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2310, 2017

Individual taxation and Papua New Guinea (PNG)

Taxation of an individual in PNG is dependent on his residential status, source of income, mode of earning and kind of engagement. In ensuing paragraphs, we have dealt with each of this topic briefly and [...]

1610, 2017

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

WASHINGTON — The Internal Revenue Service today reminded U.S. citizens and resident aliens, including those with dual citizenship, to check if they have a U.S. tax liability and a filing requirement. At the same time, [...]

1210, 2017

Transfer Pricing – Consultancy Services

The arm's length principle (Article 33 of the Income Tax Law 2002) is the cornerstone of transfer pricing rules and regulations in Cyprus and is codified in. As per Article 33 any commercial or financial [...]

910, 2017

GST update India October 2017

GST Council has approved the following package of relief & incentives for exporters: Within the next 4 days i.e. by 10.10.2017 the held-up refund of IGST paid on goods exported outside India in July would [...]

610, 2017

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

Hong Kong has recently signed a comprehensive avoidance of double taxation agreement (CDTA) with Saudi Arabia. This brings the number of CDTAs Hong Kong has concluded with other jurisdictions to 38. It is expected that [...]

410, 2017

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

1. Introduction On 29 September 2017, a law which extends the deadline for submission of a claim for the payment of tax arrears from 3 October 2017 to 3 January 2018 was passed by the [...]

210, 2017

How Will the IRS Know About My Foreign Account?

Taxpayers who have financial assets outside the United States often ask the question "How will they (IRS) know about my Foreign Account?;" when they are considering how (or whether) to come clean and inform the [...]

2209, 2017

White paper on Malta’s Gaming Legal Framework

In July 2017, a white paper was issued on the Gaming Industry in Malta which white paper is proposing a single Gaming Act to replace the various laws currently regulating the gaming industry. These developments [...]

1809, 2017

Are ordinary salary payments always deductible?

The Danish tax authorities have corrected the deductibility of ordinary salary payments of a number of Danish Banks following the financial crisis in 2008. The tax authorities argued that ordinary salary payments were not deductible [...]

1409, 2017

New double taxation agreement between Austria and Israel to come

In November 2016, a new double tax treaty (DBA) was negotiated between Austria and Israel. This DBA relates to taxes on income and property tax and will replace the old agreement dating back to 1970. [...]

1209, 2017

A Short Guide to Doing Business in Papua New Guinea

Doing business in PNG is challenging owing to the high cost of financing, shortage of skills, lack of infrastructure, etc. In ensuing paragraphs, we have focussed on important points, that a business need to consider, [...]

809, 2017

Cyprus and Luxembourg sign their first double tax treaty

For the first time, on 08 May 2017, Cyprus and Luxembourg have signed a Double Tax Treaty (DTT), thus leading the way for new trade and investment opportunities between the two countries. Neither county has [...]

609, 2017

Why Luxembourg?

One-stop-shop services for Ultra High Net Worth Individuals and Single Family Offices Whether your estate consists of a real estate, a private jet, a superyacht, artworks, private equity investments or securities, you can never be [...]

409, 2017

AITC Annual Conference 2017 held in Bucharest, ROMANIA

This year, the annual Meeting was held on 1st and 2nd September 2017 at one of the most distinguished venues in Bucharest, Romania – the Intercontinental Hotel. Our ever-growing family of professionals throughout the year [...]

2508, 2017

How Does CRS & FATCA Affect US Taxpayers?

On May 26, 2017 we posted Last Chance To Come Clean ... Automatic Exchange of Information Reporting Is Imminent! where we discussed that CRS participating jurisdictions began to exchange information in 2017 and returns where [...]

1808, 2017

Departing aliens and the sailing permit in the US

Most Persons Leaving The US Are Unaware Of This Most Un-Followed US Tax Rule- IRC Sec 6851(d) Sec. 6851(d) indicates that no alien, subject to exceptions by regulations, "shall depart from the United States unless [...]

1608, 2017

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

The provision of Agenzia delle Entrate, 8th March 2017, operationalize the provision of Article 1, paragraph 152, of Law December 11, 2016, n. 232 (2017 Legge di Bilancio), which entered into Tuir the article 24-bis. [...]

1408, 2017

Transfer Pricing in Papua New Guinea

A. Introduction 1. Papua New Guinea’s income tax legislation provides the Commissioner General with wide powers, to adjust the taxable income of PNG taxpayers, where he believes that a taxpayer has conducted non-arm’s length dealings, [...]

908, 2017

Company Incorporation and Set-up in Luxembourg

The formation of a Luxembourg Company usually takes place with these following steps. Due to its progressive and adaptive approach, Luxembourg has become the center of choice for promoters and investors who wish to incorporate [...]

708, 2017

New Cyprus 60-day tax residency test for individuals

In July 2017, Cyprus enacted new legislation, amending the income tax law and introducing a separate test for the purposes of determining Cyprus tax residency for individuals. This enables individuals to be considered as tax [...]

308, 2017

Certain Updates on China VAT Reform

As from 1 July 2017, the 13% VAT rate was abolished in China and the rate for agricultural products, public utilities and cultural products was reduced to 11%. Prior to 1 July 2017, there were [...]

108, 2017

Recent UK personal tax developments

Summer Finance Bill 2017 A new Finance Bill is to be introduced as soon as possible after the parliamentary Summer break to pick up on all the measures previously shelved after the recent general election. [...]

1907, 2017

Tutta Fuffa e Niente Arrosto

Further to the supposed revelations of the Malta Files, an interesting article which appeared in the Italian news portal  Mercati 24 tackled and commented upon the issue. The link to the article is this: https://www.mercati24.com/malta-files-tutta-fuffa-e-niente-arrosto/ [...]

1707, 2017

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

This article presents you with a brief summary of the Foreign Contractor Withholding Tax (FCWT) regime currently applicable in PNG. It incorporates the recent amendments introduced in recent budget. Who is liable to FCWT? Any [...]

1407, 2017

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

The Tax Court has concluded that a foreign corporation's proceeds from the redemption of a U.S. limited liability company that was treated as a partnership for U.S. income tax purposes was not U.S.-source income and [...]