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Tag Archives: tax

FBR proposes introduction of 0.6% WHT on purchase of foreign currency

ISLAMABAD: The Federal Board of Revenue (FBR) has proposed the introduction of 0.6% withholding tax (WHT) on the purchase of foreign currency and has sought to squeeze various expense allowances that industrialists get before computing their taxable income. The proposals have been made to generate an additional Rs40 billion in taxes from five measures during fiscal year 2020-21, starting July. It ... Read More »

FBR faces daunting challenge to meet annual revenue collection target

ISLAMABAD: The tax officials are facing an uphill task to achieve around 16 percent growth in revenue collection during last month of the current fiscal year to meet the annual target in these difficult times of coronavirus panic. A senior official told that the revenue collection is in full swing as June is the last month of the fiscal year. ... Read More »

FBR obtains info about Pakistanis’ immovable properties in UK

ISLAMABAD: The Federal Board of Revenue (FBR) has obtained information regarding immovable properties owned by Pakistanis in United Kingdom (UK). The information has been obtained with the assistance of Organization for Economic Cooperation and Development (OECD) and UK tax authorities, said FBR in a brief statement. According to the statement, the information was being analyzed by the board for taking ... Read More »

Imran Khan vows to collect Rs8,000b tax if elected to power

ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan has pledged to the nation to collect Rs8,000 billion tax from the country and bring reforms in health sector after getting into power. “The collected money will be spent on children of Pakistan. I will show to make Pakistan stand on its feet. Pakistani people give me most of the donation (for hospital),” ... Read More »

FBR to consult with Law Division over performance of ATIR

ISLAMABAD: Federal Board of Revenue (FBR) decided to consult with Law Division regarding its reservations on Appellate Tribunal Inland Revenues. Official sources told Customs Today that intense corruption has been revealed in the Appellate Tribunal Inland Revenues (ATIR), where 40,000 of tax-related cases and appeals are under hearing involving worth of thousand of billion of revenue and the board is ... Read More »

KPMG to host zakat, tax, VAT update workshops

RIYADH: Confirming its role as one of the best resourced professional service networks in the region, KPMG in Saudi Arabia is organizing a series of workshops presenting the latest updates on Zakat, Tax and Value-Added Tax (VAT) and their impact on the business sector amid changing financial landscape in Saudi Arabia. The roadshow commences in Jeddah on Oct. 29, 2017 ... Read More »

Tax, medical contributions and working offshore

JOHANNESBURG: In this tax column, Piet Nel, head of the School of Applied Tax at the South African Institute of Tax Professionals (Sait), answers a reader’s questions about life insurance policies. For purposes of the medical scheme fees credit, the resident status of the individual is not relevant. What is relevant is who made the payment. The “tax benefit”, as ... Read More »

Google Ireland paid €28.6m tax on revenues of €18b in 2014

DUBLIN: Google Ireland said it paid €28.6m in Corporation Tax here last year, on a turnover of €18.3 billion. The amount of tax paid was up by €900,000 compared to 2013, while turnover was up 8% from €17 billion the previous year. The technology giant booked a profit after tax of €167.9m in 2014, up 9% compared to the previous ... Read More »

74 first-time buyers advantage of tax refund system in 2014

DUBLIN: A tax refund system introduced last year to aid first-time buyers has been described as a failure after it emerged just a tiny fraction have benefited from the measure. Just 74 first-time buyers have availed of the deposit interest retention tax (Dirt) refund which Finance Minister Michael Noonan claimed would benefit as many as 9,500 buyers get on the ... Read More »

Insurer to inform 5,000 Irish shareholders on how to avoid tax bills on payment

DUBLIN: British insurer Standard Life will write to more than 5,000 Irish shareholders to advise them on how to avoid tax bills on a payment made by the company earlier this year. A large group of the company’s Irish shareholders were left with significant tax bills last year following a payment from the company that went wrong. A problem with ... Read More »

Government warns EU against tougher tax rules

PARIS: The Government has warned the European Union not to attempt to go beyond plans published on Monday that seek to lay down new global rules on taxing multinationals. In its report, the Organisation for Economic Co-Operation and Development said governments were “conservatively” losing $240 billion (€213 billion) annually from aggressive tax planning by multinationals. Speaking in Luxembourg, Minister for ... Read More »

Ireland collects more corporation tax under new plan

DUBLIN: The new global template for taxing multinationals could lead to more corporation tax being collected by Ireland, according to the head of the team behind the new plan. Pascal Saint-Amans, director of the Centre for Tax Policy and Administration at the Organisation for Economic Co-operation and Development, was speaking as the OECD said that up to $240 billion (€213 ... Read More »

Finance Minister Michael says Ireland now facing ‘increases competition’

DUBLIN: Finance Minister Michael Noonan said Ireland has little to fear from attempts by the world’s richest countries to get multinationals to pay more tax, reiterating that the country’s headline 12.5% rate is not under threat. However, some independent observers say Ireland will, in time, face more competition, and its success in attracting large foreign direct investments will remain under ... Read More »

Renua Ireland to propose flat income tax rate of 23%

DUBLIN: Renua Ireland will propose a flat rate income tax of 23 per cent when it publishes its pre-budget submission on Monday. The party has made a flat tax the core proposal of its submission, saying that Ireland should move to this system over a period of years. The party, under leader Lucinda Creighton, has been working on the proposal ... Read More »

AstraZeneca avoids paying UK corporation tax

LONDON: AstraZeneca, one of Britain’s largest businesses, is using a multimillion-pound tax avoidance scheme in the Netherlands, set up months after the UK relaxed its tax laws for multinationals in 2013. A Guardian investigation has found the pharmaceutical giant created the scheme using $2.7bn (£1.8bn) of internal group loans routed through its Dutch subsidiaries. The company paid no corporation tax ... Read More »

Ireland says tax boost to cut 2015 deficit to 2.2%

DUBLIN: Ireland expects its budget deficit to fall to 2.2 percent of gross domestic product this year from an earlier forecast of 2.7 percent after the government’s tax take rose sharply, Finance Minister Michael Noonan said on Friday. After the economy grew by over 5 percent last year, the best performance in the European Union, Noonan said he would be ... Read More »

France to cut corporate, income taxes in 2016 budget

PARIS:  The French government is presenting its 2016 budget, which includes 11 billion euros ($12.3 billion) in tax cuts, in an effort to loosen up an economy burdened with 10 percent unemployment. The budget detailed Wednesday in a Cabinet meeting is based on expected economic growth of 1.5 percent next year. The government plans 9 billion euros ($10.1 billion) in ... Read More »

Ireland to move on multinationals’ disclosure of more information to tax authorities

DUBLIN: Ireland is to become one of the first countries to introduce measures aimed at ensuring multinationals disclose more information to tax authorities. In the upcoming budget, the Government will introduce moves obliging multinationals to draft country-by-country reports on their global activities, according to sources. If enacted the new rules could affect our biggest corporations, such as CRH, Glanbia, Kerry ... Read More »

IFS warns UK tax and benefit changes worsening inequality

LONDON: A leading thinktank has warned the government it risks worsening inequality during workers’ lifetimes by cutting tax credits and reducing income tax rates for the richest. The Institute for Fiscal Studies said the long-term positives of higher in-work benefit payments were clear, citing a study of workers’ finances over the past 70 years. In the absence of higher income ... Read More »

EU court fines Italy over state aid to companies

ROME: A top European Union court has fined Italy 30 million euros ($34 million) for failing to recover millions of euros in relief from social security contributions granted to hundreds of companies. The EU Court of Justice ruled Thursday that Italy had “failed to fulfil its obligation to recover the aid.” The EU’s executive Commission insists that the social security ... Read More »