The UK does still have one significant disadvantage namely the 20% withholding tax imposed by UK domestic law on “yearly interest” that arises in the UK is paid to persons whose “usual place of abode” is outside the UK. The UK is normally regarded as an attractive location for the… – Continue reading
According to a newly released study by K-Monitor, the Hungarian government has spent around HUF 300 billion (almost EU 1 billion) in support of international companies. Just in this May-Jun period alone, the country has provided 10.7 billion financial aid to the world’s wealthiest companies. Despite the harsh rhetoric used… – Continue reading
The big picture is easy to see. The world’s richest few are expanding their fortunes at the cost of the vast majority. The combined wealth of the world’s 2,754 billionaires increased by US$1.8 trillion – or 24 percent – in 2017, to US$9.2 trillion. The richest 1 percent now own… – Continue reading
Standard Chartered has selected FiTAX, a solution from BearingPoint, as its global client tax reporting solution for QI, FATCA and AEoI/CRS reporting. International banking group Standard Chartered, founded in 1969, is with approximately 87,000 employees across offices in more than 60 countries one of the globe’s leading financial services institutions…. – Continue reading
The OECD has welcomed efforts by the Dutch Government to tackle base erosion and profit shifting but called for the overall tax regime to be simplified, including in area of value-added tax. In its latest Economic Report on the Netherlands, the OECD said that the Government is attempting to change… – Continue reading
A vote by the UK parliament to insist that Britain’s Overseas Territories introduce publicly available beneficial ownership registers by December 31, 2020, has sparked anger and dismay within these autonomous, mainly small island, jurisdictions. An amendment to a UK Sanctions and Anti-Money Laundering Bill requires the British government to impose… – Continue reading
Document to be presented to Tynwald after summer recess The Isle of Man has agreed a renegotiated ‘double taxation arrangement’ with the UK. Howard Quayle met with Mel Stride MP yesterday, who is Financial Secretary to the Treasury and Paymaster General across, to sign the document which replaces the agreement… – Continue reading
HMRC has formed an alliance with tax enforcement bodies in 4 countries to share intelligence and expertise in the battle against international tax crime. The UK has joined forces with Canada, the Netherlands, the United States and Australia to launch the Joint Chiefs of Global Tax Enforcement (J5) – a… – Continue reading
France has made adequate fiscal consolidation efforts to exit the EU’s excessive deficit procedure, the EU Council recently agreed, while calling on Hungary and Romania to adopt tax or expenditure measures to shore up their finances. The findings came alongside the release of “country specific recommendations” for each of the… – Continue reading
New Delhi-Indian deposits have increased by 50% in Swiss Banks in 2017 said Union Finance Minister Piyush Goyal. He was reacting about Swiss bank deposits. Mr Goyal also said that India has automatic exchange of information with Switzerland and we will come to know who has deposited and whether it… – Continue reading
ATHENS, June 30 (Xinhua)– As Greece is loosening its capital controls imposed in 2015 to avert the collapse of banking system amid debt crisis, Greeks are increasingly using bank cards for tax avoidance rather than cash withdrawal limits. According to recent figures from the central Bank of Greece, more than… – Continue reading
Most of the 3.2m EU citizens in the UK will be granted permission to stay after Brexit in “a matter of days” following simple data checks, the Home Office says. Information held by the tax or benefit authorities will be enough to confirm residence – and eligibility for the new… – Continue reading
(BVI NEWS) – Stakeholders in the local financial services sector are said to be considering Crown Dependent countries such as the Isle of Man, Jersey, and Guernsey to relocate their businesses. That’s according to Executive Director of BVI Finance, Lorna Smith. Smith made the disclosure during a public forum at… – Continue reading
The federal government has introduced sweeping new reporting rules for private trust funds, which have been accused of hiding wealthy Canadians’ money from tax collectors. Going forward, trusts that fail to file a tax return will face fines equalling 5% of its total value. The Canadian government still has no… – Continue reading
ISLAMABAD: If Panama Papers documents are any guide, Saifullahs of Lakki Marwat has the highest number of offshore companies owned by any Pakistani family and majority of them are in British Virgin Islands. Seychelles and Panama are two other jurisdictions where they have set up companies. While source of wealth… – Continue reading
Growing tax compliance demands have not impacted the Bahamian financial services industry as badly as anticipated, the Central Bank is arguing, despite the sector’s continued contraction. The regulator, in its 2017 survey of the sector’s economic contribution, said there were signs that international banks and trust companies were “retaining a… – Continue reading
Macau and Portugal have signed a deal allowing the Secretary for Economy and Finance to alter a double taxation law between the two jurisdictions Macau (MNA) – A deal has been signed between the Secretary for Economy and Finance, Lionel Leong Vai Tac, and the Portuguese Government giving Macau the… – Continue reading
Shell avoids the dividend tax via a tax haven, which would have cost the Dutch treasury – and therefore the taxpayer – at least € 7 billion… The intervention of a ‘trust’ on channel island of Jersey seems to underline the dubious character of the ‘deal’. Pressing Rutte to exchange… – Continue reading
The New Delhi Bench of the Authority for Advance Rulings (AAR) in the application filed by the applicant HM Publishers Holdings Limited held that the receipts arising out of a negative covenant not to carry on a business is taxable as business income under Section 28 (va) of the Income… – Continue reading
THE TURKS and Caicos Islands has managed to avoid being placed on the European Union’s tax haven black list. Although the territory was on the anti-corruption watchdog’s grey list in 2017, prudent financial measures including tax transparency and compliance have prevented international sanctions. The EU’s grey list consists of jurisdictions… – Continue reading
(CNS): While the prospect of legal cannabis for recreational use in the Cayman Islands is not expected anytime soon, Canada is just a couple of months away from full legalisation. As that date approaches, legislators have raised concerns that the multi-billion dollar legal weed market could be taken over by… – Continue reading
The New Delhi Bench of the Authority of Advance Rulings (AAR) in the application filed by International Zinc Association held that membership fee and contribution from members received by the applicant from the Indian members would not be liable to Income-tax in India under the provisions of the Income Tax… – Continue reading
MINSK, 18 June (BelTA) – Belarus and France are preparing to sign bilateral agreements on investment protection and double taxation avoidance. This and other upcoming events were discussed during a meeting of Belarusian Ambassador to the French Republic Pavel Latushko and Julien Buissart, Head of the CIS, Balkans and Middle-East… – Continue reading
The walls continue to close in on Offshore property holding companies in Portugal. Once a popular solution for home ownership, these structures are based in low-tax jurisdictions that allow shareholders to take advantage of certain “loopholes” to avoid paying Capital Gains tax when selling. Over the past 15 years, successive… – Continue reading
The highly concentrated nature of Ireland’s corporation tax receipts represents “an unacceptable level of risk,” according to parliament’s Public Accounts Committee. The PAC has published a new report on Ireland’s corporation tax receipts. Corporation tax accounted for 15 percent of total tax receipts in 2016, with 70 percent of all… – Continue reading
It emerged that Russian oligarchs, members of ‘Russian mafia’, and many other owners of real estate in Spain have neither Spanish citizenship nor residential permit and successfully evade national taxes. Mansions in Marbella purchased by Russians officially belong to offshore companies incorporated in Gibraltar, a tiny British Overseas Territory. The… – Continue reading
Election results in Switzerland indicate voters Sunday approved measures to license online gambling only through Swiss companies and to block offshore online gambling sites. Additionally, voters rejected a referendum that would have made sweeping changes in their country’s monetary and banking system. By blocking offshore sites, the country is hoping… – Continue reading
HNWs need to be on top of their tax or face the Revenue’s ‘death ray’, writes Danny Bentley-White Bad news: the number of tax evasion cases identified by HMRC for the 2017/18 year was 3,809, an 18 per cent rise on 3,216 in 2016/17. These aren’t your ‘cash = No… – Continue reading
A delayed tax agreement between Portugal and Macau will be signed later this year, according to Mr António Mendonça Mendes, the Portuguese Secretary of State for Tax Affairs on Sunday Macau (MNA) – A delayed tax agreement between Portugal and Macau will be signed later this year, Mr António Mendonça… – Continue reading
A recent proposal to amend HMRC rules for offshore is about to make tax investigations even more onerous, writes Colin Senez UK tax is complicated and convoluted and in certain circumstances can be tortuous. If you then add offshore taxation to the equation then the position can be even more… – Continue reading
Ukraine and Spain will sign an agreement on avoidance of double taxation. The document has already been prepared and agreed. This issue was discussed during talks involving President Petro Poroshenko in Spain, the press service of the head of state reported. “We have clearly raised the issue of speeding up… – Continue reading
Concerned about the tax implications of buying property in Portugal? Good news! Foreigners who want to buy in Portugal and meet certain criteria may be exempt from paying tax on most forms of overseas income. Here’s how! In a bid to bounce back from the 2008 financial crisis, Portugal has… – Continue reading
Genting Singapore Ltd has gained formal approval from the Accounting and Corporate Regulatory Authority of Singapore to transfer its legal domicile from the offshore tax jurisdiction of the Isle of Man, to Singapore. Genting Singapore runs the Resorts World Sentosa casino resort (pictured) in Singapore. The company made a net… – Continue reading
London and Cyprus have tightened the regulations for banking operations, and the accounts belonging to Russians face blocking. Last weekend, Britain said it could block the bank accounts of about 100 foreigners. The assets will be frozen unless their owners provide information on the source of the money. At the… – Continue reading
The Moldovan parliament is divided over proposed amendments that would allow wealthy investors to bypass certain requirements in the citizen application process, Balkan Insight reported Friday. Some members of parliament warn that the changes, which are expected to pass next week, will undermine security and worsen Moldova’s reputation for corruption…. – Continue reading
Stepping up efforts to curb illicit fund flows, Switzerland plans to amend its anti-money laundering law wherein financial intermediaries will be required to verify information on beneficial owners. The Alpine nation, known for its banking secrecy practices, has been taking various measures in the fight against black money amid intense… – Continue reading
The first-time Double Tax Treaty (DTT) between Cyprus and Luxembourg signed on 8 May 2017 is effective as from 1 January 2019 based on a recent update of the Cyprus Ministry of Finance. The DTT provides for a 0% withholding tax (WHT) rate on interest and royalties. For dividends, a… – Continue reading
Norway’s parliament, the Storting, has rejected a legislative proposal for the introduction of a tax on digital business models, labeled the “Google tax,” recommending instead that the Government explore the issue of digital taxation in partnership with the OECD. In rejecting the proposal, introduced by parliamentary commissioner Une Bastholm of… – Continue reading
The Australian federal government has proposed a tax on digital advertising that could raise up to $200 million each year but could have serious consequences for corporate Australia. Scott Morrison, Australia treasurer, mentioned in his budget speech that the $7 billion in sales from Australians to United States owned media… – Continue reading
VILNIUS, May 28 (Xinhua) — Lithuania on Monday increased penalties for tax avoidance amid efforts to curb the frequency of breached tax laws. Lithuanian President Dalia Grybauskaite signed the amendments of the Law on Tax Administration, and strengthened penalties for individuals who failed to pay their taxes. The amendments stipulate… – Continue reading
SENATOR Dion Foulkes yesterday forecast the country would soon face more pressures from the European Union and should be ready to act quickly to avoid further reputational damage. On Friday, Finance Minister K Peter Turnquest announced the Bahamas had been removed from the European Union’s “blacklist” of non-cooperative jurisdictions for… – Continue reading
Tax authorities suspended the licenses of businesses across Greece after audits showed blatant cases of tax evasion, reported the Athens News Agency. On Mykonos, authorities confiscated the license and plates of a vehicle of a business that was offering luxury transport services with a mini van, without being registered with… – Continue reading
The Bahamas must now focus on leveraging the European Union’s (EU) demands to “set our own table” and boost GDP growth and employment, a well-known attorney is urging. Michael Paton, also a former Bahamas Financial Services Board (BFSB) chairman, said this nation has the opportunity to design an “economic substance”… – Continue reading
Switzerland is known for 3 things: cheese, chocolates and banks. While you might understand the affinity for the first two, here’s why everyone wants a slice of Swiss banks: 1. Because of their tight-lipped privacy policy: This isn’t just any policy, but an integral part of the Swiss banking culture… – Continue reading
Brussels, May 25 The EU on Friday removed the Caribbean nations of the Bahamas and Saint Kitts and Nevis from a blacklist of tax havens, bringing the number of jurisdictions to seven. The nations, struck off from the list after providing good conduct commitments to the EU authorities, will now… – Continue reading
HONG KONG, May 24 (Xinhua) — The government of China’s Hong Kong Special Administrative Region (HKSAR) on Thursday signed a comprehensive avoidance of double taxation agreement (CDTA) with Finland, further expanding the HKSAR’s tax treaty network. The HKSAR government’s Secretary for Financial Services and the Treasury James Lau and Consul-General… – Continue reading
Besides facing regulatory pressure in Europe over issues ranging from privacy to antitrust claims to content removal, Facebook has also come under fire from the Polish government amid claims of tax avoidance. “Facebook has not paid a single zloty” in corporate income tax in Poland last year, Entrepreneurship and Technology… – Continue reading
YEREVAN, May 23. /ARKA/. Armenia’s parliament has ratified today an agreement signed on July 25, 2017 with Israel on the exclusion of double taxation and prevention of tax evasion with respect to property and income taxes. According to Deputy Minister of Finance Armen Hayrapetyan, the agreement will create a favorable… – Continue reading
A new tax treaty between Finland and Spain, which will broaden the Finnish Government’s taxing rights with respect to pension income, will be effective from 2019, according to the Finnish Ministry of Finance. The ministry said in a release issued on May 17 that under the existing tax treaty, pension… – Continue reading
Attorney General Carl Bethel QC. Photo: Terrel W Carey/Tribune Staff Legislation to create a central Beneficial Ownership Registry is “not set in stone”, the Attorney General has revealed, with the Government seeking “urgent” consultation on the issue. Carl Bethel QC, addressing a Bahamas Financial Services Board (BFSB)-sponsored seminar, said the… – Continue reading
