With £184 billion market capitalisation held by Jersey listed companies on global exchanges as of 30 June 2019, this briefing explores why Jersey vehicles remain such a popular choice for taking international businesses to market. ... - Continue reading
The Dutch government is urging banks to be accommodating towards American nationals who risk having their bank accounts closed because of US fiscal regulations as it calls on EU member states to campaign together for changes to American tax laws which are affecting thousands who have American nationality but no… – Continue reading
QUESTION: I’m in the process of selling our family home and down sizing to a smaller property. I have just completed the purchase of our new home and we intend to move in soon. Our current home has been on the market for six months but we haven’t been able… – Continue reading
In a landmark ruling, the Delhi bench of the Income Tax Appellate Tribunal has concluded that a liaison office could be treated as a permanent establishment of a foreign entity in India. ... - Continue reading
Finally, the outdated and “dysfunctional” tax regime based on gross income earned is now about to end with the expected enactment into law of the new Corporate Income Tax and Incentives Rationalization Act (CITIRA), which the House recently passed with a vote of 170 versus eight against and six abstentions. … – Continue reading
YEREVAN, SEPTEMBER 25, ARMENPRESS. Armenian Foreign Minister Zohrab Mnatsakanyan on September 24 met with Malta’s Minister for Foreign Affairs and Trade Promotion Carmelo Abela on the sidelines of the 74th session of the UN General Assembly in New York, the Armenian ministry told Armenpress. The officials praised the current dynamic… – Continue reading
On September 8, the executive branch of the Mexican government introduced Mexico 2020 tax reform, proposing far-reaching changes to the Mexican income tax, value-added tax, and Federal Tax Code. ... - Continue reading
Wealth managers will have to review their offshore service propositions in lieu of an expected rise in high net worth (HNW) demand, according to GlobalData, a data and analytics company. GlobalData’s 2019 Global Wealth Managers Survey noted that 50.2% of industry participants expect HNW demand for offshore investments to rise… – Continue reading
In a development that surprised businesses and the stock market, India’s Finance Minister on Friday announced a significant reduction in the corporate tax rates. ... - Continue reading
One in five US citizens living abroad are on the verge of giving up their passports according to a survey published by US tax consultants Greenback. The Greenback survey – which was conducted by more than 3,000 US expats – studies the expat community’s opinions on taxation, citizenship renunciation, and… – Continue reading
A gold trader has been acquitted by the Court of Tax Appeals in the P110-million tax evasion case for the failure of the Bureau of Internal Revenue (BIR) to prove his guilt beyond reasonable doubt.n a 56-page decision, the CTA’s Second Decision said the BIR was not able to present… – Continue reading
'Those who don't pay or respond to your assessments, clamp them down,' says Finance Secretary Carlos Dominguez III ... - Continue reading
The Internal Revenue Service (IRS) has outlined new procedures for some “accidental Americans,”, giving them the chance to comply with their US tax and filing obligations and in turn qualify for relief from back taxes, penalties and interest. The changes would allow people with less than $2m in net worth… – Continue reading
Nearly 40% of worldwide foreign direct investment (FDI), amounting to $15trn, “passes through empty corporate shells” with “no real business activities”, a study by the IMF and the University of Copenhagen reveals. According to the report, ten economies including Luxembourg, the Netherlands, Hong Kong, BVI, Switzerland, Singapore, Ireland, the Cayman… – Continue reading
A US-born British citizen has started a crowdfunding campaign to stop HMRC sharing her personal information with the US Internal Revenue Service (IRS) under the US Foreign Account Tax Compliance Act (FATCA). Law firm Mishcon de Reya has taken on the UK case for a client who alleges HMRC is… – Continue reading
The Cabinet of Ministers has approved a bill to ratify the Agreement between the governments of Ukraine and the United States to improve tax compliance and application of provisions of the U.S. Foreign Account Tax Compliance Act (FATCA) and related bills, the Ukrainian Finance Ministry’s press service reported. “On September… – Continue reading
Tax treatment is a key factor for private individuals such as workers, executives, entrepreneurs and professional athletes who relocate to new jurisdictions. ... - Continue reading
The Automatic Exchange of Information mechanism between India and Switzerland is being seen as a major boost in India’s fight against suspected black money stashed abroad A joint team of officials from Central Boad of Direct Taxes (CBDT), Central Bureau of Investigation and other probe agencies, who are looking into… – Continue reading
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved a new tax regime for non-resident companies to attract investment into the local debt market, while it also directed officials to check wheat price hike in Karachi and other parts of the country. The ECC approved the tax… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) has issued around 253,000 notices to industrialists and businessmen, asking them to file returns, as the revenue body is expanding its broadening of tax base drive, officials said on Tuesday. An official said the FBR has so far issued 253,700 notices to consumers… – Continue reading
The OECD today released a peer review report judging whether 116 countries and their tax administrations have met standards on the collection and exchange of country-by-country (CbC) reports on large multinational businesses. ... - Continue reading
Georgia, an Eastern European Country, was ranked 6th in the World Bank Group’s 2019 “Doing Business” survey. ... - Continue reading
A bill was introduced to the Mexican Congress on August 21 to tax digital platforms. ... - Continue reading
The taxman is raking in record amounts in income tax as the latest figures reveal Britons paid an extra £11bn in 2018/19. Income tax receipts have soared to a record £191bn, according to figures published, a 6% increase from the previous year. Britons are paying almost 30% more income tax… – Continue reading
Labuan International Business and Financial Centre (Labuan IBFC) is seeing its comprehensive midshore solution reap results as new businesses soared 12.5% last year. Pedro Gonçalves explains the background to this success. With 1059 new companies mostly from Japan, China and South Korea, Labuan IBFC is also making the most of… – Continue reading
Barbados’ removal from the European Union’s (EU) blacklist has been welcomed by the Institute of Chartered Accountants of Barbados (ICAB). During her welcome remarks at the 15th Annual ICAB International Business Workshop, at the Barbados Hilton Resort, ICAB’s Executive Director, Kathy-Ann Hewitt, stated: “We are indeed happy that this change… – Continue reading
Tens of thousands of British citizens born in the US but only lived there for a few months or years face having their bank accounts frozen as part of a crackdown by the US tax authorities. The Internal Revenue Service (IRS) is ordering British banks to hand over the… – Continue reading
In a recent decision, the U.S. Court of Appeals for the D.C. Circuit unanimously affirmed a district court order compelling three Chinese banks (not currently identified) to produce financial records in response to subpoenas issued by U.S. federal prosecutors, including records that were unrelated to the banks' U.S. operations or U.S. correspondent accounts. ... - Continue reading
The island of Guernsey is the second largest of the Channel Islands, which are situated in the English Channel close to the French coast of Normandy. ... - Continue reading
HAVING trouble paying taxes? Fret no more, as paying taxes will be as easy as ordering your favorite brown sugar milk tea online. But before we dive into the details, a brief background is in order: The Bangko Sentral ng Pilipinas (BSP) has adopted the National Retail Payment System (NRPS)… – Continue reading
ISLAMABAD: The government has kicked off a far-reaching crackdown against benami assets directing the departments concerned at the federal level and the provincial governments to track benami properties, harvesting the Benami Act, 2019 in the national and global contexts. Prime Minister Imran Khan chaired a meeting on August 20 on… – Continue reading
The NBU's accession to the Memorandum on cooperation in developing a mechanism for verifying information about the beneficial owners (the "Memorandum") is quite logical and even is expected according to the obligation of banks to identify bank account holders. ... - Continue reading
As the Bermuda Monetary Authority [BMA] celebrates 50 years in 2019, we take a look back at the last five decades. From providing sound policy advice to pushing Bermuda forward as a reputable place to conduct business, the BMA has had an incredible impact on Bermuda’s financial landscape. 1990-1999 Exchange… – Continue reading
Country’s bank sector with eight private commercial banks dominated the list of top-10 highest corporate taxpayers in last fiscal year (2018-2019) despite a cut in the corporate tax rate for the sector. The 10 highest corporate taxpayers paid a total of Tk 5,843.44 crore in corporate income tax in FY19… – Continue reading
Australia’s High Court ruled unanimously that giant Glencore could not rely on “legal privilege” to prevent the Australian Tax Office (ATO) from accessing emails, bank records, PowerPoint presentations and other files from the 2017 Paradise Papers investigation. Typically, documents marked “privileged” do not have to be disclosed in court. Companies… – Continue reading
Federal tax law has permitted U.S. businesses to form so-called "captive" insurance companies for many years, and numerous large companies have done so. ... - Continue reading
It is estimated that the use of tax havens is costing federal and provincial governments at least $7.8 billion in lost tax revenue. Low and middle income Canadians are the ones paying for that missing $7.8 billion in tax revenue. Ottawa (11 Aug. 2016) — The leak of the Panama… – Continue reading
ZAGREB, August 21, 2019 – Computer gaming is the most propulsive segment of the IT industry worldwide, and this trend is present in Croatia, too, where local gaming companies export all their products, however the biggest challenge in doing business is the absence of a Croatia-USA double taxation avoidance agreement,… – Continue reading
German Minister for Economic Affairs and Energy Peter Altmaier had developed a strategy for the “Mittelstand” or small and medium-sized enterprises (SMEs), the newspaper Handelsblatt reported on Wednesday. “In the eyes of foreigners, SMEs are Germany’s secret weapon and, unlike the Dax 30 companies, SMEs are proving to be extremely… – Continue reading
HMRC has yielded more than £13bn worth of tax collections from tax investigations in 2018/19, a 27% increase on the previous period, official figures reveal. The figures were partly driven by payments HMRC has received ahead of the loan charge being introduced in April 2019, and the results of HMRC’s… – Continue reading
19 August 2019, Since 1993, Dominica has been at the forefront of the citizenship by investment (CBI) industry, setting high standards in due diligence, processing times, and most recently, transparency. Indeed, this month the nation liaised with prominent international professional services firm PricewaterhouseCoopers (PwC) to release a report clarifying the… – Continue reading
This is the first in a series of of Mauritius Regulatory Alerts in which we bring you an overview of the latest legal and regulatory developments in the offshore world, with a particular focus on Mauritius. ... - Continue reading
SEN. Sherwin Gatchalian has called on the Senate to hold an inquiry on the uncollected taxes from registered and unregistered foreign workers, especially those in the Philippine Offshore Gaming Operators (POGOs) industry. n calling for an investigation, Gatchalian stressed that taxes properly collected are essential since revenues enable the government… – Continue reading
SEN. Pilar Juliana “Pia” Cayetano is batting for lower corporate income tax and rationalized fiscal incentives, saying these would lead to more jobs and sustained economic growth. “I do believe that the time is right to study the rationalization of our corporate holidays and various incentives so that we can… – Continue reading
A US federal appeals court on Friday affirmed the Tax Court’s decision in Amazon, ruling that cost sharing buy-in payments made by Amazon’s Luxembourg subsidiary in exchange for Amazon’s transfer of intangible property should not include compensation for transferred residual business assets such as workforce in place, goodwill, and going concern value. ... - Continue reading
Luxembourg corporate income taxpayers, including Luxembourg permanent establishments of foreign entities, will be subject to the Draft Law as from 1 January 2020. In addition, provisions targeting reverse hybrid mismatches will be applicable to Luxembourg transparent partnerships that would be treated as opaque by their nonresident owners as from 1 January 2022. ... - Continue reading
The Republic of Vanuatu is a group of islands in the Pacific. The country exists by growing fruits, fishing, and tourism. In 2016, the government introduced the program of achieving local citizenship through investment to increase the flow of external finance. Foreign businessmen want to get a second passport in… – Continue reading
Tax residence is one of the most important factors when ascertaining an expatriate worker's tax obligations. ... - Continue reading
