Offshore News, Tax, Corporate Law - Finance Business Service

UK urges to postpone the introduction of quarterly reporting

Published: 20.05.2016 |

Tags:

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 raised in...

New Zealand, signing the report sharing

Published: 19.05.2016 | news

Tags:

#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 ensure us that...

Australian taxation reforms

Published: 18.05.2016 |

Tags:

#Australia #Reforms #Taxation

In their pre-election debate the leaders of Australian’s main parties proposed their own positions to taxation. In his opening statement to the leaders' debate in Sydney, Malcolm Turnbull, Prime Minister of the current Coalition Government, said that he want that their tax system can support our business. In near feature the small business company tax rate will be cut from 28.5 percent to 27.5 percent from July 1, 2016. The turnover threshold for access to the rate will be increased from AUD2m (USD1.5m) to AUD10m. The unincorporated tax discount will be increased from five percent to eight percent from July 1, 2016 and hope that the discount will be increased to 16 percent on July 1, 2026. Turnbull also said that while the Government believes in lower business taxes, "paying tax is not optional." He added that it is the way how they introduce a diverted profits tax (DTP). Bill Shorten, leader of the opposition Labor Party, thinks that is not a suitable time to provide tax cuts to large companies, also he thinks that their small business has billion dollars' turnover. Also he said that someone who earns a million dollars a year, courtesy of this Government, will pay AUD17,000...

Canada has signed an agreement on international reporting

Published: 17.05.2016 |

Tags:

#Canada #Exchange of tax information #Financial statements

Canada has signed a multilateral agreement on reporting between countries. The first exchange of information is expected to be held in June 2018. Budget Canada 2016 includes a proposal to require companies with annual revenues of the consolidated group of USD 750 million or more, to submit annual reports on their income and taxes paid and accrued on the number of employees, capital, retained earnings and tangible assets for each tax jurisdiction in which they do business. Canada has the opportunity to share the information contained in the reports with tax treaty partners which also comply with the necessary standards of accountability. According to the Agency Revenue Canada, this information will allow countries to improve their ability to check and detect aggressive international scheme of tax evasion, as well as contribute to making global operations affected companies more transparent and that they pay the relevant taxes in the country which is generated by their profit. Currently 32 jurisdictions have signed the agreement on the international exchange of information. Canada noted that the signing of the agreement is part of a four-point action plan to address tax...

Sweden, plan to combat tax evasion

Published: 16.05.2016 | Без категории

Tags:

#Offshore schemes #Sweden #Taxation #VAT

Sweden announced that tax consultants should be obliged to inform the Swedish tax authority for tax planning schemes in the framework of the action plan to combat tax evasion, it also urges companies to preserve their own taxation policies at the board level. According to the Government, the introduction of the obligation for tax advisors can help the tax authorities to respond more quickly and close the scheme of tax evasion. This idea is part of the plan to combat tax evasion which encourages companies to tax issues on the agenda of board meetings. "Corporations should make tax policy and the system of internal control to ensure that the actions taken by corporate management,consistent with the opinion of the board on tax policy directors," according to the plan. The plan also calls for a review of the value added tax (VAT), as well as more effectively patrol the VAT system. Sweden also intends to launch an investigation into the effectiveness of penalties for incorrect tax returns. In addition, in order to counter the "informal" economy and the use of temporary labor the Government intends to seek the introduction of registers of staff in several sectors. The plan also...

Australia, a new tax code

Published: 13.05.2016 |

Tags:

#Australia #Taxation

Australian Council for Taxes and Levies published its final report on the new code of tax transparency for multinational corporations. The report is divided into two parts. The first part requires a reconciliation of the accounting profit to the income tax, and income tax paid or payable on profits; identification of significant temporary and permanent differences; and taking into account the effective tax rates and global operations. Part two requires taxpayers to provide detailed information on the approach to tax strategy and management; a summary of the tax contribution to corporate taxes; as well as information on international transactions. According to the report, "big business" with a turnover of more than AUD500 million. Should take both parts, while "medium business" with a turnover of at least AUD100 million but less than 500 million should adopt only the first part. The report highlights that the new tax code in its current form refers to companies and other entities that are considered for the purposes of Australian tax. Other organizations such as foundations, pension trusts and partnerships may voluntarily adopt a code if desired. Finally, the report states...

Sri Lanka, tax reform

Published: 12.05.2016 |

Tags:

#Reforms #Taxation #VAT

Sri Lanka plans to make major changes in tax policy and administration in the framework of the economic program, which is supported by the International Monetary Fund loan (IMF). The two sides reached an agreement on the 36-month financing amounting to about USD 1.5 bn. The economic program aimed at increasing productivity which will reduce the budget deficit and public debt, as well as relieve pressure on the balance of payments, the fund reported. "The program of the authorities with the support of the IMF focuses on a set of reforms in the tax Sri Lanka's system - the elimination of exemptions and special rates broadening the tax base and creating a tax system that is simple, efficient and fairer," said Todd Schneider the head of the IMF mission in Sri Lanka. The government will seek to improve the ratio of taxes-to-GDP to about 15 percent by 2020 through the implementation of a new law on domestic revenue, VAT reform and the customs code. May 2, 2016, Sri Lanka has increased its rate of value added tax from 11 to 15 per cent to strengthen the finances of the nation. Author: Sergey Panovmanaging partner Finance Business...

Hong Kong, free trade negotiations with Georgia and the Maldives

Published: 11.05.2016 |

Tags:

#Georgia #Hong Kong

The government announced that in Hong Kong in the near future there will be an agreement on free trade after negotiations with Georgia and the Maldives. The government also prepared a document for consultation to interested parties could submit proposals for the areas to be covered in the two agreements. "Georgia and the Maldives is the emerging markets with the potential for further growth. The conclusion of free trade agreements with these two countries is of strategic importance for Hong Kong. These agreements after their signing will enhance Hong Kong's trade network in their respective regions, including Eurasia" the spokesman said. "In order to minimize the risk of marginalization, it is important for Hong Kong to participate in the negotiation of free trade agreements. The negotiations with the mainland of China which is our largest trading partner, accounting for about 50 percent of the total trade, have a special importance for maintaining Hong Kong's position as a major trade and logistics center, "he added. The provisions of the two new free-trade agreements will include the elimination or reduction of tariffs; the liberalization of non-tariff barriers;...

The Ministry of Finance has improved the procedure of registration of VAT payers

Published: 10.05.2016 |

Tags:

#Taxation #VAT

Ministry of Finance in his order of March 18, 2016 № 373 made new changes to the Regulations on registration of payers of value added tax approved by order of the Ministry of Finance of Ukraine from 11.14.2014, № 1130 (hereinafter - Regulation number 1130) that is simplified registration procedure for the future VAT payers. It has been established that if individual wants to register itself as a VAT payer then at first it must change the tax system taking into account the provisions of Article 293 of the Tax Code which sets tax rates for payers of the third group of the single tax providing for the payment of value added tax and do not provide the payment of the single tax. So now a VAT payer may indicate a new statement to the supervisory authority desired date of registration which was listed in the previous unaccepted application if eliminated all the shortcomings provided by the Regulation number 1130. In this case, a new application must be submitted no later than 3 working days before the beginning of the tax period when the such person shall be considered as a VAT payer. If a registration application to the supervisory authority is filed in electronic form, then to...

Another mitigating of the exchange restrictions on the monetary and foreign exchange markets of Ukraine by the National Bank

Published: 10.05.2016 |

Tags:

#Investments #NBU

National Bank of Ukraine mitigates previously established restrictions on certain foreign exchange transactions on May 11, 2016. Thus, in the decision NBU number 308 of May 5, 2016 "On amendments to some legal acts of the National Bank of Ukraine" (hereinafter - the "Decree № 308"), it is assumed that now the company does not need to sell in foreign currency received for foreign investment in Ukraine. So this operation does not apply to the requirement for compulsory sale of funds in foreign currency at a rate of 75 percent as it was before. This rule will be in effect until June 8, 2016. Also the Decree number 308 reduced time for operations to reserve funds authorized banks in the national currency and for the transfer of funds in national currency on correspondent accounts of foreign banks from four to three business days. So now inclusive of the June 8, 2016 the National Bank of Ukraine will confirm the information within 3 days that the competent authorized banks in foreign exchange transactions will make the register. Besides this lifted the ban on the purchase of foreign currency funds for the products that had been imported to Ukraine before January 01, 2015,...

Recent News