Panellists at a Guernsey funds technical masterclass in London have praised the jurisdiction for its “progressive nature” in tackling international regulatory developments. Delegates were told that Guernsey’s response to initiatives such as the Alternative Investment Fund Managers Directive (AIFMD), Markets in Financial Instruments Directive (MiFID) II, the Foreign Account Tax… – Continue reading
The draft legislation published on 10 December 2014 (see here) devotes almost 30 pages to the new “diverted profits tax” (DPT), which from 1 April 2015 will introduce a new tax at a rate of 25% to profits generated by those multinational corporate groups who, in the eyes of the… – Continue reading
The IRS issued two New Releases this week that restate its focus on offshore tax evasion. The first was January 29, 2015 which followed the First International Criminal Tax Symposium. “The Internal Revenue Service Criminal Investigation Division (IRS-CI) and Her Majesty’s Revenue & Customs (HMRC) co-hosted a three-day International Criminal… – Continue reading
The present French Tax Update will focus on (i) the most salient features of the new double tax treaty signed by the People’s Republic of China (China) and France on November 26, 2013 (New DTT), (ii) the new double tax treaty signed by Singapore and France on January 15, 2015,… – Continue reading
Potential candidates can gain foreign experience and donations in the British capital but expatriate supporters want action on Obama’s onerous tax demands Republican donors in the UK are lobbying the presidential hopefuls visiting London in search of foreign policy credentials and wealthy corporate allies to abandon President Barack Obama’s aggressive… – Continue reading
The upmarket leather goods firm employing the Prime Minister’s wife is based in a tax haven. Smythson is owned through a holding company in Luxembourg and linked to a secretive trust in the Channel Island of Guernsey, another well-known tax haven. The store in Central London’s New Bond Street, which… – Continue reading
My dog ate my tax return’ and ‘I had to look after parrots’ are among the excuses HM Revenue & Customs is given by people who have failed to file in time Time is running out for thousands of people who have yet to file their tax returns as the… – Continue reading
A Sunday Mirror investigation has found Apple, Facebook, Amazon, Google, Ebay and Starbucks has paid less than one per cent tax Six of the world’s biggest companies paid just 0.3 per cent of their UK earnings in corporation tax last year, a Sunday Mirror probe has found. We have examined… – Continue reading
Feb 1 (Reuters) – The Chinese government’s vow to increase tax scrutiny of foreign companies has sent firms rushing to tax advisors ahead of the implementation on Sunday of new rules designed to rein in cross-border tax avoidance. Tax professionals and business lobbies alike have welcomed the move as an… – Continue reading
Capital Gains tax and inheritance tax should be merged to prevent wealthy homeowners being taxed twice, IoD suggests Capital gains tax and inheritance tax should be merged to prevent wealthy homeowners being taxed twice, according to the Institute of Directors. Taxes raising less than £5billion a year should be merged… – Continue reading
LIGHTNING RELEASES (1/30/2015) – Attorney Gary S. Wolfe of The Wolfe Law Group is pleased to announce, after 12 years of research, the publication of his 10th book, Offshore Tax Evasion: The IRS and Swiss Banks, now available for immediate download through the Amazon Kindle store. Switzerland is the epicenter… – Continue reading
Government minister Laurence Skelly has spoken of his hopes for ‘social investing’ in the island after he was invited to a high-profile gathering in Downing Street. Social investment is finance that generates social as well as economic returns. Mr Skelly, who is in the hot seat at the Department of… – Continue reading
Cash reserves held outside the US for tax reasons by US multinationals are “likely to fuel a big increase in M&A activity over the next year”, said Eloise Walker a tax expert at Pinsent Masons, the law firm behind Out-law.com.30 Jan 2015 Corporate Tax Corporate tax International tax M&A Advanced… – Continue reading
The IRS recently announced an expansion of the list of banks and advisors that trigger the highest penalty bracket within its Offshore Voluntary Disclosure Program. The addition of Sovereign Management & Legal, Ltd. and Bank Leumi to the increased penalty list will have repercussions in Asia, Israel and the United… – Continue reading
In November 2012, a startled TV audience watched coverage of the House of Commons Select Committee questioning Google’s chief executive about why his business, with ostensibly billions of pounds in sales generated in the UK, accounted for UK corporation tax in an amount equivalent to the price of a single… – Continue reading
In November 2012, a startled TV audience watched coverage of the House of Commons Select Committee questioning Google’s chief executive about why his business, with ostensibly billions of pounds in sales generated in the UK, accounted for UK corporation tax in an amount equivalent to the price of a single… – Continue reading
London is a global haven for criminal financial activity – with billions of pounds laundered through British banks each day, according to the head of the UK’s National Crime Agency. “Many hundreds of billions of pounds of criminal money is almost certainly laundered through UK banks and their subsidiaries each… – Continue reading
Introduction The taxpayer, Seven Network Limited, has won a recent decision (22 December 2014) in the Australian Federal Court, Seven Network Limited v Federal Commissioner of Taxation (2014) FCA1411, which is significant to all broadcasters, particularly involving the delivery of live sport and other entertainment. Briefly, the key issue raised… – Continue reading
The Internal Revenue Service Criminal Investigation Division (IRS-CI) and Her Majesty’s Revenue & Customs (HMRC) co-hosted a three-day International Criminal Tax Symposium in Washington, D.C. January 27 – 29, 2015. The symposium focused on combatting offshore tax evasion and international financial crimes—including cyber-crime—and brought together delegates from criminal tax and… – Continue reading
The Chief Secretary to the Treasury has warned Scotland could be one of the most centralised countries in the world, with too much power concentrated in Edinburgh. Danny Alexander MP was giving evidence on fiscal devolution to Holyrood’s finance committee. He argued power should be devolved to local authorities. He… – Continue reading
The tax regime applicable to non-UK investors in UK commercial real estate continues to be relatively generous. The tax on acquisition is low and there is generally none on disposal. Moreover, tax on income would generally be charged at the basic rate of 20% and this liability is capable of… – Continue reading
The tax regime applicable to non-UK investors in UK commercial real estate continues to be relatively generous. The tax on acquisition is low and there is generally none on disposal. Moreover, tax on income would generally be charged at the basic rate of 20% and this liability is capable of… – Continue reading
Tax avoidance costs developing countries billions every year. So this week 16 domestic and internationally focused organisations have joined forces to launch a campaign for a Tax Dodging Bill. When I mention in the course of a conversation that I work for an international development charity, I often get an… – Continue reading
A legislative amendment leaves Gibraltar “very well positioned” to follow Malta’s lead in adapting to HM Revenue & Customs introduction of full flexibility to Qualifying Recognised Overseas Pension Schemes (QROPS). At the end of December last year, HMRC issued draft legislation to allow QROPS full flexibility in drawing pension benefits… – Continue reading
On 11 November 2014, the UK and German governments issued a joint statement on proposals for new rules for preferential intellectual property (IP) regimes within the G20/OECD base erosion and profit shifting (BEPS) project. Germany currently does not have a special regime for Patent Boxes, but suffers from structures that… – Continue reading
Co-operatives have joined a call to address tax dodging by multinational companies. The campaign, which is supported by a coalition of 17 British organisations, is asking all political parties to pledge to introduce a new Bill to tackle corporate tax dodging. The Tax Dodging Bill campaign aims to make it… – Continue reading
This edition of the Tax-News monthly feature takes in noteworthy events in the international tax arena, including attempts to inject new life into the campaign for comprehensive tax reform in the United States, and developments in the areas of free trade, indirect taxation, BEPS and tax transparency and compliance. US… – Continue reading
A crackdown on tax avoidance and evasion by people who HM Revenue & Customs call “mass affluent” netted 60% more money in 2014, a report says. HMRC’s Affluent Unit covering UK residents on annual incomes over £150,000 – or wealth over £1m – raised £137.2m in tax, up from £85.7m… – Continue reading
IF YOU thought the publication of the command paper on “more powers” has brought clarity to the tax levying and reporting regime, think again. It’s all about as clear as a plate of dribbled mince. And businesses in Scotland, I fear, have now been put at a disadvantage to their… – Continue reading
CONCERNS have been raised that a council is planning on setting up its own debt collection agency to recoup money owed through council tax avoidance. A whistleblower has flagged up Redcar and Cleveland Borough Council’s plan as they fear it could lead to financially hard-pressed residents being hit with additional… – Continue reading
Prime Minister David Cameron has said he hopes Scottish devolution settlement will be lasting, but professors warn it may already need to be reviewed Academics in Scotland have warned that devolving tax powers could see this region’s rich residents moving north of the border. And with the possibility that giving… – Continue reading
International accountant and shipping adviser Moore Stephens says companies in the offshore maritime sector could be among those hit by a 25% Diverted Profits Tax (DPT) charge under draft UK legislation scheduled to enter force in April 2015. Under the draft legislation published by the UK Government in December 2014,… – Continue reading
Lobby groups representing Google, Amazon and other powerful US tech multinationals have launched a fierce attack on global plans to stamp out artificial corporate structures used to avoid tax. In responses to the latest stage of a two-year, G20-led programme of international tax reform, lobbyists for the US tech industry… – Continue reading
Malta Qualifying Recognised Overseas Pension Schemes (QROPS) are jumping on the flexible access bandwagon. The Malta Financial Services Authority as amended local regulations in favour of QROPS based on the Mediterranean Island following the new flexible access pension rules administered by HM Revenue & Customs (HMRC) in the UK from… – Continue reading
MUMBAI: UK-based telecom company Vodafone Group will hold its board meeting in Delhi later this month, said two people aware of this. It will be the second such meeting in the country since Vodafone acquired its business in India. The meeting is an “ordinary” board meeting with “routine” agenda items,… – Continue reading
The IRS has unveiled a secure web application, the International Data Exchange Service (IDES), for cross-border data sharing. IDES will allow Foreign Financial Institutions (FFIs) and tax authorities from other countries to transmit financial data on U.S. taxpayers’ accounts, via an encrypted pathway, to the IRS. The tool is part… – Continue reading
New Zealand First is concerned the Uber ride service and multinational companies like it are using elaborate tax shelters to rip off hard working Kiwi taxpayers. The Party will be closely following the government’s newly announced review of small passenger services. “Why is it when a multinational with a track… – Continue reading
Lobbyists representing firms including Google, Amazon and Apple claim ‘fundamental flaws’ in G20-led reforms The World Economic Forum in Davos, where Google, Microsoft and Facebook executives will discuss the digital economy on Thursday. Photograph: Fabrice Coffrini/AFP/Getty Images Lobby groups representing Google, Amazon and other powerful US tech multinationals have launched… – Continue reading
Companies in the offshore maritime sector could be among those hit by a 25 percent Diverted Profits Tax (DPT) charge under draft UK legislation scheduled to enter force in April 2015, international accountant and shipping adviser Moore Stephens said. Under the draft legislation published by the UK government in December… – Continue reading
Today, the Scottish government revised its new Land and Building Transaction Tax (LBTT) rules. The LBTT is to replace stamp duty in Scotland from April, and its rates had been designed to be oddly punitive for those buying high-end houses. Anyone buying a house costing more than £250,000 was to… – Continue reading
For as long as leaders from low-income countries are excluded from the solution, tax avoidance will inflict costly and sometimes life-threatening consequences on millions of individuals Politicians have been all-too-eager to label 2014 a milestone year for action on tax avoidance, with many of the world’s leading economies having introduced… – Continue reading
Both the OECD and the EU are exploring options to change how digital businesses are taxed, while NGOs are stepping up their pressure on tax authorities to challenge large companies’ transfer pricing arrangements. No matter how robust your digital business’s transfer pricing arrangements appear to have been in the past,… – Continue reading
Chancellor George Osborne has told MPs that new powers being handed to Scotland could result in a UK-wide competition over tax rates. The Tory minister was giving evidence to the Treasury select committee which is examining the Smith Commission plan. Mr Osborne said it would be up to Scotland to… – Continue reading
As significant changes take effect with pensions, offshore tax evasion and property, 2015 looks like it will be an interesting year. However, there are still opportunities to be found despite the ongoing upheaval. As we all start a fresh new year, many advisers will be starting to think about the… – Continue reading
Observers of offshore financial centres will know that post 2008 they have been weathering a perfect storm. Firstly, reduced transactional flows, simply because there is less money available for structured finance and investment generally. Secondly, a constant barrage of negative publicity, which deliberately seeks to conflate tax evasion and tax… – Continue reading
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
Midlands businesses can still benefit from the Patent Box, according to international accountancy firm Mazars. It follows plans to amend it – resulting in a narrower focus on UK R&D. That is the verdict from Birmingham professionals Peter Jelfs, senior tax manager at international accountancy firm Mazars, and Nicholas Braddon,… – Continue reading
A Manchester councillor has accused half the British Cabinet of tax avoidance during a council meeting this week. The accusation was made by Labour councillor Rebecca Moore during a Manchester City Council economy scrutiny committee on Wednesday. Her comments were in response to suggestions the council would try to lobby… – Continue reading
The International Chamber of Commerce (ICC) has reaffirmed its active engagement in the second phase of the G20 / Organization for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) project while underscoring the importance of a coordinated and consistent approach to tax law changes. ICC continues to… – 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/0/3e5cbbfa-9bff-11e4-b6cc-00144feabdc0.html#ixzz3OtSPx5Gf The European Parliament is poised to launch a full inquiry into sweetheart… – Continue reading
