The crusade against fiscal havens is not working. According to the BIS, “banks’ outstanding claims on offshore banking centres surpassed their previous peak recorded in 2008 during the Great Financial Crisis (GFC). Outstanding cross-border claims on offshore centres totalled $4.6 trillion at end-2017, compared with $4.3 trillion at end-March 2008.”...
Legislation led by U.S. Rep. Peter Roskam (R-IL) to reform Internal Revenue Service (IRS) civil asset forfeiture tools and his other priorities to protect taxpayers cleared the U.S. House last week as part of a larger IRS modernization initiative. The House on April 18 passed the Taxpayer First Act, H.R....
The Congressional Budget Office’s analysis of the new tax law suggests it could incentivize companies to offshore investments and jobs, which is directly at odds with GOP claims about the tax law. After the release of the GOP’s tax reform plan, several outlets, including the Prospect, noted that new tax...
DOHA: The Qatar Financial Centre (QFC) recently held an event to update its firms on the new rules being introduced globally to automatically exchange financial accounts information between countries. During the event, firms were presented with the context and key features of Common Reporting Standard (CRS), and offered an in-depth...
PARIS — Tom Wallis was born here and has spent his entire life in France, but it turns out that the 40-year-old entrepreneur from Grenoble owes tens of thousands of dollars in taxes to the United States. Wallis’ mother was French, but he holds U.S. citizenship through his American father....
(Web Desk) – Pakistan Stock Brokers Association (PBSA) has proposed end of double taxation whereby abolishing tax on dividends, bonus and capital value tax as it has been discouraging foreign as well as domestic investment in the Pakistan stock exchange . Pakistan Stock Brokers Association sent budget proposals from the...
The holding of bank accounts and life insurances abroad follows a downward trend, reported La Libre Belgique on Saturday, based on figures from the federal tax administration. According to tax returns, the decrease since 2015 is around 5 to 10% for accounts abroad, life insurance and offshore construction. “It’s quite...
ISLAMABAD: The State Bank of Pakistan (SBP) has asked the government to slash the advance tax from 0.3 percent to 0.1 percent for filers on cash withdrawals from banks exceeding Rs 50,000, and abolish the Super Tax in the upcoming budget 2018-19. The SBP has referred to sections 231 A...
KARACHI: Authorities have spotted more than 600 local firms to investigate the tax status and gather other financial information of non-residents, as new rules on data sharing, under an international treaty, kicked in to fight tax evasion, officials said on Friday. The officials said the Federal Board of Revenue (FBR)...
The Government has stripped corporate taxation from its anti-blacklisting response, as a top attorney yesterday warned: “Time is not our friend.” Michael Paton, who co-heads the financial sector working group dealing with the European Union (EU) concerns, told Tribune Business it will be “a long summer” as the Bahamas seeks...
RIGA – The Saeima national economic, rural, environment and regional policy committee today supported amendments to Public Procurement Law, deleting the ban for the companies registered in low-tax or tax-free countries, or the so-called offshore countries, from taking part in public tenders in Latvia. As reported, the Latvian parliament on...
