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INTERNATIONAL UPDATES
(Total Uploads
: 10)
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RBI defines deficient jurisdictions w.r.t. Anti-Money Laundering (AML) Standards and Combating of Financing of Terrorism (CFT)
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Apr 14, 2010:
8The Financial Action Task Force (FATF) of the Reserve Bank of India has divided deficient jurisdiction, in regards to its strategic Anti-Money Laundering (AML) and Combating of Financing of Terrorism (CFT) measures into three groups, as described below:
8FATF has asked its members to apply countermeasures to protect the international financial system from the ongoing and substantial money laundering and terrorist financing (ML/FT) risks emanating from the jurisdiction of Iran
8 Jurisdictions with strategic AML/CFT deficiencies that have not committed to an action plan developed with the FATF to address key deficiencies as of February 2010 are Angola, Democratic People's Republic of Korea (DPRK), Ecuador and Ethiopia
8 Jurisdictions which has been identified by the FATF as having strategic AML/ CFT deficiencies that remain to be addressed, as of February 2010, are Pakistan, Turkmenistan and Sao Tome and Principe.
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Public comments on OECD report on double taxation
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Feb 03, 2010:
On 24 November 2009, the OECD Committee on Fiscal Affairs released for public comment a proposed draft of the new Article 7 of the Model Tax Convention. The Article calls for coordinated action to provide relief from double taxation, among other matters. The OECD has now published the comments received, which can be downloaded by clicking on the links below:
8Article 7 of the OECD Model Tax Convention
8Business and Advisory Committee (BIAC)
8Dr. I.J.J Burgers.
8CMS Bureau Francis Lefebvre
8John K. Drewno
8European Business Initiative on Taxation (EBIT)
8Ernst & Young
8French Banking Federation (FBF)
8Institute of Chartered Accountants in England & Wales (ICAEW)
8Blanca Kovari,
8Maisto e Associati
8PricewaterhouseCoopers (PWC - UNITED KINGDOM)
8Radhakishan Rawal
8Tax Executives Institute, Inc. (TEI)
8Treaty Policy Working Group
8WTS Aktiengesellschaft Steuerberatungsgesellschaft (WTS AG)
Click on Details for more information
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International Customs Day: WCO promises to cooperate in identifying bottlenecks
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Jan 27, 2010:
8World Customs Organization has observed January 26, 2010 as the International Customs Day at its headquarters in Brussels. The theme for this event was “Customs and business: improving performance through partnerships”. These celebrations were attended by representatives of custom administrations, international organizations, the diplomatic corps, the academic world and the global business community.
8In his speech, Kunio Mikuriya, Secretary General WCO, emphasized the need for custom departments to work closely with business in its day-to-day operations so as to optimise collections. On account of the current economic downturn, Mr. Mikuriya has promised to promote the exchange of information and cooperation, and reduce barriers to the smooth flow of trade by jointly identifying bottlenecks and offering solutions.
8In order to achieve a balanced partnership, Mr Mikuriya emphasised the two distinct roles of any custom department: on the one hand, the mission is to collect revenue and manage borders while on the other the job is to facilitate legitimate trade by granting benefits to operators committed to compliance and trust.
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International tax briefs
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Nov 25, 2009:
8The OECD has released a report describing how the ongoing recession is taking a toll on tax receipts across the OECD.(Click here for details)
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OECD working on tackling tax evasion
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Nov 16, 2009:
8The global economic crisis and recent tax evasion scandals have spurred calls for fairness and transparency in the tax system. As part of a broader drive to clean up one of the more controversial sides, and some may say the necessary evil, of a globalized economy, OECD is working towards removing practices that facilitate tax evasion.
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Amendment made in FTP's Handbook of Procedures relating to Registering Authhorities issuing RCMC
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Nov 15, 2009:
8A Public Notice has been released by the Ministry of Commerce & Industry announcing the following amendment in the Foreign Trade Policy's Handbook of Procedures:
"Para 2.63 (ii) A status holder has an option to obtain RCMC from Federation of Indian Exporter's Organisation (FIEIO)".
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Financial institutions and instruments : Tax challenges and solutions
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Nov 05, 2009:
8Opening the high level conference on International Tax Dialogue (ITD), the Organisation for Economic Co-operation and Development (OECD) Secretary-General, Mr. Angel Gurr, and the Deputy Managing Director of the International Monetary Fund, Mr. Takatoshi Kato, welcomed the delegates. They emphasized that globalization required strengthened international cooperation on taxation.
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Developing well functioning financial markets : The tax dimension
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Nov 05, 2009:
8Senior tax policymakers and administrators met in Beijing for the 'International Tax Dialogue Global Conference' to discuss how the tax system can best support and promote a healthy and transparent financial environment.
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Taxation of SMEs : Key Issues and Policy Considerations
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Nov 04, 2009:
8The Organisation for Economic Co-operation and Development has published a report on taxation of small and medium-size enterprises (SMEs). This report discusses and analyses information gathered from an SME tax questionnaire, which was issued to OECD countries in 2006 to examine current policy and administrative aspects of taxing SMEs.
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Money Laundering Awareness Handbook for Tax Examiners and Tax Auditors
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Nov 04, 2009:
8The Organisation for Economic Co-operation and Development has published a handbook on money laundering awareness for tax examiners and tax auditors. The purpose of this handbook has been to raise the awareness level of tax examiners and auditors on money laundering.
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