Category: Politically Exposed Persons

Ireland regains its swagger in the tax arena

Something unusual is happening with the Irish corporation tax in 2015 — so unusual that Ireland’s top tax man felt obliged to write to the parliament to explain what is going on. But the explanation left a lot to be desired. According to government data, Ireland received 57.7 percent more… – Continue reading

Meg Hillier: Meet the Public Accounts Committee chairwoman taking over from Margaret Hodge

Meg Hillier has a tough act to follow. This parliament’s Public Accounts Committee chairwoman had a ringside seat watching her predecessor, Margaret Hodge, tear into tax avoiders and the tax man. “It is very exciting – you see all the guts of Whitehall spilled out in front of you,” she… – Continue reading

A special relationship

Each year the elected leaders of Britain’s overseas territories (OTs) gather from around the world to meet with British Ministers in London. Their objective is to discuss the continuing partnership with the UK, to establish priorities and to try to resolve differences. For the most part the issues covered at… – Continue reading

Italy to Get $4.4 Billion in Proceeds From Tax Amnesty

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

Finance meeting to be dominated by corporate tax

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

Dividend tax raid: what can expats do?

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

Why are Tax Inversion” Relocations Accelerating?

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

Yanukovych-era digital TV monopoly fined for abuses

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

Noonan explains Ireland’s stance on CCCTB, code of conduct

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

Clinton offers new ‘exit tax’ on U.S.-foreign company mergers

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

Cadbury owner paid no UK corporation tax last year

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

Pfizer and Allergan chiefs say merger is good for America

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

Alan Grayson said he closed Cayman Islands hedge funds, but records list as active

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

Premier: critics show ‘a lack of respect’

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

Chris Blackhurst: Britain’s island tax havens need action

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

McDonald’s Investigated for European Tax Evasion

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

Miscalculate tax on a holiday home or inheritance? You could soon be branded a criminal

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

Tax Policy Emerges As New Source of Friction As Europe Seeks Additional Revenue From US Multinationals

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

‘Dark clouds on horizon’ for Malta’s financial services industry

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

Secrecy in BOTs fuelling corruption, says report

(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

Demand overseas territories crack down on tax dodging shell firms, PM told

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

Charlotte Barbour: The drive to decentralise taxes

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

State may gain up to €620m in Pfizer’s Allergan deal

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

Previewing US Tax Reform

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

Preferential multinational tax agreements under fire – European Parliament

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

PwC Makes UK Autumn Statement Predictions

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

Tax transparency: full list of exempt companies revealed as Senate battle looms

Private companies that were given a historical exemption from filing annual financial reports are run by a who’s who of corporate Australia, including Malcolm Turnbull Private companies associated with Australia’s business elite, including prime minister Malcolm Turnbull, are on a list of entities not required to publish tax information under… – Continue reading

Northern Ireland’s 12.5pc corporate tax rate will pose threat to foreign direct investment in the South

The North will have its own 12.5pc corporate tax rate from 2018. This means that it will compete harder against the Republic for FDI projects, writes Dan White The 12.5pc company tax rate will no longer be confined to the southern part of the island. Last week’s ‘Fresh Start’ agreement… – Continue reading

Ethiopia: Unmet Demands of the G20

The creation of the Group of Twenty (G20) was believed to serve as a remedy to the harsh realities of the world today. The initial formation of the Group of Seven G7 could do little to avert pertinent challenges both the developing and the developed nations face frequently. So a… – Continue reading

Osborne’s struggle to balance the books: Will the Chancellor target capital gains tax in the Autumn Statement?

The Chancellor could target capital gains tax for extra revenue when he delivers his Autumn Statement next week as gains from investors and landlords hit their highest on record in the past financial year, accountants suggest. George Osborne, who will unveil his spending plans for Britain next Wednesday, is under… – Continue reading

2015- The end of tax neutral jurisdictions

On 18 June 2013, the Progressive led government issued a press release titled, “Cayman’s Action Plan Includes Beneficial Ownership”. The press statement came on the heels of the UK taking over the Presidency of G8, at the 17-18 June 2013 G8 Summit in Northern Ireland. The most interesting part of… – Continue reading

UK non-dom changes unfair, unreasonable, disproportionate

Plans that would effectively end the UK’s non-domicile status for tax purposes have the potential to do more harm than good and could be contrary to EU law, according to the Institute of Chartered Accountants. The changes, announced by chancellor George Osborne in the 2015 summer budget, mean that non-UK… – Continue reading

The Tories Have Taken More Cash From This Donor Embroiled In Money-Laundering Probes

David Cameron’s party reported fresh donations of £217,500 from Lycamobile weeks after BuzzFeed News revealed the telecoms giant’s “deeply suspicious” business practices. The Tories have accepted a fresh donation of £217,500 from Lycamobile in defiance of calls on the party to sever its ties with the controversial telecoms group. The… – Continue reading

Welsh town to copy Isle of Man model in TV tax haven documentary

The Isle of Man’s role as an offshore finance centre will come under the spotlight on television following a Welsh town’s experiment in how to avoid paying UK tax. Independent traders in Crickhowell, led by the salmon smokery, the local coffee shop, the adventure clothes shop, the optician, the book… – Continue reading

Japan, Taiwan to sign tax treaty

TAIPEI — Japan and Taiwan will sign a bilateral tax treaty aimed at improving the flow of people and investment between the two economies, sources familiar with the matter said on Wednesday. The treaty will reduce or eliminate taxes on dividends repatriated from companies’ overseas branches and help avoid issues… – Continue reading

People are leaving fake price tags in IKEA to call out tax avoidance

Some people think popular furniture store IKEA is being naughty, and not paying its proper share of tax in Australia. The franchise is a behemoth, both literally in terms of store size and figuratively in that it collected a US$5 billion profit for the 2014 financial year. A community action… – Continue reading

Park calls for careful adjustment of monetary policy

President Park Geun-hye called Monday for a careful adjustment of monetary policies of advanced countries amid lingering worries over a potential Fed rate hike. Last month, the U.S. Federal Reserve kept interest rates at near zero due to global headwinds but suggested that it could raise rates by the end… – Continue reading

Taxing issue: multinationals respond to EP proposals to make them pay their fair share

€1 trillion a year: that’s how much tax evasion and tax avoidance is costing European tax payers every year, according to the European Commission. Parliament set up a special committee to investigate these practices in the wake of the Luxleaks scandals and came up with plans to ensure multinationals pay… – Continue reading

Switzerland & Luxembourg among DTA approvals sent for US Senate vote

Eight tax treaties and protocols were passed forward for a ratification vote by the full US Senate at a business hearing of the Committee on Foreign Relations on November 10, reports Tax News. The Committee approved the new US double taxation agreements (DTAs) with Chile and Hungary, and protocols to… – Continue reading

Uber, Airbnb to be hauled before Senate inquiry into corporate tax avoidance

What does Uber mean for Canberra? Journalist Henry Belot explains how Uber will work in the ACT and what it means for passengers and drivers. Uber and Airbnb will be dragged before the Senate inquiry into corporate tax avoidance this week to face questions about tax structures that allow them… – Continue reading

Ireland Braced For European Commission Ruling On Apple Tax

DUBLIN (Alliance News) – After the European Commission ruling that multinationals received unfair tax benefits in the Netherlands and Luxembourg, Ireland is braced for an EC ruling on whether its taxation treatment of technology company Apple constituted state aid. “I don’t know what the outcome will be, but this is… – Continue reading

ANDREW PIERCE: A very taxing revelation for saintly Clegg

As Deputy Prime Minister, the holier-than-thou Nick Clegg made huge play of how his Lib Dems forced their Tory Coalition partners to crack down on tax avoidance. Offshore tax havens, in particular, were his target, when he said: ‘There are millions of people who pay their taxes . . …. – Continue reading