Serbia’s Information Commissioner has warned that banks must have the full consent of customers before information is passed to US tax authorities under the terms of FATCA, and that it would be illegal for customers to be declined services if they refuse to give consent. The comments were made by… – Continue reading
Never heard of FATCA? You will. FATCA—the Foreign Account Tax Compliance Act—is America’s global tax law. It was quietly enacted in 2010, and after a four-year ramp up, it’s finally in effect. What is most amazing is not its impact on Americans—although that is considerable—but its impact on the world…. – Continue reading
A tax avoidance scheme that routed a film financing venture’s profits via Employee Benefit Trusts at the behest of the venture’s owner, an ex-accountant, has been blocked by a tribunal. Operated by John Dryburgh, a former partner with Deloitte & Touche, the scheme involved extracting profits from a series of companies named… – Continue reading
Legislation which will establish Scotland’s first tax collection system for 300 years will be approved today by Holyrood. MSPs are expected to pass a bill from the Scottish Government which will set up Revenue Scotland – the new body which will collect two newly-devolved taxes. Finance Secretary John Swinney said… – Continue reading
Switzerland is cooperating with French tax authorities over an investigation of alleged tax fraud involving former French footballer Marcel Desailly. The notice of Swiss cooperation was published on Tuesday in the Federal Gazette. Desailly, captain of the French football team from 2000 to 2004, allegedly holds or has held assets… – Continue reading
Most expats forget about their tax status once they have left Britain and assume they pay taxes in the country where they live. To some extent this is true – but HM Revenue & Customs regularly challenges the validity of non-residence claims and the long-arm of the tax man can… – Continue reading
The Spanish Government yesterday stepped up its campaign of unsubstantiated accusations against the Rock by claiming that Spain was losing out on one billion euros in taxes every year because of Gibraltar’s fiscal regime. The spectacular claim was made by Iñigo Méndez de Vigo, Secretary of State for the EU… – 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
The Isle of Man’s Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital with Luxembourg is now in force. The agreement was signed on April 8, 2013 in London between Eddie Teare MHK, the Isle of Man’s… – Continue reading
The country’s largest biotechnology manufacturer, CSL, says government and community complacency puts Australia at risk of missing out on future jobs as companies invest where workers are more productive, tax rates are lower and governments are more supportive. The $33 billion blood plasma and vaccine maker said Australia urgently needs… – Continue reading
Abu Dhabi, 18 August 2014: Abu Dhabi Commercial Bank ( ADCB ) announced today the launch of commercial offshore banking products through its Jersey branch. Eligible ADCB wholesale banking clients will now have the option to diversify and preserve their resources with full flexibility and control. Clients will be able… – Continue reading
(Reuters) – The U.S. government has grappled for more than 30 years with corporate deals known as inversions in which U.S. companies shift their tax domiciles abroad to avoid U.S. taxes. Fifty-two substantial deals like this have occurred since 1983, about half of them since the 2008-2009 credit crisis, according… – Continue reading
Law360, Washington (August 18, 2014, 5:20 PM ET) — Medical device manufacturer Zimmer Holdings Inc. is protesting a $79 million Internal Revenue Service assessment arising from transfer pricing adjustments that the agency made on transactions, including licensing agreements, between itself and a Dutch subsidiary, according to court records made public… – Continue reading
Minister of Finance Bob Richards confirmed this week that under the Bermuda-UK FATCA Intergovernmental Agreement [IGA] model 2, Bermuda and the UK have agreed the inclusion of a Limited Capacity Exempt Beneficial Owner Category in Annex II of the IGA. The effect of this amendment will mean that there will… – Continue reading
For years, chief executives have complained bitterly about the United States corporate tax code, arguing that it is too complicated and that rates are too high. The issue has reached a near boiling point this summer as many large American companies have sought to buy smaller foreign rivals so they… – Continue reading
Northern Ireland looks set to be handed the power to slash corporation tax in a move with the potential to significantly boost our stuttering economy. In a development which could transform international investment, senior sources in London and Belfast predict that an announcement will be made no later than October… – Continue reading
To some, US companies switching their tax residency to gain a tax advantage are economic “traitors.” To others, they are victims of a United States tax code that effectively punishes them for investing at home and encourages them to look for opportunities overseas. In this Tax-News Topical Focus, we try… – Continue reading
On 20th of June, the double tax treaty (DTT) between Cyprus and Norway was published in the official Government Gazette. Double taxation avoidance between the two countries is regulated by the 1951 DTT in place between Norway and the UK extended in 1955 to include several British colonies, including Cyprus. The… – Continue reading
SRINGFIELD — Republican Bruce Rauner not only has personal investments in the Cayman Islands, but he presided over his former private equity firm as it set up other investment vehicles in the Caribbean tax haven known for its secrecy. The Chicago Sun-Times verified through the Cayman Islands’ government-run online business… – Continue reading
On 20th of June, the double tax treaty (DTT) between Cyprus and Norway was published in the official Government Gazette. Double taxation avoidance between the two countries is regulated by the 1951 DTT in place between Norway and the UK extended in 1955 to include several British colonies, including Cyprus…. – Continue reading
With new laws in place, recovery from Swiss banks can be little easier provided the government shows sincerity in taking action against tax dodgers Finance Minister Senator Ishaq Dar in recent days has expressed the government’s firm conviction to bring back untaxed money of “US$ 200 billion” stashed in… – Continue reading
The Canada Revenue Agency is speeding up the frequency of reassessments of Cameco’s tax returns in what may be an attempt to pressure Cameco to settle out of court. Cameco’s cash is being tied up as they are required to remit 50% of each disputed bill. Cameco could ultimately be… – 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
In its October 4, 2013 decision, no. 351065, Mr. Clive Worms, the French Administrative Supreme Court reiterated that, under domestic tax law, an indemnity received by a French tax resident in compensation of his cancelled stock options qualifies as a compensation for work. On the day the options were granted, the… – Continue reading
Summary HMRC have announced that the new capital gains tax (“CGT”) charge on non-residents disposing of UK residential property, due to come into effect in April 2015, will not extend to institutional investors and companies with diverse ownership. Background In the Autumn Statement last year, the Chancellor announced the new… – Continue reading
HARRISBURG, Pa. — Walgreen’s drew protests this summer as the nation’s largest drug store chain mulled whether to move its headquarters overseas to avoid paying billions in corporate taxes. The practice is known as inversion and has been drawing more attention as companies consider reorganizing across the Atlantic to shield… – Continue reading
HM Revenue & Customs (HMRC) has announced changes to the terms of the Liechtenstein Disclosure Facility (LDF), restricting the most favourable treatment to new tax irregularities with a “significant” offshore connection. Tax Disputes and Investigations Tax Private wealth tax Reg Day, a tax expert at Pinsent Masons, the law firm… – Continue reading
The banana giant rejected a $625 million buyout bid by Brazilian orange behemoth Cutrale Group and conglomerate Safra Group on Thursday and said it means to go ahead with a planned merger with Irish rival Fyffes. The combined company is then expected to register in low-tax Ireland in what is… – Continue reading
Property owners and pensioners who face losing their personal tax allowances can take steps now to protect themselves, say experts Expats facing the possibility of losing their personal allowance under a tax raid proposed by George Osborne should not panic but look carefully at where their UK sources of income… – Continue reading
A “yes” vote for Scottish independence could leave the drinks industry out of pocket either side of the border, an excise specialist has warned. Alan Powell, consultant to the UK Warehousing Association, said goods could be taxed in both Scotland and Britain if they were counted as separate EU member… – Continue reading
Changes to the way that HM Revenue and Customs (HMRC) taxes loans secured by non-domiciled persons (“non doms”) using foreign income and gains will lead to disputes over the true interpretation of the law, the Chartered Institute of Taxation (CIOT) has warned. HMRC has announced that it is to withdraw… – Continue reading
Cyprus and Guernsey have signed a comprehensive double taxation agreement. The agreement was signed on behalf of the Republic of Cyprus on 15 July and on behalf of the States of Guernsey on 29 July. The agreement will enter into force once the necessary ratification procedures have been completed and… – Continue reading
Clandestine accounts in Switzerland are clearly becoming too hot for many people. In the first half of 2014 in North Rhine-Westphalia (NRW), three times as many voluntary declarations of an incomplete tax return relating to Switzerland are reported to have been received than in the same period of the previous… – Continue reading
It is taken for granted that any gain on the sale of your home is exempt from Capital Gains Tax (CGT). For those who have just one home and have used it as such throughout its period of ownership that will always be the case. CGT exemption also applies to… – Continue reading
New Delhi: To address the problem of illegal money stashed abroad, India has asked Switzerland to join a ‘early adopter group’ mandating an automatic exchange of information amongst the countries involved in the group, Parliament was informed on Tuesday. “The finance minister has written a letter to the Swiss finance… – Continue reading
Gibraltar’s financial community must immediately prepare itself for FATCA or it risks getting caught up in the legislation’s strict international net, says an authority from the jurisdiction. Helvetic, a fund adminstrator based in the British overseas territory, says many financial institutions in the area are underestimating the compliance costs of… – Continue reading
Luxembourg has appointed HSBC and BNP Paribas as co-lead arrangers of its first issue of sovereign Islamic bonds, and is organising a roadshow for investors at the end of September, the country’s finance ministry said on Monday. The roadshow will visit London, Saudi Arabia, the UAE, Malaysia and Qatar, the ministry… – Continue reading
As one of the nation’s most competitive governor’s races picks up, voters in Illinois are hearing a whole lot about a British territory thousands of miles away in the Caribbean. Democratic Gov. Pat Quinn hammered his wealthy Republican rival for days after reports that Bruce Rauner put some investments in… – Continue reading
Financial advisors often have to answer questions from expats about the difference between a self-invested personal pension (SiPP) and a Qualifying Recognised Overseas Pension Scheme (QROPS). On the face of it, both work in similar ways, allowing the retirement saver to manage their own investments. But the underlying tax and… – Continue reading
An American attempt to close a loophole could have a major impact on the recovering Irish economy, writes John Walsh in Dublin. “The company concluded it was not in the best long-term interests of our shareholders to attempt to redomicile outside the US.” That single sentence, uttered by Walgreens’ chief… – Continue reading
THE FINANCE CHIEF of Aviva has suggested the UK insurer is paying more tax than it needs to after it paid out around a third more than its fdour biggest FTSE 100 rivals in the past five years. Research by the Financial Times found Aviva paid 30% of its profits… – Continue reading
The British Property Federation (BPF) and the Chartered Institute of Taxation (CIOT) have welcomed an announcement from HM Revenue and Customs (HMRC) that institutional investors and companies with diverse ownership will be excluded from plans for a new capital gains tax (CGT) on UK properties sold by non-residents. The charge… – Continue reading
London: At least £122 billion (Dh755 billion) of property in England and Wales is held through companies in offshore tax havens where ownership is difficult to trace, a Financial Times analysis of Land Registry data has found. The figure — more than the total value of all housing stock in… – Continue reading
The Isle of Man, Dubai and Guernsey, all known as captive domiciles, are being joined by a new rival – the US state of Ohio. Legislation has recently been signed meaning that businesses will be able to create captive insurance companies in the state in order to cater for their… – Continue reading
A new Spanish game for mobile phones and tablets is giving Spaniards the chance to poke fun at a formerly revered Catalan politician who has had a rapid fall from grace. Just days after the former president of Spain’s Catalonia region Jordi Pujol shocked Spain with news that he and… – Continue reading
>PRWEB.COM NewswireLONDON, UK (PRWEB UK) 7 August 2014 As reported on July 9th in an article by money.aol.co.uk, a new wave of celebrities have made HMRC’s tax-avoidance hit-list, joining past high-profile victims such as Jimmy Carr, who famously succumb to the taxman’s eagle-eyed scrutiny and merciless demand for recompense. Some 33,000 people… – Continue reading
In March 2010, the US Congress enacted the Hiring Incentives to Restore Employment (HIRE) Act, which included provisions that are known as the Foreign Account Tax Compliance Act, or FATCA. This was aimed at preventing tax evasion by US persons through the use of accounts held with foreign financial institutions…. – Continue reading
Romanian fashion designer Adina Buzatu was recently prosecuted for tax evasion and money laundry, in a file here the prejudice exceeds some EUR 22.4 million. She was recently placed under accusation by the Directorate for Investigating Organized Crime and Terrorism (DIICOT), according to Digi24. Buzatu is one of the 20… – Continue reading
MOSCOW, August 5 (RAPSI) – The Russian Finance Ministry intends to exclude Malta from the list of offshore zones due to the double taxation and prevention of tax evasion convention having been ratified between the governments of Russia and Malta, RIA Novosti reports. Respective changes to the list of offshore zones… – Continue reading
Germany’s Ministry of Finance announced that a law enabling the implementation of the United States’ Foreign Account Tax Compliance Act (FATCA) has come into force. The ministry said that the FATCA-USA Implementation Regulation, known in German as FATCA-USA-Umsetzungsverordnung or FATCA-USA-UmsV, entered into force on July 23, 2014. Germany signed the… – Continue reading
