MUMBAI: The US Treasury Department has issued a list of 34 countries which includes India with whom it would share information under FATCA (foreign account tax compliance act) regulations. The pact aims to cover automatic sharing of information on bank accounts and other instruments like mutual funds, insurance and equities… – Continue reading
Two hundred miles off the coast of Morocco, the Canary Islands remainamong Spains farthest-flung territories, appearing as a few specks of volcanic rock against the endless Atlantic blue. Tourists roast on its beaches, and everything moves at a snails pace. That includes, unfortunately, the economy, which suffers from high unemploymentand… – Continue reading
An offshore bank account is a must for many internationally mobile expats operating in the UAE and Middle East. But finding the right bank with the right extras as well as high service standards isn’t easy. There are plenty of big names to choose from, including the global operators Barclays,… – Continue reading
Using companies incorporated in international financial centres (IFCs) in structuring financial transactions, capital raisings and corporate structures has long been popular in Asia, particularly Hong Kong (itself an IFC). Following the energetic expansion of the PRC economy and assisted in part by the relaxation of PRC regulations in relation to… – Continue reading
SOUTH Africa has ranked higher than several developed countries in an assessment of money “hidden” in HSBC Swiss bank accounts, a report showed on Wednesday. “The money connected to SA was higher than money connected to France, eight times higher than that of the US, and 3.5 times more than… – Continue reading
After a whistleblower leaked the details of secret Swiss accounts at global bank HSBC earlier this year, the strongest reaction came from advanced economies, where governments launched efforts to reclaim tax money hidden abroad. But a new analysis by the Financial Transparency Coalition and Christian Aid shows that the financial… – Continue reading
A new report by global consulting outfit, Price¬waterhouseCoopers (PwC), released on Monday has indicated that expanding com¬pliance burden, more audits and the potential for increased and double taxation remain key hurdles facing companies due to the rapidly evolving global tax landscape. The report’s findings showed that the demand for greater… – Continue reading
Tax treaties serve to reduce or eliminate double taxation which, if unrelieved, would be a significant barrier to cross-border trade and investment. At the same time, there was need felt to protect against granting of treaty benefits in inappropriate circumstances. In this background, the work of the OECD and G20… – Continue reading
30 September 2015 -New, detailed examination of the SwissLeaks files by Christian Aid working with the US-based Financial Transparency Coalition (FTC) graphically reveals the harm tax haven secrecy does to the economies of developing countries. The SwissLeaks scandal involves thousands of secret accounts at HSBC’s Swiss subsidiary HSBC Private Bank… – Continue reading
With a slim new book that has the feel of Piketty’s bestselling Capital in the 21st Century, Zucman, a 28-year-old University of California-Berkeley economist, is taking his own swing at global capitalism. His target: tax havens that he says hide $7.6-trillion — about 8% of the world’s net financial wealth…. – Continue reading
Tax laws are lagging behind the digital economy. As changes in the digital realm continue to outpace the speed at which legislators can work, and borders increasingly blur because of the internet, SA needs to play catch-up when it comes to tax. Currently, the only digital tax of any consequence… – Continue reading
Pretoria – Trade between African countries remains low, despite efforts to harmonise taxation to allow for the free movement of goods and services. Tax experts this week warned mistrust between countries remains the greatest detractor to achieve harmony and increase intra-trade. Intra-Africa trade was only 11.3 percent of the continent’s… – Continue reading
The court agrees to an early hearing in the case, scheduling it for 30 September New Delhi: The Supreme Court on Tuesday agreed to an early hearing in the case of Castleton Investment Ltd scheduling it for 30 September. Castleton Investment, a Mauritius-based foreign company, is contesting a case against… – Continue reading
NEW YORK, Sept. 28 (Yonhap) — Nigerian President Muhammadu Buhari has vowed to make efforts to quickly resolve the issue of double taxation avoidance with South Korea. South Korea and Nigeria signed a double taxation avoidance agreement in 2006 to help boost two-way investment and trade, though the West African… – Continue reading
If the anti-corruption march goes ahead on Wednesday, it will be remiss if it doesn’t address one of the key issues of 2015: illicit financial flows. Institutions around the world are committing to combatting these and Unite Against Corruption needs to push the government to take action locally while lobbying… – Continue reading
MBABANE – City Press has alleged that the Swazi government has been robbed of billions of Emalangeni in the mining deal of iron ore at Ngwenya mine as the funds were siphoned off to the Seychelles in an abusive transfer pricing scheme. Financial statements of Shanmuga Rethenam’s companies have revealed… – Continue reading
NAIROBI, Kenya – The World Bank’s private arm, the International Finance Corporation (IFC) has jointly launched a business transparency initiative with the Swiss government, to promote corporate leadership in East Africa with the aim of helping firms attract foreign investments. The aim of the new initiative is to help firms… – Continue reading
India must align domestic laws with international treaties A recent ruling of the Punjab & Haryana High Court (HC) in the Serco BPO case has once again underlined the need for consistency between tax policies and the jurisprudence that evolves around it, thus, leaving little to interpretational hazards. The HC,… – Continue reading
In 2013, the Organisation for Economic Cooperation and Development (OECD) released a series of proposed tax measures for eliminating corporate tax structures that shift profits to foreign jurisdictions. This corporate tax practice is commonly referred to as base erosion and profit shifting or BEPS. Towards this, the OECD and G20… – Continue reading
Pretoria – The constant stream of new data requirements by the South African Revenue Service from South Africa’s major banks is costing the sector millions of rand and affecting the economy and banking costs. Tax heads at the banks raised questions during the recent Tax Indaba in Sandton about the… – Continue reading
When Delta, a South Africa-based property investment fund, decided to switch the offshore domicile of its international operations from Bermuda to Mauritius a year ago, it gained unexpected benefits, reports the Financial Times. “We’ve been very pleased,” says Bronwyn Corbett, head of Delta, as she reflects on the success of… – Continue reading
The print media was awash on Tuesday, September 1, 2015 with reports of Gov. Ayo Fayose’s threat that no private school in Ekiti State will be allowed to commence school activities this Session unless it pays a tax of N150,000 and that anybody who buys one cow to be slaughtered… – Continue reading
Entebbe — Members of African Parliamentarian Network on Illicit Financial Flows and Tax (APNIFFT) want governments across the continent to put more pressure on multinational companies to pay full taxes. According to the parliamentarians, tax evasion and illicit financial flow (IFFs) from Africa can be brought to an end if… – Continue reading
(Seychelles News Agency) – The Central Bank of Seychelles (CBS) says it is engaging with Barclays Bank Seychelles to ensure that clients have sufficient time to shift their deposits in their offshore bank accounts, following a recent decision by Barclays to discontinue its banking services for non-residents in foreign currencies…. – Continue reading
The government of Cabo Verde (Cape Verde) approved an agreement to avoid double taxation with Guinea-Bissau, aimed at preventing tax evasion and fostering economic relations between the two countries, according to an official statement issued following a Cabinet meeting. The statement issued Friday said that the approved agreement, signed in… – Continue reading
The UAE and the Republic of Mauritius are linked with a double taxation on income agreement that was signed in 2006. On behalf of the UAE, the Ministry of Finance (MoF), signed yesterday an agreement on mutual encouragement and protection of investments with the Republic of Mauritius. This is following… – Continue reading
Development Goals (SDGs) but poorer countries should exercise caution when borrowing money, Gail Hurley, a development finance expert with the UN Development Program (UNDP), told Xinhua. “There’s a lot more finance available now—public and private, domestic and international — (but) a lot of it is loan finance, so we do… – Continue reading
As discussed in the previous edition, due to current worldwide developments including the OECD’s move to curb tax Base Erosion and Profit Shifting (BEPS), tax policy is changing significantly. In Ghana for example, a Transfer Pricing Regulations was passed in 2012 which aimed to ensure that the tax base of… – Continue reading
A new wave of global tax compliance regulation is a game changer in the way asset owners and investment management companies report activities. Globalization of financial markets has made it increasingly simple to make, hold and manage investments outside an asset owner’s own tax domicile. A standard on automatic exchange… – Continue reading
Look out, Thomas Piketty. Here comes Gabriel Zucman. With a slim new book that has the feel of Piketty’s bestselling “Capital in the 21st Century,” Zucman, a baby-faced 28-year-old University of California-Berkeley economist, is taking his own swing at global capitalism. His target: tax havens that he says hide $7.6… – Continue reading
High-net-worth, tax-evading South Africans will soon have nowhere to hide, because in future income tax returns will specifically ask them to declare if they have offshore trusts, or directly or indirectly control an offshore trust, Judge Dennis Davis, the convener of the Davis Tax Committee, says. If the South African… – Continue reading
A small office shared with three other companies deep in the bowels of the Outsource IT Tower on Auckland’s Khyber Pass Road opposite a reservoir isn’t necessarily where you’d expect to find the global headquarters of a financial service provider that claims to be following in the footsteps of three… – Continue reading
Chevron’s tax filings face repeated challenges from the United States and other global tax authorities, according to a new union-backed report that calls on world governments to crack down on the energy giant’s alleged profit-shifting tactics. The world’s largest trade union body, the International Trade Union Confederation (ITUC), has called… – Continue reading
Nigeria’s 85 percent tax on onshore crude oil production is dissuading local investors from taking over assets from international oil companies, said Folorunso Alakija, an energy tycoon and the nation’s richest woman. Famfa Oil Ltd., founded in 1991 by Alakija, 64, has sought to acquire stakes in onshore oil fields,… – Continue reading
The night that Uber started offering its ride-hailing service in Costa Rica, vandals – reportedly taxi drivers – smashed the windows of one of the company’s cars in protest. Traffic police impounded two Uber vehicles earlier that same night. Airbnb, however, another staple of the so-called “sharing economy,” has been… – Continue reading
Malta provides an outstanding opportunity for private equity and venture capital managers. It has a flexible LP structure, an extensive network of double tax treaties, a favourable local tax regime and experienced service providers who can provide a cost-effective solution,” comments Felicity Cole (pictured), Head of the Funds Department at… – Continue reading
Mombasa county has launched another attempt to collect levies on cargo at the port after earlier attempts were rejected by the Kenya Ports Authority (KPA). Through the Finance Bill 2015/2016, the county wants to directly tax shipping lines and cargo owners unlike in the previous bid where it sought to… – Continue reading
Victoria Seychelles — Promoting cooperation between African countries and increasing trade and industry have been the main focus of diplomatic work of the outgoing Nigerian High Commissioner to Seychelles, Solomon Akintola Oyateru, during his term in office. High Commissioner Oyateru made this statement in an interview with the press at… – Continue reading
Whole regions of England are now owned by holding companies in tax-havens “from Panama to Luxembourg, and from Liechtenstein to the South Pacific island of Niue.” Private Eye’s interactive map mines Land Registry information to find the properties owned by “companies, arms dealers, oligarchs, money launderers and others who use… – Continue reading
Kenneth Leung (PC,F-Accountancy) explains what he – and the government – are doing to get Hong Kong off the EU’s undeserved blacklisting as a “non-cooperative tax jurisdiction”. Why has Hong Kong been placed on this list? There are ten European countries that have named Hong Kong as a tax haven…. – Continue reading
ABOUT R80bn is leaving SA illegally each year in what is known as illicit financial flows (IFFs), a parliamentary workshop on base erosion and profit shifting heard. Base erosion and profit shifting are defined as “businesses exploiting gaps in the international tax system to artificially shift profit and avoid paying… – Continue reading
A civil society group focused on transparency in the oil and gas sector has criticized the interim Offshore Processing Agreement, OPA, between the Nigerian National Petroleum Corporation, NNPC, and three multinational trading companies to boost the supply of refined petroleum products in the country. The Africa Network for Environment and… – Continue reading
The value-added tax (VAT) system could boost tax revenue by an additional LE30 billion if implemented instead of the current sales tax system, according to a new study by the Egyptian Centre for Economic Studies (ECES). The study profers that the introduction of VAT would lead to a one time… – Continue reading
A government committee on financial sector reforms has finalised a report, broadly outlining the amendments required in financial laws and taxation to make domestic sector more competitive in the international market. Sources in the know said the report was submitted on Tuesday by the Standing Council of Experts, which was… – Continue reading
JOHANNESBURG – An amended estate duty scheme won’t add vast amounts of money to government coffers, but will bring added legitimacy to the system, the chair of the Davis Tax Committee has said. Speaking at the 5th Annual Fiduciary Institute of Southern Africa (Fisa) Conference on Thursday, Judge Dennis Davis… – Continue reading
Bern, 09.09.2015 – The tax information exchange agreements with Andorra, Greenland, San Marino and the Seychelles have come into force. They will apply from 1 January 2016. Following the completion of the corresponding ratification processes, the tax information exchange agreements (TIEA) have come into force with Andorra (27 July 2015),… – Continue reading
Kampala. A policy to guide the formulation of a double taxation treaty will be finalised by close of this month, the commissioner for tax policy at the Ministry of Finance, Mr Moses Kaggwa, has disclosed. Double taxation treaty (DTT) is an important agreement that determines which country has the right… – Continue reading
Johannesburg – The South African economy has been crippled by decades of transfer pricing and other forms of illegal capital flight by multinational companies, especially in the mining sector. This partly explained the country’s poisonous labour relations environment and led directly to the Marikana killings three years ago. These were… – Continue reading
It was an American statesman, Benjamin Franklin, a gentleman of reputedly many talents, who is credited with the widely spoken remark, ‘in this world nothing can be said to be certain, except death and taxes.’ Technically, none of us lives forever and paying taxes is a part of life. Dodging… – Continue reading
A wealthy Victoria, B.C., family paid virtually no tax over a span of eight years – and even obtained federal and provincial tax credits – while being involved in an offshore tax “sham” developed by one of the country’s most respected accounting firms, the Canada Revenue Agency alleges. The Canada… – Continue reading
