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European Commission to investigate tax evasion in Cyprus

Published on: 13/01/2017 // Jurisdiction: Cyprus, EU // Topic: Grey Economy, Tax, Tax evasion

The EU is sponsoring the research and will prepare recommendations on the fight against tax evasion in Cyprus. To this end, tax specialists arrived in Cyprus who will carry out studies and investigations, making recommendations based on the findings. They will be conducted using EU funded initiatives.…

The relief of the tax system in Cyprus

Published on: 13/01/2017 // Jurisdiction: Cyprus // Topic: Cyprus foreign direct investments, Tax

Cyprus President Mr Nicos Anastasiades has stated that the Government of Cyprus is working on improvements in the current tax system of the country. The government realises that in order to attract foreign investors to look into projects and initiatives in Cyprus, there must be a hugely improved investment…

THAILAND: Government weaken rules regarding inheritance tax

Published on: 13/01/2017 // Jurisdiction: Thailand // Topic: Government policies, Inheritance tax, Tax

The Thai government's new application regarding inheritance tax, is already much weaker than its first proposal, has been thinned out even more by the National Legislative Assembly. Now plans are in place to only apply to estates valued more than THB100 million (USD $3 million) rather than the original…

NEW ZEALAND: Move towards reducing tax avoidance by profit shifting

Published on: 13/01/2017 // Jurisdiction: New Zealand // Topic: Tax, Tax evasion, Tax Law

The tax authorities in New Zealand have issued an article proposing new methods aimed to prevent foreign investors evading the non-resident withholding tax on interest. It is specifically directed at multinational companies, who profit-shift and are apparently using advanced techniques in order to circumvent…

France to introduce tax to foreign investors of property companies

Published on: 13/01/2017 // Jurisdiction: France, Germany, Luxembourg // Topic: Capital Gains Tax, CGT, Tax

Starting from January 1st 2016, France will enforce a capital gains tax (CGT) charge at a rate of 33% on German- and Luxembourg-resident Shareholders of property companies whose main investments are located in France. The alterations are currently being approved by the jurisdictions and are expected to apply to transactions taking place after the end of this year.

Hong Kong sign avoidance of double taxation protocol

Published on: 13/01/2017 // Jurisdiction: Hong Kong // Topic: Double Taxation Agreements, Tax, Tax evasion

Professor K C Chan who is the Secretary for Financial Services in Hong Kong, signed the Fourth Protocol to the "Arrangement for the Avoidance of Double Taxation and Prevention of Tax income Evasion" in Hong Kong this week.

Cyprus tax revenues down by 3% from 2013

Published on: 13/01/2017 // Jurisdiction: Cyprus // Topic: Cyprus economy, Tax

From January to July this year, the tax revenues have dropped compared to this time last year. Whilst it is only by 3% (€973.2m in total for 2014, and €1.002b for 2013) there have been significant drops in income tax paid by both public and private sector employees alike. The state collected €71,851m…