Tax reform is widely expected under the Trump administration by the corporate tax executives polled by BDO USA in a new survey. BDO’s 2017 Tax Outlook Survey polled 100 tax executives at public companies across the U.S., and found that 100 percent of the surveyed tax executives believe tax reform… – Continue reading
WASHINGTON — In the current deregulatory environment, investment advisers might expect a reprieve from new federal compliance rules. But one exception is the proposal for an anti-money-laundering regulation, which experts believe is likely to become the law of the land, bringing with it a significant new compliance responsibility. A year… – Continue reading
Creating a fairer tax system is on the state budget agenda again with a proposal from Democratic Gov. Tom Wolf to eliminate a business tax loophole. Wolf wants to close the Delaware loophole — a mechanism that allows businesses headquartered in other states to avoid paying taxes on their operations… – Continue reading
EU lawyers are preparing to mount a legal challenge against President Trump’s hugely controversial US border tax proposals in what could be the biggest case in World Trade Organisation history. Mr Trump’s proposed “border adjustment system” would see US imports subjected to tax, while export revenues exempted. The reforms have… – Continue reading
In the latest published data from the US Treasury Department and Federal Reserve Board in respect of November 2016, the value of Treasury Securities held by foreigners was $5.9tn with Japan’s holdings at $1.1tn and China at $1.0tn, followed by Ireland at $275bn. However, some further data show that the… – Continue reading
Business Council of Australia is urging tax cuts to remain competitive but transparency report show members’ effective rate is 24.3% The members of the Business Council of Australia, who are leading the push to cut Australia’s corporate tax rate from 30%, already pay an effective tax rate five percentage points… – Continue reading
The Trump White House favours a “flexible” border adjustment tax targeting countries with which the United States runs big trade deficits, including Mexico, China and Germany, the President’s top trade and industry adviser said. Peter Navarro, a sceptic of free trade, wants the US to entice advanced manufacturing production onshore… – Continue reading
U.S. companies hold cash—lots and lots of cash—overseas to avoid paying the top corporate tax rate of 35% on those foreign earnings. But the rate could be heading down with a change in the federal government’s leadership, and the prospect of more repatriated earnings to work with has finance chiefs… – Continue reading
JERSEY could be left vulnerable to being blacklisted as a ‘tax haven’ by the EU as the UK’s influence in Brussels fades during the Brexit process, a top adviser to the States has warned. Speaking at an Institute of Law seminar on the implications of Brexit for Jersey, Colin Powell… – Continue reading
World Economic Forum debate hears how fight to make companies ‘pay their fair share’ is being undermined by race to cut corporation tax rates Efforts to tackle global tax avoidance are being undermined by a “race to the bottom” on corporate tax rates led by Britain and the US, the… – Continue reading
The government has quashed calls to look at extending the requirement to publish a public register of people with significant control to companies incorporated in the Crown dependencies and overseas territories, as part of a bid to increase tax transparency, saying new rules on the automatic exchange of information are… – Continue reading
Trade agreement would have to include strict rules to prevent Britain becoming offshore haven, Dutch deputy PM says The Netherlands will block any EU trade deal with the UK unless it signs up to tough tax avoidance regulations preventing it from becoming an attractive offshore haven for multinationals and the… – Continue reading
Centralised company registers will now detail who ultimate beneficiaries are. Malta’s stand on amendments seen as ‘watering down’ anti-money-laundering rules are in line with the EU’s position, a spokesman for the Office of the Prime Minister told the Times of Malta. EU governments have just agreed to create centralised company… – Continue reading
Jean-Claude Juncker deliberately blocked the EU’s efforts to fight tax avoidance while in office as prime minister of Luxembourg, according to documents revealed by The Guardian and the International Consortium of Journalists. EurActiv France reports. Member states have supposedly spent the last two decades cooperating in the committee on business… – Continue reading
Treasury says individuals or corporations who take deliberate action to help others evade paying tax face steep fines. Tax advisers, accountants and lawyers who aid the super-rich with offshore tax evasion will face tough new penalties from New Year’s Day, with HMRC now able to publicly name and shame “enablers”…. – Continue reading
Luxembourg on Tuesday said it would sharpen its corporate tax rules, making it more difficult for large corporations to avoid tax by channelling funds through the small European country, a practice exposed in media reports known as “LuxLeaks”. The rules, entering into force on Jan. 1, firm up the “arm’s… – Continue reading
A parliamentary drive to force greater transparency on the UK’s offshore tax havens is being led by former Commons spending watchdog chairwoman Dame Margaret Hodge and ex-international development secretary Andrew Mitchell. The pair, backed by scores of MPs from across the Commons and supported by an alliance of charities, are… – Continue reading
Two reports on company taxation show that more than a third of the largest companies operating in Australia paid no tax in 2014–15 and that multinational tax evasion cost an estimated $4.8 billion that year. These reports show the fraud of the claims being made by the Australian government and… – Continue reading
Italy is to introduce a remittance-style tax regime aimed at attracting non-domiciled high net worth residents, just as the UK makes its rules in this area less attractive post the Brexit vote. The new measure in Italy’s Finance Bill for 2017 was approved by parliament last week, before its prime… – Continue reading
Lower corporate tax rates around the world are expected to play an important part in multinational companies’ tax planning in 2017, with a rate as low as 15 percent on the table in the U.S. and countries such as the U.K. planning to maintain or lower their current rates. A… – Continue reading
Four UK territories in list ‘undermine Britain’s efforts to be responsible member of the international community’ Bermuda is the world’s worst corporate tax haven, according to a list by Oxfam, which includes three other UK territories among those it names and shames. The charity’s list of the “world’s worst” 15… – Continue reading
Taxpayers with offshore assets urged to get affairs in order before May clampdown Taxpayers with offshore assets ranging from foreign properties to deposit accounts or structured investments are being urged to get their affairs in order ahead of a May clampdown by the Revenue Commissioners – even if they believe… – Continue reading
President-elect Donald Trump fired another warning shot Sunday at U.S. companies considering moving their operations out of the country, threatening “retributions or consequences” such as a hefty border tax if they do. The pronouncements came in a string of early morning tweets. Trump declared that he intends to incentivize businesses… – Continue reading
A resurgent U.S. economy would help offset softness elsewhere in the world. Global growth will pick up faster than previously expected in the coming months as the Trump administration’s planned tax cuts and public spending fire up the U.S. economy, the OECD said on Monday, revising up its forecasts. In… – Continue reading
Investors in a financing scheme aimed at helping the UK film industry are being asked to repay “multiple millions of pounds” following a court ruling. HMRC is pursuing investors in the Eclipse scheme, including celebrities, financiers and sports stars, for up to 20 times their original investment. Courts ruled that… – Continue reading
SEOUL, Nov. 17 (Yonhap) — U.S. President-elect Donald Trump’s pledge for a huge corporate tax cut could spur moves to reduce taxes on businesses and the rich across the world, a Seoul-based think tank said Thursday. During the campaign, the real estate mogul-turned-politician vowed to lower the business tax rate… – Continue reading
President-elect Donald J. Trump has stated that among his top priorities will be revocation of President Barack Obama’s misguided executive orders. Among the first such items to get the ax should be a series of legally infirm international agreements to implement a monstrosity unfamiliar to most Americans, called the Foreign… – Continue reading
MUMBAI, India — In one of the most audacious experiments in India’s modern history, Prime Minister Narendra Modi banned the two largest bills — of 500 rupees, or about $7.50, and 1,000 rupees — which account for about 86 percent of the currency in a country where 78 percent of… – Continue reading
Eighty-five Canadians identified in the Panama Papers leak are now being investigated for tax evasion, the Canada Revenue Agency has revealed. Details of Canada’s enforcement effort were provided to the Star the same week the U.K., which is a major hub of the offshore finance world, said it has launched… – Continue reading
Over the past few years, Apple’s cash hoard has swelled to near unthinkable levels. Per the company’s most recent earnings report, Apple now has more than $237 billion in cash and other securities, anchored of course by the company’s insanely lucrative iPhone. Though the iPhone only has a thin slice… – Continue reading
With Republican control of the House and Senate, President-elect Trump and Congress might tell the tax code, “you’re fired!” And as big as the coming tax changes might be, it’s worth noting what is highly unlikely to change. Keeping track of these 13 key tax rules could put dollars in… – Continue reading
While Trump wants to close loopholes, many of them stem from public policy concerns — not “special interests.” After a dramatic upset victory in one of the most bitterly contested presidential races in recent history, Donald Trump now has some serious work to do. His corporate tax policies—which are vital… – Continue reading
Multinational companies will still be able to use the controversial “double Irish” tax arrangement after the final end date of 2020, Sinn Féin MEP Matt Carthy has said. A number of tax experts have confirmed this is the case, though they have disputed whether the terms of which they will… – Continue reading
A new EU corporate tax proposal could fundamentally change how multinationals pay their tax bills in Ireland. It comes at a sensitive time for the State, following so closely after the commission ruled phone giant Apple tapped illegal tax breaks worth around €13bn. In proposals to be unveiled tomorrow, the… – Continue reading
Proposed legislation is designed to curb the profit-shifting multinationals use to reduce tax liabilities on their income in Europe The European commission will redouble its crackdown on multinational tax avoidance next week with the relaunch of proposals to create an overarching corporation tax regime across all member states. The proposed… – Continue reading
Department of Finance receives ‘unprecedented’ lobbying from property funds Overseas investors in Irish property may have to wait for a further two months for clarity on how the Government plans to tax structures they have used to snap up billions of euro of real estate after the financial crisis. The… – Continue reading
On the way to Brexit, Hammond adopts a more conciliatory negotiating position Britain’s post-Brexit Finance Minister, Philip Hammond, has buried a tax-dumping plan to slash the corporate tax introduced by his predecessor. Before his resignation in July, George Osborne announced plans to reduce British corporate tax to encourage investment to… – Continue reading
Members of the European Parliament, September 27, have begun their investigation into the Panama Papers scandal, which exposed the sheer extent of rich people and companies using offshore tax havens to reduce their tax liabilities in EU member states. However, the latest probe comes on the back of another investigation… – Continue reading
Five months after the Panama Papers exposed the offshore dealings of government leaders and influential people, a new leak of 1.3 million files has revealed the names of individuals associated with companies registered in the Bahamas, a notorious tax haven. The files – received by the German newspaper Süddeutsche Zeitung… – Continue reading
The Australian government shouldn’t rely on leaks like that of the Panama Papers to pick up on tax evasion, it should consider stronger action. The federal government showed some leadership earlier this year by announcing the establishment of a public register of beneficial ownership of companies, with the aim of… – Continue reading
After state aid inquiries into Amazon and McDonald’s, EU looks again at Luxembourg The European Commission may open a fresh investigation into tax rulings offered by Luxembourg as early as this week, as EU competition commissioner Margrethe Vestager continues her clampdown against corporate tax avoidance. Luxembourg is already awaiting a… – Continue reading
Malcolm Turnbull will push for a crackdown on multinational tax avoidance when he meets with world leaders at the G20 summit in China. But Labor have accused Mr Turnbull of not having a strong plan for confronting corporate tax avoidance at home, let alone abroad. The prime minister will arrive… – Continue reading
For the last three years, the international debate on tax policy was all about consensus. Led by the Organisation for Economic Co-operation and Development, countries across the globe agreed that aggressive tax planning by multinational corporations which pushed profits into low-tax countries – or indeed took profits outside the charge… – Continue reading
Talks have begun between the US and Irish governments about updating certain elements of the Double Tax treaty between the two countries. The existing treaty was signed in 1997 and a Protocol to the treaty was signed in 1999. The Department of Finance and the Revenue Commissioners are calling for… – Continue reading
The taxman plans to crack down on people who hide earnings from offshore investments, with greater powers to impose tougher penalties. People who do not reveal income from foreign accounts and investments to HM Revenue & Customs (HMRC) could be hit with penalties of three times the amount of tax… – Continue reading
Tougher stance follows Theresa May’s leadership campaign promise to be more punitive of tax evasion and avoidance The Treasury is proposing new rules to punish offshore tax evaders who fail to come clean about their finances before September 2018, with fines of up to 200% of the amount owed. Published… – Continue reading
Democrats are likely to object to the House GOP’s and Donald Trump’s plans for sharply lower rates President Ronald Reagan once chided government’s approach to the economy as following this mantra: “If it moves, tax it.” Today’s Republicans are following Mr. Reagan’s ideas by trying the exact opposite approach. The… – Continue reading
City firms that help businesses run tax avoidance schemes could face huge financial penalties under fresh Government proposals. Banks, accountancy firms and lawyers could be forced to hand over underpaid tax if they are found to have broken the law. Currently, advisers who facilitate tax avoidance by exploiting loopholes and… – Continue reading
The U.S. has used judicial might to successfully pursue offshore tax cheats all over the world. A little-noticed new rule introduced by Barack Obama’s administration gets tough on U.S. states such as Delaware and Nevada, which are notorious for murky shelters often used for illicit purposes. But there is a… – Continue reading
How US tax inspectors fear firms and individuals are using Lord Ashcroft’s bank to hide assets and evade tax It was a stern message David Cameron took with him on his visit to the Caribbean last September: “If we’re to beat corruption, we need transparency.” And some in the region… – Continue reading
