Leave.EU, supported by Ukip and financed by a multimillionaire, vies to lead Britain’s exit from Europe A leading campaign group seeking to take Britain out of the European Union was set up by an offshore company that offers tax avoidance services to “high net worth individuals”, the Observer can reveal…. – Continue reading
Abolishing the UK’s deed of variation legislation as a means of tackling tax avoidance could risk causing distress to bereaved families, warned the Association of Taxation Technicians. A deed of variation gives beneficiaries of an estate a two-year window to alter the distribution of that estate following the death of… – Continue reading
Paul Singer has a good track record as a money manager. In 1995, he bought $20 million worth of Peruvian debt at a discounted price of $11.4 million, then forced Peru’s government, through lawsuits, to eventually pay nearly five times his initial investment — some $58 million. In 2002 and… – Continue reading
British MEP Anneliese Dodds has accused national governments of hampering progress in tackling corporate tax dodging, warning that EU capitals are “far too focussed on their own self-interests”. On the anniversary of the breaking of the LuxLeaks scandal, Dodds said MEPs had made some progress in stamping out aggressive tax… – Continue reading
They say the only two givens in life are death and taxes. And, while you still can’t live forever, an increasingly large number of Americans are skipping out on their fiscal obligations by dumping their citizenship. A whopping 1,426 Americans chose to expatriate in the third quarter of this year,… – Continue reading
Malcolm Turnbull: Tax reform must be fair Fairness is critical to the success of any tax reform, says Prime Minister Malcolm Turnbull during his first keynote economic address in Melbourne. Courtesy ABC News 24. GST hike to hit poor hard and leave rich unscathed: research Prime Minister Malcolm Turnbull says… – Continue reading
The UK government has a ‘Janus-faced’ approach to tax, a new report suggests: promising an increasingly intolerant approach to evasion and avoidance while being an aggressive participant in global tax competition and tolerating the UK tax havens which facilitate financial crime across the world. The report, Fifty Shades of Tax… – Continue reading
The President of the European Council Donald Tusk and the President of the European Commission Jean-Claude Juncker, who are representing the European Union at the G20 summit in Antalya (Turkey) on November 15th and 16th, have set out the EU’s agenda in a joint letter sent to EU Heads of… – Continue reading
The Bahamas will likely suffer a 25 per cent contraction in the number of financial services industry players, a senior international private banking executive said yesterday, as institutions merge to acquire scale and maintain profitability. Ricard Tubau, Andbank’s global chief executiv, said that not only is the financial services industry… – Continue reading
ABSTRACT This paper provides analysis of one of the foundational elements of the Foreign Account Tax Compliance Act (FATCA) and various intergovernmental agreements (IGAs): an unambiguous place of U.S. birth and the ability to cure (Cure) this element, thereby rendering the account nonreportable. The IGAs generally allow the individual to… – Continue reading
On August 4 and 5, 2015, the FC heard oral arguments in a lawsuit—commenced on August 11, 2014 by two Canada-US citizens—that challenges the law implementing the Canada- US intergovernmental agreement (IGA) relating to FATCA (Virginia Hillis et al. v. The Attorney General of Canada et al., court file no…. – Continue reading
LONDON, Nov 4 (Reuters) – British authorities must start reporting the full scale of aggressive tax avoidance and prosecute more people for evading tax by moving money offshore, lawmakers said on Wednesday. The Public Accounts Committee of Britain’s parliament said the government’s tax agency, HM Revenue and Customs (HMRC), should… – Continue reading
Billionaire JP McManus sought to pay just €200,000 in tax on gambling earnings of €15.8m. The disclosure was made in filings to a US court, where the horse owner and philanthropist is seeking the refund of $5.2m (€4.7m) in taxes taken from his winnings by the US government. Authorities there… – Continue reading
Tax authorities in the German state of North Rhine-Westphalia have purchased a USB stick reported to hold evidence of tax avoidance and illegal deals worth more than €600m (£427m). Investigators are believed to have paid more than €5m for the data, the highest amount handed over for such information, according… – Continue reading
The government has been accused of opening a loophole that allows super rich individuals and multinational companies to avoid taxes. The Tax Justice Network (TJN), a lobby group, has sued the government over agreements, which it says are robbing Kenya of the ability to raise revenues domestically, driving the country… – Continue reading
Secretary general of he Union of Arabs and Sam Fattouh for an international approach to the globalization of law “Vta” American FATCA, any tax compliance with the Law on Foreign Americans accounts, to become international law under labeled GATCA “Gta” (Global Account Tax Compliance Act), any tax compliance law global… – Continue reading
The UK has been rated “more of a tax haven” than the Channel Islands, in a financial transparency report. The biennial study by campaign group Tax Justice Network (TJN) ranked the UK above the islands. TJN director, John Christensen, said the islands had “made significant improvements” by signing up to… – Continue reading
At the end of this year an amnesty for UK tax resident persons whose offshore income and gains have not been disclosed to HMRC closes, and it is important the implications are understood according to Michael Crowe, a director at Grant Thornton in the Isle of Man. In the UK’s… – Continue reading
Robert Stack, US Treasury Deputy Assistant Secretary (International Tax Affairs), initiated a further push for ratification of the pending protocol to the US tax treaty with Switzerland at a hearing of the Senate Committee on Foreign Relations on October 29. Tax treaties and protocols with Switzerland, Luxembourg, Hungary, Chile, Spain,… – Continue reading
Vancouver real estate is a Mainland Chinese buyers’ market, study says Groundbreaking study shows 70 per cent of detached homes sold in a six-month period on Vancouver’s west side went to Mainland Chinese buyers; many of them housewives or students with little income. The dominant influence of Chinese investors in… – Continue reading
HONG KONG (CNNMoney) A record 1,426 Americans gave up their citizenship in the third quarter, according to new government data. That puts the number of Americans who have renounced their citizenship at a whopping 3,221 so far this year. In 2014, a record 3,415 Americans gave up their passports, according… – Continue reading
Millions have pounds have gone to countries such as Belize and Anguilla UK paid out £45m to 13 countries on tax haven ‘blacklist’ in just one year Campaigners estimate use of offshore havens costs Treasury £18b a year Revelation will anger Tory backbenchers who have criticised Cameron British aid money… – Continue reading
BRITISH taxpayers forked out £45million in foreign aid spending to countries classed as tax havens in just one year, it emerged today. Nations such as Belize, Marshall Islands, Seychelles and Vanautu – which are all included on a European Commission ‘blacklist’ of international tax havens – have all received cash… – Continue reading
Javier Mascherano appeared in court on Thursday and the Barcelona star has admitted to tax evasion. Barcelona midfielder Javier Mascherano has pleaded guilty to tax evasion after appearing at a Spanish court on Thursday. The Argentina star was accused of failing to alert Spanish authorities to earnings totalling more than… – Continue reading
Applying to renounce U.S. citizenship costs $2,350, up from the $450 it cost just last year. The U.S. government made more than $7.5 million from the record number of people who decided to officially renounce their citizenship in the first nine months of 2015. Simply applying to renounce U.S. citizenship… – Continue reading
Republican and Democratic lawmakers vowed on Thursday to push for the ratification of eight tax treaties which have been held up for years because of one Republican senator’s objections, despite support from companies that want consistency in rules for how to do international business. U.S. Senator Rand Paul of Kentucky… – Continue reading
Barcelona defender Javier Mascherano has reportedly pleaded guilty to a charge of tax evasion after appearing in court on Thursday. AS says that the Argentine was accused of using tax havens to funnel money from image rights and defrauding the Spanish authorities of around €1.5m in 2011 and 2012. Mascherano… – Continue reading
RIO DE JANEIRO, Oct. 28 (Xinhua) — Brazil’s Secretariat of Federal Revenue is carrying out an official investigation of Eduardo Cunha, head of House of Representatives, for tax evasion and other fiscal crimes, local daily O Globo said on Wednesday. Started in August, the investigation was based on information which… – Continue reading
A record number of Americans are renouncing their U.S. citizenship in 2015, new figures released by the federal government show. Since 1996, the IRS has published a list of citizens renouncing their citizenship every three months. The most recent IRS report, released Monday, reveals that 1,426 Americans ditched their citizenship… – Continue reading
With effect from November 1, mutual fund investors will have to make additional declaration pertaining to foreign account tax compliance act (FATCA) and common reporting standards (CRS) for all new accounts opened, failing which their applications will get rejected. Under FATCA and CRS, Indian financial institutions will be required to… – Continue reading
A record 1,426 US taxpayers gave up their passports or their green cards in the third quarter of 2015, according to Treasury Department statistics published in the Federal Register. The previous record was in the first quarter of this year, which saw a total of 1,335. The second quarter saw… – Continue reading
Come November 1, mutual fund investors will have to provide details and declaration pertaining to Foreign Account Tax Compliance Act (FATCA) and common reporting standards (CRS) for all new accounts opened, failing which fund houses are likely to reject their applications. While some fund houses have already started this process… – Continue reading
After teasing the UK financial community — and the government — with a thinly-veiled threat to decamp from Britain, HSBC has continued to stoke speculation that it’s looking for more hospitable headquarters. Back in April, HSBC announced a review of whether to quit the UK, a somewhat provocative statement, coming,… – Continue reading
The Financial Stability and Development Council (FSDC), headed by Finance Minister Arun Jaitley, will meet on November 5 to take stock of the economic situation. Fiscal situation, external sector environment, financial sector reforms, rising non-performing assets and regulatory issues are likely to figure in the meeting, sources said. FSDC is… – Continue reading
Ireland has announced a new 6.25 per cent corporate tax rate for intellectual property research Ireland’s 12.5 per cent corporate tax rate is already one of the lowest in Europe, Economia reports. Now, companies investing in research and development (R&D) will be able to avail of the even lower rate… – Continue reading
Leeds United owner Massimo Cellino has made good on his promise to appeal against a Football League ban for tax evasion. The Italian had until Wednesday to launch the appeal against his disqualification, and Sportsmail understands the relevant papers have been handed in. The Football League announced last Monday that… – Continue reading
Lawmakers at the European Parliament are set to vote on a controversial series of proposals to harmonize the corporate tax system in Europe in a move that will put them on a collision course with some member states which favor sovereignty over taxation. The EU lawmakers on the TAXE committee… – Continue reading
Expansion activities of companies lead to relocation of their employees to different territories, even outside the country. It goes without saying that transfer in job from one location to another comes with a baggage of issues, including the taxability of income from employment. The tax matter needs particular attention if… – Continue reading
A company controlled by Mayor of Belgrade Sinisa Mali and his family obtained more than 10 hectares of agricultural land worth anywhere from €123,000 to € 250,000 (US$140,000 to US$290,000) for free from a privatized state company. Problem is, the land wasn’t the company’s to give, but was still owned… – Continue reading
The European Commission and the World Bank urged Romania on Monday to push ahead in its anti-corruption crackdown by recovering stolen assets following court convictions. Corruption in Romania has deterred foreign investors, while tax evasion and bribery put a further strain on the public finances. Anti-corruption prosecutors have launched investigations… – Continue reading
The EU tax rulings against Starbucks and Fiat Chrysler are but trifles compared to the ones extant against Apple and Amazon. Everyone lies about tax. Holland said it followed international tax standards when everyone knows it’s a corporate tax haven. That’s why ST has its HQ there. Ireland and Luxembourg… – Continue reading
The Cayman Islands Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 (the “CRS Regulations”) were issued on 16 October 2015. Cayman Islands Government Industry Advisory – CRS Regulations Are in Effect The CRS Regulations, which are the first part of two in the roll-out of the Cayman… – Continue reading
The key corporate tax measures in the Finance Bill show clear signs of the international scrutiny now surrounding multinational tax. The main new measure, the knowledge development box offering a lower tax rate on profits earned as a result of research and development, has been strictly drawn up to comply… – Continue reading
The New York billionaire is aiming his financial might at members of Congress who aren’t willing to cut deals on corporate tax policy. Sure, Carl Icahn might make money—lots of money—on his $6 billion stake in Apple Inc. if a political campaign he announced Wednesday to cut taxes on companies’… – Continue reading
David Cameron threw the proverbial cat among the pigeons in July when, with a steely glare at the UK property industry, he warned that the UK must not become “a safe haven for corrupt money from around the world” and that “there is no place for dirty money in Britain”…. – Continue reading
The entire multi-billion euro aircraft leasing industry here paid Irish corporation tax of only €23m last year, reports the Irish Independent. That is according to figures provided by the Minister for Finance, Michael Noonan, who confirmed that the €23m paid in corporation tax last year was down from the €29m… – Continue reading
Prime Minister of St. Kitts and Nevis, Dr. the Hon. Timothy Harris, was the featured speaker at the Financial Services Regulatory Commission – St. Kitts Branch’s (FSRC) 2nd annual Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) seminar at the St. Kitts Marriott Resort on Wednesday, October 21, reports SKN Vibes…. – Continue reading
From 1 October 2015, all parties to transactions which include a transfer of land or an interest in land have to complete a “tax statement” as part of the registration process. We summarise how the new rules apply to trusts. New requirements in brief The tax statement is a one… – Continue reading
Taipei, Oct. 22 (CNA) Taiwan and Japan have made progress on negotiating a double taxation avoidance agreement, and are expected to sign more bilateral economic and trade-related pacts in the next few months, a Taiwanese foreign affairs official said Thursday. “The two sides have continued to negotiate the agreement on… – Continue reading
The negotiations conducted by the Ministry of Finance and the Internal Revenue Service (SII) for Chile to sign the agreements to avoid international double taxation with Italy and Japan have concluded successfully. “The successful completion of negotiations with two of the world’s major economies crown an exceptional year in strengthening… – Continue reading
