When it comes to fulfilling your tax and National Insurance (NI) obligations, compliance is everything. HM Revenue & Customs (HMRC) has recently highlighted a new area of concern for UK taxpayers, urging those who haven’t already done so to declare any foreign income or profits on offshore assets. Taxpayers have… – Continue reading
ISLAMABAD: The Federal Board of Revenue (FBR) on Monday informed the task force constituted by the Prime Minister to repatriate laundered ill-gotten funds that newly installed computer software would ensure the automatic exchange of information about tax evaders with the Organisation for Economic Cooperation and Development (OECD) from September. The… – Continue reading
The HMRC published an official guidance yesterday on engaging with umbrella companies in the UK. The guidance provides advice and spotlights umbrella companies that effectively operate tax avoidance schemes. “Most employment agencies and umbrella companies operate within the tax rules. However, some umbrella companies and agencies promote arrangements that claim… – Continue reading
Around 2,000 millionaires – many of them billionaires – call Monte Carlo their home and avoid paying billions of euros in tax. Sputnik spoke to the UK Socialist Party’s Deputy General Secretary, Hannah Sell, about why France and the European Union have done nothing to combat this tax haven in… – Continue reading
There is a small island in the Caribbean … You immediately imagine relaxation, a beach, palm trees. However today in these small areas a really big crypto history is being created. The crypto business is increasingly mastering the jurisdiction of “dwarf” states, such as Cyprus, Malta, Gibraltar, The Republic of… – Continue reading
Last week, Medtronic Plc suffered a legal setback in its bid to avoid a $1.4 billion U.S. tax bill — a ruling that may have costly implications for other multinationals battling the Internal Revenue Service over the use of overseas payments to lower their taxes. Companies including Facebook Inc. and… – Continue reading
THE VALLEY, Anguilla — The government of Anguilla is to implement a “Residency by Investment” programme as part of its medium-term agenda. It will allow foreign nationals to acquire permanent residency status in Anguilla by making a financial contribution to the island and after proving to be of good health… – Continue reading
Ride-hailing firm Uber has withdrawn its lawsuit over HCMC’s demand for $2.3 million in back taxes and fines. A tax department official said Friday that the HCMC People’s Court has suspended the case in which the Netherlands-based Uber B.V. had sued the department over its demand that the firm pays… – Continue reading
Officials from Switzerland and India have discussed the automatic exchange of tax information and free trade. Swiss Federal Councillor Ignazio Cassis met with Sushma Swaraj, the Indian Minister of External Affairs, in Delhi. The ministers welcomed the entry into force this year of the agreement on the automatic exchange of… – Continue reading
OPPOSITION leader Phillip Davis yesterday slammed the Minnis administration’s over its recent decision to revert to the previous definition of owner-occupied properties, arguing that this was a “stark contrast” to the treatment of Bahamians. Despite the insistence of Deputy Prime Minister and Minister of Finance K Peter Turnquest that the… – Continue reading
News that the government may bring in an ‘Amazon tax’ to help “rebalance the playing field” between physical and online retailers has been welcomed by booksellers. After department store retailer House of Fraser became the latest high street chain to go into administration on Friday (10th August) Philip Hammond said… – Continue reading
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… – Continue reading
Switzerland’s Supreme Court has ordered the country’s authorities to turn over information on HSBC accounts with the Indian government regarding two of its citizens. Both clients had fought the release on the grounds that India’s request for assistance in a tax-dodging probe arose from stolen bank data. The case involved… – Continue reading
In July, the 33-year-old football superstar accepted an 18.8 million euro fine and a suspended two-year prison sentence as he pleaded guilty to tax fraud in a Spanish court. According to the documents seen by El Mundo daily, football ace Cristiano Ronaldo, 33, who had to pay 18.7 million euros… – Continue reading
Bill of law no. 7278, providing for the implementation of new value-added tax grouping rules in Luxembourg, entered into force on July 31, 2018. The bill was approved by parliament on July 26. The new VAT grouping regime is intended to replace the Independent Group of Persons (IGP) regime, which… – Continue reading
India is to receive bank account information from HSBC, after Switzerland’s highest court ruled that the bank is obligated to provide data requested where the leaked data has not been purchased. The information was leaked in 2008 by Herve Falciani, who worked for HSBC’s Swiss private bank. The Indian authorities… – Continue reading
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… – Continue reading
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… – Continue reading
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… – Continue reading
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… – Continue reading
Islamabad, August 3 (TNS): Pakistan’s Federal Board of Revenue (FBR) in a statement on Friday said that Switzerland never offered to return a single dollar of Pakistani assets deposited in Swiss accounts. The FBR said there is a narrative being built by a segment of print and electronic media regarding… – Continue reading
Viet Nam News HA NOI — Vietnamese Deputy Minister of Finance Do Hoang Anh Tua’n and Croatian Minister of Finance Zdravko Maric on Wednesday signed an agreement on the avoidance of double taxation and the prevention of fiscal evasion with respect to income taxes. According to Tua’n, the agreement is… – Continue reading
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… – Continue reading
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… – Continue reading
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… – Continue reading
A new expert panel, chaired by former US President Barack Obama’s chief economic advisor, Professor Jason Furman, will look at competition in the digital economy. Harvard Professor Jason Furman will lead government expert panel he will consider how to guarantee new tech markets support competition in the UK data could… – Continue reading
Value Added Tax (IVA) will replace the Consumer Tax in Angola in 2019, the coordinator of the Technical Group for the Implementation of IVA, Adilson Sequeira, said according to a report published on the website of the Angolan Ministry of Finance. “The introduction of IVA is the result of a… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) will begin probe into the money trails of 500 high net-worth Pakistani individuals and companies having properties in the UK from August 1 (today) to discover their ‘probable’ tax evasion as an amnesty scheme for concealed local and foreign assets expired on Tuesday,… – Continue reading
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… – Continue reading
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… – Continue reading
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… – Continue reading
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… – Continue reading
The introduction of an exit capital tax, envisaged by the draft law on amendments to the Tax Code of Ukraine regarding the tax on exit capital (No. 8557), will draw the attention of tax authorities to companies carrying out foreign economic operations, expert for transfer pricing at Evris law firm… – Continue reading
(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… – Continue reading
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… – Continue reading
The Monetary Authority of Macao has revoked offshore authorisation for 13 companies in the first half of this year with no new offshore permits being provided Macau (MNA) – Some 13 offshore companies saw their authorisation to operate in Macau revoked in the first half of this year by the… – Continue reading
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… – Continue reading
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… – Continue reading
Spanish Prime Minister Pedro Sanchez has pledged to reform Spain’s corporate tax rules so that companies pay an effective rate no lower than 15 percent. Laying out the new Socialist Government’s two-year economic plan before parliament on July 17, Sanchez proposed that, by restricting the use of deductions, he would… – Continue reading
As nations around the globe roll out crypto regulations and tax schemes, blockchain startups eagerly eye the next crypto-friendly destination. Malta has modeled itself as exactly that and firms have been flocking there in droves. So much so that the government has told them to hold their horses while it… – Continue reading
The British tax man is asking foreign governments to chase down expats working overseas who have failed to pay the right amount of tax. Almost £6 million was raised for HM Revenue & Customs by foreign tax authorities in 2017. This was triple the amount raised from British expats in… – Continue reading
From 1 January 2019 rich Ukrainians can be under scrutiny of tax authorities. This draft law was developed on the eve of the Finance Ministry, writes in his article for EP Galina Kalachova. The author notes that understanding of Finance, a taxpayer with high income is someone who meets one… – Continue reading
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… – Continue reading
The Zurich-based Neue Privat Bank (NPB) has paid $5 million (CHF5 million) fine to settle a criminal tax evasion investigation in the United States. NPB is one of a handful of so-called ‘category 1’ Swiss or Swiss-based bank branches that were still facing sanctions at the start of this year…. – Continue reading
The Greek authorities are trying to battle tax evasion said to be rampant among the thousands of owners of Airbnb-type properties. Lacking a mechanism to monitor the short-term leasing of lodgings, inspectors have been doing random checks with the aim of identifying taxpayers that do not declare their extra income…. – Continue reading
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… – Continue reading
MOSCOW, July 16 (Xinhua) — The French authorities decided to close down the office of Business France, the agency responsible for supporting French business in Russia and operating as part of its embassy in Moscow, the French embassy said Monday. “This decision, which takes effect on July 16, 2018, was… – Continue reading
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…. – Continue reading
Kenya and Portugal on Tuesday signed an agreement for avoidance of double taxation. The main objective of the Agreement on the Avoidance Double Taxation is to eliminate double taxation of income or gains arising in one country and paid to residents of the other country. This will create a conducive… – Continue reading
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… – Continue reading
