banking News

Netherlands To Reduce Tax On Savings Income

by Ulrika Lomas, Tax-News.com, Brussels

Friday, September 13, 2019

On September 6, 2019, the Dutch Ministry of Finance announced proposals to reforms the tax rules for savings income. Read Full Story

Indian Banks To Begin Withholding Tax On Large Cash Withdrawals

by Mary Swire, Tax-News.com, Hong Kong

Thursday, September 5, 2019

As of September 1, 2019, India introduced an obligation for tax to be deducted at source at a two percent rate if a taxpayer's cash withdrawals totaled INR10m (USD138,350) or more in the previous year. Read Full Story

Australian High Court Allows Use Of Leaked Data In Tax Probes

by Mary Swire, Tax-News.com, Hong Kong

Thursday, August 22, 2019

The Australian Taxation Office has welcomed a significant ruling from Australia's High Court, which enables the tax agency to use information obtained from data leaks, even if leaked from a law firm. Read Full Story

LLB-Switzerland Signs US Non-Prosecution Agreement

by Mike Godfrey, Tax-News.com, Washington

Thursday, August 8, 2019

On August 5, 2019, the US Department of Justice announced that Swiss bank LLB Verwaltung (Switzerland) AG has agreed to pay a penalty of USD10.6m to resolve a case in which it was accused of helping US clients to conceal income. Read Full Story

Mauritius Gazettes Budget Tax Measures

by Lorys Charalambous, Tax-News.com, Cyprus

Thursday, August 8, 2019

Mauritius has published in its Official Gazette legislation to enact measures announced in the territory's latest Budget, contained in The Finance (Miscellaneous Provisions) Act 2019. Read Full Story

UAE Introduces CbC Reporting, Economic Substance Rules

by Lorys Charalambous, Tax-News.com, Cyprus

Tuesday, July 16, 2019

The UAE has recently passed legislation to introduce new country-by-country reporting requirements and new economic substance requirements. Read Full Story

Malaysia Explains New Cap On Interest Expense Deductions

by Mary Swire, Tax-News.com, Hong Kong

Tuesday, July 16, 2019

The Inland Revenue Board of Malaysia has released new guidance on restrictions to the deductibility of interest expenses. Read Full Story

Mauritius Overhauls Tax Regime In 2019-20 Budget

by Lorys Charalambous, Tax-News.com, Cyprus

Friday, June 21, 2019

Mauritius announced a multitude of changes to all areas of its tax regime in its 2019-2020 Budget, including international tax reforms; value-added tax changes; new corporate tax relief measures, including a new patent box regime; a regime for peer-to-peer lending; individual tax breaks; and a tax amnesty scheme. Read Full Story

EU Takes Action Against Spain Over Rules On Reporting Of Assets

by Ulrika Lomas, Tax-News.com, Brussels

Thursday, June 13, 2019

The European Commission is taking Spain to the Court of Justice over the imposition of "disproportionate" sanctions for failure to report assets held abroad. Read Full Story