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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...

Malta made changes in law regarding tax credits

Published: 04/09/2017 | news

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#Malta

Since the beginning of this year, Malta has issued a number of official notices, providing for the changes in the law regarding tax credits. Thus, the Official Notice No. 140 amended the Regulations on Tax Credits for Micro Enterprises and Private Entrepreneurs (Tax Credits for Micro Enterprises and the Self-Employed Regulations). In accordance with the revised provisions, the definition of "eligible costs" now includes family enterprises in the definition fixed by the Family Business Law. Yet, a clause was added to the Regulation, according to which since 2018, the family business can be granted a tax credit for an amount not exceeding 50,000 euros. The loan must be used during any 3-year...

DTA entered into force between Russia and Hong Kong

Published: 08/08/2016 | news

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#Double taxation #Exchange of tax information #Hong Kong #Russia

Comprehensive agreement for the avoidance of double taxation (CDTA) was signed in January of this year between Hong Kong and Russia, which came into force on 29 July 2016. According to the sources, this agreement shall remain in force for Hong Kong each year since its signing to double taxation, which took place on or after April 1, 2017. The CDTA is informed about what is required to support efforts to expand the tax obligations undertaken by the two countries in the framework of the «Belt and Road», which is a project of the Chinese government for the economic development aiming at the integration of trade and investment between the approximately 60 countries in Eurasia. In the absence of the CDTA program, of Hong Kong companies income, which conduct their entrepreneurial activities with the help of permanent missions in Russia and taxed in both places if their earnings was received in Hong Kong. On this basis, in the new agreement, double taxation is eliminated, and now any Russian tax paid by the companies on their earnings, will be allowed to tax payable in Hong Kong. Besides, in accordance with this agreement, the rate in Russia on income tax on royalties,...

EU signed tax agreement with IOTA

Published: 01/08/2016 | news

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#EU #Exchange of tax information

The Intra-European Organization of Tax Administrations (IOTA ) has signed tax agreement with European Commission to develop the solution of more effective way to common targets which this two brunches are working on and also one kind of them activity to prevent double tax avoidance. According to announce of IOTA 26 of July the main brunches of co-working in agreement frames include battle against swindle, information exchange, alternate support, support of tax departments to increase the level of maintenance by taxpayers. The agreement was signed between IOTA and the Taxation and Customs Union Directorate General (DG TAXUD) of the European Commission 7 of July. Edery said: «Commission has get a support IOTA from the day it start exist and attentively watching it progress. We have common target to support European states in development and modernization of tax administration. Based in Budapest, IOTA is a non-profit intergovernmental organization, created to promote using the best practice in tax administration direction and more effective co-working with 46 tax authorities’ members. Author: Olena Kutova senior lawyer of the Finance...

Italian-Swiss TIEA goes into force

Published: 27/07/2016 | news

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#Exchange of tax information #Italy #Switzerland

The Italiam Ministry of economy and finance claimed that protocol about tax information of double tax agreement between Italy and Switzerland wich was signed 23 of February, 2016 goes into force 13 of July, 2016. The agreement protocol comprises all kind of taxes, point out that country can't deny to represent asking information only because this information has in keeping on bank or any other financial constitution. Much less the country need to empty of all own inner legal proceedings before than protocol can ask information from other. Also need to indicate person or persons who are the object of asking request, period of time need to ask the information, descrabing of information need to and the reason of request if its known, the name and adress of suppose owner of information. This specifications was added for avoiding any want of judgment, general compromative information, and he also added that the second list of specifications don't using for placing obstacles on the way of effective agreements between these countries. This protocol also approves that this contributions will use retrospectively to the data that existed prior to or after the date of...

Parliament of Holland approves gambling tax

Published: 18/07/2016 | news

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#Holland

The lower house of Dutch parliament approved rule, which can regulate and provide online gambling taxation. Remote Gambling Bill has plan to open Dutch gambling market for foreign outer gambling companies which provide taxation about 29 percent of gamble gross revenue, the same way of taxation have had already gamble land-based operators. According to previous version of draft law, tax for online gambling fixed about 20 percent. The acting coalition included remark to legislation in the beginning of this year for agreement this tax. Nevertheless, the final version of this law approved by the law house 7 July contains measure of decreasing about 25 percent at the end of three years period. In this proposing for the first time was planned to go into force this rule in 2015, but now they were waiting for voting in the Senate. In case of approving by upper house, expect that the process of application submission a new license for gambling in the first half of the next year, and that this new regime will fully up in the middle of 2017 year. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Global IT tariff cuts

Published: 06/07/2016 | news

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#EU #Singapore #USA

On July 1 the first tariff cuts were implemented under the expanded Information Technology Agreement (ITA), which was agreed at the World Trade Organization (WTO) Ministerial Conference in Nairobi in December 2015. The original ITA was concluded in 1996. The new agreement will eliminate tariffs on an additional 201 technology products. Products covered by the new ITA include video games consoles, GPS navigation systems, magnetic resonance imaging machines, telecommunications satellites, touch screens, and video cameras. It has been estimated that the products involved have a global export value of some USD1.3 trillion per year. Negotiations were conducted by over 50 WTO signatory members, but all members will benefit from the agreement as they will all enjoy duty-free access to the markets of the members eliminating tariffs on these products. It has been said that the tariff cuts will increase annual global gross domestic product by around USD190bn. The first tariff cuts were implemented on July 1, 2016, with successive reductions due to follow in up to seven years. Some countries, such as Singapore, have immediately eliminated all tariffs, but others, including...

Singapore and France, double taxation avoidance agreement enters into force

Published: 08/06/2016 | news

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#Double taxation #France #Singapore

Ddouble taxation avoidance agreement between this countries entered into force on June 1,2016 Under this agreement tax withholding capped 15 percent in general and 5 percent where the beneficial owners is a companies owned at least 10 percent from all capital of company. Withholding will arise rate of 10 percent. Then, agreement provides that royalties arising in beneficial company will be taxable only in that country.However royalties had getting like award for using or taking rights for using any copyrights of literary or artistic work, including cinematograph films and tapes for television or broadcasting, or for information concerning commercial experience may be taxed in accordance with the law of the country in which they arise. Treaty also includes provisions to prevent treaty abuse. Also exchange tax information between tax administration of both countries. The new provisions of this agreements will be enter into force from January 1, 2017. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

General information about the global standard automatic exchange of information on accounts (AEOI & CRS)

Published: 06/06/2016 | news

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#Exchange of tax information #Offshores

What is the Global standard of automatic exchange of information about financial accounts (AEOI & CRS) (hereinafter - the "Global standard")? The global standard of automatic exchange of information on financial accounts (original title in English - Global Standard for Automatic Exchange of Financial Account Information in Tax Matters and Common Reporting Standard) is an international political initiative of the G20 member countries and countries participating in the Organization of Economic Cooperation and development (OECD / OECD), aimed at joint international fight against tax evasion and the illegal concealment of undeclared income in foreign financial institutions. How the requirements of Global standard implemented in real life? The OECD has developed and published the fundamentals and practical tools implementation of the Global standard, which were endorsed by the member countries of G20 at summit in September 2014. International obligations of countries participating in the global standard, in the vast majority are fixed in the form of accession to the Convention on mutual administrative assistance in the tax area on 25.01.1988 and by the signing and...

Japan-Panama, the tax information exchange

Published: 25/05/2016 | news

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#Exchange of tax information #Japan #Panama

Japan and Panama have agreed to conclude an agreement on the exchange of tax information. Negotiations for this agreement were launched after the Japan-Panama summit meeting which took place on April 20 this year between Prime Minister Shinzo Abe and President of Panama Juan Carlos Varela. The two leaders shared the view that Japan and Panama must immediately begin formal negotiations on an agreement on the exchange of tax information. Currently it is likely that Japan will become the first country to sign an agreement on the exchange of tax information with Panama after the leak "Panama Papers" earlier this year. The agreement will include the rules in accordance with the general standard of the automatic exchange of tax information between countries created by the Organization for Economic Cooperation and Development. Author: Sergey Panovmanaging partner Finance Business...

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