Category: Iraq

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...

Panama Papers: Further revelations about New Zealand’s role as a tax haven

Reports published last week, based on the Panama Papers, cast further light on New Zealand’s role as a location where wealthy individuals around the world are able to hide their fortunes. Last month the International Consortium of Investigative Journalists released millions of leaked documents revealing that Panama-based Mossack Fonseca, the...

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....

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...

EY: Broadening the taxable basis across the GCC and MENA

To increase the scope of income tax laws, GCC countries are pursuing tax determinations with significantly broader interpretations of activities or actions that constitute doing business in-country. New concepts like Virtual Service Permanent Establishment and dependent agents are being used in Saudi Arabia and Kuwait to determine taxable presence or...

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...

ANCA calls for increased Artsakh aid during Congressional testimony

Armenian National Committee of America Government Affairs Director Kate Nahapetian testified yesterday before a key Congressional panel in support of increased U.S. assistance to Nagorno Karabakh, Armenia, at-risk Middle Eastern Armenian communities, and the Javakhk region of Georgia. In her opening remarks, Nahapetian thanked House Appropriations Subcommittee on Foreign Operations...

Obama IRS Shares Private Financial Data With Foreign Tyrants

To comply with unconstitutional pseudo-treaties negotiated by the Obama administration without the consent of Congress or any semblance of constitutional authority, the IRS announced that it will be sharing private financial information on U.S. bank account holders with foreign powers. No warrant is needed for foreign governments or tyrants to...

101 Countries Sign Up For FATCA Network

Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas...

Cayman included on FCA high-risk list

The Cayman Islands, an important international business competitor for Bermuda, is expressing “consternation” that they have been included on a new list of high risk jurisdictions for financial crime. There are a total of 95 countries listed including Brazil, Afghanistan, Cuba, Russia, China, Iraq, the Republic of Congo and Jamaica....