On February 16 the Romanian government approved changes to the organisational structure of both the Ministry of Finance and the National Tax Agency.Among other important changes, this provides the transfer of the advance tax rulings (ATR) unit to the Ministry of Finance. Previously, this unit was included under the National Tax Agency. The move is...
Throughout the first year of the Biden administration, one tax policy theme was consistent. The President and Treasury Secretary Janet Yellen were focused on increasing the tax burden on U.S. companies—particularly multinational companies. As Secretary Yellen put it last year, “It is about making sure that governments have stable tax systems that raise sufficient revenue...
Leading private sector lender Federal Bank has launched a debt/bond fund with a targeted AUM of USD 200 million in association with the Singapore-based fund manager Scube Capital and Equirus Wealth. Only NRI customers of the Kochi-based bank can invest in the US dollar fixed maturity bond fund, which targets to mop up around USD...
On February 21, OECD Tax Policy Director Pascal Saint-Amans and five other OECD tax policy chiefs hosted a virtual “OECD Tax Talks” webinar to assess the world’s progress in implementing the historic OECD/G20 two-pillar international tax package. There was much discussion about where the plan started and where it is going. Even though the year...
The Spanish tax agency on January 31 published a decision approving the general guidelines for the 2022 Annual Tax and Customs Control Plan, which may be of interest to multinational groups with a presence in Spain. As it does every year, the Spanish tax agency disclosed the main performance lines it will be following in...
Double taxation is the levying of tax by two or more jurisdictions on the same declared income (in the case of income taxes) or assets (in the case of capital taxes). This double liability is often mitigated by signing of tax treaties between two countries. Simply put, a Double Tax Avoidance Agreement (DTAA) is a...
Switzerland will likely change its constitution because of Pillar Two—a proposal to address global profit shifting by imposing a global minimum tax of at least 15%—and took its first step in that direction by opening a public consultation on the OECD/G20 minimum tax plan for multinationals on March 13. The most recent proposal of the...
The UK announced on 17 March it is suspending the exchange and sharing of tax information with Russia and Belarus as part of continued efforts to inflict economic pain on President Putin’s regime. The UK has suspended all exchange of tax information with Russia and Belarus under the UK’s exchange of information agreements Move is...
Income-tax Department has introduced a completely new re-engineered Form 15CA and Form 15CB submission process based on various feedbacks provided by numerous corporates and professionals all over India.
Mauritius, in its recent budget tabled in the parliament on June 14, has modified the mechanism for granting foreign tax credit (FTC) in the hands of Mauritius-resident foreign portfolio investors (FPIs).