TWO Bahamian men were arrested on Friday at an airport in Belize three days after they were indicted by US federal prosecutors over an alleged $500 million securities fraud and money laundering scheme, according to a Belize news report. #The US is seeking to extradite the men over the allegations…. – Continue reading
Platforms could be hit with a £10m bill in order to make sure they comply with new EU tax rules, the Tax Incentivised Savings Association (Tisa) has warned. Tisa technical director Jeffrey Mushens said the incoming EU VAT law, which goes live in January 2015 and is aimed at online… – Continue reading
A CONSERVATIVE MP invested in an alleged tax avoidance scheme currently under investigation by HM Revenue & Customs. Conservative Geoffrey Cox QC – a top lawyer at Thomas More Chambers – is one of 230 who put cash into Pheonix Film Partners, run by Ingenious Media, the Mirror reports. Pheonix… – 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
Introduction On July 25, 2014, Switzerland and Cyprus signed a new agreement for the avoidance of double taxation (DTA) with respect to taxes on income and capital. It is the first DTA between the two countries, and will contribute to the development of bilateral economic relations. The agreement will come… – Continue reading
Company after company are fleeing tax oppression in the United States by seeking mergers and acquisitions in lower corporate-tax rate nations. Ireland with a tax rate of 12.5 percent and the United Kingdom with 20 percent, in particular, are attractive alternatives to the United States with a world-leading corporate-tax rate… – Continue reading
New Delhi: Talks between India and Cyprus on amending their bilateral tax treaty appear to be deadlocked over India’s demand to include a limitation of benefit (LOB) clause, which restricts benefits under the agreement to genuine resident investors of the Mediterranean island-nation. As a result, it may take longer than… – Continue reading
American taxpayers are being robbed by yet another giant corporation that is deserting the USA after using the country’s advantages to build untold wealth. Burger King’s recent decision to pursue a corporate inversion to Canada is the culmination of years of maneuvering to dodge paying its fair share in corporate… – Continue reading
GENEVA: As Switzerland’s long-cherished banking secrecy practices evaporate, the institutions that helped create the world’s largest offshore tax haven are dramatically rethinking their business models in a bid to survive. Already reeling from the painful process of making amends for allowing foreign nationals to hide assets from the taxman back… – Continue reading
Non-doms would only have to have a father born in Scotland, expert warns Status only worthwhile for those with assets worth several million Scottish independence could see thousands of wealthy people start to claim ‘non-domicile’ tax status, experts predict. Mark Davies, a tax expert at website Nondom, said: ‘To claim… – Continue reading
Britain’s highest-earning MP invests in alleged tax avoidance scheme under investigation by HMRC Tory MP Geoffrey Cox is one of hundreds of wealthy figures, celebrities and sports stars putting cash into Phoenix Film Partners LLP Britain’s highest-earning MP has invested in an alleged tax avoidance scheme being investigated by officials…. – Continue reading
As Switzerland’s long-cherished banking secrecy practices evaporate, the institutions that helped create the world’s largest offshore tax haven are dramatically rethinking their business models in a bid to survive. Already reeling from the painful process of making amends for allowing foreign nationals to hide assets from the taxman back home,… – Continue reading
A friend of a friend just cited (in an email) the U2 rock band for having “social consciousness.” As noted in this February 2007 posting, referencing a New York Times article on the subject, the U2 folks had never paid any income tax and decided to invert themselves into an… – Continue reading
As a small island nation, with a vibrant insurance sector and relatively low tax rates, Bermuda can be a target for political leaders and pundits in the United States. But history shows that our nations are natural friends, allies and economic partners. Seventy years ago, fighting against Imperial Japan and… – Continue reading
Using foreign stocks to diversify your portfolio can be a good move for investors looking to collect dividends and protect capital. But owners of dividend paying foreign stocks can find themselves being hit by another type of tax: foreign dividend withholding tax. Keeping as much of your dividends as possible… – Continue reading
(Reuters) – The German government is considering a proposal to give the country’s 16 states more freedom to set their own tax rates, even though many of the states oppose the plan. In a interim paper obtained by Reuters, the government said it was open to talks on giving the… – Continue reading
Criminal fines imposed on corporations should not be tax deductible, but tax rebates could be claimed on illegally gained profits that a court has ordered a company to pay back, the Swiss government advised on Friday. The cabinet was responding to a parliamentary motion to clarify the situation in light of a… – Continue reading
Although the Foreign Account Tax Compliance Act (FATCA) went “live” July 1, 2014, guidance continues to fall into place. On July 16, the IRS issued instructions for the requester of various Forms W-8 and continues to update its FAQ website. The Cayman Islands Tax Information Authorityissued regulations effective July 4, 2014 addressing the… – Continue reading
The French and Luxembourg Finance Ministers signed, on 5 September 2014, a Protocol amending Article 3 (the “Protocol”) of the France-Luxembourg double tax treaty for the avoidance of double taxation and the establishment of rules of reciprocal administrative assistance with respect to taxes on income and fortune (the “Tax Treaty”)…. – Continue reading
Financial institutions outside Switzerland may be tempted to think that the U.S. Department of Justice’s focus and pressure on Swiss banks in recent years leaves them in the clear. And, indeed, the DOJ has had great success in targeting these institutions far from U.S. shores. It has levied monetary penalties… – Continue reading
China’s Bank of Communications is expected to settle in Luxembourg before the end of the year, marking the sixth Chinese bank to do so. The Luxemburger Wort first reported the bank, the fifth largest in China, had eyed up Luxembourg in January this year. This was confirmed on Tuesday by… – Continue reading
Withholding on US source income under FATCA started on 1 July 2014. The withholding will apply to gross “proceeds of sale” of securities bearing US source income (which includes repayment of principal on a loan to a US borrower) and, potentially, to “foreign passthru payments” from January 2017. Now that… – Continue reading
London and Singapore are fast closing the gap on Hong Kong in the race to become centres for offshore renminbi business and capitalise on Beijing’s ambition to make the RMB a global currency. Fred DiCocco, Asia-Pacific head of sales & relationship management for BNY Mellon’s Treasury Services business, says London… – Continue reading
Countries worldwide have cut their corporate tax rates in the past two decades. Germany lowered its top rate to 29.6% from 59.7% in 1993. Canada went from 44.3% to 26%, Ireland from 40% to 12.5%. The average top rate for 34 non-U.S. countries went from 36.9% in 1993 to 25.1%… – Continue reading
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The offshore tax affairs of a company previously headed by the economics minister are to be re-examined by the finance department of canton Bern. The move comes after Swiss Public Television, SRF, published a memo written by the Federal Tax Authorities (FTA) which raised questions about the previous investigation. The… – Continue reading
On 5 September 2014, the Governments of France and Luxembourg signed an amendment to the France-Luxembourg treaty dated 1 April 1958 (the “Treaty”), which will have an impact in the future for certain investments in French real estate. Indeed, the amendment introduces new provisions under Article 3 paragraph 4, allocating… – Continue reading
Outsourcing the responsible officer (RO) function under the Foreign Account Tax Compliance Act (FATCA) offers limited value to Cayman-Islands’ domiciled fund managers.The Model one Intergovernmental Agreement (IGA) between the Cayman Islands and the US does not stipulate that a responsible officer is required. The responsible officer title is a feature… – Continue reading
Washington, DC—(ENEWSPF)—September 5, 2014. Joshua Vandyk, an investment advisor, was sentenced today to serve 30 months in prison for conspiring to launder monetary instruments, the Justice Department and Internal Revenue Service (IRS) announced. Vandyk, a U.S. citizen, and Eric St-Cyr and Patrick Poulin, Canadian citizens, were indicted by a grand… – Continue reading
The tax authorities of the United Kingdom and Canada are to deepen cooperation to establish a stronger mutually beneficial relationship, senior officials from both Government have said. Canada’s Revenue Minister, Kerry-Lynne D. Findlay, met with David Gauke, the UK’s Financial Secretary to the Treasury, in London on September 8. Findlay… – Continue reading
Retroactive legislation curtails tax-avoidance schemes but undermines faith in a government that changes the rules of game after an investment is made The temperature is rising in the United States over corporate inversions. U.S. Treasurer Jacob Lew is looking to pass retroactive law to undo recent corporate restructurings and, with… – Continue reading
On 1 August 2014, the “Provisional Measures on the Collection of Tax on Non-Resident Taxpayers Engaged in International Transportation Business” (2014 No.37 Notice, the “New Regulations”) came into force. The New Regulations could have a significant impact on owners as they seek to streamline and tighten up the regulations in respect of… – Continue reading
If Lib Dems return to government in May, ‘big projects’ would need funding Mr Clegg said well-off would have to pay price – with mansion tax a priority Also wants capital gains tax raised, bringing political stance closer to Labour Party would enforce Royal Charter on press regulation in… – Continue reading
Minister of National Revenue concludes two days of meetings in London LONDON, ENGLAND–(Marketwired – Sept. 9, 2014) – Canada Revenue Agency The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, today wrapped up a successful two-day trip to London, England. During her visit, Minister Findlay met with David… – Continue reading
A cynical tax avoidance scheme which “abused the reliefs” offered for research into life-saving vaccines to claim back £77m, has been rejected at a second tribunal. HMRC said investors in the scheme used a Jersey registered limited partnership which claimed to be involved in creating and exploiting intellectual property from… – Continue reading
The DTA between Cyprus and United Arab Emirates took effect on 1 January 2014 The double taxation agreement between Cyprus and the United Arab Emirates took effect on 1 January 2014. For a detailed analysis of the new agreement, the first between the two countries, please follow this link. The… – Continue reading
Scandal Is an Embarrassment to Separatists Planning Independence Referendum BARCELONA— Jordi Pujol often said he discovered his mission for Catalonia while climbing a mountain as a boy and seeing the destruction wrought by the Spanish Civil War of the 1930s. Decades later, as Catalonia’s long-serving leader, Mr. Pujol presided over… – Continue reading
Airbnb has joined other multinational tech companies by booking its Australian profits offshore through an Irish subsidiary. The move raises questions about how much local tax it pays and whether its rent-sharing model will run into trouble with regulators here. The private company, estimated to be worth $10 billion, has sought immunity from corporate… – Continue reading
UBS AG (UBSN) asked a Paris appeals court to overturn a $1.4 billion bail looming over the Swiss bank as France steps up a two-year-old tax evasion probe. The hearing dragged on for nearly three hours as the parties argued the case. The court said it would decide on the… – Continue reading
A retired businessman from Northern Ireland has made a 13.5 million euro (£10.8m) settlement with the tax man in the Republic – one of the largest ever. Anthony Cafferkey, from Lisnarick Road, Irvinestown, Co Fermanagh has been named and shamed on the latest defaulters’ list over his tax affairs. Listed… – Continue reading
According to the data obtained by investigators, the bank’s executives evaded paying taxes amounting to over 380 million rubles ($10.2 million) in 2011 MOSCOW, September 9. /ITAR-TASS/. Russian police have been conducting searches in the Moscow office of National Reserve Bank (NRB) belonging to businessman Alexander Lebedev for the first… – Continue reading
Medical device giant Medtronic Inc. leads all corporate inverters in the amount of offshore cash waiting to be tapped if their tax inversion deals are consummated. Medtronic is buying Covidien and moving to Dublin, and it has $13 billion of cash outside the United States, according to a report from the Financial Times,… – Continue reading
The Irish tax authority, the Revenue Commissioners, has released eBrief No. 75/14 on double tax relief for individuals subject to the High Earners Restriction, following changes in the Finance (No. 2) Act 2013. The 2006 and 2007 Finance Acts introduced, with effect from January 1, 2007, measures to limit the… – Continue reading
HM Revenue & Customs has established a taskforce to deal specifically with people trying to dodge property tax in the south west of England and in south Wales. The taskforce will target those who have sold one or more properties and haven’t paid capital gains tax or disclosed rental income…. – Continue reading
The Irish tax authority, the Revenue Commissioners, has released eBrief No. 75/14 on double tax relief for individuals subject to the High Earners Restriction, following changes in the Finance (No. 2) Act 2013. The 2006 and 2007 Finance Acts introduced, with effect from January 1, 2007, measures to limit the… – Continue reading
On July 21, the Organisation for Economic Co-operation and Development (OECD) published its Standard for Automatic Exchange of Financial Account Information in Tax Matters. The report contains the OECD’s model competent authority agreement (CAA), the common standard on reporting and due diligence for financial account information (CRS) and commentaries on both the CAA and CRS.The… – Continue reading
A recent Tax Court decision1 addressed the tax consequences to a Finnish citizen of wages she received while working as an employee in the United States on behalf of her country’s Permanent Mission to the United Nations. The case involves Sole Abrahamsen, a Finnish citizen, who began working at Finland’s Permanent… – Continue reading
The American Chamber of Commerce Ireland chief says ‘can-do attitude’ of Irish workforce is key ingredient for multinationals In the global tax game, Ireland is a mere pawn, powerless in the face of big corporations and their aggressive tax avoidance schemes. It’s no secret that these firms inhabit a parallel… – Continue reading
From 6 April 2013 an individual’s residence status for UK tax is determined using the statutory residence test (SRT). The SRT flowchart overleaf is designed to assist in determining the residence status of individuals. The legislation and guidance is lengthy and the flowchart and notes can only give a brief… – Continue reading
The police conducted on Monday morning, September 8, searches at several companies in Romania in a case of tax evasion in the sale of software. The searches took place at 7 places in Bucharest and Ilfov and Giurgiu counties, targeting the suspects’ homes and several companies. According to sources quoted by… – Continue reading
