The Australian Bankers’ Association (ABA) has criticized the current system for distributing goods and services tax revenue and called for a comprehensive reform of the tax system. The ABA’s submission to the Productivity Commission’s inquiry into Horizontal Fiscal Equalisation (HFE) states that in unintended and undesirable consequences have emerged during the system’s 17 years of […]
Denmark To Invest In Tax Administration Overhaul
The Danish Government will spend DKK10.5bn (USD1.68bn) in reforming Denmark’s tax administration over the next few years, according to the Tax Ministry. Denmark’s tax authority, the SKAT, will be replaced by seven independent management boards on July 1, 2018, in an attempt to introduce more specialization across a wide area of tax administration. Last […]
EU, Ukraine Trade Agreement In Force
The EU-Ukraine Association Agreement (AA), which includes a Deep and Comprehensive Free Trade Area (DCFTA), entered fully into force on September 1, after a period of provisional application. The DCFTA provides for the mutual opening of markets for goods and services, although the EU reduces and abolishes duties at a faster rate. Ukraine will gradually […]
Second Round Of NAFTA Talks Conclude
Canada, Mexico, and the US have concluded the second round of talks on the renegotiation of NAFTA, during which they made progress on consolidating certain proposals into a single text. The talks were held in Mexico City from September 1-5. According to a trilateral statement issued by Canada, Mexico, and the US, more than […]
South Africa-Cameroon Double Tax Ageement In Force
The South African Revenue Service (SARS) announced on September 1st that the Double Tax Agreement (DTA) signed with Cameroon in February 2015 had entered into force.The agreement – the first of its kind between the two countries – allocates taxing rights and caps withholding tax rates for certain types of income. It establishes […]
China, Chile Work Towards Enhanced Free Trade Agreement
China and Chile recently held the 3rd round of talks towards upgrading their free trade deal. China and Chile signed a Free Trade Agreement in November 2005, which was implemented in October 2006. It was the first ever Free Trade Agreement signed between China and Latin America. China is now Chile’s largest trade partner, while […]
Greek Shipping Firms Unhappy With Tax Regime
Tax regime instability has been cited by Greek shipping companies as a reason why they would consider switching to an alternative jurisdiction, according to a report by EY. The report, “Repositioning Greece as a Global Maritime Capital” found the lack of a stable regulatory regime and tax issues were “by far” the main disadvantages of […]
UAE’s Federal Tax Authority Agrees To VAT & Excise Rules
The Board of Directors of the UAE Federal Tax Authority has approved various procedures relating to the forthcoming introduction of excise and value-added taxes in the UAE. It is anticipated that the two regimes will be in place by November 2017 and January 2018, respectively. According to local media, the Board also agreed to the […]
BNP Paribas Bank to pay £35m in tax avoidance
BNP Paribas Bank in France lost a case where it has to pay back £35m tax in the UK. HMRC claimed the bank tried to use a tax avoidance scheme involving share dividends using a scheme known as “dividend stripping”. BNP Paribas paid the full amount of tax before the tribunal was heard which dealt with a […]
Caribbean Offshore Financial Centers Hit Hard By Hurricane Irma
Hurricane Irma has caused more than $10bn in damage across the Caribbean offshore financial centers this week according to disaster risk experts on Friday. Airports are closed and cruise ships have canceled voyages. St Kitts and Puerto Rico, have also faced extreme weather, however not as badly affected as the rest of the region Hurricane […]