Guernsey’s Chief Minister and Commerce and Employment Minister have expressed their astonishment that Guernsey has been included on a list of 30 so-called ‘non-cooperative’ non-EU jurisdictions, which was published today, reports Guernsey Finance. The list consolidates national tax ‘blacklists’ as they stood six months ago, and includes any jurisdiction on… – 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
Poland has removed Gibraltar from its schedule of countries and territories that it considers to be non-cooperative tax havens, the latest in a string of countries to do the same. The move means Gibraltar companies have been freed from previously held restrictions when doing business with Polish companies. It follows… – Continue reading
Gibraltar’s Chief Minister, Fabian Picardo, has met with the new TAXE committee of the European Parliament and defended the territory’s tax ruling regime. The TAXE Committee was established earlier this year in the wake of the leak of confidential tax rulings provided by EU member states to certain multinationals. The… – Continue reading
RODRIGO RATO, a former IMF chief and veteran Popular Party (PP) official, is under scrutiny for tax fraud, as well as other crimes. In 2013, it is reported that he transferred company shares to his children, worth €2.5 million, in an attempt to avoid paying civil liability bonds in an… – Continue reading
The Chief Minister Fabian Picardo this morning defended Gibraltar’s position on taxation before members of the new TAXE committee of the European Parliament. He was accompanied by the Deputy Chief Minister Dr Joseph Garcia, Attorney General Michael Llamas and Sir Graham Watson. The meeting took place at the request of… – Continue reading
Portugal can be a very attractive country to live in from a tax point of view. The inheritance tax regime is very benign here, and there is no wealth tax. Tax efficient arrangements can lower tax liabilities on your investment and pension income. And if you are a new resident,… – Continue reading
The medium-term uncertainty of the UK’s continued membership of the EU remains a cloud on Gibraltar’s financial horizon, for the Rock’s membership of the 27-nation body – and thus her role as a stepping-stone into Europe’s vast financial market – is under Britain’s umbrella. And it is partly in response… – Continue reading
The Gibraltar Financial Services Commission (“FSC”) has welcomed the new Standard of Regulation that has been issued by the Group of International Finance Centre Supervisors (“GIFCS”). The FSC is a member of GIFCS and actively participated in the working group which drafted the standard. The FSC has been regulating this… – Continue reading
FSC restructuring plans for 2015 he Gibraltar Financial Services Commission (FSC) has recently announced restructuring plans for 2015. The restructure will take effect on 1 January 2015, focussing on supporting efficient and effective delivery of the FSC’s regulatory objectives and with a particular focus on strengthening existing sector-specific expertise. This… – Continue reading
Pressed by the Gibraltar Government, the rightwing Spanish newspaper ABC yesterday backtracked on an earlier article in which it made damaging, but incorrect claims about Gibraltar and its commitment to tax transparency. The newspaper published a clarification yesterday following an article earlier this month in which it claimed Gibraltar was… – Continue reading
Spanish taxpayers who hold money and financial assets outside Spain barely use Gibraltar compared to other jurisdictions, according to figures revealed by the head of the Spanish tax agency in parliament in Madrid yesterday. Santiago Menéndez, director general of the Agencia Tributaria, told the parliament’s tax commission that 197,000 taxpayers… – Continue reading
• New obligation to declare foreign assets sheds light on offshore wealth • But revenue office opts to keep quiet on investigation into ex-IMF chief Rodrigo Rato The Tax Agency has uncovered €20 billion in undeclared assets that was being held in Switzerland. That’s according to agency director Santiago Menéndez,… – Continue reading
Rato’s dealings include misappropriation of funds through a Visa card totaling 6 Million Euro, income from serving on the international advisory board of a Turkish bank in violation of Spanish banking laws, and a series of shell corporation divestments. UPDATE: Spanish prosecutors have arrested Rato, charging him with fraud, money-laundering… – Continue reading
Only one change in expat offshore money rates for the week – a new account launched by Skipton International. The 18 month fixed rate bond follows the market lead in offering shorter fixed terms. The rate is 1.75% and savers can open an account with £10,000. The savings market is… – Continue reading
Gibraltar Private Bank & Trust is under federal investigation for possible violations of the Bank Secrecy Act and related anti-money laundering requirements. “The Bank cannot at this time predict the results of such investigations, whether penalties or fines will be sought, and, if so, the amounts of any proposed penalties… – Continue reading
Malta has become the only jurisdiction to offer full UK-style pension freedoms for British ex-pat savers in qualifying registered overseas schemes, after a deal forged last week between the country’s financial regulator, reports the FT Adviser. One provider, TMF Group, has announced it has reached agreement with the Malta Financial… – Continue reading
On April 1, Italy’s Minister of the Economy and Finance, Pier Carlo Padoan, signed two decrees that modify Italy’s “black lists,” and announced on the same day that Italy and the Vatican had signed their previously agreed tax information exchange agreement (TIEA). The two decrees follow the guidelines laid down… – Continue reading
Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is… – Continue reading
Law firm boss Tom Maher has been invited to be a speaker at a prestigious conference alongside the FBI special agent who caught the notorious ‘Wolf of Wall Street.’ He will also share the platform with a host of other newsworthy people in the business world including the whistleblower who… – Continue reading
According to news reports, Gibraltar’s government isn’t going to take being called a ‘tax haven’ lying down. The little British Overseas Territory at the tip of Spain is suing ABC—not the TV network, the Spanish newspaper—for defamation. Gibraltarians may live in what many call a tax haven, but their government… – Continue reading
One of Britain’s leading lawyers Lord Pannick, QC, will be heading a team of Gibraltar Government experts at the Royal Courts of Justice in London this morning as the local gaming industry takes on the British Government over tax issues, reports the Gibraltar Chronicle. Government is not participating directly in… – Continue reading
THE Gibraltar government is suing a Spanish daily national over a front page story which pictured the Rock as an iceberg of dirty money. The article, which appeared in ABC newspaper, labelled Gibraltar a ‘tax haven’ and alleged it is home to ‘15 organised crime gangs’ connected to drug smuggling,… – Continue reading
The Manx government will not officially respond to Labour leader Ed Miliband’s ultimatum on beneficial ownership. Mr Miliband has threatened to place on an international blacklist any Crown Dependency or British Overseas Territory that fails to produce a public register of company beneficial ownership within six months of Labour coming… – Continue reading
PREMIER Rufus Ewing has called out United Kingdom Opposition Leader, Edward Miliband for published statements he recently made regarding the TCI being a tax haven. Miliband is reported in the UK press as stating that the UK overseas territories (OT) are not complying with UK directives on beneficial ownership of… – 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
LONDON, England — 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, Labour Party leader Ed Miliband has told them ahead of general elections in Britain in May. In a letter to… – Continue reading
The Labour leader has faced a backlash after accusing many of Britain’s overseas territories of helping tax dodgers Gibraltar’s chief minister has hit out at Ed Miliband – accusing him of fuelling Spanish attacks on the territory by wrongly suggesting it was operating as a “tax haven”. Fabian Picardo said… – 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
NEWS: Spain’s Foreign Minister said “it was fine” for Fabian Picardo to speak in Madrid: “as long as no one forces me to listen”. The Chief Minister was introduced by the British Ambassador. In a breakfast speech in central Madrid to a room filled with some 250 politicians, businessmen, diplomats… – Continue reading
A legislative amendment leaves Gibraltar “very well positioned” to follow Malta’s lead in adapting to HM Revenue & Customs introduction of full flexibility to Qualifying Recognised Overseas Pension Schemes (QROPS). At the end of December last year, HMRC issued draft legislation to allow QROPS full flexibility in drawing pension benefits… – Continue reading
The US Foreign Account and Tax Compliance Act is a complex piece of legislation that has, unsurprisingly, triggered a number of enquiries in recent months from advisers seeking to understand the implications for them and their clients. So, what do you need to know? Fatca is a US Internal Revenue… – Continue reading
Buildings in Bedford Square used by the Ministry of Justice to hold tax tribunals belong to a company registered in a tax haven, says Private Eye. The discovery by the Eye means the UK government is going against its own rules which forbids it from transferring its assets offshore. In… – Continue reading
Countries are competing to lower their tax rates to please the corporate giants, but the result is a massive collective loss of revenue. Only international coordination can wipe out the practice and defeat the negative influence of the Big Four accounting firms. Tax havens have long existed in the popular… – Continue reading
Easy access drawdown rules for Qualifying Recognised Overseas Pension Scheme (QROPS) come with a twist in the tail. The Treasury and HM Revenue & Customs (HMRC) have confirmed QROPS are included in pension reforms that start from April 6, 2015 – which means retirement savers can access their QROPS fund… – Continue reading
The European Commission has announced that its ongoing inquiry into advance tax rulings will be expanded to cover all European Union member states. The Commission said on December 17 that it will ask member states to confirm whether they offer tax rulings. If they do, they will be requested to… – Continue reading
On 21 November, the States of Guernsey Income Tax (ITO) published bulletin 2014/1 to update the most recent iteration of the draft guidance notes issued jointly by the crown dependencies on 28 July 2014 regarding the implementation under domestic law of FATCA-based reporting. The bulletin provides clarification in response to… – Continue reading
MOSCOW — There is nothing new about offshore tax shelters. In ancient Athens, after the government decided to levy a 2% tax on all trade operations, merchants started avoiding the city, conducting business on the surrounding islands instead. Those Greek islands became the first offshore tax havens. The current offshore… – Continue reading
Expats have a range of choices – so how do they find a safe home for their assets? The traditional use of offshore centres as a way of enabling better tax planning – and even tax evasion – has all but fallen away. An increasing desire for countries to share… – Continue reading
There must be a level playing field when it comes to taxation so that Gibraltar will suffer the burdens of compliance but not the benefits of having a compliant tax system, said the GSD Opposition this week. “That would simply place Gibraltar at a significant disadvantage and would be unacceptable,”… – Continue reading
With the imminent dawn on tighter tax and social security controls Spanish and other cross border workers are being urged to make sure they know their rights and obligations. The Chronicle commissioned a briefing report from Hassans (see page 4) which sets out key issues. It was reported earlier this… – Continue reading
Financial institutions based in certain British Overseas Territories (BOTs) and Crown Dependencies (CDs) will be subject to stricter reporting requirements covering accounts held with them by UK resident non-UK domiciled taxpayers from 2016 if specific “carve outs” are not negotiated, an expert has said.31 Oct 2014 Private wealth tax Tax… – Continue reading
The Gibraltar Betting & Gaming Association (GBGA) is continuing its challenge against changes to the United Kingdom’s regulatory and licensing changes for gambling-service providers by asking for a judicial review of a recent High Court decision which went against the GBGA’s interests, specifically challenging whether the new 15% “UK point… – Continue reading
Europe’s antitrust regulator is encroaching on what has been the preserve of national governments. There’s a new tax sheriff in town. Europe’s top antitrust regulator, the Brussels-based European Commission, has launched an unexpected assault on what it suspects are sweetheart tax deals for multinational companies, plowing into an area traditionally… – Continue reading
The Isle of Man is showing great enthusiasm for crypto-currencies – from the landlord at a popular Douglas drinking hole to the Lieutenant Governor, everyone is talking about digital currency and the potentially huge benefits to the Island. The Isle of Man Financial Supervision Commission (FSC) has announced plans to… – 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
By Gaspard Sebag and Aoife White October 01, 2014“My decisions, whether final or intermediate, are exclusively based on an analysis of compliance with EU rules and enforcement frameworks,” Almunia said in an e-mailed response to the Gibraltar statement. Gibraltar said it had “very little confidence in the work of EU… – Continue reading
The European Commission has extended the scope of its investigation into whether Gibraltar’s corporate tax regime favors certain companies, in breach of EU state aid rules. Related Stories Brussels to accuse Apple over illegal Irish tax deals: FT Reuters EU says Ireland swapped Apple tax deal for jobs Reuters EU watchdog to… – Continue reading
Gibraltar’s financial regulator, the Financial Services Commission (FSC), has finalized and published its guidelines for insurance-linked securities (ILS) following a consultation process with input from ILS experts from around the world. Gibraltar, like many other domiciles, is readying its regulatory environment to be able to act as a domicile and… – Continue reading
A high ranking Spanish politician has claimed that the Spanish government misses out on EUR1bn (USD1.3bn) of tax revenues each year as a result of Gibraltar’s tax regime. Iñigo Méndez de Vigo, Spain’s Secretary of State for the European Union (EU), made the claim during an interview with the country’s… – Continue reading
