ROME—The Italian government will pocket over €4 billion ($4.4 billion) in proceeds from a tax amnesty it launched as part of a broad crack down on Italian money stashed abroad. The additional money will be a boon for the government, as it seeks to meet its budget targets amid a… – Continue reading
Trigger for prosecution will be loss to HMRC of £25,000 a year, up from £5,000 – but experts say legislation is ‘step too far’ Government plans to make offshore tax evasion a criminal offence even when there is no proof of intention to break the law have been softened under… – Continue reading
Yahoo has reportedly abandoned its plan to spin off its stake in Alibaba. Yahoo’s proposed spinoff had been driven by tax concerns. In a world without taxes, Yahoo could have simply sold its Alibaba shares and distributed the proceeds to shareholders. Yahoo will now concentrate on other strategic options, including… – Continue reading
Ministers due to adopt conclusions on future of EU’s code of conduct on business taxation Corporate tax will top today’s meeting of EU finance ministers in Brussels, as ministers discuss the latest state of play regarding the common consolidated corporate tax base (CCCTB) and cross-border tax rulings. In particular, finance… – Continue reading
With a new tax on company dividends coming into force from April 2016, a financial planner explains how Britons overseas will be affected, and what steps they should take Investors who receive more than £5,000 from company dividends held outside tax-efficient plans such as Isas will pay more tax from… – Continue reading
Tax inversions — the process of U.S. firms, merging with or buying foreign companies to shift their taxpaying headquarters abroad — have deprived the U.S. Treasury of ever-increasing billions of dollars. Although President Barack Obama promised to take punitive action against companies deliberately engaging in mergers and/or acquisitions for tax… – Continue reading
A digital TV monopoly left over from the era of ex-President Viktor Yanukovych has caught the eye of anti-trust authorities and lawmakers. The Antimonopoly Committee of Ukraine on Dec. 4 fined Zeonbud, the nation’s monopoly digital TV provider, Hr 44 million (less than $2 million) for abusing its position on… – Continue reading
Michael Noonan, Ireland’s Finance Minister, underlined Ireland’s position on key international tax issues that were scheduled for discussion at a meeting of the EU’s Economic and Financial Affairs Council (ECOFIN), reports Tax News. Noonan was addressing the Joint Committee on Finance, Public Expenditure, and Reform on December 1, 2015, in… – Continue reading
WASHINGTON — Hillary Clinton on Wednesday will unveil a proposal for a new “exit tax” aimed at cracking down on corporate inversions, a practice that permits U.S. companies to merge with corporations overseas to lower their tax bill. The new tax would be part of a broader effort to target… – Continue reading
LOS ANGELES, Dec. 07, 2015 (GLOBE NEWSWIRE) — If you think the Fixing America’s Surface Transportation Act (FAST), passed by Congress on December 3rd, is only about transportation…think again. According to Dennis Brager, founder of the Brager Tax Law Group, a little noticed provision in this wide sweeping Act may… – Continue reading
HMRC urged to investigate after Phil Boswell, who has been campaigning against tax avoidance, benefited from a legal loophole himself The tax authorities have been urged to investigate claims that an SNP MP benefited from a controversial tax avoidance scheme. Phil Boswell has campaigned since his election in May against… – Continue reading
As the curtain falls on Eveline Widmer-Schlumpf’s career in government, one of the most abiding legacies she leaves behind is the collapse of Swiss banking secrecy under her watch as Finance Minister. Her predecessor, Hans-Rudolf Merz, told the world in 2008 that it would “break its teeth on Swiss banking… – Continue reading
Mondelez was able to pay no UK corporation tax as a result of a Channel Islands-based bond, despite Cadbury making £96.5m profit in 2014 Mondelez, which owns Cadbury, is facing controversy over its tax arrangements after it was reported that it had not paid UK corporation tax last year. An… – Continue reading
The Treasury was forced to defend this week’s Autumn Statement and Spending Review announcements last night after the influential Institute for Fiscal Studies (IFS), an independent research institute, said there was just a 50-50 chance Osborne would hit his target of a surplus in 2019-2020. While saying the government will… – Continue reading
Mark Zuckerberg has defended the structure of his new philanthropic organisation after critics suggested he was avoiding paying tax on the sale of his shares. Zuckerberg and his wife Priscilla Chan launched the organisation, the Chan Zuckerberg Initiative, this week to honour the birth of their daughter, Max. The couple… – Continue reading
Wealthiest 20 Americans, with combined net worth of $732billion, are as wealthy as half of the U.S. population, new study says Study found country’s richest 20 people now own more wealth than bottom half of population which is about 152 million people Wealthiest 20 people includes eight founders of corporations,… – Continue reading
Employees at Allergan have been told a proposed merger with Pfizer is about changing healthcare – not skirting tax law. Allergan’s global chief executive Brent Saunders has written directly to the company’s employees – including around 1,000 in Ireland, telling them the controversial deal is not just about tax savings…. – Continue reading
The tiny nation wants to become “the European location of choice” for global financial services firms, and is already the biggest centre for fund management in the EU, reports the Telegraph. Luxembourg’s finance sector has set out plans to become Europe’s leading financial centre in the next five years, plotting… – Continue reading
Democratic U.S. Senate candidate Alan Grayson said more than two months ago that he had closed down the Cayman Islands-based hedge funds that helped prompt ethics complaints against the populist congressman from Orlando. Grayson declined to provide documentation to the Tampa Bay Times when asked for it in early October,… – Continue reading
MUMBAI: Indian banks and mutual funds have in the past fortnight started warning NRIs who hold an American passport or are working in the US that their accounts could be frozen unless they get a tax-compliant certificate from US authorities, thanks to a treaty signed by New Delhi and Washington…. – Continue reading
A lengthy and yet complex investigation by The Botswana Gazette into financial affairs of the company in the shady tax haven of Bermuda blows the lid off the dealings amounting to P29 million with a mailbox sister company that has no office, employees or any legitimate business activities. Not only… – Continue reading
Michael Dunkley has hit back at calls for Bermuda to make its beneficial ownership information public, claiming that critics are “attempting to solve a problem that does not exist”. After three days of meetings in London, the British Overseas Territories agreed to put information on the people who ultimately own… – Continue reading
Amid all the diplomatic comings and goings on Syria and how to tackle Islamic State, an important but little-noticed high-level gathering has been taking place in London. The Overseas Territories were holding the fourth meeting of their Joint Ministerial Council at Lancaster House. Leaders from Anguilla, Bermuda, British Virgin Islands,… – Continue reading
The U.S. multinational will likely be investigated for evading taxes with Luxembourg’s help, following a report by trade unions earlier this year. McDonald’s is under investigation by European Union regulators for illegal tax deals with Luxembourg, according to sources close to the inquiry. The multinational—joining a list of EU tax… – Continue reading
Congress tightens the tax abuse of Americans who live and work abroad Doubling down on Americans living and working abroad is a way for the Internal Revenue Service to squeeze the turnip a little harder in pursuit of a little more blood. The Obama administration, which has never met a… – Continue reading
Holiday home owners and others who inadvertantly break new tax rules could be ‘criminalised’ Holiday home owners who miscalculate tax owed, and those inheriting offshore money, face having their income wiped out entirely due to new penalties and punishments being introduced in the New Year. HM Revenue & Customs has… – Continue reading
Former UBS bank executive Raoul Weil believes the United States tried to use him to batter down Swiss banking secrecy by having him arrested and placed on trial last year. In an interview with the Tages-Anzeiger newspaper on Wednesday, Weil said the US Department of Justice intended to “lead me… – Continue reading
The Common Reporting Standard (CRS) is the standard for automatic exchange of financial account information produced by the Organisation for Economic Cooperation and Development (OECD) which provides for systematic and periodic automatic exchange of information between signatory jurisdictions. At its heart is a requirement for financial institutions, including British Virgin… – Continue reading
The 28 nations of the European Union lose up to $1 trillion per year in revenue thanks to multinational corporations that use a spider’s web of completely legal constructs to lower their taxes. Now, Europe’s law enforcers and lawmakers want to wipe away these intricate tax-avoidance systems. If they have… – Continue reading
The House and Senate held hearings Tuesday on the Organization for Economic Cooperation and Development’s Base Erosion and Profit Shifting action plan, also known as OECD BEPS, for combating tax avoidance by multinational corporations. A number of the lawmakers expressed a skeptical view of the international tax reforms. “The OECD’s… – Continue reading
Police last week raided the Nicosia offices of the law firm representing the Hermitage Fund, embroiled in the largest fraudulent tax rebate case in Russian history, the Cyprus Mail has learned. On Friday, two senior Russian interior ministry officials along with local police officers searched the Nicosia offices of a… – Continue reading
Sean Connery has not played James Bond for years, but is still a public figure prosecutors might like to attack. He was cleared, but Mr. Connery’s wife, Micheline Roquebrune, has been charged with taking part in an alleged plot to defraud the Spanish treasury of millions in taxes. It is… – Continue reading
KPMG, PN leader warn that proposals recently approved by European Parliament could threaten Malta’s booming financial services industry New European initiatives could threaten Malta’s sovereignty over its own fiscal affairs, KPMG partner Juanita Bencini warned. “There are dark clouds on the horizon and a closer European union may not necessarily… – Continue reading
The number of M&A transactions involving Private Equity [PE] investment in Bermuda in the first three quarters of this year has already eclipsed that seen in all of 2014, according to a report released today [Nov 30] by Appleby. “Bermuda was also the offshore jurisdiction to see the largest total… – Continue reading
WELCOME to Switzerland. A mountainous country where nothing comes cheap but many of the world’s filthy rich come to grow their fortunes. The ongoing relationship between the wealthy and Switzerland looks set to only strengthen as the super rich get richer, according to a report released on Friday. That’s despite… – Continue reading
KUWAIT CITY, Nov 29: “The world of taxation has changed tremendously impacted by FATCA, transfer pricing, Base Erosion and Profit Sharing, and others which require dramatic changes in existing operating models and structures,” remarked Fouad Douglas, PwC Country Senior partner, at a tax seminar organised by the PwC in conjunction… – Continue reading
(CNS Business): A new report released by a coalition of NGOs, including Transparency International UK, has described some of the British overseas territories (BOTs) as “some of the most notorious purveyors of financial secrecy”, despite promises about more transparency. The authors say a World Bank study found that BOTs are… – Continue reading
Charities remind Cameron of pledge to ‘continue to lead world on tax and transparency’ before meetings with leaders of overseas territories Campaigners are urging David Cameron to use a meeting with leaders of Britain’s overseas territories this week to demand a crackdown on tax dodging, corruption and money laundering. Leading… – Continue reading
Last summer, a client received a letter from their bank, a major German bank in which it was asked to indicate “whether you are a US tax or not” and also in the form of an affidavit (“Under penalties of perjury”) in to make English more detailed information about himself… – Continue reading
The House of Lords has recently criticised the speed of further devolution of powers to Scotland, but nevertheless the Scotland Bill is progressing through the UK parliament. Devolution more widely across the UK is a direction of travel in this Chancellor’s Autumn Statement. Among the announcements, George Osborne said that… – Continue reading
HMRC introduces new measures to tackle tax avoidance The Chancellor has introduced a new penalty equal to 60% of tax due for all cases successfully tackled by the General Anti-Abuse Rule (GAAR). The GAAR was introduced in 2013 as part of the government’s attempt to crack down on tax abuse…. – Continue reading
Teddy Sagi still owns a 30 per cent stake in Playtech, the gambling software firm The Israeli billionaire Teddy Sagi’s £460m takeover of Plus500, the financial trading firm, was torpedoed yesterday due to “concerns” raised by the Financial Conduct Authority watchdog. Mr Sagi is the founder of the gambling software… – Continue reading
Pfizer $160bn purchase of Allergan will see firm move HQ to Dublin Ireland’s exchequer is in line for an annual boost of up to €620 million following the announcement that Pfizer is buying rival Allergan in a $160 billion (€151 billion) deal. The takeover will see Pfizer move its corporate… – Continue reading
The latest Tax Reform Business Barometer survey, issued by The Tax Council and Ernst & Young, found that tax professionals expect Congress to approve tax reform legislation no earlier than 2017, with most congressional leaders having all but given up hope that tax reform is achievable in the remainder of… – Continue reading
A European Parliamentary debate this afternoon discussed measures that would lead to the curtailing of tax evasion and avoidance. A debate was sparked last year when it was revealed that Luxembourg had struck preferential multi-billion dollar tax deals with some of the world’s largest multinational corporations. This debate has been… – Continue reading
The extra corporate tax collected by tax inspectors targeting the UK’s largest businesses fell 13 per cent last year to £3.5bn, according to new figures, reports the Financial Times. Heather Self, a partner at Pinsent Masons, international law firm, said the decline was likely to be a sign that HMRC… – Continue reading
Turkish Economy Minister Nihat Zeybekci says the country is set to follow in the footsteps of Spain, Portugal and Cyprus and launch its own Golden Visa scheme to grant citizenship to those foreigners who invest from €500,000-€1m in property, reports Property Showrooms. Leading Istanbul agent, Universal21, says the move could… – Continue reading
Professional services firm PwC has predicted that UK Chancellor George Osborne will introduce an “apprenticeship levy” and seek to lessen the impact of tax credit cuts when he delivers his Autumn Statement on November 25. In his Summer Budget, Osborne pledged that the Government would “introduce an apprenticeship levy on… – Continue reading
Proposed measure would allow US to revoke passport if individual has over $50,000 unpaid taxes The 8 million Americans living overseas should “ensure their financial affairs are in order and compliant” before the New Year, or face having their passports revoked, warns a financial advisory organisation. The company – deVere… – Continue reading
The eight million Americans living overseas, including In Hong Kong and the rest of Asia, should “ensure their financial affairs are in order and compliant” before the New Year, or face having their passports revoked, warns the boss of one of the world’s largest independent financial advisory organizations. Nigel Green,… – Continue reading
