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Singapore Has Launched Automatic Exchange of Tax Information with 61 Jurisdictions

Published: 16/01/2018 | news

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The government of Singapore stated that the process of automatic exchange of tax information with 61 states has been launched within the framework of the program to avoid tax evasion and financial crimes in the territory of the country. Data exchange will take place in accordance with the CRS - Common Reporting Standard of the OECD for the exchange of tax information. This standard assumes that an automatic exchange of information occurs between the territories that have agreed on the exchange of data in the automatic mode. The use of appropriate mechanisms and systems for collecting information on financial accounts is regulated by the Common Reporting Standard of the OECD for the exchange of tax information (CRS Regulations), which came into effect at the beginning of this year. The process of exchange of information with most states started on January 1. The government has approved the exchange of tax and financial information with the following jurisdictions: Australia Argentina Barbados Belgium Bermuda Bulgaria Brazil United Kingdom Germany Guernsey Greece Denmark Jersey India Indonesia Ireland Iceland Spain Italy Cayman...

A Number of Agreements on Automatic Exchange of Tax Information Entered into Force in Switzerland

Published: 12/01/2018 | news

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#Switzerland #Tax planning #Tax reporting #Taxation

A number of agreements on Automatic Exchange of Information (AEOI) on taxation issues, concluded by Switzerland with other jurisdictions, entered into force on January 1, 2018. Data exchange will be carried out in accordance with the Common Reporting Standard of the OECD, which provides for the possibility of automatic exchange of information between the territories that have agreed to such an exchange. Switzerland starts to exchange tax information this year with respect to data on accounts collected for some partners under previously signed agreements, namely Australia, Canada, the European Union, Guernsey and Jersey, the Isle of Man, Iceland, Japan, Norway and South Korea . More complete list of jurisdictions with which Switzerland plans to establish automatic exchange of information since 2019 was published on the website of the State Secretariat for International Finance. In order to fulfill its obligation to exchange information automatically with these territories, Swiss financial institutions will be demanded to comply with the new requirements on information collection from January 1, 2018 for the accounts of taxpayers from such countries as Andorra, Argentina,...

Campaign “Declaration of incomes of citizens – 2018” Has Started

Published: 11/01/2018 | news

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#Tax disputes #Tax reporting #Ukraine

As the main office of the SFS in Kyiv reports, from January 1, 2018, the campaign of declaring incomes of citizens, received during 2017, has started which will last until May 1, 2018. We would like to note that the citizens are obliged to submit an annual Declaration on Property and Income in case if they received in 2017: separate incomes, from which income tax on natural persons was not withheld in the calculation and payment during the year 2017; income from natural persons who do not have the status of tax agents (for example, income from the provision of real estate for rent to a natural person who is not a subject of business activity); foreign incomes; other incomes, which declaration is provided by the current legislation. Such citizens are obliged to deposit the amount of such income in the total annual taxable income and submit before May 1, 2018 the annual tax declaration on the property status and income based on the results of 2017, as well as to calculate and pay a tax on such income at a rate of 18% to the budget until August 1 2018 and military duty at a rate of 1.5%. We also remind that citizens willing to exercise their right to a tax discount...

The Cabinet of Ministers Has Approved a List of States (Territories) Where the Operations with Residents are Recognized as Controlled for the Purposes of TP

Published: 28/12/2017 | news

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#Seminar #Tax disputes #Tax reporting #Taxation #Ukraine

On December 27, 2017, the Cabinet of Ministers of Ukraine approved a new list of states (territories) where the operations with residents are recognized as controlled for the purposes of transfer pricing. It was due to the recent changes in the selection criteria. The new list was formed according to the following criteria: state (territories) where the corporate income tax rate is 5 and more percentage points lower than in Ukraine (that is, below 13%); states with which Ukraine has not concluded international agreements containing provisions on the exchange of information; states which competent authorities do not provide timely and complete exchange of tax and financial information for the requests of the SFS. When considering the criterion of the rate of corporate income tax, not only basic but also preferential rates for individual industries, territories, and types of activities were taken into account. Operations with a counterparty registered in the state (in the territory) entered in the approved list are recognized as controlled ones for the purposes of transfer pricing from the 1st of January of the reporting year, following the calendar year in which the...

British electronic tax reporting has achieved concessions

Published: 08/12/2016 | news

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#Tax reporting

The Low Incomes Tax Reform Group has said, that millions of British taxpayers, who do not have access to the Internet can not comply with the requirements of HM Revenue and Customs, which offered obligatory online reporting rules. Also, this group of tax reform urged the government to make concessions to give a guarantee to people who not necessarily use online technology or have no Internet access, to have alternative options for accomplishment of the tax liabilities, in case of the entered obligatory electronic reporting of 2018. The Low Incomes Tax Reform Group said, that 10 percent of the population will never be "interested in a digital form" and more than five million adults never used the Internet. The chairman of LITRG Anthony Thomas said: "There are people who just don't want to learn use the Internet, to see its benefits which can give and other people don't want to use because they think that it is unsafe. Also, more and more services progress through online services, such as a capability to make new online requirements of the tax credit as it was announced in Autumn Statement. We convince HM Revenue and Customs and more wider government to look at this electronic...

UK announced exemption from the quarterly report

Published: 18/08/2016 | news

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#Tax reporting

The UK government announced that unincorporated businesses with turover more than GBP10,000 (USD12,970) will not be subject to new rules which they introduce like their making tax digital. The government published six consultive documents wich have attitude to the project. Previously they confirm that to 2020 year the majority of enterprises, self-employed persons, and landlords will be required to "keep an eye on their tax affairs in digital form and to update HM Revenue and Customs (HMRC) at least once a quarter with your digital tax records." The proposal has been criticized by tax experts and a special committee of the Treasury, they have expressed concern about the amendments aimed at simplification of tax reporting. The government prove now that the reforms won't use according to uncorporative unincorporated businesses or landlords with an annual income of below GBP10,000. Unless a business has been explicitly exempted the providing og ta digital will be assumed methods wich help to manage their own taxes. Companies with income taxes, national insurance, taxes, value added tax, or corporation tax liability all come within the scope of the new...

UK urges to postpone the introduction of quarterly reporting

Published: 20/05/2016 | news

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#Tax reporting

British Association for Taxes and Levies encourages postpones the introduction of a digital quarterly reporting at least one year. As part of the introduction of digital tax project, in 2020, the majority of enterprises, private entrepreneurs and landlords will be required to "monitor their tax affairs in digital form and update reports at least once a quarter with your digital tax records." In accordance with the statement of the association, the release of the five consultation documents on introduction of the digital tax returns, will be postponed until the European Union referendum, which will take place on 23 June. British Association of Taxes and Duties noted that such a delay could mean that the five consultations will be issued immediately, with simultaneous submission deadlines that allow for the launch of public testing in April 2017. Yvette Nunn, co-chairman of Tax Professionals Association, said: "If we assume that all consultations will be required to be represented by say at the end of September 2016 to carry out all the phases of public testing by April 2017, it will be impossible to adequately take into account the views and constructive the issues...

New Zealand, signing the report sharing

Published: 19/05/2016 | news

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#Canada #China #Iceland #New Zealand #Tax reporting

Revenue Minister of New Zealand, Michael Woodhouse, has said that recently signing agreement on the report exchange between countries will be increase country's tax collection capability. This agreement that provide country-by-country exchange of financial reports was recently signed by officials from New Zealand, Canada, China, Iceland, India, and Israel, totally 39 countries. Woodhouse also said that some large multinationals often use some difficult financial scheme, what helps them to escape of paying tax, called base erosion and profit shifting. This new country-by-country reporting agreement is on the centre of financial activity, allow to participants exchange information of multinationals activity. «Under that agreement, large multinationals will have to provide information relating to economic activity, including the global allocation of income and taxes paid," the Revenue Minister said. "Each revenue authority collecting this information to exchange with other countries. This also will show us a full picture of every multinational financial activity. According to this agreement it will be easier to control any tax wrongdoing». The agreement can...

Panama agreed to adopt international standards of tax reporting

Published: 05/05/2016 | news

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#Panama #Tax reporting

After the European powers threatened to make a raid on tax havens, Panama agreed to join the global standards of tax reporting. Secretary of the Organization for Economic Cooperation and Development, Angel Gurria, said that Panama agrees to comply with international standards, in spite of the differences which have arisen in the press, which emphasized Panama's refusal to cooperate in international efforts to curb tax evasion. "We have just received information that a few minutes ago Panama gave publicity that they will join the common accounting standards," he said at a press conference during the spring meetings of the International Monetary Fund and the World Bank in Washington Gurria. "If this is so, then it's really good news, and we welcome this step. It is the silver lining of this incident" said Gurria. Adherence to the common accounting standards will come into force next year. "Panama's path to financial transparency is irreversible," said the Vice-President and Minister of Foreign Affairs of Panama Isabel de Saint Malo. "To this end we willingly and actively support the diplomatic dialogue and internal reforms to address this global problem." ...

Canada adopted the latest tax transparency standard

Published: 20/04/2016 | news

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#Canada #Tax reporting

The Government of Canada released draft legislative proposals to implement common standards of tax reporting, which will enter into force on 1 July 2017. As of this date, Canadian financial institutions are required to have procedures to identify accounts belonging to non-residents. Then they must report certain information to the Agency of Canada revenue. Canada is one of more than 90 jurisdictions that are committed to the implementation of accounting standards. Agreement on the exchange of statements from other jurisdictions will strive to ensure that each jurisdiction has adequate capacity and guarantee for the exchange of information. Department of Finance said that the information received from the tax returns of the partners jurisdictions, will help Canada to better fight against tax evasion and ensure tax compliance and protect the integrity of the tax system. Consultations will be closed July 15, 2016. These consultations will announce new measures to combat tax evasion. The government also stated that it will establish an advisory offshore committee which will develop a strategy to help alleviate and prevent offshore non-compliance with tax...

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