6 June 2015
Italy Opens Voluntary Disclosure Programme for Foreign Assets The Italian parliament approved Legislation, on 4 December 2014, to introduce a voluntary disclosure programme under which Italian citizens can regularise undeclared capital held abroad. Taxpayers will be obliged to pay all the taxes due but will be subject to reduced administrative penalties and immunity from some criminal penalties. Under the final Decree, effective as of 1 January 2015, voluntary self-declarations” of undeclared as...
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6 June 2015
Cyprus Relaxes Restrictions on Capital Movement The Finance Ministry published, on 8 December 2014, Decree 32 under Articles 4 and 5 of the Enforcement of Restrictive Measures on Transactions in Case of Emergency Law of 2013, which has further relaxed restrictions on capital movement. Under the Decree: • Central Bank of Cyprus approval is no longer required for payments or transfers of funds abroad up to €2 million [ €1 million); • The transfer of deposits or funds abroad up to €10,000 [ €5,000)...
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6 June 2015
Portugal Changes Rules on Tax Residency and Taxation of Trusts Portugal has altered its rules concerning residency for tax purposes. For those arriving in or leaving Portugal from 1 January 2015, residence will be determined over a 12-month period before arrival or departure. Previously the basic rule was that a person would be considered tax resident if they spent more than 183 days in Portugal during the calendar (fiscal) year or had their principal place of residence in Portugal at 31 Decembe...
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3 June 2015
All MAT TAX CLAIMS UNDER DTAA TO BE SETTLED IN A MONTH April 27, 2015, Central Board of Direct Taxes will settle all minimum alternate tax (MAT) matters of FIIs coming under the ambit of Double Taxation Avoidance Agreements within a month of filing of claims. "Since the issue involved in such cases is limited, such claims should be settled expeditiously. It has therefore been decided that in all cases of foreign institutional investors (FIIs) seeking treaty benefits under the provisions of respe...
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1 June 2015
Taxes deducted at source for NRIs are subject to DTAA February 05, 2015, Under the Income-tax Act, 1961, NRIs are subject to TDS, which is chargeable in India. However, if the NRI is a tax resident of a country with which India has entered into a double taxation avoidance agreement (DTAA), then the provisions of the Act or the DTAA, whichever is more beneficial, would apply. Accordingly, even if such income is taxable under the Act, if the DTAA provides relief from taxation on the income, then t...
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