double taxation, experts have said. According to companies involved in citizenship programmes, most of the demand for second citizenship programmes is coming from Indians, Pakistanis, Syrians… – Continue reading
SUMMARY: The European Union has come under increasing pressure from the public to force global technology companies to pay their fair share of tax. Whilst Amazon is facing renewed criticism in the US for its tax structures, with reports that will effectively play zero federal tax this year, the European… – Continue reading
In a meeting, both sides agreed to strengthen bilateral cooperation in the areas of economic development, trade and investment, agriculture and tourism cooperation Bangladesh and Morocco have signed an agreement on avoidance of double taxation and a protocol on Foreign Office Consultations. The two instruments were signed by Foreign Minister… – Continue reading
A small island nation with less than 60,000 inhabitants best known internationally as a former test site for nuclear weapons is joining the hottest new trend – issuing a national cryptocurrency. The planned Marshall Islands’ Govcoin is expected to be issued later this year. Marshall Islands Govcoin ICO The Republic… – Continue reading
Parliament is considering the passage of yet another law to track tax revenue of business owners who operate both in and out of Ghana. The Standard for Automatic Exchange of Financial Account Information Law will allow the Ghana Revenue Authority (GRA) to request for tax information on the operations of… – Continue reading
The OECD has recently launched a consultation on tackling the circumvention of its latest international tax transparency standard, the Common Reporting Standard, through the use by individuals of residency by investment (RBI), or citizenship by investment (CBI) schemes. These schemes typically entitle individuals to reside or gain citizenship through making… – Continue reading
The Ghana Revenue Authority (GRA) has reinstated some of its personnel who had been interdicted for alleged acts of misconduct. About 21 members of staff of the GRA were interdicted in January 2017 for allegedly aiding some private companies to evade duties and taxes. Those interdicted were mostly from the… – Continue reading
Moshe Asher: Exempting immigrants and returning residents from reporting is unjustifiable as a matter of principle. The “Milchan Law,” which grants tax and reporting benefits to new immigrants and returning residents and is the subject of the suspicions against Prime Minister Benjamin Netanyahu in the gifts case (Case 1000), was… – Continue reading
The offshore titans that rinse the UK population for all of its money then book it through Luxembourg, Ireland, Laos or the International Space Station or whatever they do, might be about to trigger a reworking of the tax laws specifically to stop the annual outrage at how little corporation… – Continue reading
Singaporeans aged 21 and above are going to get a one-off bonus of S$100 to S$300, according to budget proposals unveiled by the city-state earlier this week. But accompanying the good news came the announcement of several new tax measures which could more than offset the cash handout. Singapore has… – Continue reading
Finance Secretary Carlos Dominguez III said Tuesday the government is studying three kinds of tax amnesty programs. Dominguez said these programs would include amnesty for the estate taxes, amnesty for those who were remiss in paying their taxes and amnesty for those who had tax cases. “There are three kinds… – Continue reading
‘The companies think that they have not evaded any tax and went for legal help. But they will pay the claimed dues if they lose the legal battle’ Eight insurance companies have allegedly avoided around Tk345 crore in Value Added Tax (VAT) in four years, according to officials at the… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) has listed 400 Pakistanis who own real estate in UAE, sources told Geo News Wednesday, after the revenue minister announced an investigation into the matter. Geo News broke the story on February 6, 2018, in which it reported that the Pakistani individuals have… – Continue reading
Amid all the hoopla over company tax cuts, it’s easy to forget that hundreds of companies across Australia haven’t paid corporate taxes in the last decade. From The ABC: Qantas CEO Alan Joyce, one of the most prominent supporters of the Turnbull Government’s proposed big business tax cut, presides over… – Continue reading
From a decades-long strategy of exploiting state sales tax loopholes to its ongoing “HQ2” sweepstakes, Amazon’s leaders have rarely turned down a chance to use the tax system as the source of their competitive advantage. The online retail giant has built its business model on tax avoidance, and its latest… – Continue reading
Singapore is considering introducing a levy on e-commerce to give traditional vendors a fighting chance in the face of increased online competition The Singaporean government is expected to introduce a new e-commerce tax in its budget next Monday, in an attempt to level the playing field between online and offline… – Continue reading
ONCE again reports are appearing in the media about the billions of dollars stashed by Pakistanis in foreign accounts or the investments they have made especially in property market abroad. National Assembly’s Standing Committee on Finance was informed on Friday that seven thousand Pakistanis have invested a whopping Rs 800… – Continue reading
Tax Authorities in jurisdictions who have joined the OECD/G20’s Base Erosion and Profit Shifting (BEPS) inclusive framework can now avail of Vizor’s new Country-by-Country (CbC) Reporting module to fully meet their obligations set out under Action 13. DUBLIN (PRWEB) FEBRUARY 11, 2018 Today, Vizor Software announced the launch of its… – Continue reading
HÀ NỘI– Foreign direct investment (FDI) enterprises, which have enjoyed multiple tax incentives, pay the lowest State taxes despite reporting high profits, statistics show. FDI enterprises have achieved the highest profit growth among the economic sectors, generating VNĐ327.4 trillion (US$14.4 billion) in pre-tax profits in 2016, an increase of 17.3… – Continue reading
The recent U.S. tax overhaul could prompt U.S. multinationals to repatriate around $2 trillion (1.6 trillion euros), making a significant impact on global foreign direct investment, the U.N. said on Feb. 5. The forecast from the United Nations Conference on Trade and Development (UNCTAD) came just over a month after… – Continue reading
JEDDAH — Saudi Customs will inspect companies, clearance offices and importers to check violations such as bill manipulations to evade tax or customs duty. Violators will be fined an amount ranging between SR500 and SR5,000 and imprisoned for no more than two years. Their licenses may also be revoked, said… – Continue reading
Lower corporate income taxes should come with a reduction in business incentives to limit the impact on government revenues, the Finance department said. Finance Undersecretary Karl Kendrick Chua said that least P26 billion had to be raised for every percentage point cut to the corporate income tax rate, which the… – Continue reading
Washington–Ahead of Finance Minister Arun Jaitley’s last full Union Budget, the US-India Business Council (USIBC) has urged him to further reduce tax uncertainty for multinational companies and foreign investors, even as Indian industry has voiced its own areas of concern. In a memorandum submitted to Jaitley, the USIBC has said… – Continue reading
The Federal Government on June 29, 2017 formally launched the Voluntary Assets and Income Declaration Scheme (VAIDS), an initiative designed to encourage voluntary disclosure of previously undisclosed assets and income for the purpose of payment of all outstanding tax liabilities. As the window of opportunity for declaration draws near, OYENIRAN… – Continue reading
VALLETTA, Jan. 24 (Xinhua) — Malta has generated 518 million euros since it started its citizenship by investment scheme, according to Prime Minister Joseph Muscat. Replying to a parliamentary question on Wednesday, Muscat said that of the total revenue generated, 363 million euros had entered in the country’s National Development… – Continue reading
Expects to avoid the mandatory dividend distribution tax BENGALURU, JANUARY 24: Consultancy multinational Accenture Solutions expects to avoid a substantial amount of tax for its Indian operations as it seeks nod from its creditors on Thursday for reduction of its capital from ₹5,361 crore to ₹2,263 crore. It has now… – Continue reading
Toronto lacks a tax advantage that the 19 other contenders on the short list to host Amazon’s second headquarters now enjoy. The recently adopted U.S. Tax Cuts and Jobs Act (TCJA) provides companies based in the United States with an effective tax rate of 13.125 per cent on a portion… – Continue reading
India’s tax dept. orders investors to pay up after national survey reveals $3.5 billion worth of transactions during a 17-month period. Indian cryptocurrency investors have been issued notices by the income tax department, after a national survey revealed that cryptocurrency transactions during a 17-month period amounted to more than $3.5… – Continue reading
In 2017, the UK scrapped its non-dom tax regime. Consequently, an increasing number of individuals are instead relocating their tax domicile to Italy At the start of 2017, in a bid to attract more wealthy citizens and capital to Italy, Rome introduced a non-domiciled tax regime. Now, citizens can move… – Continue reading
Lionel Messi’s problems with the Spanish tax authorities are far from being over as the accounts of his foundation come under scrutiny. The tax authorities are investigating whether payments from FC Barcelona to Lionel Messi’s foundation were used to help the player evade taxes, Spanish daily El Mundo reported on… – Continue reading
KARACHI: Government on Saturday said it may roll out an amnesty to allow offshore bank account holders to declare their wealth against nominal tax rates ahead of the implementation of OECD’s treaty to exchange financial details with foreign countries in September. Miftah Ismail, adviser to the Prime Minister for finance,… – Continue reading
Microsoft, Cisco might also benefit from GOP bill ‘loophole’ Law gives some firms edge in paring offshore cash tax tab Companies that stockpiled trillions of dollars offshore free of U.S. income tax may get one last break before paying up — provided their fiscal years don’t follow the calendar year…. – Continue reading
Ordinary taxpayers on the streets of Berlin and elsewhere may be confused if you ask them about the “cum-ex” share switch scandal. However, this shady tax avoidance practice has cost them and the treasury a lot of money. Several German banks, exploiting a now-closed loophole relating to the excessive claiming… – Continue reading
Apple Europe Ltd, a wholly owned subsidiary of Apple Inc., said it expects to pay more tax in the UK and paid an extra GBP136m for prior years up to September 26, 2015, after an extensive audit by HM Revenue and Customs. In its end-of-year accounts made up to April… – Continue reading
The case of Development Securities (No. 9) Ltd and other v HMRC [2017] UKFTT 0565 is the latest in a line of cases concerning the UK corporate tax residence of offshore companies. The case once again highlights the difficulties in preserving an offshore company’s non-UK tax resident status, whilst giving… – Continue reading
