Category: Iran

Austria Seeks Tax Agreement with Iran

In a meeting with Iran’s foreign minister in Tehran on Sunday, Schelling said he has visited Iran with the purpose of boosting bilateral economic and financial relations. Voicing Austria’s eagerness to develop joint training programs with Iran in the banking industry, Schelling hoped he would nail down investment deals and...

Bahamas Will ‘Do All It Can’ To Avoid Eu Blacklisting

The Bahamian financial services industry “will do all we can” to ensure this nation does not appear on a threatened European Union (EU) ‘blacklist’, Tribune Business was told yesterday. Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, said this nation’s implementation of the Common Reporting Standard (CRS) for...

Armenia eliminates double taxation of property and income with Serbia and Slovakia

The Armenian Parliament has ratified today two agreements to avoid double taxation and prevent tax evasion with respect to taxes on property and income with Serbia and Slovakia. According to Deputy Minister of Finance Armen Hayrapetyan, the document on the mutual avoidance of double taxation on property and income with...

Budget 2016: 9% tax rate regime for India’s first International Financial Centre

The pet project of Prime Minister Narendra Modi – the International Financial Services Centre (IFSC) – housed in the Gujarat International Finance Tec City – has received a boost in the Union Budget 2016/17. The long pending tax issue has been decided with 9 per cent minimum alternate tax (MAT),...

Kenya: Treasury Defends Controversial Mauritius Tax Agreement

Treasury is still fighting to keep a tax agreement out of parliament after a lobby group sued them over a pact it signed with Mauritius back in 2012. The double taxation avoidance agreement allows firms registered in the two countries to pay taxes in only one country. It also allows...

Two Little Known Tax Treaties Will Lead to Substantially More Identity Theft, Crime, Industrial Espionage, and Suppression of Political Dissidents

The Protocol amending the Multilateral Convention on Mutual Administrative Assistance in Tax Matters will lead to substantially more transnational identity theft, crime, industrial espionage, financial fraud, and the suppression of political opponents and religious or ethnic minorities by authoritarian and corrupt governments. It puts Americans’ private financial information at risk....

Kenya and South Africa tax deal takes effect in January

The Kenya-South Africa double taxation agreement comes into force from January 1. An announcement in the November 19, South African government gazette says the agreement applies for taxes withheld at source. “A resident of Kenya will not be taxed on any South African business profits, unless it carries on business...

Barclays is fined £72m for secret deals with mega-rich: Bank shamed over no-questions-asked policy that left Britain vulnerable to financial crime

City watchdogs say Barclays adopted a no-questions-asked policy Bank did not check where ultra-wealthy clients’ money came from £72million fine has been imposed on the bank for turning a blind eye Barclays has been shamed over a murky £1.9billion deal with ultra-wealthy clients which left the country vulnerable to financial...

Deutsche Bank’s Swiss Unit to Pay $31 Million in Tax Case

Deutsche Bank AG’s Swiss unit agreed to pay $31 million to receive a non-prosecution agreement in a U.S. probe of banks in Switzerland that helped Americans evade taxes. The accord announced Tuesday by the Justice Department is the third-largest of 57 reached this year with Swiss banks. The firms, which...

Uncovering the Mysteries of Tax Optimization

Gabriele Galimberti and Paolo Woods make a complex and impenetrable subject palatable To do justice to the work undertaken by Paolo Woods and Gabriele Galimberti, requires thinking of them not as photographers, but as investigators. Their search for truth begins with a mystery, one embodied in Ian Fleming’s Dr. No....

Clock Ticking for U.S. Holdouts as BNP Joins Swiss Tax Pact

The clock is ticking for American tax dodgers around the world after BNP Paribas SA’s Swiss unit and two other banks joined a U.S. program to avoid prosecution, revealing the exact methods of Swiss bankers’ legendary discretion. BNP agreed to pay $59.8 million in a program that has brought in...

Recent OFAC Designations Reflect Coordinated Money Laundering Focus

On November 12, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the designations of Altaf Khanani Money Laundering Organization (Khanani MLO) and Al Zarooni Exchange pursuant to Executive Order 13581, the transnational criminal organization designation authority. OFAC designated Khanani MLO as a transnational criminal organization[1]...

Gillibrand proposes reinsurance tax gimmick to fund 9/11 victims

In his seminal 1987 work Crisis and Leviathan, economic historian Robert Higgs traces the pattern of government growth as a response to catastrophic events. The federal government, in particular, grows over time through a “ratcheting up” effect, as politicians respond to disasters and catastrophes with calls to “do something,” often...

East West Bank falls short on preventing money laundering, Fed warns

Pasadena’s East West Bank must beef up its efforts to prevent money laundering after federal regulators said its practices were not sufficient. The bank, which has operations in the United States, Hong Kong, China and Taiwan, was ordered by the Federal Reserve on Thursday to correct problems with its anti-money-laundering...

The Ministry of Finance proposed to soften the terms of the Amnesty

Moscow. November 10. The Finance Ministry has prepared proposals aimed to strengthen Amnesty of capital, which is now actually fails, reports the newspaper “Kommersant”. The law on the voluntary Declaration by individuals of assets and accounts, is known as the law on the legalization or Amnesty of capital, earned from...

Marco Rubio’s Billionaire Backer Likes to Sue Poor Countries and Put Profits in Tax Havens

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...

Iranian ambassador takes office in Uzbekistan

Uzbekistan’s Foreign Minister Abdulaziz Kamilov received the copies of credentials of Iran’s new Extraordinary and Plenipotentiary Ambassador Bahman Agharazi Dormani, Uzbek Foreign Ministry said. During the meeting, the sides discussed the status and priority areas of Uzbek-Iranian cooperation in political, trade, economic, cultural, humanitarian and other spheres. They reiterated mutual...

Dhaka, Thimphu in talks to sign double taxation avoidance deal

Staff Correspondent The National Board of Revenue on Monday started negotiations with Bhutan to sign an agreement on avoidance of double taxation and prevention of tax evasion and capital flight from the country. A five-member delegation led by NBR chairman Md Nojibur Rahman has been carrying out the first round...

NBR to sign deal with Bhutan to avoid double taxation

Bangladesh is set to sign an agreement with Bhutan to avoid double taxation to boost investments, trade and facilitate information exchange between the two Saarc nations, the National Board of Revenue said in a statement. A team led by NBR Chairman Md Nojibur Rahman is now in Thimpu to take...

Iran, Iraq sign three major economic agreements

Tehran, Sept 6, IRNA – Economy Minister Ali Tayyebnia and visiting Iraqi Finance Minister Hoshyar Zebari, in a meeting on Sunday, signed three strategic economic agreements. The three agreements were about customs cooperation, avoiding double taxation and encouraging joint investments. Tayyebnia said that Iran-Iraq trade, including other cooperation such as...

Tax-dodger hunt neutralises Swiss bank secrecy, U.S. envoy says

Swiss banking secrecy is no longer viable as the U.S. Justice Department closes in on agreements with most of the institutions that may have helped Americans evade taxes, according to the top American diplomat in Switzerland. Negotiations with about one-third of Swiss lenders, known as Category 2 banks, to finalise...

Luxembourg performs poorly in anti-money laundering index

In an assessment of money laundering and terrorism financing risks, Luxembourg scored in the bottom half of a ranking of 152 countries carried out by the Basel Institute on Governance, reports the Luxemburger Wort. The institute says that its AML (Anti-Money Laundering) Index is the only such review carried out...

Worldwide: Governments Continue To Welcome Wealthy Foreigners

With the UK announcing new tax rules for foreigners living in the country, the government has been careful not to damage the country’s appeal to wealthy foreigners. The “non-dom” tax status “plays an important role in allowing those from abroad to contribute to our economy”, says George Osborne, the UK’s...

Senate panel advances $95B tax break package

Senate tax writers cleared a hodgepodge of expired tax breaks on Tuesday, as lawmakers insisted they don’t want to wait until year’s end to restore a group of incentives that historically has had bipartisan support. The Finance Committee voted to extend the roughly $95 billion collection of tax breaks, known...

Cabinet approves co­op agreements with several countries

KUWAIT, July 13 (KUNA) ¬¬ The cabinet, under the chairmanship of His Highness the Prime Minister Sheikh Jaber Al¬Mubarak Al¬Hamad Al¬Sabah, approved Monday a number of agreements to boost cooperation with several friendly countries. The endorsed agreements included a memorandum of understanding for cooperation in social insurance with Bahraini government,...