Category: Statutory

India ratifies multilateral convention to curb abuse of tax treaties

The union cabinet, chaired by Prime Minister Narendra Modi on Wednesday approved the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The Convention will modify India’s treaties in order to curb revenue loss through treaty abuse and base erosion… – Continue reading

India: Split Residency – ITAT Upholds The Taxpayer’s Claim For Treaty Exemption, Applies Centre Of Vital Interest Test

Dual Residency gets attracted when an expat in the year of move qualifies as a resident of the host country (i.e., the country in which he is deputed) as well as home country (i.e., the country of his residence). On account of dual residency, an expat can be doubly taxed… – Continue reading

Budget and taxation

With the present outdated and corrupt tax system, FBR cannot collect taxes as per its real potential — even proposed target of Rs5500 billion for next fiscal year 2019-20 would be an uphill taskThe Pakistani state does not need any borrowing, if all the citizens, especially the rich, are taxed… – Continue reading

Bahamas’ Corporate Tax World’s Most ‘Corrosive’

The Bahamas yesterday received no credit for laws said to have raised compliance costs by 75-80 percent after its corporate tax policies were rated as the world’s most “corrosive”. This nation achieved a “perfect” 100 out of 100, a score matched only by the Isle of Man, Turks & Caicos… – Continue reading

Government Should Investigate BAT’s Tax Evasion

Kenya  Tobacco Control Alliance KETCA has today called upon the government to prioritize regulations that enable the  maximization of corporate tax revenue from British American Tobacco (BAT) Company. The  KETCA  Chairman, Joel  Gitali  said that  BAT avoids paying full corporate taxes which would have been used for public  services like… – Continue reading

New ranking reveals UK’s role in breakdown of global corporate tax system

Decades of tax wars among the world’s richest countries are unravelling the century-old global corporate tax system, new research finds. Forty per cent of today’s cross-border direct investments reported by the IMF – $18 trillion in value – are being booked in just 10 countries that offer corporate tax rates… – Continue reading

Revised tax treaties usher in a new era in investment, taxation

Policy tweaks  curb evasion,  show  India  can woo investments without  sops Singapore, another major FDI contributor to India, too, enjoyed the same tax sops under a similar treaty with India NEW DELHI: For about a decade-and-a-half, revenue authorities examining foreign investment proposals received by the erstwhile Foreign Investment Promotion Board… – Continue reading

Anti-Money Laundering Software Market to Generate the Revenue of US$ 4,262.0 Mn by 2026

Companies, especially in the financial services industry are investing in the anti-money laundering software to effectively track the transactions and eliminate the risk of fraudulent. Companies offering anti-money laundering software are also focusing on providing effective and efficient software including currency transaction reporting software, transaction monitoring software, compliance management software,… – Continue reading

NBR for 30pc job quota for Bangladeshis

The National Board of Revenue recommended that the proposed guidelines on local entrepreneurs’ overseas investment should include provisions that the interested businesses have no overdue taxes in Bangladesh and have to employ minimum 30 per cent Bangladeshis in overseas projects. The NBR made the suggestions in its observations sent last… – Continue reading

Cyprus and Kazakhstan sign Double Taxation Convention

The Republic of Cyprus and Kazakhstan signed on Wednesday a Convention for the Avoidance of Double Taxation and for the combating of Tax Evasion with respect to taxes on income. According to a press release issued by the Public Information Office, the Convention was signed in Nursultan, Kazakhstan, by the… – Continue reading

Tax amnesty to regularize undeclared assets approved by Pakistan cabinet

Only a million people out of a population of more than 208 million pay income tax in Pakistan Recently signed IMF bailout plan requires government to squeeze around $5 billion in extra taxes ISLAMABAD: Pakistan’s government on Tuesday announced a new tax amnesty scheme aimed at broadening the government’s revenue… – Continue reading

Kuwait, Iraq ink several cooperation agreements

KUWAIT: The Kuwaiti-Iraqi joint committee held its seventh session in Kuwait on Sunday under the chairmanship of Deputy Prime Minister and Minister of Foreign Affairs Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah and Iraqi Foreign Minister Dr Mohammad Ali Al-Hakim. The session resulted in the signing of a number of agreements, memorandums… – Continue reading

Non-resident capital gains tax on UK commercial property ‘could block overseas investment’ – expert view

The Government’s changes to the tax treatment of overseas investment in UK commercial property will increase revenues in the short term but might prove short-sighted, write Craig Hughes and Russell Dickie There is, as they say, no place like home. However, in recent years, solid and steady capital growth and… – Continue reading

48 KRA officers wanted for bribery, tax evasion

48 Kenya Revenue Authority (KRA) officials were Monday morning expected at the Directorate of Criminal Investigations (DCI) headquarters on Kiambu road for questioning. The individuals include 32 officers from KRA’s Domestic Taxes Department, 15 from the Customs and Border Control Department and one from the Investigations and Enforcement Department. They… – Continue reading

German gov’ts to have less-than-expected tax revenue in coming years

BERLIN, May 9 (Xinhua) — According to current tax estimates, the German federal, state and local governments will have 124.3 billion euros (139.5 billion U.S. dollars) less to spend by 2023 than previously predicted, the Federal Ministry of Finance announced on Thursday. According to the German finance ministry, expectations about… – Continue reading

A perspective on tax amnesty

Tax amnesty is defines as “grant of an opportunity to a specific class of society to declare their undeclared assets by payment of a meagre amount of tax in addition to grant of immunity from default surcharge, penalties and prosecution”. It is introduced by the governments to fulfill the slogan… – Continue reading

Tax cheats no longer safe from Australian Taxation Office

The good old days of buying and acquiring cryptocurrency without having to worry about government intervention have come to an end. This is the case in Australia, where cryptocurrency investors will likely soon receive a letter from the Australian Taxation Office (ATO) informing them that they owe back taxes on… – Continue reading

PSX recommends CGT exemption for foreign investors in next fiscal year

—Says exemption to facilitate capital inflow by relaxing account opening, registration process ISLAMABAD: The Pakistan Stock Exchange (PSX) in its proposals for budget 2019-2020 has recommended exemption of capital gain tax (CGT) on disposal of securities by foreign investors. Budget proposals for next fiscal year 2019-20, available with Pakistan Today,… – Continue reading

Corporate Canada’s Pile of Cash in Offshore Tax Havens Has Hit $353 Billion For the First Time in History

Luxembourg, Barbados and Bermuda are three of Canada’s top five destinations in the world for corporate cash After exploding to record levels under Stephen Harper’s Conservative government, the amount of money Corporate Canada is funneling through offshore tax havens has hit a new all-time high. According to data newly released… – Continue reading

FACT Coalition Calls for Corporate Tax Transparency

“Investors see the value, policymakers see the benefits, and businesses see the inevitability of greater transparency,” says the group’s executive director. The Financial Accountability and Corporate Transparency (FACT) Coalition is calling on the U.S. Congress, the Securities and Exchange Commission, and the Financial Accounting Standards Board to require multinationals to… – Continue reading

Mauritius: blue skies, sunshine – and these noteworthy changes to its domestic laws

Not just the ultimate holiday stop, Mauritius is also a preferred jurisdiction for fund managers looking to establish African-focused funds, say Michael Denenga and Nicole Paige, partners at Webber Wentzel. “A scenic island off the coast of Africa, Mauritius’ main competitive advantage is its proximity to the jurisdictions that African-focused… – Continue reading

Joint tax mechanism to enhance trade & investment among BRI countries

A new mechanism aimed at creating a more favorable tax environment for enterprises and countries involved in China’s Belt and Road Initiative (BRI) has been established. Tax officials and experts from dozens of countries and international organizations have gathered in China from April 18 to 20 for the first Belt… – Continue reading