AITC Welcomes the New Panama Member

May 24th, 2018|Categories: Newsletters, Tax|

The President and the Board of AITC welcome Mr. Alessandro Cavallera of N&C Capital as a new member within the [...]

Managing the Foreign remittance process in Papua New Guinea

May 19th, 2018|Categories: Newsletters, Tax|

In the past few years, we have seen PNG facing acute shortage of foreign currency and businesses are hard hit. [...]

India: Tax & Professional updates For May 2018

May 16th, 2018|Categories: Newsletters, Tax|

RBI came up with the latest changes on ECB on the 27th of April 2018, which has been incorporated in [...]

2018 Australian Federal Budget – A Business Perspective

May 14th, 2018|Categories: Newsletters, Tax|

The 2018 Federal Budget was in Tax and fiscal terms was a  generally a lacklustre affair. Herein is a business [...]

The Offshore Voluntary Disclosure Program and Cryptocurrency

May 11th, 2018|Categories: Newsletters, Tax|

Do you think the IRS's recent announcement that it is ending its Offshore Voluntary Disclosure Program (OVDP) and Streamlined program [...]

US Expatriates Living Abroad – What You Should Know About the New Tax Law – Part II

May 7th, 2018|Categories: Newsletters, Tax|

The Tax Cuts and Jobs Act 2017 (TCJA) changed many things, including reporting and taxing requirements for US taxpayers living abroad. [...]

Mauritius: 50 years of Independence this year

April 23rd, 2018|Categories: Newsletters, Tax|

Mauritius having attained its independence on 12 March 1968, has celebrated it’s 50 years of Independence this year. The Golden [...]

Creatrust Securitisation Platform

April 20th, 2018|Categories: Newsletters, Tax|

Promoters or Issuers use securitisation vehicles as an alternative to traditional bank funding, to transfer risk or deconsolidate risk off [...]

US Expatriates Living Abroad – What You Should Know About the New Tax Law – Part I

April 16th, 2018|Categories: Newsletters, Tax|

The Tax Cuts and Jobs Act 2017 (TCJA) changed many things, including reporting and taxing requirements for US taxpayers living abroad. [...]

Hong Kong continues to expand its tax treaty network – New double taxation agreement with India

April 13th, 2018|Categories: Newsletters, Tax|

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

India: Professional updates for April 2018

April 11th, 2018|Categories: Newsletters, Tax|

CBIC clarified that LUT shall be deemed to be accepted on Generation of ARN, No documents required to be physically [...]

Why it is important to reconcile your tax balance regularly

April 7th, 2018|Categories: Newsletters, Tax|

In this month’s write up, we will highlight the importance of reconciling your taxes with the revenue authority in PNG [...]

$1 Billion in Refunds Still Unclaimed from 2014 Returns

April 3rd, 2018|Categories: Newsletters, Tax|Tags: |

Under Internal Revenue Code Section 6511(a)Period of Limitation on Filing Claim.— a claim for refund or credit must be filed [...]

US 2018 Tax Reform -What You Need To Know?

December 20th, 2017|Categories: Newsletters|Tags: |

The House passed the final version of the Republican tax bill on Wednesday December 20, 2017, capping off a furious [...]

Main amendments on Romanian Fiscal Code

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

Below are the main amendments on Romanian Fiscal Code, to enter into force starting with January 2018. Corporate income tax [...]

Recent UK personal tax developments and news

December 15th, 2017|Categories: Newsletters|Tags: |

Scottish income tax Scotland’s draft Budget for 2018/19 has now been released and details of the proposed Scottish tax changes [...]

Wake-up Call for Common Australian Discretionary Trust Arrangements

December 13th, 2017|Categories: Newsletters|Tags: |

Discretionary trusts are extremely common in Australia, both for the holding of assets, and from an international perspective, more unusually, [...]

VAT on Land: Important Amendment to the VAT Legislation

December 11th, 2017|Categories: Newsletters|Tags: |

In November 2017, the Cyprus parliament voted a significant amendment to the Cyprus VAT Legislation (VAT Law – Amending Law [...]

Revised FTP 2015 – India

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

Revised FTP 2015 – 20 has been amended in such a way that it is in line with the provisions [...]

2018 PNG Budget Commentary from Shishya

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

Executive summary below: The Deputy Prime Minister and Minister for Treasury, Hon. Charles Abel handed over the 2018 Budget on [...]

Certain changes on China withholding tax obligations for non-residents

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

Passive incomes such as dividends, interests, royalties, capital gains derived from China by a non-Chinese tax resident enterprise (“NRE”) are [...]

Changes to the Malta Residence and Visa Programme

November 21st, 2017|Categories: Newsletters|Tags: |

The Malta Residence and Visa Programme (MRVP) provides an excellent opportunity to non-EU Nationals, non-EEA Nationals and non-Swiss Nationals including [...]

Tax Amnesty Scheme and New Tax Clearance Process in Papua New Guinea (PNG)

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

TAX AMNESTY SCHEME The Commissioner General of Internal Revenue Commission(IRC) has notified a temporary relief to businesses in PNG. Who [...]

Foreign purchaser duty and land tax surcharge in Australia

November 15th, 2017|Categories: Newsletters|Tags: |

Foreign property investors are subject to varying surcharge rates of stamp duty across the different jurisdictions in Australia. The surcharge [...]

Cyprus – Iran Double Tax Treaty entering into effect in 2018

November 13th, 2017|Categories: Newsletters|Tags: |

Cyprus and Iran had signed a tax treaty, on 4 August 2015, for the avoidance of double taxation and fiscal [...]

What the House tax bill holds for individuals

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

If this bill is enacted, make no mistake about it this will become the LARGEST tax grab for the middle [...]

Country by Country Reporting

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

The submission of notification for country by country reporting for the year 2016 has started. This process will be performed [...]

Another Offshore Law Firm Gets Hacked!

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

On September 5, 2017 posted How Will the IRS Know About My Foreign Account? where we discussed that Taxpayers who [...]

Why invest in Mauritius?

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

Mauritius is ideally located amongst the brilliant triangle region, associating Asia, Africa and Indian Ocean Region. It is an island [...]

China to welcome more foreign investments

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

Taxpayers Since early this year, the Chinese government has released various circulars to promote and attract foreign investments. The key [...]

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 [...]