Individual taxation and Papua New Guinea (PNG)

October 23rd, 2017|Categories: Newsletters|Tags: |

Taxation of an individual in PNG is dependent on his residential status, source of income, mode of earning and kind [...]

IRS Reminds Those with Foreign Assets of U.S. Tax Obligations; New Filing Deadline Now Applies to Foreign Account Reports

October 16th, 2017|Categories: Newsletters|Tags: |

WASHINGTON — The Internal Revenue Service today reminded U.S. citizens and resident aliens, including those with dual citizenship, to check [...]

Transfer Pricing – Consultancy Services

October 12th, 2017|Categories: Newsletters|Tags: |

The arm's length principle (Article 33 of the Income Tax Law 2002) is the cornerstone of transfer pricing rules and [...]

GST update India October 2017

October 9th, 2017|Categories: Newsletters|Tags: |

GST Council has approved the following package of relief & incentives for exporters: Within the next 4 days i.e. by [...]

Super-connector role of Hong Kong – New double tax agreement with Saudi Arabia

October 6th, 2017|Categories: Newsletters|Tags: |

Hong Kong has recently signed a comprehensive avoidance of double taxation agreement (CDTA) with Saudi Arabia. This brings the number [...]

Extension of the period for making arrangements for settlements of taxes in arrears

October 4th, 2017|Categories: Newsletters|Tags: |

1. Introduction On 29 September 2017, a law which extends the deadline for submission of a claim for the payment [...]

How Will the IRS Know About My Foreign Account?

October 2nd, 2017|Categories: Newsletters|Tags: |

Taxpayers who have financial assets outside the United States often ask the question "How will they (IRS) know about my [...]

White paper on Malta’s Gaming Legal Framework

September 22nd, 2017|Categories: Newsletters|Tags: |

In July 2017, a white paper was issued on the Gaming Industry in Malta which white paper is proposing a [...]

Are ordinary salary payments always deductible?

September 18th, 2017|Categories: Newsletters|Tags: |

The Danish tax authorities have corrected the deductibility of ordinary salary payments of a number of Danish Banks following the [...]

New double taxation agreement between Austria and Israel to come

September 14th, 2017|Categories: Newsletters|Tags: |

In November 2016, a new double tax treaty (DBA) was negotiated between Austria and Israel. This DBA relates to taxes [...]

A Short Guide to Doing Business in Papua New Guinea

September 12th, 2017|Categories: Newsletters|Tags: |

Doing business in PNG is challenging owing to the high cost of financing, shortage of skills, lack of infrastructure, etc. [...]

Cyprus and Luxembourg sign their first double tax treaty

September 8th, 2017|Categories: Newsletters|Tags: |

For the first time, on 08 May 2017, Cyprus and Luxembourg have signed a Double Tax Treaty (DTT), thus leading [...]

Why Luxembourg?

September 6th, 2017|Categories: Newsletters|Tags: |

One-stop-shop services for Ultra High Net Worth Individuals and Single Family Offices Whether your estate consists of a real estate, [...]

AITC Annual Conference 2017 held in Bucharest, ROMANIA

September 4th, 2017|Categories: Newsletters|Tags: |

This year, the annual Meeting was held on 1st and 2nd September 2017 at one of the most distinguished venues [...]

How Does CRS & FATCA Affect US Taxpayers?

August 25th, 2017|Categories: Newsletters|Tags: |

On May 26, 2017 we posted Last Chance To Come Clean ... Automatic Exchange of Information Reporting Is Imminent! where [...]

Departing aliens and the sailing permit in the US

August 18th, 2017|Categories: Newsletters|Tags: |

Most Persons Leaving The US Are Unaware Of This Most Un-Followed US Tax Rule- IRC Sec 6851(d) Sec. 6851(d) indicates [...]

Flat Tax: Italy opens its doors to the non-rich residents

August 16th, 2017|Categories: Newsletters|Tags: |

The provision of Agenzia delle Entrate, 8th March 2017, operationalize the provision of Article 1, paragraph 152, of Law December [...]

Transfer Pricing in Papua New Guinea

August 14th, 2017|Categories: Newsletters|Tags: |

A. Introduction 1. Papua New Guinea’s income tax legislation provides the Commissioner General with wide powers, to adjust the taxable [...]

Company Incorporation and Set-up in Luxembourg

August 9th, 2017|Categories: Newsletters|Tags: |

The formation of a Luxembourg Company usually takes place with these following steps. Due to its progressive and adaptive approach, [...]

New Cyprus 60-day tax residency test for individuals

August 7th, 2017|Categories: Newsletters|Tags: |

In July 2017, Cyprus enacted new legislation, amending the income tax law and introducing a separate test for the purposes [...]

Certain Updates on China VAT Reform

August 3rd, 2017|Categories: Newsletters|Tags: |

As from 1 July 2017, the 13% VAT rate was abolished in China and the rate for agricultural products, public [...]

Recent UK personal tax developments

August 1st, 2017|Categories: Newsletters|Tags: |

Summer Finance Bill 2017 A new Finance Bill is to be introduced as soon as possible after the parliamentary Summer [...]

Tutta Fuffa e Niente Arrosto

July 19th, 2017|Categories: Newsletters|Tags: |

Further to the supposed revelations of the Malta Files, an interesting article which appeared in the Italian news portal  Mercati [...]

Brief summary of the Foreign Contractor Withholding Tax (FCWT) regime currently applicable in PNG

July 17th, 2017|Categories: Newsletters|Tags: |

This article presents you with a brief summary of the Foreign Contractor Withholding Tax (FCWT) regime currently applicable in PNG. [...]

Greek Co. Not Liable For $4M Gain From Sale of US Partnership Interest

July 14th, 2017|Categories: Newsletters|Tags: |

The Tax Court has concluded that a foreign corporation's proceeds from the redemption of a U.S. limited liability company that [...]

Federal Tax Day – Current,T.1,White House Committed to Tax Reform This Year, Mnuchin Says,(Jul. 11, 2017)

July 12th, 2017|Categories: Newsletters|Tags: |

Treasury Secretary Steven Mnuchin has reiterated the Trump administration’s goal of achieving comprehensive tax reform in 2017. "We’re absolutely committed [...]

Cross border GST transactions of digital products and services

July 10th, 2017|Categories: Newsletters|Tags: |

GST on services and digital products: From 1 July 2017, goods and services tax (GST) will apply to cross-border supplies [...]

Investment Fund Set-up

July 7th, 2017|Categories: Newsletters|Tags: |

The Luxembourg investment fund industry is largely benefiting from its location in a strong financial center. The greatest asset of [...]

New International Tax Treaty Landscape for China and Hong Kong

July 5th, 2017|Categories: Newsletters|Tags: |

On 7 June 2017, senior officials and representatives of 67 jurisdictions (including Mainland China, who also represented Hong Kong SAR) [...]

Enhanced Dutch innovation box has been approved

July 3rd, 2017|Categories: Newsletters|Tags: |

The enhanced Dutch innovation box has been approved and has been found not to be harmful. This conclusion is drawn [...]

Transfer pricing of Inter-Company debt into Australia

June 28th, 2017|Categories: AITC, Newsletters|

The Full Federal Court has affirmed the decision of a single judge of the Federal Court, that Chevron Australia had [...]

Automatic Exchange of Financial Account Information (AEOI) – A matter of compliance for wealthy Chinese citizens?

June 22nd, 2017|Categories: AITC, Newsletters|Tags: |

In 2014, the Global Forum endorsed the new common reporting standard on automatic exchange of financial account information (AEOI). Jurisdictions [...]

The Romanian government has recently adopted new measures to combat tax evasion and tax planning

June 19th, 2017|Categories: AITC, Newsletters|Tags: |

The Romanian government has recently adopted new measures to combat tax evasion and tax planning by regulating the mandatory automatic [...]

Malta: A Start-Up Heaven

June 14th, 2017|Categories: AITC, Newsletters|Tags: |

With Malta’s central position in the Mediterranean and the United Kingdom’s Brexit procedures soon to be implemented, the time is [...]

Special Limited Partnership (SLP) as an Alternative Investment Fund solution

June 12th, 2017|Categories: AITC, Newsletters|Tags: |

The SLP can be setup as an unregulated alternative Investment Fund under the AIFMD The Special Limited Partnership is a [...]

The permanent establishment in international tax law

June 8th, 2017|Categories: AITC, Newsletters|Tags: |

The significance of a permanent establishment in international tax law Corporate profits are taxed in full in the state in [...]

Great new follow up article about the US three-year long Swiss Bank voluntary disclosure program that ended January 2016

June 5th, 2017|Categories: AITC, Newsletters|Tags: |

A three-year long Swiss Bank voluntary disclosure program that resulted in non-prosecution agreements with the Department of Justice, netted 80 [...]

Flat Tax: Italy opens its doors to the rich not residents

June 1st, 2017|Categories: AITC, Newsletters|Tags: |

The provision of Agenzia delle Entrate, 8th March 2017, operationalize the provision of Article 1, paragraph 152, of Law December [...]

Have undeclared income from Foreign Accounts? The OVDP program may end after 2017?

May 24th, 2017|Categories: Newsletters|Tags: |

U.S. taxpayers who have foreign bank and/or financial accounts should be watching the clock. The window to Voluntarily Report Foreign [...]

Post-Business Tax to VAT Reform (“B2V Reform”) in China

May 18th, 2017|Categories: Newsletters|Tags: |

Since 1 May 2016, Business Tax has no longer been under China’s indirect tax regime and this signifies the completion [...]