PASAY CITY, Feb. 19 The Department of Finance (DOF), through its Revenue Operations Group (ROG), has assisted the national government in implementing several regulations related to the Bayanihan To Heal As One Act (Republic Act (RA) No. 11469 or the Bayanihan 1) and Bayanihan To Recover As One Act (RA 11494 or the Bayanihan 2) to provide relief to sectors hardest hit by the economic shock triggered by the COVID-19 pandemic.
In a report to Finance Secretary Carlos Dominguez III, Tionko said the DOF and the Bureau of Internal Revenue (BIR) issued 34 Revenue Regulations (RRs) last year, most of which were related to the provisions of the Bayanihan laws, Tionko said.
Updated:
February 09, 2021 10:48 IST
Over ₹1,290 cr. penalty levied so far for deposits made in unreported foreign bank accounts in HSBC cases, tells MoS Anurag Thakur in Lok Sabha
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According to MoS Anurag Thakur, the Indian government has taken various initiatives in the recent years to bring back black money from abroad. File photo for representational purpose only
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Over ₹1,290 cr. penalty levied so far for deposits made in unreported foreign bank accounts in HSBC cases, tells MoS Anurag Thakur in Lok Sabha
The tax department has issued notices in 475 cases involving undisclosed foreign assets and income of over ₹14,300 crore under the Foreign Black Money Act, Minister of State for Finance Anurag Thakur said on Monday.
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As known, Multilateral Competent Authority Agreement on
Automatic Exchange of Financial Account Information (the Agreement)
was signed on 21.04.2017 after 6 years by 107 countries so far,
including Turkey which approved the Agreement on 21.12.2019.
According to the Agreement, the signatory countries will share the
financial account information of the resident of the relevant
country which is collected from the financial institutions every
year automatically without any request.
Turkish Revenue Administration had published the Guideline on the Application of the Automatic
Exchange of Financial Account Information in Tax Issues
SARS is aware of your offshore assets
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The days where SARS shuts its eyes to taxpayers’ offshore holdings are thing of the past. SARS is finally utilising the Automatic Exchange of Information regime to pin down taxpayers who have not disclosed their offshore interests and numerous taxpayers have already received some alarming notices to this effect.
Invested offshore to dodge the taxman? Sars is coming for you
6 January 2021 7:47 PM
Share This: With the notice we ve seen, Sars asks for information regarding tax years from 2015 to 2019 - tax attorney Jean du Toit.
One route to avoid taxation has traditionally been to take your money offshore, without disclosure.
Now the South African Revenue Service has offshore investors on its radar.
Sars is finally ready to utilise the Automatic Exchange of Information to investigate South African tax residents offshore holdings, says tax attorney Jean du Toit.
Some taxpayers have already received notices to this effect.
If you are a South African tax resident you are subject to taxation on your worldwide income and you are required to disclose that to Sars.