Over the past few weeks the European Union has published a list of 30 countries which have been listed as non-cooperative jurisdictions. This publication was part of a wider publication: the “Action Plan for Fair and Efficient Corporate Taxation in the EU” which also includes the Re-Launching of the CCCTB…. – Continue reading
Two more Swiss banks have agreed deals with the US Justice Department over tax evasion by Americans, reports BBC News. Banque Pasche will pay US$7.22m (£4.7m) and Arvest Privatbank US$1.04m in penalties under a deal that means they will not face criminal charges. Fifteen Swiss banks have already cut deals… – Continue reading
Washington, DC—(ENEWSPF)—July 9, 2015. The Department of Justice announced today that two banks, Banque Pasche SA and ARVEST Privatbank AG, have reached resolutions under the department’s Swiss Bank Program. “Banque Pasche and ARVEST have provided detailed information regarding the ways in which Swiss banks helped U.S. taxpayers conceal foreign accounts… – 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
The Automatic Exchange of Information is fast becoming widely recognised as the most effective instrument to fight against tax evasion. With cooperation between tax administrations being high on the agenda in the ongoing fight against tax evasion, protection of integrity of tax systems, and transparency processes seem to be infiltrating… – Continue reading
Vaduz (ots / IR) – The government has decided in your meeting of 30 June 2015 to open negotiations on a double taxation agreement with the Principality of Monaco. As a basis for understanding the OECD Model Convention serves. The agreement should also include a clause on exchange of information… – Continue reading
The UAE ranked 15th in an index rating countries’ residency-in-return-for-investment programmes As global economic growth slackens, a number of countries are offering citizenship or residency permits in return for investment in their markets. According to the latest Global Residency Programme Index by Henley & Partners, Portugal topped the list with… – Continue reading
(Seychelles News Agency) – Seychelles’ Finance Minister says his ministry remains committed and on track towards complying with the widely-recognised Organisation for Economic Co-operation and Development (OECD)’s regulations on the sharing of tax information. “Seychelles is making considerable and steady progress in achieving the OECD standard in relation to the… – 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
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
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 Haifa District Court is considering whether Ofer was an Israeli resident in 2006-2010. The Israel Tax Authority is demanding payment of NIS 940 million from the estate of billionaire Sammy Ofer, who passed away on June 3, 2011 at the age of 89, according to an order issued by… – Continue reading
When people think of Monaco, wealth, fast cars and casinos come to mind. But few think about how this tiny city-state became a mecca for the rich. The mini country on France’s sun-kissed Mediterranean coast is home to about 38,000 people, and one in three are millionaires, according to WealthInsight…. – Continue reading
The Income Tax Treaty between Guernsey and Monaco entered into force on 9 May 2015 and its provisions will take effect from 1 January 2016. The Treaty was signed on 7 April 2014. In accordance with the treaty, the following withholding taxes will apply: Dividends: 0%. Interest: 0%. Royalties: 0%.
UBS whistleblower Stéphanie Gibaud talks to the Herald before travelling to Argentina With tax evasion allegations against HSBC under the spotlight in Congress, a whistleblower from another banking giant famous for its secrecy, Switzerland’s UBS, says she is coming to the country to testify soon, and warns that emerging economies… – Continue reading
THE NUMBER of Slovak companies residing in tax havens dropped in the first three months of this year to 4,248, which is by 114 less than in the end of last year. Most companies left Monaco and Jersey. The trend is the opposite rose by 23 to 13,270, the TASR… – Continue reading
Homebuyers in Dubai can choose from an apartment block with interiors encrusted in shiny crystals or multimillion-dollar villas on a man-made island. Is investing in these desert dwellings like playing on quicksand or has the city-state learnt the lessons of its 2008 property crash when it nearly went bust? The… – Continue reading
Revenue figures show that just 13 people paid domicile levy of €200,000 in 2013 Ireland is home to more than 3,000 individuals or couples recognised as ‘non-domiciled’ for tax purposes, new figures from the Revenue Commissioners show. So-called “non-doms” can avoid paying tax on their worldwide income in Ireland, thus… – Continue reading
An arrest over allegations of price fixing has increased calls for tighter regulation of the booming sector On a late February morning, Yves Bouvier arrived at the Monaco home of one of his best clients. He expected Dmitry Rybolovlev, the Russian billionaire owner of AS Monaco football club, to pay… – Continue reading
New freedoms mean you can move your pension abroad. We show you where you’ll pay the least tax It is the ultimate dream for many people – to work hard, build up a nest egg and retire abroad to a climate with year-round sunshine. Now there is an added 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
Golf star Rory McIlroy is more likely to settle in the US and not Dubai, despite becoming a tax resident there, his manager has said. Donal Casey, chief executive of Rory McIlroy Inc, made the comments in response to reports by The Sunday Times describing the world number one golfer… – Continue reading
New rules mean that almost 100 governments around the world will exchange information about bank accounts Expat tax dodgers are running out of places to hide, as information about their bank accounts and assets will soon be exchanged between 93 governments globally. At present, if tax authorities suspect people of… – 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
Rory McIlroy, the world’s number one golfer has set up home in Dubai, according to a report in the Sunday Times. The Northern Irishman, who has a long association with Dubai throughout his professional career, has filed documents in Ireland that state his primary residence is now in Dubai. During… – Continue reading
Luxembourg’s Direct Tax Administration has published a circular on February 12 clarifying issues relating to residency certificates for Luxembourg funds. These are applicable to both UCITS and non-UCITS funds regulated by Luxembourg’s investment fund legislation of December 17, 2010, which transposed the UCITS IV Directive, as well as Specialised Investment… – Continue reading
(Bloomberg) — Royal Bank of Scotland Group Plc agreed to sell its Coutts International private banking business to Switzerland’s Union Bancaire Privee, as the bailed-out British lender retreats from the Swiss wealth market. RBS is expected to sell Coutts for 350 million francs ($360 million) to 400 million francs, depending… – Continue reading
Irish economy set to receive financial boost by world number one golfer’s decision to pay tax on earnings. World number one Rory McIlroy is moving his vast business interests to Ireland’s capital city Dublin, according to a report in the Irish Independent. The newspaper says that McIlroy’s decision will boost… – Continue reading
Tour de France champion Vincenzo Nibali is reported to have avoided a potential six-month prison sentence after reaching an agreement with Italy’s tax authorities over undeclared income. The Astana rider failed to declare income totalling €772,000 for 2010 and 2011, which would have incurred a tax liability of €290,000, reports… – Continue reading
Bern and Brussels have clinched a deal to exchange bank account data in an effort to tackle tax fraud. The agreement comes after a recent report exposed the global economic damage caused by offshore accounts. Switzerland and the European Union are teaming up to crack down on tax cheats, officials… – Continue reading
1.GENERAL QUESTIONS 1.1 Why is the Commission presenting a Tax Transparency Package? The Commission has made the fight against tax evasion and corporate tax avoidance a political priority, with a view to creating a socially and economically more efficient Single Market. While much has been done to advance this agenda… – Continue reading
After recently completing tax information exchange agreements (TIEAs) with Switzerland, Liechtenstein, and Monaco, the Italian Government is now looking to agree a similar treaty with the Holy See in Rome’s Vatican City. The TIEAs between Italy and Switzerland, Liechtenstein, and Monaco, and the prospective treaty with the Vatican, all provide… – Continue reading
Italy has made a pact with Monaco aimed at clamping down on tax evaders, the finance ministry said in a statement on Monday. The agreement, which will see the two states exchanging information for tax purposes, follows similar ones made recently with Switzerland and Liechtenstein. It is expected to give… – Continue reading
According to the analysis of clandestine files belonging to British banking giant HSBC, it appears that the Swiss banking branch of the conglomerate played a pivotal role in assisting affluent depositors evade taxes on their mega million. A report released on Sunday, Feb 8, by a cadre of reporters representing… – Continue reading
Ed Miliband insists no hypocrisy over offshore donation and admits he will ‘probably’ have to pay the Mansion Tax, which affects houses worth more than £2million Ed Miliband has faced allegations of hypocrisy after it emerged that the Labour party has accepted a donation from a company registered in the… – Continue reading
Details have emerged this week that the company Samantha Cameron – the prime minister’s wife – works for is based in a tax haven. Smythson – a luxury leather goods retailer with a Royal Warrant from the Queen – is owned through a parent company in Luxembourg and connected to… – Continue reading
In a decision on June 11, 2014, the French Administrative Supreme Court held that a French national residing in Monaco may be subject to social taxes on property income (dividends, interest, property income, etc.) if the French national qualifies as French tax resident under French national law (Article 4 B… – Continue reading
Monaco has become the 84th jurisdiction to commit to strengthen international tax cooperation through its participation in the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Welcoming the signing by José Badia, Monaco’s Minister for Foreign Affairs and Cooperation, the Organisation for Economic Cooperation and Development’s (OECD’s) Secretary-General, Angel… – Continue reading
LONDON: Monaco, the tax haven on the French Riviera, is experiencing a luxury-housing boom that includes the world’s most expensive penthouse as developers prepare for an influx of millionaires and billionaires escaping higher taxes or a loss of banking privacy.A “flow” of new residents is emigrating from Switzerland, where financial-secrecy… – Continue reading
Monaco, the tax haven on the French Riviera, is experiencing a luxury-housing boom that includes the world’s most expensive penthouse as developers prepare for an influx of millionaires and billionaires escaping higher taxes or a loss of banking privacy. A “flow” of new residents is emigrating from Switzerland, where financial-secrecy laws… – Continue reading
August 1 — Monaco and the Czech Republic signed a tax information exchange agreement, the Monaco government announced. The agreement was signed on July 31 by Monaco’s Government Counsellor for External Relations and Cooperation José Badia and the Czech Republic Ambassador to Monaco Marie Chatardova. The agreement is in line with… – Continue reading
States agree to automatic exchange of non-EU citizens’ savings account details After years of opposition, Luxembourg and Austria have agreed to back automatic exchange of savings account information on non-citizens to tackle tax fraud in the EU. Their shift was welcomed by other EU leaders meeting in Brussels and allows ministers to sign off… – Continue reading
The Grand Duchy of Luxembourg, a city state of just over a half million inhabitants, on Tuesday refused to agree on a proposed key EU tax evasion law at the monthly Ecofin meeting of European Union finance ministers. Algirdas Šemeta, EU taxation Commissioner, said Tuesday’s failure was “disappointing” because the legislation… – Continue reading
