Next week, Jamaica and the United States (US) will officially sign the intergovernmental agreement (IGA) to implement the US’ Foreign Account Tax Compliance Act (FATCA), putting the island well ahead of its CARICOM counterparts. “We have actually signed off on the text of the agreement and it is going to… – Continue reading
Bulgaria’s Cabinet has approved a draft proposal to update the memorandum on avoiding double taxation with Romania, replacing the current agreement signed in 1994, and mandated Finance Minister Petar Chobanov to negotiate and sign the new deal. The issue was first discussed during a joint meeting of the Bulgarian and… – Continue reading
Are the Cayman Islands The Next Offshore Target? The U.S. has cast its tax net far and wide, more a shotgun than a rifle shot. Mixing fishing and shooting metaphors seems appropriate to show just how no-holds barred American tax officials and prosecutors can be. Yes, boxing too. The Cayman… – Continue reading
Money Week editor-in-chief Merryn Somerset Webb has sparked a new debate on the question of whether the Isle of Man is a tax haven or not. Last week Business News reported how the FT columnist believes the island is a tax haven even though it was pointed out to… – Continue reading
LONDON (Thomson Reuters Foundation) – British Prime Minister David Cameron has written to the leaders of the UK’s overseas territories and crown dependencies to encourage them to create public registries that would reveal the true owners of companies registered in their jurisdictions. “I believe that beneficial ownership and public access… – Continue reading
The Foreign Account Tax Compliance Act (“FATCA”) is a US tax measure enacted in 2010 to prevent and detect US tax evasion and improve taxpayer compliance. It targets tax non-compliance by US taxpayers with foreign accounts by imposing a 30% withholding tax on their transactions with foreign financial institutions and… – Continue reading
HM Revenue and Customs (HMRC) has announced that the new convention for the avoidance of double taxation signed between the United Kingdom and Spain will enter into force on June 12, 2014. The agreement provides for a 10 percent rate on dividends, except where those dividends are paid out of… – Continue reading
India, Cyprus will in the next few weeks finalize changes to their double taxation avoidance agreement New Delhi: India and Cyprus moved a step closer to settling a tax dispute that led to the Mediterranean island nation being blacklisted by New Delhi. The two countries will, in the next few weeks,… – Continue reading
BAKU (Azerbaijan), April 24 (Bernama) — Azerbaijan and Spain have signed a Convention on the Elimination of Double Taxation with Respect to Income and Property Tax and Prevention of Tax Avoidance, Azerbainjan’s Azertac reported. The agreement was signed by Azerbaijani Foreign Minister Elmar Mammadyarov and his Spanish counterpart Jose Manuel… – Continue reading
Texas businessman Sam Wyly told jurors on Wednesday he relied on the advice of his former lawyer in determining whether he needed to disclose stock holdings in offshore trusts at the center of a fraud case brought by the U.S. Securities and Exchange Commission. Wyly, who took the stand for… – Continue reading
The US and Belgium have made a deal to share bank account information to improve international compliance with tax rules. Belgium has announced that it had reached an agreement with the United States on sharing bank account information as part of international efforts to crack down on tax evasion. “This… – Continue reading
A Swiss delegation is likely to visit Pakistan by August-end to discuss the possibility of re-negotiating and upgrading treaty on Avoidance of Double Taxation between Pakistan and Switzerland. It is reliably learnt on Tuesday that Pakistan is set to re-negotiate and upgrade treaty on Avoidance of Double Taxation with Switzerland… – Continue reading
Gibraltar Private Bank & Trust Co. warned its shareholders that federal regulators are seeking to hit the bank with a new enforcement action and civil monetary penalties, including against individual board members. The Office of the Comptroller of the Currency and the U.S. Department of the Treasury are pursing these harsh civil measures because they’ve… – Continue reading
On 29 November 2013, the Cayman Islands government signed a Model 1B (i.e. non- reciprocal) intergovernmental agreement with the United States of America (the “US IGA“). The US IGA provides a framework for the implementation of the US Foreign Account Tax Compliance Act (“FATCA“) in the Cayman Islands. Cayman primary… – Continue reading
You pay your fair share of taxes. Small businesses do too. It’s the price we pay to educate our kids, protect our communities and have some security in retirement. Why shouldn’t some of America’s largest corporations pay their fair share too? Corporations are making record profits. But 111 profitable Fortune 500… – Continue reading
Financial Institutions have just under three weeks left to apply for a Global Intermediary Identification Number (GIIN), FIs have until 5 May to register with the IRS for a GIIN, a unique identifier that FIs will use to show compliance following the implementation of the Foreign Account Tax Compliance Act… – Continue reading
On 29 November 2013, the Cayman Islands government signed a Model 1B (i.e. non- reciprocal) intergovernmental agreement with the United States of America (the “US IGA“). The US IGA provides a framework for the implementation of the US Foreign Account Tax Compliance Act (“FATCA“) in the Cayman Islands. Cayman primary… – Continue reading
Maltese Foreign Affairs Minister George Vella met with Moldavian Deputy Prime Minister Natalia Gherman to sign a dual taxation treaty (DTT) and a joint declaration, according to a press release issued by the Maltese Government. The joint declaration confirms Malta’s support for Moldova’s bid for greater integration in the EU…. – Continue reading
Belgium and the US will sign an intergovernmental agreement (IGA) in Brussels on April 23 for the implementation of the US Foreign Account Tax Compliance Act (FATCA), the Belgian Finance Ministry has announced. The IGA requires the Belgian Tax Administration and the US Internal Revenue Service (IRS) to exchange information… – Continue reading
1. I am a ‘relevant person’ under the Jersey/UK MOU but am fully UK tax compliant. Do I need to take any action? No. The JDF is only relevant to persons who are not UK tax compliant and need to make a disclosure for past tax liabilities. 2. I believe… – Continue reading
After several rounds of negotiations, on 28 March 2014, a new Double Taxation Treaty (“new DTT”) was signed between the governments of the PRC and Germany to replace the old DTT which was signed by both governments on 10 June 1985. The new DTT incorporates new elements of a typical… – Continue reading
HMRC ‘Must Change Approach’ To Successfully Tackle Tax Evasion April 14th, 2014 Legal Expert Reacts To Offshore Evasion Strategy Document HM Revenue and Customs (HMRC) needs a change in approach rather than more powers if it is to improve its efforts to tackle tax evasion, according to a legal expert… – Continue reading
OECD BEPS Project: If new international corporate tax rules take effect from 2016, at least €50bn or half the annual value of services exports will be vapourised. Nevertheless, Ireland should support reform to a) protect the 12.5% corporation tax rate that will continue to give the country an advantage in… – Continue reading
Mauritian conglomerate Ireland Blyth IBLP.MZ says uncertainty over new tax rules by key trading partner India has affected its business by putting off investors using the Mauritius financial center to invest in India. Nicolas Maigrot, chief executive of the group which has a wide range of interests in financial services,… – Continue reading
The Liechtenstein Disclosure Facility (LDF) is a tax disclosure facility for UK taxpayers. It is open to those with unpaid UK tax liabilities who had assets outside the UK (whether or not in Liechtenstein) as at 1 September 2009. It can be used to regularise their tax affairs on preferential… – Continue reading
In this sponsored Q&A, Gibraltar Finance’s Philip Canessa shares his views on the benefits of Gibraltar as a European Union jurisdiction, as well as the attractions of the territory’s fund regime, tax incentives and regulatory framework for the funds industry. Hedge Funds Review: How will Gibraltar-based funds benefit from all… – Continue reading
Since the global financial crisis in 2008, a handful of life companies in Luxembourg have seen their businesses flourish, as high- and ultra-high-net worth individuals in certain European markets have turned to a type of single premium bond marketed by these insurers as a safe and tax-efficient place to park… – Continue reading
The Cayman Islands is one of the world’s leading offshore jurisdictions for the establishment of investment funds. As at 30 September 2011, there were 9,444 funds (predominantly hedge funds) registered with the Cayman Islands Monetary Authority (CIMA) under the Mutual Funds Law. There are also significant numbers of private equity… – Continue reading
The Cayman Islands continue to be the pre-eminent offshore jurisdiction for hedge funds. Around 85 per cent of the world’s hedge funds are domiciled in the Cayman Islands, enabling the jurisdiction to outrank competing offshore centres (the British Virgin Islands, Bermuda and Jersey among them) as the top spot for… – Continue reading
Article 27 of the new double taxation agreement between Spain and Cyprus provides that the agreement will enter into force three months after the exchange of official notifications between the governments concerned that all ratification procedures have been completed. We understand that notifications were exchanged in March, which means that… – Continue reading
Twitter is no longer banned in Turkey, but the country’s prime minister Recep Tayyip Erdogan today pledged to “go after” the social network for evading taxes, Yahoo reports. We were unable to find any proof that tax evasion has or has not occurred, but it’s certainly a serious charge from… – Continue reading
India had received in $8.17 bn during April- January 2012-13 Foreign Direct Investment inflows from Mauritius have almost halved during April-January period of last fiscal to $4.11 billion on fears of impact of GAAR and possible re-negotiation of the tax avoidance treaty. India had received in $8.17 billion during April-… – Continue reading
An Island tax accountant says a UK clampdown on those who place their money offshore to evade tax, is unlikely to trace many culprits in the Isle of Man. Chancellor George Osborne says in future those who try to avoid tax by hiding money offshore will face tougher penalties. At… – Continue reading
BANK of Ireland is set to shutter its offshore banking operations in the Isle of Man following a strategic review. Bank of Ireland had used the Isle of Man as a deposit gathering operation in offshore savings. The bank’s Isle of Man operations had featured prominently in tribunals, with the… – Continue reading
BRUSSELS, April 12 (KUNA) — Belgium and the US will sign an agreement on 23 April that will allow the automatic exchange of bank data from accounts held in both countries. Belgian Finance Minister Koen Geens was quoted by Belgian media Saturday saying that the new deal “will lead to… – Continue reading
Britons hiding income in tax havens overseas to be made criminal offence Tough new measure was announced by George Osbourne at U.S. meeting It could help recoup some of £15billion in tax that goes missing each year HMRC estimates that outright tax evasion costs the Exchequer £5billion Britain is… – Continue reading
Prague, April 10 (CTK) – The number of Czech companies with owners based in destinations regarded as tax havens grew to 13,168 at the end of March, up by 68 from the end of last year, according to information from consulting company Bisnode. According to Bisnode, interest in tax havens… – Continue reading
MOSCOW, April 11 (Reuters) – Polyus Gold, Russia’s biggest gold miner, is considering state proposals to encourage the rebasing of Russian firms currently owned by offshore entities and intends to explore these issues with the government, the company said on Friday. The comments of the Jersey-registered company, whose share listing is… – Continue reading
A tax fraudster who hid his true wealth in the UK has been jailed for four years after police discovered he was building a £2.3 million ‘PALACE’ abroad. Mohammed Suleman Khan, 42, lived a luxury life in Birmingham despite no obvious income. But he was handling huge amounts of undeclared… – Continue reading
The Foreign Account Tax Compliance Act is a US law, obligating banks in other countries to disclose to the American tax authorities information about the accounts of American taxpayers in these banks WASHINGTON, April 11. /ITAR-TASS/. Russian Finance Minister Anton Siluanov has notified US Treasury Secretary Jacob J. Lew of… – Continue reading
Introduction Article 10 of the Russia-Cyprus double tax agreement grants taxing rights over dividends to the state of residence of the company paying the dividends (in addition to the state of residence of the recipient). The tax that may be imposed in the state in which the dividends originate is… – Continue reading
Potato king Paul Rennie has told a court he is unable to explain why he sent millions of dollars to tax havens in transactions revealed by a Project Wickenby investigation. The Federal Court heard Mr Rennie had been raided by federal police, who seized documents related to his Griffith-area potato… – Continue reading
The Government of the Kingdom of Denmark and the Government of the Republic of Ghana have signed the Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains In relation to the Danish Minister for Trade and Development… – Continue reading
The standard corporate income tax rate is 16%, applicable to both Romanian companies and to foreign companies operating through a permanent establishment in Romania. Profit repatriation In case of the Romanian company being set up as a subsidiary of a foreign company profits may be repatriated solely by way of… – Continue reading
Greece is asking Swiss authorities to lift bank secrecy practices and allow its investigators to reveal the names and details of bank accounts held by Greek citizens. The request comes as Greece is already poring through a list of 2,059 Greeks who have put away 1.5 billion euros in the… – Continue reading
The Finance Ministry is drawing up legislation allowing Russian banks to give information about their clients to foreign tax authorities, after U.S. stonewalling halted bilateral negotiations on a financial information sharing agreement. At the same time, the ministry intends to oblige foreign banks to report similar information to the Russian tax service, Vedomosti reported Wednesday, citing sources in the ministry…. – Continue reading
1. The traditional attitude to tax avoidance is encapsulated in the judgment of Lord Tomlin in the English case of IRC v Duke of Westminster (1936): “Every man is entitled if he can to arrange his affairs so that the tax attaching under the appropriate Acts is less than it… – Continue reading
The bitter marital split of aviation tycoon Clive Joy has highlighted the issue the role tax efficient offshore trusts can play in lengthy High Court divorces. Recently aviation tycoon Clive Joy hit the headlines, but not for his expertise in aerospace issues. It was because in the course of a bitter… – Continue reading
The schedule of the Russian parliament has been updated yet again and it appears that forex dealing regulation is coming back to the fray. According to recent reports by Russian media there might be some key amendments aimed to limit the participation of brokers residing in offshore financial centres (OFCs)…. – Continue reading
Irish Corporate Tax 2014: The Government today issued what it calls a technical paper on effective corporation tax rates to effectively confuse the public by avoiding the key issues about its facilitation of corporate tax avoidance. It’s irrelevant to the core issues as it is simply trying to divert attention… – Continue reading
