Category Taxation in Asia-Pacific

British Virgin Islands to Reach OECD White List

August 17, 2009 International Tax CooperationOffshore BankingTaxation in British Virgin IslandsTaxation in New Zealand  No comments

The British Virgin Islands now have the twelve Tax Information Exchange Agreement signatures required to achieve ranking on the OECD “white list” of countries.

The British Virgin Islands will soon join the ranks of 47 countries that the Organization for Economic Cooperation and Development (OECD) has deemed to have “substantially implemented the internationally agreed tax standards”. The move comes with the signing of the 12th Tax Information Exchange Agreement (TIEA) for the British Virgin Islands, the partner of which was New Zealand.

At the signing ceremony, Ralph O’Neal, Premier of the British Virgin Islands, said “The conclusion of this TIEA demonstrates the commitment of both the BVI and the New Zealand governments to the OECD principles of transparency and effective exchange...

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Call for Capital Gains Tax in New Zealand

August 10, 2009 Taxation in New Zealand  No comments

The call has once again been sounded for the introduction of a Capital Gains Tax in New Zealand.

Installing a capital gains tax system could yield benefits of up to NZ$2.7 billion to the country, $1.36 billion of which will be in the form of direct tax revenue for the Government, according to Craig Elliffe, Auckland University tax policy and law professor.

Craig Elliffe said “People pay taxes because they believe other people pay taxes,” in reference to New Zealand’s current scheme of personal taxation. According to him, it is unfair that while one individual would see a tax bill of $38,000 on their $100,000 income, another would see no taxation on the equal income earned from a property sale...

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Australian Tax Office Gets Tough

August 6, 2009 Taxation in Australia  No comments

The Australian Tax Office launched their new program on the 6th of August aimed at ensuring compliance from Australian executives and wealthy.

The Australian Tax Office (ATO) has stated that they will be targeting the wealthy of Australia in a bid to increase tax compliance and tax revenues. The corresponding 2008-2009 program netted an extra A$44 million from 440 executive and director reviews and audits and over A$1 billion from 260 large business “comprehensive risk reviews”.

This year the search for compliance dodgers has expanded in its data-matching technologies and even has the ATO scouring news sources for information on company mergers, and reminding the involved directors to declare any benefits that they garner from such activity...

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Australian Makes Requested Secrecy Case Submission to US

July 30, 2009 Offshore BankingTax HavensTaxation in AustraliaTaxation in USA  No comments

The Australian Taxation Office (ATO) has made its submission to US Senate Committee on Homeland Security and Governmental Affairs regarding the use of entities incorporated in the United States for possible secrecy haven purposes.

In an effort to stem tax evasion, avoidance, money laundering and other non-compliance activities, the US Senate Committee on Homeland Security and Governmental Affairs requested that the ATO provide some case studies involving US entities and their possible use in non-compliance activities in Australia. The ATO has now sent their response, consisting of an introduction and eight cases and their analysis.

The ATO made comments in their response saying that secrecy havens still being a high compliance risk to Australia...

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