G20 targets corporate tax dodgers – economy

G20 targets corporate tax dodgers - economy

Finance ministers from the G20 group of the world’s largest economies are backing the first ever…

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http://www.euronews.com/2013/07/19/g20-targets-corporate-tax-dodgers
Finance ministers from the G20 group of the world’s largest economies are backing the first ever international plan to rein in tax avoidance by big multinational companies.

They have responded to public anger over tax dodging by supporting an action plan drawn up by the Organisation for Economic Co-operation and Development.

The Secretary-General of the OECD Angel Gurria told reporters at the G20 finance ministers meeting in Moscow: “International tax rules ensure that business don’t pay taxes in two countries. Double taxation – that’s right, we should avoid double taxation. But unfortunately the rules have now produced double non-taxation which is what we are trying to fight now.”

The international tax system has not been changed since the 1920s and currently has no means to stop firms shifting profits to low-tax countries:

French Finance Minister Pierre Moscovici said: “It is clear that multinational companies developed an unprecedented know-how for minimising their world-wide tax pressure. Some big companies managed to have a three or four percent tax rate on their income world-wide.”

The new set of global standards is tailored to better cope with the problems of taxing companies that trade – for example – only online in the so-called digital economy. The plan is have them written into law within two and a half years.

The idea is to close loopholes used by firm such as Apple, Google, Starbucks, Amazon Vodafone, Diageo and Cadburys to avoid paying billions in taxes. They would be forced to pay tax where their sales and profits are made.

The companies defend their actions by saying they follow the law in the countries where they operate and pay what tax is due.

*Cautious reaction*

Business groups welcomed the international approach being taken by the G20, saying unilateral action could hinder cross border trade and investment, but they advised caution in changing the current rules.

British business lobby group the CBI said it supported an examination of the loopholes that the OECD said facilitated profit shifting but questioned whether the OECD had “proven serious base erosion and profit shifting issues caused by these structures”.

Mark Nebergall, President of the Software Finance & Tax Executives Council, which represents companies including technology giant Microsoft, dismissed the accusations of profit shifting often levelled against his industry and warned there was a risk any OECD action would fall foul of “the law of unintended consequences”.

Business lobby groups such as the CBI and the United States
Council for International Business (USCIB) have previously
opposed OECD moves that could have tackled tax avoidance, saying
the measures would also hit job creation and innovation.

Non-governmental organisations, especially those focused on development in poorer nations, welcomed the OECD’s recognition of the shortcomings in the international tax system and the commitment to take action.

But Professor Sol Picciotto of the tax Justice Network questioned whether governments would take action in the face of opposition from business that would likely follow the tabling of any firm proposals.

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This episode of Legal Wrangle on International Taxation talks about four important cases i.e. Hasmukh I Gandhi Vs DCIT (2017-TII-214-ITAT-MUM-INTL), Bharat Bijlee Ltd Vs ADIT (Intl Taxation) (2017-TII-211-ITAT-MUM-INTL), CIT-II. Vs Mitsubishi Corporation India Pvt Ltd (2017-TII-64-HC-DEL-INTL) and Sri Shashi Parvatha Reddy Vs DCIT (2017-TII-196-ITAT-HYD-INTL).
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Income Tax Amendments | AY 2019-20 | May & Nov 2019 Attempt | Finance Act 2018 [Part1/3]

Income Tax Amendments | AY 2019-20 | May & Nov 2019 Attempt | Finance Act 2018 [Part1/3]

Part 2 of this video:-
https://youtu.be/PqT4yRNLvok

Part 3 of this video:-
https://youtu.be/ZxF5hJVcux4

Link to material used in Part 1 is as follows:-
https://drive.google.com/open?id=1f5STCLx4oc1lawWFe7SkXmWhe-CmtwhJ

Happy learning!

#IncomeTaxAmendments
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Finally, there’s a tax filing system built for the way you work. Backed by our personalized Deduction Maximizer and our 0k Accuracy Guarantee.

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Tax reform readiness: Implications for US tax treaties

Learn more at PwC.com – pwc.com/us/en/services/tax/washington-national-tax/us-tax-reform.html

What are the key takeaways of the new US tax law for US tax treaties? PwC

Ken Kuykendall as moderator
Quyen Huynh, PwC’s International Tax Services Principal
Calum Dewar, PwC’s International Tax Services Principal
Steve Nauheim, PwC’s International Tax Services Director
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Why tax reform is so hard

It’s the eternal presidential promise, but tax reform hasn’t been done since 1986. Christine Romans looks at why it’s so difficult to get it through Congress. Two hints: people love their tax breaks. And people hate paying new taxes.
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Legal Wrangle – Episode 36 (International Taxation & Income Tax)

Legal Wrangle - Episode 36 (International Taxation & Income Tax)

This episode of Legal Wrangle on International Taxation and domestic taxation features cases relating to applicability of withholding tax provisions in case of shipping business, taxability of compensation received by an Indian journalist from foreign publisher, application of CBDT’s circular to pending references, denial of DTAA benefit to assessee temporarily employed in the USA upon receipt of salary from the Indian entity and chargeability of settlement amount received by non-residents against surrender of ‘rights to sue’. The assessees involved are V S Dempo and Co Pvt Ltd (2016-TIOL-208-HC-MUM-INTL-LB), Sharda Sinha (2016-TIOL-05-HC-DEL-IT), Sunny Sounds Pvt Ltd (2016-TIOL-98-HC-MUM-IT), Neeraj Badaya (2016-TII-19-ITAT-JAIPUR-INTL) and Aberdeen Claims Administration Inc, USA (2016-TII-01-ARA-IT).

International Tax Lecture Number #1

International Tax   Lecture Number #1

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Binance Creates ‘SAFU’ Fund After Outage Becomes Marketing Gold


http://www.businessinsider.com/irs-cryptocurrency-j5-joint-chiefs-global-tax-enforcement-crypto-crime-2018-7

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Budget 2018 – International Taxation Expectations | simply inTAXicating

Budget 2018 - International Taxation Expectations | simply inTAXicating

International taxation along with Transfer Pricing continues to be a major area of disputes for the MNEs and the tax authorities. Although the CBDT has taken several steps such as APAs and Sea Harbour rules and detailed guidelines on indirect transfer but the taxpayers are looking for more clarity and they expect certain positive steps to be announced in the Budget 2018. TIOL invited four domain experts – Mr D P Sengupta, former CCIT; Mr Neeraj Jain, Partner, Vaish Associates; Mr M S Vasan, V-P, Hinduja Global Solutions and Mr Vishal Anand, Partner, PwC. The episode was moderated by TIOL Founder Editor, Mr Shailendra Kumar.

This episode of legal wrangle tracks major judicial developments in the world of international taxation. The First case discusses the treatment of overseas payment for specific service under technical assistance agreement; the second one is about the shifting of profit to foreign tax jurisdiction, in the garb of commercial expediency; and the third one discusses the taxability of income arising either directly or indirectly through representative of non-resident, from business connection in India. The cases features are as follows:

2018-TII-61-HC-MAD-INTL
MADRAS HIGH COURT
DIRECTOR OF INTERNATIONAL TAXATION, MADRAS Vs M/s TVS MOTORS COMPANY LTD
Date: October 24, 2018

2018-TII-584-ITAT-MUM-TP
MUMBAI ITAT
M/s EBAOTECH INDIA PVT LTD Vs DEPUTY COMMISSIONER OF INCOME TAX, MUMBAI
Date: October 22, 2018

2018-TII-58-HC-KOL-INTL
CALCUTTA HIGH COURT
DIRECTOR OF INCOME TAX (INTERNATIONAL TAXATION) Vs BOARD OF CONTROL FOR CRICKET IN SRI LANKA AND ORS THROUGH PILCOM
Date: September 25, 2018

Tax Reform's Million-Dollar Question (HBO)

Trump’s proposing a dramatic overhaul. But one section of the tax code he won’t mess with are structural entitlements—the system of special provisions and loopholes that disproportionately benefit the wealthy.

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How the child-tax credit could derail tax reform

House Ways and Means Committee member Rep. Kristi Noem (R-S.D.) discusses the final GOP tax reform push and what is being done to get members to support the bill.

Former Rep. Nan Hayworth (R-N.Y.), GOP fundraiser Noelle Nikpour and Ned Ryun, former presidential writer for President George W. Bush, discuss the GOP’s push for tax reform.

2017 Tax Cuts & Jobs Act: What You Should Know — Individual Tax Reform

February 6, 2018
Dorsey presenters provided an overview of the impact of this sweeping new tax law on individuals, including lower income tax rates, key adjustments to standard and itemized deductions (including the new pass-through deduction), the expansion of permissible distributions from 529 education accounts, the doubling of estate, gift, and generation-skipping transfer tax exemptions, and more. They explored how the federal tax law changes interact with existing state laws (with a focus on Minnesota), and discussed overall policy implications for the federal government and for states.

Presenters:
Ben Lindblad, Tessa Mielke, Katina Peterson, & Mary Streitz, Dorsey & Whitney LLP

**NOTE: Watching this recording does not allow the user to obtain CLE, CPD, CPE or HR credits.
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Buying your first house on a loan comes with multiple tax benefits. These deductions not only reduce your tax outgo but also help in managing your cash flows better.
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