Jay Fishman, who built New York-based Travelers Cos. into one of the world’s biggest insurers, lamented that disparities in tax rates are pushing established rivals and industry newcomers outside the U.S. Over the past 15 years or so, “we’ve counted 10, 12, maybe even 15 Bermuda-based startups that ultimately became… – 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
Google’s CEO may be “proud” of the way his company avoids taxes, but a Canadian tax watchdog group thinks the tech giant’s tax practices should disqualify it from partnering in a Canadian election debate. The Globe and Mail is hosting a leaders’ debate on the economy Thursday night in partnership… – 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
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
Britain’s Conservative government has relaxed demands on the Cayman Islands to create a register detailing company ownership, despite Prime Minister David Cameron’s previous call for Overseas Territories to adopt the measure to promote transparency. The UK’s Overseas Territories and Crown Dependencies make up almost 25 percent of the world’s tax… – Continue reading
Grant Shapps, Foreign Office minister, says on visit that Cayman Islands could use existing systems to help tax authorities The UK government appears to have relaxed its pressure on the Cayman Islands to create a register of company ownership, despite David Cameron’s plea last year for overseas territories to do… – Continue reading
For hedge funds in most jurisdictions, the first wave of registration and reporting deadlines surrounding the Foreign Account Tax Compliance Act (FATCA) is now in the rearview mirror, but a significant amount of work likely remains. Due to the staggered approach regarding the definition of a reportable investor in 2014… – Continue reading
Ministry of Finance officials say they are “monitoring developments” in Washington after the District of Columbia included Bermuda on a list of tax havens. The Island was one of 39 jurisdictions named on the list in changes to the municipality’s Budget Support Act. The changes will first have to be… – Continue reading
The Deputy Premier and Minister of Finance Bob Richards today [Aug 28] commented on a report that Bermuda has been named to a new tax haven list drawn up by the District of Columbia in the US. While such changes would first have to be reviewed by the US Congress… – Continue reading
A favourable trip to London by Michael Dunkley has been notable for what did not come up in talks, the Premier said. “One thing that never came up was the European Union blacklist,” Mr Dunkley said of his meeting with British Cabinet ministers. In June, the EU’s executive commission included… – Continue reading
To check black money generation, the government today approved signing and ratification of the agreement between India and Seychelles for exchange of information with respect to taxes, reports the Economic Times. The agreement will stimulate the information exchange between India and Seychelles for tax purposes, which will help curb tax… – Continue reading
Artisan goods marketplace Etsy Inc., which promised to be a beacon for transparency as a public company, recently implemented a strategy that shrouds its offshore tax-cutting arrangements in secrecy. Because of a change in how its Irish subsidiary is registered, Etsy no longer needs to publicly disclose basic financial information… – Continue reading
Yet another American company has announced its intention to carry out a corporate inversion, a fancy term for buying a smaller company, completing some paper work and, for tax purposes, declaring its new headquarters are in a foreign nation. This time it’s Terex, a Connecticut-based heavy equipment and crane manufacturer,… – Continue reading
As the Islamic financial industry continues to experience exponential growth, offshore financial centres (OFCs) are keen to market their value for the development of Islamic financial products. OFCs are working towards establishing comprehensive eco-systems to gain competitive advantages over other jurisdictions for Islamic finance. Most OFCs promote the element of… – Continue reading
The rise of Islamic finance and sukuk issuances have brought with it a growing phenomenon: Shariah banking is increasingly taking advantage of offshore banking jurisdictions, and this for a number of reasons, reports the Gulf Times. Many offshore centres around the world meanwhile offer a wide range of features allowing… – Continue reading
For fans of creative tax dodging, the release of the Nike Corporation’s annual report is always an enlightening occasion. As we noted two years ago, the company quietly acknowledges having stashed billions of dollars in low-tax offshore destinations, and has inadvertently given some signals about how it might be achieving… – Continue reading
Former Attorney-General Mark Pettingill describes the suggestion he had someone seeking payment of a bribe on his behalf as “ridiculous” A developer’s allegations of Government corruption over the development of the Hamilton waterfront are “farcical” and based on “hearsay, innuendo and lies”, according to Mark Pettingill, the One Bermuda Alliance… – Continue reading
Hedge fund manager Daniel Loeb was singled out for criticism by labor leaders who are urging the U.S. to limit investors’ ability to lower tax obligations through offshore reinsurance ventures. “When just one hedge fund takes advantage of this loophole, it means hundreds of millions of dollars are lost that… – Continue reading
Energy giants called to explain billions in tax havens To describe Gorgon as another super-sized resources project in Western Australia does not do justice to the scale and scope of the venture. When the taps are turned on later this year and liquefied natural gas begins to flow, Australia will… – Continue reading
Guernsey chief minister Jonathan Le Tocq has defended the island’s position as an “international leader” in tax cooperation after it was placed on the European Commission’s tax haven blacklist last month. Speaking exclusively to International Adviser, Le Tocq described the list of the 30 most un-cooperative tax jurisdictions as “arbritary”… – Continue reading
It’s well-documented that profitable Fortune 500 companies are stashing profits offshore to the tune of at least $2.1 trillion and avoiding as much as $550 billion in U.S. taxes. But instead of taking steps to halt this brazen tax dodging, lawmakers have floated various misguided “reform” proposals that would actually… – Continue reading
“American” corporations that “invert,” or establish offshore domiciles in order to avoid payment of U.S. taxes, are still feeding at the government trough. They have benefited from American laws, courts and infrastructure, becoming obscenely wealthy – yet refuse to return the favor to We The People. And who and what… – Continue reading
Sens. Rob Portman (R-Ohio) and Chuck Schumer (D-NY) today released a long-awaited tax reform plan that reads like a wish list for multinational corporations. The Senate Finance Committee working group’s report provides recommendations for restructuring the federal government’s international corporation tax rules. The plan is long on misguided ideas and… – Continue reading
Booming demand for offshore tax services will trigger a £240m takeover deal involving a unit of Appleby Global, Sky News learns. The booming demand for offshore trust and fund administration services will be underlined in the coming days by a $370m (£238m) takeover deal involving Bridgepoint, the London-based buyout firm…. – Continue reading
The OECD has backed Guernsey in its fight against tax haven status, describing the crown dependency’s inclusion on the European Commission’s list of top 30 non-compliant tax jurisdictions as “very surprising”. Monica Bhatia, head of the secretariat of the Organisation for Economic Cooperation and Development’s Global Forum on Transparency and… – Continue reading
Cape Town-based think tank the Alternative Information and Development Centre (AIDC) is gearing up for an international campaign to have Lonmin’s mining licence revoked due to a number of reasons. These include the events related to the Marikana massacre during a strike by Lonmin workers and alleged tax evasion by… – Continue reading
After a four-year ramp up, America’s far-reaching tax law, FATCA – the Foreign Account Tax Compliance Act (enacted in 2010) – is now in full effect. With over 60 countries (including, most recently, the Vatican) having signed an agreement with the United States related to the enforcement of FATCA, it… – Continue reading
Latvia has become the second European state to remove Bermuda from its blacklist of uncooperative tax jurisdictions In June, the European Commission (EC) published a list of 30 uncooperative tax jurisdictions, with a so-called master blacklist comprising of countries that were targeted by 10 or more EU member states. Bermuda… – Continue reading
Latvia has become the second European state to remove Bermuda from its blacklist of uncooperative tax jurisdictions In June, the European Commission (EC) published a list of 30 uncooperative tax jurisdictions, with a so-called master blacklist comprising of countries that were targeted by 10 or more EU member states. Bermuda… – Continue reading
The Baltic republic of Latvia has pulled Bermuda off its blacklist of uncooperative tax jurisdictions supplied to the European Commission. And the move means the Island has dropped below the ten-nation threshold for inclusion on the EU hitlist — leading Finance Minister Bob Richards to demand Bermuda be taken off… – Continue reading
The owners of hedge fund-backed reinsurers, including one tied to John Paulson, could have to pay more taxes or shift their focus under a bill introduced by Senator Ron Wyden to counter what he called abuses by offshore companies. “For over 10 years now this loophole has allowed some hedge… – Continue reading
A new treaty makes it more difficult for companies to take advantage of tax loopholes to avoid their financial obligations. Globally, initiatives are afoot to close tax loopholes and South Africa is one of the frontrunners – its new treaty with Mauritius removes the allure for tax-shy corporates doing business… – Continue reading
The Caribbean Community (CARICOM) issued a statement on Thursday to “strongly” oppose a recent blacklisting of its members as “non-cooperative” tax jurisdictions by the European Union (EU). The list published last week named 14 Caribbean states and territories, including Antigua and Barbuda, Bahamas, Barbados, Belize, Bermuda, Grenada, St. Vincent and… – Continue reading
The governments of Grenada and St Vincent and the Grenadines have complained about the European Union’s decision to include them on a list of 30 international tax havens, reports the Latin American Herald. “Grenada’s inclusion implies that Grenada is not doing sufficient to guard against harmful tax practices,” Prime Minister… – Continue reading
A “captive” insurance company is an insurer formed for the limited purpose of insuring the risks of its non-insurer owner or owners. A captive can be an effective risk-management tool, especially for costly or unconventional risks, and it can also give businesses direct access to reinsurance markets. The number of… – Continue reading
A “captive” insurance company is an insurer formed for the limited purpose of insuring the risks of its non-insurer owner or owners. A captive can be an effective risk-management tool, especially for costly or unconventional risks, and it can also give businesses direct access to reinsurance markets. The number of… – Continue reading
Despite the inevitable move towards automatic exchange of tax information and Common Reporting Standards internationally, there continues to be a steady flow of litigation in the Courts of International Financial Centres such as Bermuda, the Cayman Islands, and Singapore relating to challenges to inter-governmental Tax Information Exchange Agreement (TIEA) requests…. – Continue reading
A controversial Euro list of dodgy tax jurisdictions that included Bermuda has been dealt a blow after Poland said the Island should not have been included on its submission. The move came after the European Commission unveiled the 30-jurisdiction ‘blacklist’ of non-cooperative tax jurisdictions singled out by member states. Poland… – Continue reading
Channel island claims inclusion is in error because Brussels miscounted the required 10 nominations by wrongly including one for neighbouring Sark Guernsey has written to the European commission demanding to be removed from a blacklist of the worst international tax havens – as nominated by EU member states. Chief minister… – Continue reading
The Bahamas was yesterday “dumped on” through its inclusion on another so-called financial services ‘blacklist’, although an ex-Attorney General and others suggested the development should be taken “with a big grain of salt”, reports the Bahamas Tribune. John Delaney told Tribune Business that the European Union’s (EU) decision to ‘blacklist’… – Continue reading
FATCA – Which Countries Are In And Out The controversial US Foreign Account Tax Compliance Act (FATCA) law is set to start from July 1, 2014, so with less than 21 days to go, here’s a look at which countries are in and who is outside of the tax network…. – Continue reading
St. Kitts and Nevis is one of 30 countries placed on the European Union’s black list for not doing enough to fight tax evasion. The EU’s executive Commission published the list Wednesday (June 17). The blacklisted countries figure on at least ten of the EU’s 28 member nations’ lists of… – Continue reading
David Gauke, financial secretary to the Treasury, told representatives from the European Parliament that Britain would reject plans to combat tax avoidance by multinationals According to the Guardian, German MEP Michael Theurer said, “He was very clear that the UK is insisting on tax competition”. The European Commission’s plan to… – Continue reading
Critics of an EU tax-haven blacklist say the organisation is playing dice with small states’ reputations, while ignoring European tax avoidance hubs BRIDGETOWN, Barbados, June 19, 2015 (AMG) — Doubts have been cast over the methodology and motives behind the naming of fourteen Caribbean countries among a list of thirty… – Continue reading
Government appeared to brush off the latest blacklisting of the Cayman Islands when it released a short statement on Wednesday at around 5pm following revelations by the EU that the jurisdiction had been cited as facilitating tax evasion, reports the Cayman News Service. “It is unfortunate that the EU black… – Continue reading
The European Union: Labelled Bermuda as a tax haven Bermuda has been named by the European Union as a country that is not doing enough to crack down on tax avoidance. The Island was one of 30 countries on the list published by the EU’s executive Commission today. “These tax… – Continue reading
The European Union has published its first list of international tax havens as part of a crackdown on multinational companies trying to avoid paying tax in the 28-nation bloc. The list of 30 territories includes Hong Kong and Brunei in Asia, Monaco, Andorra and Guernsey in Europe, and a series… – Continue reading
The European Commission is set to adopt an Action Plan to tackle corporate tax avoidance and promote growth-friendly taxation in the Single Market despite an uphill battle against global giants such as Apple and Starbucks, as well as some hypocritical member states. The European Commission’s plans unveiled Wednesday include a… – Continue reading
Wal-Mart Stores Inc. owns more than $76 billion of assets through a web of units in offshore tax havens around the world, though you wouldn’t know it from reading the giant retailer’s annual report. A new study has found Wal-Mart has at least 78 offshore subsidiaries and branches, more than… – Continue reading
