On top of his many boxing titles, including world championships in eight weight classes, Manny Pacquiao is on tap for a possible Senate seat in 2016. First, he has to get his taxes resolved. The Supreme Court of the Philippines ordered the boxing champ and potential Senator to answer the… – Continue reading
FATCA threatens Russia’s financial system – official Putin signs law on providing information by Russian banks under FATCA statute State Duma adopts bill on providing information by Russian banks under FATCA statute Finance Ministry to help banks reduce risk of sanctions related to FATCA MOSCOW, October 7 (RAPSI) – Scammers… – Continue reading
By Jung Min-ho Seung Eun-ho Chairman of Korindo Group Prosecutors are investigating allegations that the head of Korindo Group, a Jakarta-based conglomerate, and his sons have evaded taxes. The Seoul Central District Prosecutors’ Office said Monday that the group’s Chairman Seung Eun-ho and his two sons are suspected of evading… – Continue reading
American NRIs who invest in India are up in arms that since April this year a large number of Indian mutual funds have stopped accepting investments from them. Some mutual funds’ websites explicitly say so, while others have opted for quietly discouraging any such investors that turn up. And this… – Continue reading
Weak inflows and expanding channels for renminbi outflows are adding to challenges faced by Hong Kong banks in keeping offshore yuan Hong Kong’s offshore yuan pool risks drying up as offshore paper trades at its widest discount in more than two years, prompting mainland importers to avoid coming to Hong… – Continue reading
PEERING down from their gleaming tower blocks at pro-democracy activists on the streets, Hong Kong’s bankers and traders cannot help but worry that the island’s financial community will pay a heavy price if the city further infuriates Beijing. Hong Kong lives with the threat that its crucial role as China’s… – Continue reading
The Californian corporation is Cork’s largest private employer, but has not won over all local hearts and minds. Now the city is at the heart of a fight over taxation that involves not just Ireland but also the European commission and the US senate Anger is mounting in Cork. The… – Continue reading
LABUAN: Police here on Thursday confirmed receiving a report from an offshore bank on an alleged illegal transfer of RM30.5 million to accounts in Hong Kong and Cambodia. According to the report lodged on Sept 18, one of its clients was tricked into revealing details and information regarding its account…. – Continue reading
The Cabinet yesterday approved deregulation plans that would allow domestic life insurers to sell policies to Chinese clients through their offshore units. The Cabinet gave its go-ahead after trimming proposed tax breaks for offshore insurance units (OIU) to 10 years, from 15 years as suggested by the Financial Supervisory Commission… – Continue reading
An official from the General Department of Taxation said the decision was made because many businesses were enjoying investment incentives but were still reporting losses, while others had declared losses for many years but had continued to invest in Vietnam. Metro began operating in Vietnam in 2002. The tax authority… – Continue reading
Billionaire retailer Gerry Harvey says it is “morally wrong” for a company to avoid paying tax in its home country. Weighing into the debate about corporate tax dodging, the owner of Harvey Norman told Fairfax Media he could “dramatically reduce” his company’s tax bill by shifting profits overseas but chose… – Continue reading
Troubled Italian fashion giant Prada stonewalled questions over its tax affairs on Monday after it emerged that its top two executives are being investigated for allegedly not disclosing many millions in overseas earnings to Italian authorities. Chinese fashion titans look to Italy for value (29 Sep 14) Global fashion circus… – Continue reading
A federal crackdown and a new act make life tougher for lawyers and accountants. Criminal tax attorney Robert Fink views the conviction and sentencing of his client Dr. Michael Canale—on tax fraud charges in New York state federal court in 2012—as representative of everything that’s wrong with the government crackdown… – Continue reading
Troubled Italian fashion giant Prada stonewalled questions over its tax affairs on Monday after it emerged that its top two executives are being investigated for allegedly not disclosing many millions in overseas earnings to Italian authorities. Chinese fashion titans look to Italy for value (29 Sep 14) Global fashion circus… – Continue reading
NEW DELHI: India’s largest realty firm DLF today said it has not received any findings from authorities on alleged service tax evasion of about Rs 30 crore. The company was replying to the clarification sought by stock exchange NSE on reports that DLF has come under the scanner of central revenue officials for… – Continue reading
Google Inc (NASDAQ:GOOGL) and Facebook Inc (NASDAQ:FB) are conducting their business operations in India. Former BJP leader, Govindacharya has filed a case, raising concerns against the usage of e-mail services by offshore providers for official purposes by government officials. His Public Interest Litigation (PIL) also mentioned the tax evasion by… – Continue reading
Expats are shunning banks in the United Arab Emirates in favour of keeping their cash back in their home countries. Almost half of expats questioned for a survey stated they preferred banking their cash outside the UAE as they had more confidence in banks that they know at home. UAE… – Continue reading
Prada shares have also lost 30% of their value this year because of weak investor sentiment Continue reading the main story Related Stories Prada profit hit by fall in sales Prada shares fall on luxury warning The fashion business Prada’s two chief executives are being investigated by Italian authorities for… – Continue reading
On the sidelines of the UN General Assembly in New York yesterday, Latvian Foreign Minister Edgars Rinkevics (Unity) met with the economy minister of Qatar Sheikh Ahmed bin Jassim Al Thani, during which the two sides signed an agreement on the avoidance of double taxation, LETA was informed by the… – Continue reading
MANILA, Philippines – The Philippines has signed a multilateral agreement to boost its efforts in fighting tax evasion and improving compliance of taxpayers. Bureau of Internal Revenue (BIR) Commissioner Kim Henares, through special authority from the Office of the President, signed the Convention on Mutual Administrative Assistance in Tax Matters… – Continue reading
Port Louis: Pitching itself as the gateway for Africa, the scenic Mauritius is looking to attract more Indian investments across diverse sectors, including education and deep sea mining segments.The island nation provides “liberalised investment procedures and ease of doing business” while film shooting is another area that offers benefits for… – Continue reading
Korean companies and individuals have invested more than 25 trillion won (about $23 billion) in 50 tax haven countries over the past seven years, according to a report submitted Sunday by the National Tax Service (NTS) to the National Assembly. “Investments by small-and medium-sized companies and individuals are in decline… – Continue reading
The Delhi High Court has sought clarification from the Union Government on the issue of tax evasion by Internet companies with regard to their business operations in the country. The Court also asked whether the recipients of services would be liable to pay tax if the service provider was outside… – Continue reading
PORT LOUIS: Mauritius has provided details on majority of information requests received from Indian authorities in the last one year, according to a government official. India has concerns that Mauritius, which is one of the top sources of foreign direct investments into the country, is being used for round-tripping of… – Continue reading
Back in the eighties and nineties, the Wyly brothers ran, and owned huge stakes in, a weird bunch of public companies, including some craft stores, some software companies, and a reinsurer. These companies were good and made the Wyly brothers a lot of money. An odd biological fact is that… – Continue reading
PORT LOUIS: Dispelling ‘misperceptions’ that Mauritius is a tax haven, its financial sector regulator has said the island nation is in discussions with India to address concerns and make changes to the bilateral tax treaty. Emphasising that the country provides stability and predictability for investors, Mauritius’s Financial Services Commission (FSC) sought to… – Continue reading
Vittorio Colao, who is currently on an India visit, said he would be open to listing his company in the country Vodafone Group chief executive officer (CEO) Vittorio A Colao does not rule out the possibility of a settlement of his company’s Rs 16,000-crore tax dispute with the Indian government… – Continue reading
Prime Minister Narendra Modi is expected to rollout a red carpet for investors during his visit to the US at a time when his ambitious “Make in India” campaign, which is aimed to turn the country into a global manufacturing hub, needs huge investments. In meetings over the past month… – Continue reading
ABU DHABI: President His Highness Sheikh Khalifa Bin Zayed Al Nahyan has issued a number of federal decrees with respect to ratifying agreements with a number of brotherly and friendly countries and setting up new consulates abroad. The decrees were published in the recent issue of the federal official gazette.Khalifa… – Continue reading
Members of the public will be able to give feedback on the draft income tax regulations and a draft FATCA e-Tax guide. SINGAPORE: A public consultation has been launched on proposed regulations to help financial institutions comply with the US Foreign Account Tax Compliance Act (FATCA). In a joint statement… – Continue reading
Inversions are technically a financial transaction where a corporation from one country, say the United States, merges with a company in a foreign country, say Ireland. Nothing changes in the United States from a business point of view, except that the value and financial sustainability of the corporation goes up significantly. Why… – Continue reading
High-tax countries unable to compete with tax havens have instead opted to subjugate them Rivalry between governments to attract capital and labour can lead to pro-growth policies. That this comes from the power of people to “vote with their feet” has been known for long. For instance, it was the… – Continue reading
KARACHI: The administration of M/s Shaheen Air International Limited and other respondents have moved Sindh High Court (SHC) and filed a Constitutional Petition (CP) against Pakistan Customs in order to defend themselves in their alleged involvement in tax evasion of Rs 4145 million. According to details, the Model Customs Collectorate-… – Continue reading
India’s desire to have a global system, which will ensure tax-evaders will have no sanctuary anywhere, received a shot in the arm when finance ministers of G-20 nations took a concrete step in this regard. At their meeting in Australia on Sunday, they endorsed a plan to exchange tax information… – Continue reading
Multinational companies could be robbing Uganda of billions of shillings through double taxation treaties (DTTs), a new survey has revealed. The study, DTTs in Uganda: Impact and Policy Implications, by Seatini Uganda and ActionAid, shows that many companies are extracting resources and selling their goods and services in Uganda, but not… – Continue reading
The issue of international assignees was, for a long time, limited to a small number of companies – meaning only those that operated on an international scale. But in recent years, global expansion has shifted into focus for the larger business community. As a result, the challenges and best practices… – Continue reading
In a move tied to budgets, Canada’s Revenue Agency is cutting its top staff focused on international tax evasion. Cuts to experienced personnel who ferret out aggressive tax planning appear to be deepest, despite comments by MP Gerald Keddy that “the CRA is not reducing the number of auditors, nor… – Continue reading
The new global standard, as formulated by OECD in July, would be common for all countries The G20 on Sunday decided to put in place a mechanism for automatic exchange of tax information between various countries by 2017, a development which will help India in dealing with the menace of… – Continue reading
On 11 September 2014, Business BVI held its Annual Asia conference in Hong Kong — ‘Pivoting to Asia: the pathway to new opportunities’. Paul Christopher, managing partner of Mourant Ozannes’ Hong Kong office, appeared as a panellist in a key panel discussion on the event’s programme, entitled ‘The BVI-HK connection:… – Continue reading
The finance ministers of the G20 nations on Saturday resolved to tackle Base Erosion and Profit Shifting (BEPS) to make sure companies pay their fair share of tax. “We have also agreed to increase transparency and crack down on tax evasion,” said an official statement after the first day of… – Continue reading
CAIRNS/AUSTRALIA: India may have scored a big win in its efforts to receive information on black money stashed away overseas as the G20 grouping of nations is set to endorse on Sunday a framework for automatic exchange of information on bank accounts, putting an end to global bank secrecy. A… – Continue reading
Lenders spent nine months poring over the books, sizing up management and even checking out the factory floor at China’s Ultrasonic before deciding in August to give the Frankfurt-listed shoemaker an unsecured credit facility of US$60m. The loan was unsecured, in keeping with regulations in China at the time it… – Continue reading
ISLAMABAD: Finance Minister Ishaq Dar on Thursday ruled out possibility of the recovery of billions of dollars stashed in Swiss banks any time soon. ISLAMABAD: Finance Minister Ishaq Dar on Thursday ruled out possibility of the recovery of billions of dollars stashed in Swiss banks any time soon. The minister… – Continue reading
The OECD wants to force businesses to declare their turnover and number of employees in each country where they are active. Among the multinationals targeted are digital giants Google, Apple and Amazon. The Organisation for Economic Co-operation and Development (OECD) has announced an international action plan called “Project BEPS”, to target… – Continue reading
UBS AG, the world’s biggest manager of money for the rich, has become the test case for French President Francois Hollande’s tax-evasion crackdown. The Swiss bank is set to learn from a Paris appeals court on Sept. 22 if it must post a 1.1 billion-euro ($1.4 billion) bond to cover… – Continue reading
HONG KONG – The government of Hong Kong has recently announced that it will support the Organization for Economic Cooperation and Development’s (OECD) new global standards on the automatic exchange of information for the purpose of enhancing tax transparency and combating cross-border tax evasion. Earlier this year, the OECD released… – Continue reading
Cyprus has accepted a key condition put forward by India on effective exchange of information on tax avoiders Cyprus has accepted a key condition put forward by India on effective exchange of information on tax avoiders, hoping its move, which comes amid continuing talks on amending their mutual tax treaty,… – Continue reading
Tax authorities in Bangalore, the capital of Karnataka state, are looking into why Amazon India does not pay value-added taxes – as required under the VAT Act, 2003 – on goods stored in its warehouses. The investigation was first reported by Deccan Herald late last month. Now the matter has… – Continue reading
BEIJING, Sept. 16 (Xinhua) — The Luxembourg branch of China’s largest lender, ICBC, has been appointed as a clearing bank for renminbi business in the European country, the Chinese central bank said on Tuesday. The People’s Bank of China (PBOC) made the decision in accordance with a memorandum of understanding… – Continue reading
India has seemingly reached an impasse with both Cyprus and Mauritius over the re-negotiation of their respective double taxation avoidance agreements (DTAA). For the former, the disagreement relates to Cyprus’s status as a notified jurisdictional area (NJA) in India, whilst for the latter, it pertains to the update of their… – Continue reading
