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In October 2002 ICAJ announced that it was embarking on a financial system improvement project that would strengthen the enforcement and compliance framework of the accountancy profession in Jamaica and ensure that investors received accurate information. [2] In November 2004 there was a proposal to make changes to the Money Laundering Act.
The idea was based on the US Foreign Account Tax Compliance Act (FATCA) implementation agreements and its legal basis is the Convention on Mutual Administrative Assistance in Tax Matters (MCAA). 120 countries have signed the agreement to implement, and the MCAA remains open for more countries to adopt. [1]
The Foreign Account Tax Compliance Act (FATCA) is a 2010 U.S. federal law requiring all non-U.S. foreign financial institutions (FFIs) to search their records for customers with indicia of a connection to the U.S., including indications in records of birth or prior residency in the U.S., or the like, and to report such assets and identities of such persons to the United States Department of ...
In January 2014 CTV Television Network reported that Allison Christians, [8] the H. Howard Stikeman Chair in Tax Law at McGill University, said that the Foreign Account Tax Compliance Act could impact all Canadians. "The way the U.S. law is written, financial institutions around the world have an obligation to ensure that any accounts that are ...
A new income tax law, passed in 1997 and effective 1998, determined residence as the basis for taxation of worldwide income. [168] The Philippines used to tax the foreign income of nonresident citizens at reduced rates of 1 to 3% (income tax rates for residents were 1 to 35% at the time). [169]
Tax amnesty is different from other voluntary compliance strategies in part where tax amnesty usually waives the taxpayers' tax liability. [2] In 2016, Indonesia had run one of the biggest Tax Amnesty scheme in the world and managed to gather around US$9.61 billion as taxes in 9 months.
Note 13] Furthermore, the Foreign Account Tax Compliance Act (FATCA) imposed additional compliance burdens on non-U.S. banks, making them increasingly unwilling to extend anything beyond basic banking services to customers with U.S. citizenship. [104] One scholar described the sum total of these requirements as "an attack on ordre public". [105]
Tax compliance software is software that assists tax compliance, and may cover income tax, corporate tax, VAT, service tax, customs, sales tax, use tax, or other ...