Two business federations from the Netherlands and Germany have urged the Organisation for Economic Co-operation and Development to ensure that there is a level playing field under new international rules proposed for preferential regimes for intellectual property (IP) income, reports Tax News. The two organizations’ statement concerns the development of… – Continue reading
You may have noted there’s an election in the offing Worstall on Wednesday As the tech news outlet of record has told us, UK chancellor George Osborne is preparing to bring in the “Google Tax”. Properly known as the Diverted Profits Tax, it is supposed to be a way of… – Continue reading
Under new rules introduced by the UK Government, “high risk” promoters of tax avoidance schemes will have to publicize the fact that they are being monitored by HM Revenue and Customs (HMRC), reports Tax News. Laws introduced last year allow HMRC to issue “high risk” promoters with Conduct Notices requiring… – Continue reading
Robert Jenkins says Douglas Flint should resign over Swiss scandal for the good of his own reputation A former member of the Bank of England’s financial policy committee has called on HSBC’s chairman to resign following the scandal at its Swiss operation and other debacles. Robert Jenkins said Douglas Flint,… – Continue reading
Scotland is running at a loss. And you’d be forgiven for also being at a loss about the conflicting use of statistics over just how much it’s in the red, or how badly. You can emphasise that tax paid in Scotland, and from its offshore oil and gas, was £400… – Continue reading
Representatives of the governments of Hungary and Luxembourg signed an agreement to eliminate double taxation on the sidelines of a meeting of EU finance ministers, the economy ministry said. The new agreement, signed by Economy Minister Mihály Varga and counterpart Pierre Gramegna, replaces an earlier one signed in 1990. It… – Continue reading
British Foreign Secretary Philip Hammond is considering a plan to reveal the hidden financial assets of Russia President Vladimir Putin and his inner circle to embarrass them in front of their struggling citizens, The Daily Telegraph reported. The pressure to broadcast the extraordinary secret wealth of Putin and his powerful… – Continue reading
The UK Government is getting tough with tax avoidance promoters, making potential customers aware of the risks of using them. Under new rules introduced by David Gauke, the Financial Secretary to the Treasury, high-risk promoters of tax avoidance schemes must publicise the fact they are being monitored by HM Revenue… – Continue reading
Smythson was bought in April 2005 by city figures for some £15.8million Report says Mrs Cameron would have got £1,589 for each of her 275 shares PM’s wife began working at Smythson as a window dresser in 1996 By the time of the 2005 sale, she had risen to creative… – Continue reading
HSBC Holdings Plc (LON:HSBA) shares were steady at 560.42p this morning, as the scandal revolving around HSBC’s Swiss unit tax avoidance scheme took a political turn. Tory and Labour have traded accusations, while on the international level Argentina has demanded cash payments from the lender as compensation. Sir Alan Duncan,… – Continue reading
Scheme promoters face hefty fines for not being ‘up front’ Under new rules championed by the Financial Secretary to the Treasury, David Gauke, high risk promoters must now publicise the fact that they are being monitored by HMRC, so that potential customers are aware of the risks of using them…. – Continue reading
Promoters of tax avoidance schemes that have been identified as “high risk” by UK tax authorities must now publicise that they are being monitored so that potential customers are aware of the risks of using them, HM Revenue and Customs (HMRC) has announced.10 Mar 2015 Tax Disputes and Investigations Tax… – Continue reading
We are all familiar with the expression “the long arm of the law.” However, few laws’ arms are longer than that of the U.S. Foreign Account Tax Compliance Act (FATCA). Administrators of Canadian pension plans and financial institutions that hold or invest pension assets learned this last year when FACTA… – Continue reading
Public accounts committee to ask Stuart Gulliver, Chris Meares and the BBC’s Rona Fairhead key questions on tax arrangements at multinational bank Two senior HSBC executives and the chair of the BBC Trust will be questioned by MPs on Monday about their role at the bank, whose Swiss banking arm… – Continue reading
Public accounts committee to ask Stuart Gulliver, Chris Meares and the BBC’s Rona Fairhead key questions on tax arrangements at multinational bank Two senior HSBC executives and the chair of the BBC Trust will be questioned by MPs on Monday about their role at the bank, whose Swiss banking arm… – Continue reading
The head of Argentina’s tax authority has demanded that HSBC repatriate $3.5bn (£2.3bn) in funds that it says HSBC helped its clients move offshore. Ricardo Echegaray said that HSBC’s actions threatened the stability of the Argentine government. “HSBC built a platform to help clients evade tax,” said Mr Echegary in… – Continue reading
HM Revenue & Customs (HMRC) is ramping up its tax avoidance crackdown by forcing ‘high risk’ schemes to reveal to clients that they are being monitored by the taxman and issuing £1 million fines. In October 2014 HMRC gained powers to issue conduct notes to tax avoidance schemes it deemed… – Continue reading
WARRINGTON South’s Trade Union and Socialist Coalition parliamentary candidate is calling on parties to ‘close their links’ with banks. Kevin Bennett, who is also a council representative for Fairfield and Howley, has condemned the actions of banks in the country following the tax avoidance scandal. The former Labour councillor insists… – Continue reading
WARRINGTON South’s Trade Union and Socialist Coalition parliamentary candidate is calling on parties to ‘close their links’ with banks. Kevin Bennett, who is also a council representative for Fairfield and Howley, has condemned the actions of banks in the country following the tax avoidance scandal. The former Labour councillor insists… – Continue reading
André Wilsenach, the executive director of the Alderney Gambling Control Commission (AGCC), has vowed to support those companies impacted by new point-of-consumption (POC) tax laws in the UK. As of November 1, 2014, operators providing remote gambling services to customers in the UK must hold a remote licence from the… – Continue reading
Bosses at HSBC were yesterday accused by MPs of turning a blind eye to alleged tax evasion in its Swiss private banking arm. In an ill-tempered hearing with the Public Accounts Committee, members said they did not believe that executives in London were oblivious to what was happening. Chief executive… – Continue reading
The Maltese Government has said in a statement that it has today acquired from the French Government the data, popularly known as Swiss Leaks, insofar as it relates to Maltese nationals. The data was presented in Paris in the presence of French Finance Minister Michel Sapin to the representative of… – Continue reading
Skip to content Using Gmail with screen readers Click here to enable desktop notifications for Gmail. Learn more Hide 34 of 34 Web Clip Forbes.com: Most popular stories – Volt Vs. Tesla: The Dealership Experience – 7 hours ago ready to post 9 mar 2015 D Ready to post –… – Continue reading
The Virgin Islands’ financial services industry continues to be heavily criticized through media reports, but Executive Director of the recently formed BVI Finance, Mr Kedrick Malone believes the attacks are politically motivated, reports BVI Platinum. “I think a lot of the media you are seeing is politically motivated. It is… – Continue reading
Skip to content Using Gmail with screen readers Click here to enable desktop notifications for Gmail. Learn more Hide 1 of 18 Web Clip NYT Travel – In Transit Blog: New Year-Round Routes on Eurostar Trains – 4 hours ago ready to post 9 mar 2015 D Ready to post… – Continue reading
Subramaniam Swamy has been a strong advocate for abolishing income tax. There is a basic dichotomy in the taxation structure in India — many corporates pay taxes that are a fraction of what they should be paying while the salaried class get deductions that can’t really be called deductions due… – Continue reading
The small business tsar and Conservative peer said she supported the party because she believed in “fairness” and that “everyone should pay their taxes” Apprentice star Tory Karren Brady has insisted that “everyone should pay their taxes” – but is on the board of a firm linked to an alleged… – Continue reading
(Reuters) – Britain’s finance minister, George Osborne, is planning to introduce a new “diverted profits tax” targeting multinational companies judged to have shifted profits overseas to avoid tax, the Sunday Times newspaper reported, citing government sources. The 25 percent levy, more than corporation tax which is set at 20 percent,… – Continue reading
Vivienne Westwood’s donation of £300,000 to the Green Party sparks controversy over her company’s use of off-shore account She is probably Britain’s most influential — and definitely most controversial — fashion designer. So perhaps it was inevitable that when Dame Vivienne Westwood became the Green Party’s biggest supporter with a… – Continue reading
A tax loophole is denying British youth and unemployed workers the chance to earn a living or to be trained in a new career. The sneaky technicality, which is fully supported by the European Union, is predominantly used when projects are funded from ‘European regional funds’ such as roads and… – Continue reading
A judge has given HM Revenue & Customs two weeks to decide whether to put allegations of dishonesty to directors of media firm Ingenious in a court case to decide if its film investment schemes broke tax avoidance rules. Ingenious, founded by accountant Patrick McKenna, and HMRC are facing each… – Continue reading
Introduction In the autumn statement the Chancellor of the Exchequer announced the introduction of a new Diverted Profits Tax (DPT). Against the context of international co-operation in the OECD led consultation on ways to ensure profits are taxed where they are generated (the Base Erosion and Profit Shifting project (BEPS),… – Continue reading
Guernsey’s treasury minister has told the Labour Party not to “bash” the bailiwick on tax transparency. A meeting followed Labour leader Ed Miliband’s threat to blacklist Guernsey under a Labour government if it does not clamp down on tax avoidance. Deputy Gavin St Pier said shadow exchequer secretary Shabana Mahmood… – Continue reading
HMRC yielded £1.1bn in tax from multinationals last year, as it actively challenged transfer-pricing agreements The Revenue said that £5.8bn in tax has been secured by the specialist group set up to investigate pricing agreements between companies in the same multinational group since it was established in 2008. HMRC announced… – Continue reading
Planning to enjoy your retirement in a different country? Check these tax, banking and investment issues More than 400,000 Britons have retired abroad, attracted by better weather, a laid-back lifestyle and a lower cost of living. But if you want to join them, you will need to make serious adjustments… – Continue reading
The recent tax scandals had revealed that HSBC bank offered a friendly advice to its private clients on how to succeed in their tax evasion attempts. This effectively shows that our societies are divided between those who have higher share of wealth (and thus greater opportunities to pursue their interests)… – Continue reading
Just months after the Obama administration cracked down on mergers that helped US companies skirt domestic taxes, a wave of foreign takeovers is steering more tax revenue away from the US, reports the Wall Street Journal. In deals known as “tax inversions,” which spiked in 2014, US companies acquired foreign… – Continue reading
New figures have revealed more than 3,000 properties in Camden and Barnet are registered in secret offshore havens – among the highest numbers in the capital. A leading anti-corruption charity released the data yesterday as it called on the government to implement tough new regulations to increase transparency over property… – Continue reading
Boris Johnson today called for a massive tax rise to stop foreign crooks using the London housing market to launder dirty money. The mayor claimed ‘international despots and criminal rings’ were using phoney companies to buy homes in the capital. More than 35,000 London properties are owned by secretive offshore… – Continue reading
UK official data show that almost 41,000 London properties owned by foreign companies 90% are based in tax havens such as the British Virgin Islands (BVI), which do not have to disclose ownership information. Transparency International, the anti-corruption organisation, used Land Registry and Metropolitan Police data to identify 40,725 properties… – Continue reading
Billions of pounds of corruptly gained money has been laundered by criminals and foreign officials buying upmarket London properties through anonymous offshore front companies – making the city arguably the world capital of money laundering. Some 36,342 properties in London have been bought through hidden companies in offshore havens and… – Continue reading
Anti-corruption groups and Met detectives say £180m worth of real estate is under investigation as being used in money laundering and stolen capital Hundreds of millions of pounds’ worth of UK properties held in secretive offshore companies have been used to launder the proceeds of international corruption, Scotland Yard investigators… – Continue reading
THIRUVANANTHAPURAM, MARCH 4: The taxman has taken a headlong plunge into an alphabetic soup to comply/align with emerging tax and jurisdictional requirements, domestic and foreign, of which is GST is only one. Advance Pricing Agreements (APAs); General Anti-Avoidance Rules (GAAR); BEPS (Base Erosion and Profit Sharing); and POEM (Place… – Continue reading
AN assertion from Labour’s parliamentary candidate has been called an “unfounded personal attack” by Torridge and West Devon’s MP. Mike Sparling, Labour’s parliamentary candidate for Torridge and West Devon, has spoken out about the party’s measures to tackle tax avoidance in the first months of a Labour government. He said… – Continue reading
Criminals, tax evaders, human traffickers and drug dealers have laundered billions of pounds worth of dirty money purchasing British properties through anonymous offshore companies, Scotland Yard investigators suspect. The Metropolitan Police say more than £180 million (US$276 million) worth of British property has been subject to criminal investigation since 2004… – Continue reading
Chancellor defends HSBC as a ‘very important bank’ but repeatedly fails to answer questions about his conversations with bank’s former boss George Osborne has defended the role of HSBC as a “very important bank” for Britain as he once again dodged questions about the extent of his discussions about tax… – Continue reading
Claims that the UK Treasury has started “gaming” to protect its own revenues from devolved Scottish tax competition should be given further consideration, a committee of MSPs has recommended. Holyrood’s Finance Committee is seeking further evidence on the Smith Commission’s call for devolution to cause “no detriment” to any part… – Continue reading
The Public Accounts Committee (PAC) met last month to ask HM Revenue & Customs (HMRC) about its efforts to curb tax avoidance, including how HMRC has developed its transfer pricing approach to counteract tax arrangements such as those by Google, Amazon and Starbucks. Present at the hearing on February 11,… – Continue reading
The great trick played on the electorate by successive governments over the last 30 years has been to convince people that benefit fraud is the primary source of both the economy’s and society’s ills. The government sets the agenda and the media rushes to lap it up. In fact, efforts… – Continue reading
It’s a 200-year-old, little-known tax break that effectively allows some of world’s wealthiest people to treat the UK as their own tax haven. However there are increasing calls to scrap the non-domicile rule for good amid the country’s recent banking scandals. While earlier incarnations of the rules were first established… – Continue reading
