Category: Europe

FBR slaps notices on 400 Karachi residents holding UK properties

KARACHI: The Federal Board of Revenue (FBR) has served notices to around 400 residents of the port city owning properties in the UK, asking to clarify if they availed the recently floated amnesty scheme or not, sources said on Friday. “A tax department issued around 300-400 notices to Karachiites for...

Properties in UK: 75pc FBR notices issued to people from Karachi, Lahore, Islamabad

ISLAMABAD: The people belonging to Karachi, Lahore and Islamabad are on top on account of receiving 75 percent tax notices from the Federal Board of Revenue (FBR) for owning expansive properties in UK out of total 600-700 properties. This information has been shared by the UK tax authorities in a...

Warning to declare foreign income before September deadline

UK taxpayers who receive any foreign income or profits from offshore assets have been urged to contact HMRC and disclose this income before 30th September 2018 to avoid being hit by higher penalties. David Redfern, tax preparation specialist and director of DSR Tax Claims, warned those affected to contact HMRC...

How Will the UK Deal With Crypto After Brexit: Expert Take

The United Kingdom and the European Union failed to reach an agreement on an orderly uncoupling, which is a major geopolitical and strategic event, with global implications. Uncertainty about the outcome of the Brexit referendum has already started to weaken growth in the U.K. — which is expected to get...

FBR to send tax notices to 600-700 potential tax evaders in UK

ISLAMABAD: After expiry of the tax amnesty scheme that had failed to lure owners of offshore assets abroad in a big way, the Federal Board of Revenue (FBR) has decided dispatching tax notices to 600-700 individuals having rental income from possessing expensive properties in the UK in a bid to...

Putin Signs ‘Tax Havens Bill’ to Shield Russian Companies From Foreign Sanctions

Russian President Vladimir Putin signed a package of laws allowing Russia-controlled foreign offshore companies to be re-registered in offshore financial centers (OFCs) established in Russia’s Kaliningrad Region and Primorsky Territory in order to minimize the possible consequences of sanctions and political risks from foreign countries. The legislation establishes the procedure...

Lyford Cay Blasts 500% Hike In Tax

The Government is moving to reinstate the $50,000 property tax “cap” after The Bahamas’ wealthiest community slammed “punitive taxation” that threatens “500 percent or greater” tax hikes. KP Turnquest, deputy prime minister, yesterday told Tribune Business that the Government was “actively reviewing” recent Real Property Tax Act reforms that could...

French request for UBS banking data stopped by Swiss court: report

GENEVA, Aug. 2 (Xinhua) — Switzerland’s Federal Administrative Court has ordered the country’s tax administration not to provide France with details about 40,000 UBS bank clients with French addresses, Swiss media reported Thursday. In May 2016, the French tax authorities requested administrative assistance from the Federal Tax Administration (FTA), Swiss...

Slovakia is pushing on digital platforms, including booking.com, to pay taxes here

One digital platform has registered on its own and others are being registered ex officio. Foreign digital platforms, which mediate services in transport and accommodation in Slovakia, are obliged to launch so-called permanent establishments in Slovakia. The Finance Ministry wants to force them to pay corporate tax. So far only...

HMRC warn UK taxpayers it’s time to declare offshore assets

HM Revenue and Customs (HMRC) is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties New legislation called “Requirement to Correct’ requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK...

Macau | City to comply with OECD tax information exchange from September 1

Macau financial authorities announced today that starting from September 1 the city will start complying with automatic financial exchange regulations devised by the Organisation for Economic Co-operation and Development Macau (MNA) – The Office of the Secretary for Economy and Finance, Lionel Leong Vai Tac, has announced this Tuesday that...

Tax Hike ‘Shockwaves’ Hit High-End Properties

Foreign investors were yesterday said to have halted construction projects, with some threatening to sell their high-end properties, as the “shockwaves” from Budget tax changes hit home. Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that much of the Bahamas’ second home market “is dead” unless...

Rivers seeks support from US senators

(CNS): Financial Services Minister Tara Rivers was in Washington, DC, last week, trying to persuade US Senators and others that Cayman’s financial services industry is well regulated and adhering to tax transparency standards. Picking up from an earlier visit, the minister spoke with American lawmakers about the industry here and...

Which Countries is The Cryptocurrency Taxed In?

The cryptocurrency industry is still at a very early stage of its development, so there are no single international rules yet. The governments of individual countries independently try to regulate digital assets. The tax on the cryptocurrency varies in different countries. Within the framework of this article, we will try...

UK Adopts EU Anti-Money Laundering Legislation

The UK is upgrading its national security by adopting a recently implemented European Union fifth anti-money laundering directive, the Department for Business, Energy and Industrial Strategy (BEIS) announced in a statement on Tuesday. The fifth directive is aimed at combating corruption and money laundering and came into effect in the...

European Leaders Press for New Digital Tax at G20 Meeting

European finance officials just wrapped up a G20 summit in Argentina where they pressed for new global rules to better collect tax on digital giants like Google (NASDAQ:GOOGL 1258.15 0.04%), Facebook (NASDAQ:FB 214.67 0.02%), and Amazon (NASDAQ:AMZN 1829.24 0.02%), among others. The European Commision is the executive (read: tasked with...

US imposes reporting rules on Delaware Companies

Revamped rules for Delaware Companies create new reporting obligations for owners and eliminate any vestiges of confidentiality that once made these offshore structures attractive for many property buyers. Effective since the beginning of 2017, Delaware Limited Liability Companies (LLCs) that are wholly owned by a non-resident, now become subject to...

FBR obtains information about Pakistanis’ immovable properties in UK

ISLAMABAD: Under a newly-signed agreement, Pakistan will have access to the information about its nationals’ assets abroad, it emerged on Monday. The Federal Board of Revenue (FBR) has obtained information regarding immovable properties owned by Pakistanis in the United Kingdom (UK). The information has been obtained with the assistance of...

The use of UK holding companies in international group structures – tax considerations

From a commercial viewpoint it is important that the Holdco is located in a reputable jurisdiction when seeking to access international equity and debt capital markets. The choice of Holdco location will also be relevant in circumstances where private equity investment is envisaged or where a trade sale is planned....

India’s sweeping anti money laundering agenda comes under scrutiny

Money laundering and abuse of sophisticated financial instruments have come under increasing scrutiny from regulators. However observers warn high-profile initiatives often act as a distraction from a lack of genuine political will to tackle global financial crime. For example, India’s leading stock exchange, the BSE, de-listed 222 dormant shell companies...

UK withholding tax on interest paid to non-residents

The UK does still have one significant disadvantage namely the 20% withholding tax imposed by UK domestic law on “yearly interest” that arises in the UK is paid to persons whose “usual place of abode” is outside the UK. The UK is normally regarded as an attractive location for the...

Standard Chartered selects BearingPoint’s FiTAX as tax reporting solution

Standard Chartered has selected FiTAX, a solution from BearingPoint, as its global client tax reporting solution for QI, FATCA and AEoI/CRS reporting. International banking group Standard Chartered, founded in 1969, is with approximately 87,000 employees across offices in more than 60 countries one of the globe’s leading financial services institutions....

UK beneficial ownership vote alarms Overseas Territories; financial services vital for several islands

A vote by the UK parliament to insist that Britain’s Overseas Territories introduce publicly available beneficial ownership registers by December 31, 2020, has sparked anger and dismay within these autonomous, mainly small island, jurisdictions. An amendment to a UK Sanctions and Anti-Money Laundering Bill requires the British government to impose...

‘Double taxation arrangement’ renegotiated

Document to be presented to Tynwald after summer recess The Isle of Man has agreed a renegotiated ‘double taxation arrangement’ with the UK. Howard Quayle met with Mel Stride MP yesterday, who is Financial Secretary to the Treasury and Paymaster General across, to sign the document which replaces the agreement...

Tax chiefs unite to tackle international tax crime

HMRC has formed an alliance with tax enforcement bodies in 4 countries to share intelligence and expertise in the battle against international tax crime. The UK has joined forces with Canada, the Netherlands, the United States and Australia to launch the Joint Chiefs of Global Tax Enforcement (J5) – a...