Introduction Malta is increasingly becoming a financial services centre of repute looked at by a number of financial services operators as the ideal platform to set up their private pension schemes. Malta’s success is attributable to the flexible and prudent manner in which the industry is regulated, providing the desired… – Continue reading
PM’s trip to principality comes after Catalan ex-leader’s revelations about hidden accounts Prime Minister Mariano Rajoy is expected to sign an agreement that will include a system for automatically sharing tax information between Andorra and Spain during an official two-day visit to the principality that begins on Wednesday. The agreement… – Continue reading
Cyprus’ double tax treaty network has been expanded with three new agreements with Spain, Lithuania and Norway becoming effective as of January 1, 2015, boosting the island’s services sector that has been hammered by Russia’s intentions to clamp down on offshore interest and provide an amnesty for the repatriation of… – Continue reading
The Luxembourg Government is to provide the European Commission with a list of the tax rulings issued by its tax authorities, along with a list of the beneficiaries of its concessionary tax regime for intellectual property (IP) income. Luxembourg Prime Minister Xavier Bettel announced that the decision had been made… – Continue reading
BRUSSELS – It was supposed to be all about investments and Russia, but the issue of tax avoidance is likely to creep onto the EU summit agenda on Thursday (18 December). In the draft summit conclusions circulated among EU ambassadors on Wednesday, there is one paragraph mentioning the “urgent need… – Continue reading
Debate on multinational tax avoidance widens The surprise announcement by the European Commission that it is to extend its request for information on tax rulings to all European Union member states has the potential to significantly shift the terms of the debate on multinational tax avoidance. The timing of the… – Continue reading
The European Commission has announced that its ongoing inquiry into advance tax rulings will be expanded to cover all European Union member states. The Commission said on December 17 that it will ask member states to confirm whether they offer tax rulings. If they do, they will be requested to… – Continue reading
An investigation into tax rulings provided by certain EU member states is to be widened to cover all member states, according to a press release from the European Commission.17 Dec 2014 Tax Disputes and Investigations EU & Competition Tax Public procurement and state aid Corporate tax International tax UK Europe… – Continue reading
MotoGP champion Marc Marquez hit hard by criticism of a planned move to Andorra, will continue to pay tax in Spain. MotoGP champion Marc Marquez gave an emotional response to the criticism he has received within Spain over a reported move to Andorra. Speaking during Friday’s preview for the Superprestigio… – Continue reading
TWICE-WORLD champion in MotoGP Marc Márquez is reported to have moved to Andorra to reduce his taxes. The 21-year-old, who scooped up the top title in his rookie year, 2013, and repeated the performance the following season, is said to be earning around 10 million euros a year – but… – Continue reading
People who provide services delivered through electronic means (‘Electronic Services’), sold to final consumers based in other EU states, need to cope with the change of ‘place of supply’ rules from 1 January 2015. Place of supply rules are one of the more hotly debated areas of VAT. They determine… – Continue reading
President Putin’s surprise amnesty allowing Russians with cash stashed abroad to bring it back home with no penalty may be a windfall, but then maybe not. The US, Mexico, Italy, Kazakhstan, and many others have tried it with varied success. When financial crises hit, governments have tried to reel in… – Continue reading
Even though it was the French tax office that handed over encrypted information to AFIP head Ricardo Echegaray, the source of the revelations was former HSBC employee and whistleblower Hervé Falciani, a man responsible for giving the details of up to 130,000 Swiss bank accounts he suspected were linked with… – Continue reading
Canada and Spain have signed a Protocol to their income tax convention which, when implemented, will reduce the withholding tax rates applicable on payments of dividends and interest. The Protocol was inked on November 18, 2014, by Canada’s Ambassador to Spain, Jon Allen, and Spain’s Finance Minister, Cristóbal Montoro. The… – Continue reading
On 11 November 2014, the UK and Germany made a joint announcement about a proposal they had developed to address some of the concerns raised over the OECD’s suggested approach to dealing with preferential IP tax regimes. These regimes will close to new entrants from June 2016, and will be… – Continue reading
A recent binding tax ruling recognised that the historical background of a multinational group is a key factor in considering whether a non-EU ultimate parent should trigger the anti-abuse rule which applies to exemption from dividend withholding tax. In a nutshell, the Spanish Non Resident Income Tax Law (NRIT), provides… – Continue reading
The General Court of the European Union has ruled in Spain’s favor regarding the country’s use of tax breaks to support companies acquiring foreign shareholdings. According to the Spanish law on corporation tax, where a company which is taxable in Spain, acquires a shareholding in a “foreign company” of at… – Continue reading
With the imminent dawn on tighter tax and social security controls Spanish and other cross border workers are being urged to make sure they know their rights and obligations. The Chronicle commissioned a briefing report from Hassans (see page 4) which sets out key issues. It was reported earlier this… – Continue reading
Cristina de Borbón could stand in the dock over claims involving husband’s charity unless special law is used to end case A Spanish court has approved charges of tax fraud against Princess Cristina de Borbón, the sister of King Felipe VI – paving the way for an unprecedented criminal trial…. – Continue reading
Spanish soprano to pay fine after already returning the €500,000 she withheld in 2010 World-famous soprano Montserrat Caballé is close to ending the darkest chapter of her career. The opera singer has reached a deal with the Spanish tax authorities over more than €500,000 that prosecutors claim she withheld in… – Continue reading
We are witnessing profound changes in the way that the world economy works. As a result of the growing pace and intensity of globalization and digitization, more and more economic processes have an international dimension. As a consequence, an increasing number of businesses are adapting their structures to domestic and… – Continue reading
The automatic exchange of information on financial accounts around the world is coming. More than fifty countries have committed to this at an international tax conference hosted by Federal Finance Minister Wolfgang Schäuble. The exchange of information now agreed will make it easier for fiscal authorities to obtain information about… – Continue reading
Bruton says US multinationals will advise Government on ‘knowledge box’ tax scheme Germany has warned that corporate tax subsidy arrangements known as “patent boxes” are acceptable in the European Union only as a reward for research and investment by companies in member states, not as a new tax-avoidance tool. It… – Continue reading
(BERLIN) – The finance ministers of around 50 countries meet in Berlin on Wednesday to sign a deal they hope will put an end to banking secrecy and aid the worldwide fight against tax fraud and evasion. “Banking secrecy, in its old form, is obsolete,” German Finance Minister Wolfgang Schaeuble… – Continue reading
There is nothing illegal about tax planning. Yet some things are legal while others are not, and the lines can sometimes get fuzzy. Add to that the fact that some people go to extraordinary lengths to avoid paying taxes, and it can be a recipe for disaster. Increasingly, if you… – Continue reading
The European Union expanded its crackdown on illegal tax breaks, ordering Spain to recover money from companies that benefited from rules encouraging merger activity outside of the country. The European Commission said the Spanish measures unfairly rewarded companies for buying stakes in foreign competitors. Telefonica SA (TEF) last year lost… – Continue reading
SOUTH African property punters are still making more money offshore than in their own backyards — in both rand and dollar terms. Latest figures from Cape-based Catalyst Fund Managers and UBS show that global property stocks, or real estate investment trusts (Reits) as they are commonly known, delivered a total… – Continue reading
Miguel Arias Cañete, the Spanish Commissioner-designate for Energy and Climate Change, has left five important questions unanswered during his confirmation hearing in the European Parliament, writes Alicia Gutiérrez. Alicia Gutiérrez is a journalist at the Spanish online media infoLibre. (Translation by Avaaz. Original version here) 1. Has Cañete had any… – Continue reading
For Europeans looking for a slice of the good life, Spain has long been the most popular destination. At the time of the last census in Spain, almost 12% of the country’s population was born overseas, up from less than 1% only a few decades earlier. These days Spain is… – Continue reading
For Europeans looking for a slice of the good life, Spain has long been the most popular destination. At the time of the last census in Spain, almost 12% of the country’s population was born overseas, up from less than 1% only a few decades earlier. These days Spain is… – Continue reading
Barcelona and Argentina star Lionel Messi is to face trial for alleged tax evasion, a Spanish judge has ruled. The judge rejected a prosecution recommendation to drop the charges on the grounds the player’s father was responsible for his finances. Messi and his father Jorge are accused of defrauding the… – Continue reading
By Gaspard Sebag and Aoife White October 01, 2014“My decisions, whether final or intermediate, are exclusively based on an analysis of compliance with EU rules and enforcement frameworks,” Almunia said in an e-mailed response to the Gibraltar statement. Gibraltar said it had “very little confidence in the work of EU… – Continue reading
The European Commission has extended the scope of its investigation into whether Gibraltar’s corporate tax regime favors certain companies, in breach of EU state aid rules. Related Stories Brussels to accuse Apple over illegal Irish tax deals: FT Reuters EU says Ireland swapped Apple tax deal for jobs Reuters EU watchdog to… – Continue reading
There is nothing illegal about tax planning. Yet some things are legal while others are not, and the lines can sometimes get fuzzy. Add to that the fact that some people go to extraordinary lengths to avoid paying taxes, and it can be a recipe for disaster. Increasingly, if you… – Continue reading
Remember the study last year that ranked our tax code right below Zimbabwe? Now, a new study by the Tax Foundation still ranks us near last. Zimbabwe wasn’t a part of this contest, since the new study looked only at the 34 countries making up the OECD. Still, we have… – 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
A ruling by the European Court of Justice that Spanish inheritance tax breaks the law by charging more to foreigners, could lead to a change in Spanish property taxation, lawyers believe The European Union’s highest court has ruled that Spanish inheritance tax breaks the law by charging foreigners more –… – Continue reading
Such bonds have advantages for expats who are moving from a low-tax to a high-tax environment, explains Charlotte Beugge Interest rates on savings accounts are at such low levels that many expats will be looking for an alternative home for their money. Currently, the best rate expat savers can get… – Continue reading
The Seychelles is the latest country to commit to the automatic exchange of tax information as part of a scheme piloted by the Group of Five (G5) nations. The G5 pilot is aimed at deterring and cracking down on tax evasion. The five countries – the UK, France, Germany, Spain,… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/5470f66a-32a8-11e4-a5a2-00144feabdc0.html#ixzz3CLJSNkJT The Spanish government has launched a blistering attack on Jordi Pujol, the former Catalan… – Continue reading
On August 26, Burger King announced that it entered into an agreement to acquire Tim Hortons, Inc., the Canadian coffee-and-doughnut chain, in a transaction that will be structured as an “inversion” (i.e., Burger King will become a subsidiary of a Canadian parent corporation). The deal is expected to close in 2014… – Continue reading
A high ranking Spanish politician has claimed that the Spanish government misses out on EUR1bn (USD1.3bn) of tax revenues each year as a result of Gibraltar’s tax regime. Iñigo Méndez de Vigo, Spain’s Secretary of State for the European Union (EU), made the claim during an interview with the country’s… – Continue reading
Malta’s High Net Worth Individual Rules for EU, which carried a minimum property investment of €400,000, has been replaced by the Global Residence Programme, with an entry point as low as €220,000 Malta has announced a new residency programme for EU nationals – and has halved the minimum property purchase… – Continue reading
This article was first published in the 2nd quarter 2014 edition of Personal Finance magazine. Most people accept that they have to pay taxes in their country of residence. But citizens of the United States and green card holders who live outside that country – even if they have never… – Continue reading
The organisation hails the capture of five more of its most wanted as “excellent news for all honest taxpayers”. Five of the UK’s top tax fugitives have been brought back to the UK to face justice following a global HM Revenue and Customs (HMRC) initiative, the organisation has said. HMRC… – Continue reading
Twitter is the latest major internet multinational to have opened up a Spanish subsidiary. But the popular micro-blogging site has followed in the footsteps of Google, Apple, Facebook and Linkedin, all of whom keep their Spanish corporate taxes down to the bare minimum by shifting their income to Ireland. Created… – Continue reading
Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading
Ireland can adopt ‘wait-and-see’ approach on tax breaks, says Department of Finance Ireland supports the EU review of all patent box regimes – under which certain member states offer tax breaks for intellectual property – and has decided to take a “wait-and-see approach” on the issue until guidance is provided… – Continue reading
If I say that Spain is a country in love with bureaucracy, your response might be: “Really…I don’t believe you for a minute?!” Sarcasm is rarely better suited to a statement than here. Yes, unfortunately a good proportion (not all) of the 2.7 million Spanish civil servants need to move… – Continue reading
