Category: Stanley Morgan

Offshore Shell Games 2015: The Use of Offshore Tax Havens by Fortune 500 Companies

U.S.-based multinational corporations are allowed to play by a different set of rules than small and domestic businesses or individuals when it comes to the tax code. Rather than paying their fair share, many multinational corporations use accounting tricks to pretend for tax purposes that a substantial portion of their...

Bid to stamp out corporate tax avoidance unites Westminster parties

Current system viewed as unfair and too easy to circumvent Abolition of corporation tax is to be considered by a new cross-party group of MPs and peers who will subject ministers and business leaders to public interrogations in a bid to secure fairer and more responsible tax policies. The all-party...

UK Tax Haven: Five Big Investment Banks Paid No Corporation Tax in 2014

The British government is facing a credibility crisis over its pledge to ensure multinational corporations pay their fair share of tax, after it was revealed that five of the world’s largest investment banks paid no corporation tax in Britain last year, despite making billions in profits. Analysis of the banks’...

Exclusive: Seven big investment banks in UK paid just $30 million tax in 2014

LONDON (Reuters) – Seven of the biggest investment banks operating in London paid little or no tax in Britain last year, despite reporting billions of dollars in profits, a Reuters analysis of corporate filings shows. In recent months, the seven investment and corporate banks operating in London reported figures showing...

Top Wall Street Banks Stash Billions Of Dollars In Nearly 400 Offshore Tax Havens

Six of the nation’s largest banks — Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Morgan Stanley and Goldman Sachs — utilize a combined 395 known tax havens to avoid potential tax bills in the billions, according to a new analysis. In total, the big six banks kept $126 billion...

China Thwarts Morgan Stanley, UBS as It Opens Yuan Bond Market

When it comes to opening its $5.7 trillion bond market to global central banks, China is rolling out the red carpet. The world’s top underwriters are struggling to get in the back door. Morgan Stanley set up a joint venture that’s helped manage 30.2 billion yuan ($4.9 billion) of note...

Syz Buys Royal Bank of Canada Swiss Unit as Foreigners Exit

Banque Syz SA of Geneva is buying Royal Bank of Canada’s Swiss private bank as foreign financial firms retreat from Switzerland amid higher regulatory costs. The business, based in Geneva, had 10 billion Swiss francs ($10.5 billion) of client assets under management at the end of October, Royal Bank said...

Foreign investors raise tax concerns with FM

Discuss issues related to applicability of minimum alternate tax and permanent establishment Foreign Investor on Saturday raised several tax-related issues with Finance Minister Arun Jaitley at a meeting organised by the National Stock Exchange (NSE). According to sources, issues regarding applicability of minimum alternate tax (MAT) and permanent establishment (PEs)...

Budget 2015 India: Clarity on tax issues key for IT industry, say brokerages

Allowance of bilateral treaty for advanced pricing agreement should help mitigate issues around double taxation of income, feels brokerage house Morgan Stanley Moneycontrol Bureau Clarity around definition of export turnover and total turnover for computation of tax exemption in the Budget will help resolution of tax-related disputes, says brokerage house...

Swiss banks at crossroads as secrecy goes up in smoke

As Switzerland’s long-cherished banking secrecy practices evaporate, the institutions in the world’s largest offshore tax haven are dramatically rethinking their business models in a bid to survive. Already reeling from the painful process of making amends for allowing foreign nationals to hide assets from the taxman back home, the secretive...

Swiss banks at crossroads as secrecy goes up in smoke

GENEVA: As Switzerland’s long-cherished banking secrecy practices evaporate, the institutions that helped create the world’s largest offshore tax haven are dramatically rethinking their business models in a bid to survive. Already reeling from the painful process of making amends for allowing foreign nationals to hide assets from the taxman back...

United States: Remain Vigilant On Indian Permanent Establishments, Even After The Favorable e-Funds Decision

The U.S. and Indian competent authorities are famously at loggerheads over the principles to be applied in transfer-pricing double-tax cases.  Some of the important issues involved are:  the appropriate markup on costs for services; when and how to reward location savings; and whether marketing intangibles exist.  Virtually all of these...