Harold Crooks had an epiphany Tuesday afternoon. Asked where he gets his social consciousness from, the New York-based filmmaker recalled something he had never told anyone, a memory from his childhood growing up in Westmount. “I was probably 11 or 12 years old,” he said. “I lived in the middle… – Continue reading
NEIL CHENOWETH The raids unfolded across the city at 8.40 on a Tuesday evening. Squads of federal police descended on Point Piper, Chatswood, city offices and the departure lounge of Sydney International Airport. Accountant Vanda Gould was up when police arrived to arrest him. Across town officers scooped up his… – Continue reading
The Virgin Islands’ financial services industry continues to be heavily criticized through media reports, but Executive Director of the recently formed BVI Finance, Mr Kedrick Malone believes the attacks are politically motivated, reports BVI Platinum. “I think a lot of the media you are seeing is politically motivated. It is… – Continue reading
Alibaba’s multiple nationalities are an invitation to trouble. Taiwan has challenged the e-commerce company’s status as a non-Chinese company. The regulators could be forgiven for being confused. Chinese tax authorities regard Alibaba as a company with its main base in Hong Kong, licensing bodies see China, while investors see the… – Continue reading
In previous updates we have alerted clients to the introduction of Cayman Islands regulations1, which give effect to the automatic exchange of tax information principles established by the US and UK intergovernmental agreements (the “Cayman US Regulations” and the “Cayman UK Regulations”, respectively). While many Cayman Islands entities will be… – Continue reading
In previous updates we have alerted clients to the introduction of Cayman Islands regulations1, which give effect to the automatic exchange of tax information principles established by the US and UK intergovernmental agreements (the “Cayman US Regulations” and the “Cayman UK Regulations”, respectively). While many Cayman Islands entities will be… – Continue reading
MCC interviews three attorneys from Mourant Ozannes. Hayden Isbister is a partner and head of the Corporate practice in the Cayman firm. He specializes in investment funds, general corporate and commercial work. James Burch is a partner and leads the Structured Finance/Banks practice in the Cayman Islands, and Tim Dawson… – Continue reading
The Cayman Islands Department for International Tax Cooperation (“DITC”) released, on 23 February 2015, an update on the status of the Cayman automatic exchange of information portal extending the deadline for notification from 30 March 2015 to 30 April 2015. The extension of the notification deadline is expected to facilitate… – Continue reading
Goldman Sachs’s latest financial report shows that the company avoided paying federal income taxes on almost half its United States profits in 2014. In fact, the company paid an effective tax rate of just 18.6 percent on $6.8 billion in U.S. profits. Most of Goldman’s low tax rate (about half… – Continue reading
Caterpillar, Inc. (CAT), the heavy equipment maker is now under scrutiny as the IRS now demands $1 billion in taxes and penalties. This should come as no shock after the company faced Senate scrutiny in 2014 over its tax plans. Tax Woes The company deals in the designing, manufacturing and… – Continue reading
Sen. Bernard Sanders took aim at some of America’s biggest corporations Wednesday in his crusade to raise taxes on the wealthy, accusing the companies of “legalized tax fraud” for using off-shore banks to avoid U.S. taxes. Mr. Sanders, the ranking member on the Senate Banking Committee, released a report that… – Continue reading
Firms need clear rules, certainty to remain in compliance with tax law, says expert Heightened scrutiny of foreign companies’ tax practices is a sign of China’s effort to modernize its taxation system to keep up with the fast-changing international business environment, but there is another dimension that concerns the foreign… – Continue reading
Bermuda’s well-documented financial services regulation, international partnership treaties, and lack of bank secrecy legislation ought to be recognised by the UK Labour Party, the Bermuda Business Development Agency (BDA) said today. The BDA echoed the Bermuda Government’s weekend response to UK Opposition Leader Ed Miliband following a warning letter issued… – Continue reading
The latest FATCA Foreign Financial Institutions (FFI) list reveals that of the top five countries with the most registrations to date, the Tax Authorities of two – the Cayman Islands and the British Virgin Islands – are implementing the Vizor for FATCA & AEOI Vizor Software, the leading regulatory supervision… – Continue reading
After several years of delays, the Foreign Account Tax Compliance Act (FATCA) finally took effect on July 1, 2014. Congress enacted FATCA as part of the Hiring Incentives to Restore Employment Act in 2010 to stop U.S. taxpayers from evading U.S. taxes through undisclosed offshore accounts and investments. FATCA requires… – Continue reading
The Sydney Morning Herald said that a Fairfax Media report “has found a complex web of companies tied to Adani’s Australian coal developments, extending from the low-tax regime of Singapore to the tax haven of the Cayman Islands. Indian mining giant Adani’s 16 billion dollar mining project in Australia’s Queensland… – Continue reading
A Labour government would push for UK overseas territories to be put on an international blacklist if they refuse to co-operate with a drive against tax avoidance, Ed Miliband has told them. In a letter to their leaders, he said they would have six months to compile a public register… – Continue reading
The serious doubts expressed by many, most recently Professor Christians of McGill University, as to the Constitutional authority cited by the US Treasury1 in support of each Inter Governmental Agreement (an “IGA”) entered into by it on behalf of the United States government to implement FATCA have been rendered practically… – Continue reading
Are you confident that your clients will never be sued? And if they are sued, are you certain that they will be treated fairly by the U.S. legal system? People are now being forced to protect themselves and their assets from liabilities that were never a concern in the past. … – Continue reading
Beijing is going after base erosion and profit shifting, and multinationals could get caught in the crosshairs. China is continuing to step up its efforts to curb what it sees as cross-border tax evasion by foreign-owned companies, announcing it will review how companies move money and allocate costs among their… – Continue reading
HONG KONG — China’s tax officials plan to step up efforts to collect taxes from multinational corporations in the latest of a series of moves in the last year, mostly against Western companies. The activities have included police raids on the headquarters of companies’ China operations and heavy fines under… – Continue reading
Former Tesco boss Sir Terry Leahy is cashing in on the sale of shares in discount retailer B&M through a secretive deal where his profits are funneled through a tax haven. After leaving troubled Tesco, Leahy took on a new role as chairman of B&M, a bargain-basement bazaar known as… – Continue reading
On January 14, federal prosecutors told attorneys representing Mission Hills businesswoman Cheryl Womack that she had until the end of the day to take their plea offer or leave it. It had been a couple of months since Womack seemed ready to accept some kind of fate offered up by… – Continue reading
NEW DELHI: Getting tough with investment proposals from tax heavens, FIPB has deferred 23 applications in its last three meetings apprehending “treaty abuse”. According to sources, the Department of Revenue has expressed doubt that a few foreign companies were evading tax by routing their investments through tax heaven countries with… – Continue reading
Li Ka-shing, Hong Kong’s richest man for the past seventeen consecutive years with a reputed personal wealth of $33 billion, surprised analysts at the start of 2015 by announcing the restructuring of his vast business empire. His plans to merge all non-property assets of his two companies Cheung Kong Holdings… – Continue reading
The Cayman Islands – described by the Financial Times as having “a reputation for clandestine financial activity” – is the latest location for a Savills branch. The office is located in the Caribbean Plaza on Grand Cayman’s Seven Mile Beach and is the first fully branded Savills office in the… – Continue reading
The existence of 1MDB’s RM7 billion in the Cayman Islands and its return to Malaysia must be verified. KUALA LUMPUR: Pandan MP Rafizi Ramli urged Bank Negara Governor Zeti Akhtar Aziz, in a statement on Wednesday, to invoke the Anti Money Laundering Act and ensure that a reported RM7 billion… – Continue reading
Almost every day brings new evidence that the era of bank secrecy for tax evaders using Swiss and “offshore” bank accounts in “tax havens” is over. Both tax authorities and banks are clamping down on unreported offshore accounts. Early in 2014, Swiss bank Credit Suisse agreed to pay fines of… – Continue reading
The US Foreign Account Tax Compliance Act (FATCA) is in the vanguard of a global movement towards the automatic exchange of information on tax matters. The US enacted FATCA in 2010 to tackle the problem of tax evasion by US citizens and residents who under-report or fail to report income… – Continue reading
(ECNS) – Hong Kong billionaire Li Ka-shing’s restructuring of his business empire is not a retreat from the city or tax avoidance, said Chen Jingwei, chairman of the Hong Kong China Chamber of Commerce. Li surprised the market by reorganizing his business empire into two new groups, one for property-related… – Continue reading
Observers of offshore financial centres will know that post 2008 they have been weathering a perfect storm. Firstly, reduced transactional flows, simply because there is less money available for structured finance and investment generally. Secondly, a constant barrage of negative publicity, which deliberately seeks to conflate tax evasion and tax… – Continue reading
Jan 19 (Reuters) – A former Julius Baer banker was found guilty on Monday of breaching Swiss banking secrecy laws by handing over data about offshore clients to WikiLeaks, but will avoid jail time. Rudolf Elmer, 59, a former senior executive at Zurich-based Baer’s Cayman Islands’ office, was accused of… – Continue reading
(Bloomberg) -– So how did the previously obscure term tax inversions become part of Washington parlance, fodder for the next presidential campaign and the issue that helped derail a U.S. Treasury nominee? Thank, or blame, depending on your perspective, cutting-edge tax lawyers, populist Democrats, a banana seller, a drugmaker, a… – Continue reading
A pair of Democratic lawmakers in the House and Senate have re-introduced legislation aimed at preventing the abuse of offshore tax havens by multinational companies. Rep. Lloyd Doggett, D-Texas, a senior member of the tax-writing House Ways and Means Committee, and Sen. Sheldon Whitehouse, D-R.I., a member of the Senate… – Continue reading
The Model 1B Intergovernmental Agreement signed between the Cayman Islands and the United States, sees those entities considered Financial Institutions (FI) that fall under FATCA, and have not registered with the IRS (to obtain a Global Intermediary Identification Number (GIIN), prior to 22 December 2014) now facing possible penalties (withholding)… – Continue reading
The Cayman Islands government announced it will not implement a central register of beneficial ownership information, but will continue its current method of providing this type of information to law enforcement, tax and regulatory authorities. At the same time, government proposes to enact new legislation that will improve access to… – Continue reading
The Cayman Islands has published a new report stating that, while it will not introduce a central registry of information on the beneficial ownership of companies, it will tighten up its beneficial ownership regime in other areas. The report follows industry consultation between November 2013 and February 2014 and broadly… – Continue reading
The Cayman Islands Government today issued a report stating that it will continue its current method of providing beneficial ownership information to law enforcement, tax and regulatory authorities, as the method adheres to global standards. As explained in its Consultation Report on Maintenance of Legal and Beneficial Ownership Information, Government’s… – Continue reading
Indonesia has only met its tax revenue collection target two times in the past 10 years, but President Joko “Jokowi” Widodo has vowed to transfer his past success in boosting tax revenue at the regional level in Jakarta and Surakarta to the nationwide level. Jokowi has laid out his plan… – Continue reading
For centuries the inner workings of the Vatican Bank have been cloaked in secrecy. That was before Pope Francis, who has pledged to restore public confidence in the administration of the Roman Catholic Church. This week we learned the United States and the Holy See have brokered a FATCA agreement… – Continue reading
UBS Fund Services has had one of its strongest years in terms of winning new clients according to Monette Windsor (pictured), who heads up the Cayman Islands business. “We’ve invested heavily in our business development team this year and we’ve had to beef up our client onboarding team. We have 165… – Continue reading
After signing Model 1 inter-governmental agreements (IGA) with both the US and the UK in November 2013, in July 2014 the Cayman Islands government passed the necessary regulations to provide legal obligations with respect to US and UK FATCA as a matter of Cayman Islands law. Also in July 2014,… – Continue reading
Burger King Chief Executive Officer Daniel Schwartz swears that the company’s plan to renounce its U.S. “citizenship” and become a Canadian corporation “is really not about taxes.” But a new report by my group, Americans for Tax Fairness, finds that it really is about taxes after all. The report reveals… – Continue reading
The Cayman Islands Tax Information Authority (“Cayman TIA”) issued the second official version of the Cayman Islands FATCA Guidance Notes (the “Guidance Notes”) on 15 December 2014. A copy of the Industry Advisory and the Guidance Notes can be found through the following links: Industry Advisory Guidance Notes on the… – Continue reading
(CNS Business): Just days away from the 22 December deadline for many financial institutions to register with the US tax authorities to obtain their Global Intermediary Identification Number (GIIN) by 1 January 2015, the Cayman Islands Tax Information Authority has issued Version 2 of the FATCA Guidance Notes, which clarified… – Continue reading
The Cayman Islands, a British Overseas Territory in the western Caribbean Sea and a major world offshore financial center, are betting on new financial technologies based on the Bitcoin blockchain, Cayman Compass reports. A new company, Latitude, which provides seed capital and mentorship programs to tech ventures could potentially bring… – Continue reading
The total number of new company registrations increased across offshore jurisdictions in the first half of 2014, according to Appleby, a provider of offshore legal, fiduciary and administration services. In the first half of 2014, there were 46,455 new offshore company incorporations, representing a 4% increase on the preceding six… – Continue reading
(CNS Business): There were 5,391 new company registrations in the Cayman Islands in the first half of 2014, a 17% increase over those incorporated in the jurisdiction in the preceding six months, a report by offshore law firm, Appleby, revealed. The Cayman Islands experienced the greatest percentage increase in new… – Continue reading
Armenia’s Central Bank (CB) claims thatsome data regarding money flows to and from offshore financial centers is protected from public disclosure under the law. We say ‘some’, because the CB is being selective when it comes to which information can be disclosed and what cannot. When Hetq contacted the CB,… – Continue reading
The surge in U.S. companies avoiding taxes by taking a foreign address has been condemned by President Barack Obama and stirred a policy debate in Congress. What’s often overlooked is that these “inversions” are typically a final step in a hopscotch of multinational tax dodging. Many companies invert after years… – Continue reading
