Monthly Archives May 2017

Australia Looks to Tax Ghost Houses

May 2, 2017 Taxation in Australia

Ghost house tax in AustraliaCANBERRA – The Australian government is hoping to use taxes to address the issue of foreign buyers hoarding investment properties.

The government of Australia could enact a new tax on any vacant properties owned by foreign investors.

The new tax would become part of the conditions imposed by the Foreign Investment Review Board when a foreign investor attempts to purchase property in the country.

Currently the tax is expected to be set at approximately AUD 5 000.

The money raised from the tax would go to fund the government’s housing affordability programs.

The new “ghost house tax” is expected to help alleviate the country’s overheated housing market, as it will encourage foreign investors to either rent out their properties or to sell them entirely.

Some experts believe that pr...

Read More

Inactive Shell Companies Getting the Boot in India

May 1, 2017 Taxation in India

Indian National FlagNEW DELHI – Dormant companies in India are being told to registered, as authorities believe they may be being used for money laundering.

Over the weekend the Ministry of Corporate Affairs of India sent out approximately 200 000 notices to companies which claim to be inoperative, instructing the entities to close down.

The notices come as a result of the recent moves by the government to demonetise selected bank notes, as they were thought to lead to money laundering and black market activity.

The companies which received notices have not filled annual returns for several years, indicating that they did not undertake any business activity.

However, during the demonetisation process it was evident that a number of “inactive” companies were actually participating in money laundering activ...

Read More