Page 21 - Automatic Exchange News Today

The Streetjournal Magazine is an online investigating media house that specializes on systematic, serious crimes, political corruption or corporate wrongdoing.

South African expatriates who ignore their tax obligations will soon find themselves in hot water with SARS warns Jashwin Baijoo, legal manager at Tax…

Budget Law 2020 (amending Law 145/2018) provided for the entry into force – as of 1 January 2020 – of a digital services tax (DST). With Circular 3/E of 23 March 2021, the Italian Revenue Agency provided clarifications regarding DST, taking into account the implementation rules as set out in the provision of 15 January 2021.

MONEYWEB app instead? Should you financially emigrate? Image: Moneyweb The South African Revenue Service (Sars) has discovered R400 billion in offshore holdings owned by South Africans and is on the rampage to collect all taxes that it is owed on these assets. This means that South Africans who are currently working abroad need to particularly take note and ensure that they are compliant with all of Sars’s tax requirements. Sars has also become more stringent in terms of collecting taxes...

Introduction The introduction of the US Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) has established a new standard for the automatic exchange of information (AEOI) in tax matters and led to a high level of tax transparency. These two complex and comprehensive instruments are an effective way to combat tax evasion on a global basis. Due to the recent increase in the use of innovative financial products, the Organisation for Economic Cooperation and Developm...

Tax recoveries remain at $30m Tax ombudsman suspects corrupt practices behind low offshore recoveries ISLAMABAD: The government could recover a meagre $30 million (Rs4.6 billion) out of cases of billions of dollars referred by the Organisation for Economic Cooperation and Development (OECD), prompting a state institution to launch probe into complaint of malpractices. Average tax recovery in 1,150 cases by three zones was just Rs4 million or $25,800 per case owing to poor performance of the Kar...

He replaces Peter Kenny, chief executive of Quilter International Neil Chadwick has been appointed chairman of the Manx Insurance Association (MIA). He will hold the role for two years and takes over from Quilter International chief executive Peter Kenny, who assumed the role in 2019. Chadwick is head of technical services for International Financial Group Limited (IFGL); which owns RL360, RL360 Services, Friends Provident International and Ardan International. Commenting on his appointment, Ch...

Tax havens - a big challenge Experts estimate annual global revenue loss of $200b as result of abuse of tax havens Salaried class contributed Rs69.4 billion or 7.8% of the total income tax collection in the first half, which was higher by 20% when compared with the same period of last year. PHOTO: FILE ISLAMABAD: The Panama Papers, Luxembourg Leaks and Paradise Leaks clearly reveal how tax evasion and money laundering are being carried out on a massive scale through tax havens across the globe...

Credit: UN Office on Drugs and Crime (UNODC) UNITED NATIONS, Feb 26 2021 (IPS) - A sign outside a laundry in New York city had a frivolously flippant slogan: “We launder dirty clothes, not dirty money.” And a 2019 movie titled “Laundromat,” based on a book ‘Secrecy World’ by Pulitzer Prize winning author Jake Bernstein, exposed the byzantine world of money laundering. That’s the insidiously darker side of the world’s financial system – with millions of dollars in ill-gotten ...

Uganda commits to start automatic exchange of financial account information by 2023 Exchange of information   17/02/2021 – Uganda has committed to implement the international Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) by 2023. The commitment made by the Minister of Finance, Planning and Economic Development, the honorable Matia Kasaija, makes Uganda the 116 Maria José Garde, Chair of the Global Forum, said “I am delighted to welcome Uganda’s c...