According to a report published in the Sydney Morning Herald on October 6, Tim Cahill may be dealing with an irksome tax problem, stemming from investments made when he was living and working in England. The newspaper claims to have seen documents linking Cahill to a company called Phoenix Film… – Continue reading
The UK government will continue to defend its ‘patent box’ tax break for income from qualifying intellectual property (IP) during discussions to develop a global corporate tax regime, a Treasury official has said.08 Oct 2014 Intellectual Property Tax Patents Corporate tax Life sciences Advanced Manufacturing & Technology Services UK Europe… – Continue reading
Simon Carter Prime Minister David Cameron pledged at Tory party conference to make tax cuts to assist 30 million “hardworking families”. However, according to tax experts, the main beneficiaries won’t be the claimed 30 million but only the rich. According to the Institute of Fiscal Studies only 15% of the gains from increasing… – Continue reading
The UK government will continue to defend its ‘patent box’ tax break for income from qualifying intellectual property (IP) during discussions to develop a global corporate tax regime, a Treasury official has said.08 Oct 2014 Intellectual Property Tax Patents Corporate tax Life sciences Advanced Manufacturing & Technology Services UK Europe… – Continue reading
HM Revenue and Customs (HMRC) is consulting on draft regulations that will exclude two types of persons from the definition of “promoter” for the purposes of the Promoters of Tax Avoidance legislation. The regulations are intended to meet concerns raised during the development of the primary legislation. They are relieving… – Continue reading
The taxman is willing to “negotiate and strike a balance” with multinationals being audited for transfer pricing misconduct, a drive it says has a potential to realise over Sh30 billion. The Kenya Revenue Authority told a workshop organised by the Association of Chartered Certified Accountants in Nairobi that this will… – 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
The UK Tax authority is to use new powers to try and crack down on alleged avoidance schemes. Anyone who bought into three companies promoted by investment company Ingenious Media has received a final deadline from HMRC calling for them to settled owed tax. A number of these people have received… – Continue reading
HM Revenue and Customs (HMRC) is CONSULTING on draft regulations that will exclude two types of persons from the definition of “promoter” for the purposes of the Promoters of Tax Avoidance legislation. The regulations are intended to MEET concerns raised during the development of the primary legislation. They are relieving… – Continue reading
OHN KEHOE The global tax plan being pursued by Australia as G20 president, to compel low-tax paying multinationals such as Google and Apple to contribute more revenue to government coffers, could be derailed by political resistance in the United States. A prominent US senator in congress who would likely become… – Continue reading
The UK government will shortly set out how it plans to implement globally agreed rules to prevent multinational companies from using artificial techniques to significantly reduce their tax bills, it has announced.06 Oct 2014 Tax Tax Disputes and Investigations UK Europe It has confirmed that it will consult on the… – Continue reading
The Californian corporation is Cork’s largest private employer, but has not won over all local hearts and minds. Now the city is at the heart of a fight over taxation that involves not just Ireland but also the European commission and the US senate Anger is mounting in Cork. The… – 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/b2926d28-4b08-11e4-b1be-00144feab7de.html#ixzz3FSimy6uT The UK tax authority has significantly increased the amount of extra money it obtains… – 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/b2926d28-4b08-11e4-b1be-00144feab7de.html#ixzz3FSimy6uT The UK tax authority has significantly increased the amount of extra money it obtains… – Continue reading
Despite Fears, U.K. Luxury-Home Market Didn’t Melt Down A fear of annual mansion taxes on the wealthy, many of them foreigners, is causing ripples in luxury housing markets on both sides of the Atlantic. In London, an Italian hedge-fund executive withdrew an offer a few weeks ago for a 4,000-square-foot… – 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. The UK tax authority is using new powers to turn the screw on investors in alleged avoidance schemes…. – Continue reading
Plans to tackle UK tax avoidance by international technology companies could damage UK competitiveness if they are brought in before international measures are finalised, a tax law expert has warned.02 Oct 2014 Corporate tax Tax Tax Disputes and Investigations TMT Advanced Manufacturing & Technology Services UK Europe Heather Self of… – 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
British chancellor George Osborne’s promise to clamp down on a tax avoidance loophole widely used by multinational technology companies could actually result in a reduction in the amount of money the government takes in, the Chartered Institute of Taxation has warned. Patrick Stevens, the group’s tax policy director, admitted the… – Continue reading
American technology companies are suddenly living in fear. European governments are finally standing up to the power of these giants that are happy to talk about the benefits their digital products and services bring to society while being accused of not paying their fair share of corporation tax, not doing… – Continue reading
The cost of renouncing US citizenship has gone up with the introduction of the new Foreign Account Tax Compliance Act (FATCA) tax reporting rules. Many US expats are unhappy with their government because of special tax rules. The US is one of few nations to tax expats on their worldwide… – Continue reading
eBay accused of tax avoidance, but insists it complies with letter of the law By Emma Woollacott, Sep 29, 2014Updated: September 30, 2014 7:24 AM Online auction site eBay got away with paying just £620,000 in tax on sales of over £1.3 billion last year, its latest accounts reveal. The… – Continue reading
Her Majesty’s Revenue and Customs (HMRC) UK will assist Federal Board of Revenue (FBR) on tax and customs reform initiatives encompassing development of special skills to identify cases of transfer pricing, techniques to catch tax evaders and use of IT to control tax avoidance. It is learnt on Monday that the… – Continue reading
George Osborne, the Chancellor of the Exchequer over here in the UK, has just announced at the Conservative party conference that he’ll be changing the tax laws to make sure that Google GOOGL +0.16% and other tech multinationals (Facebook, Microsoft MSFT -0.17%, possibly Apple AAPL +0.64%, among them) end up… – Continue reading
While it’s said that death and taxes are inevitable, enough money and clever maneuvering can apparently help sidestep the latter. Witness the so-called dividend arbitrage, which is raising concerns from regulators thanks to its ability to allow big banks to create $1 billion per year in revenue, according to The… – Continue reading
(Reuters) – British finance minister George Osborne said on Monday he was examining changes to clamp down on tax avoidance by multinationals which the government says are depriving Britain’s public coffers of hundreds of millions of pounds each year. “Some technology companies go to extraordinary lengths to pay little or… – Continue reading
(Bloomberg) — AbbVie Inc. is examining plans to raise additional financing to complete its takeover of Shire Plc, after U.S. officials imposed new obstacles to so-called tax inversion deals, people with knowledge of the matter said. AbbVie may seek to borrow as much as $7 billion more than it originally… – 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
David Beckham, cricketer David Gower and Conservative MP Andrew Mitchell are among those set to receive tax demands totalling millions of pounds after investing in potential tax avoidance projects. HM Revenue & Customs is understood to have been sending out letters to investors in film finance schemes set up by… – Continue reading
Leicester City defender Matthew Upson is being linked to a scheme that is currently being investigated for tax avoidance. According to the Leicester Mercury, the 35-year-old could end up paying out thousands of pounds as a result of the investigation. The former England international reportedly invested in the Inside Track fund, which gives benefits… – Continue reading
The World Bank analysed the world’s biggest corruption scandals over that past two decades. Seventy per cent involved anonymous shell companies Take a guess at how much is lost to developing countries each year through international corruption? $1 billion, maybe $10? Even more? The shocking truth is that $1trn a… – Continue reading
The latest edition of Newsbrief counts as 1 hour of structured CPD and covers the regulatory and marketplace changes that took place during August 2014. Visit the Money Marketing CPD Centre to answer 10 multiple choice questions and complete this CPD activity. Just click into your CPD Plan and you’ll… – Continue reading
This chart illustrates the location of residential properties in England and Wales currently valued at more than £2m. 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…. – Continue reading
Corporate financial accounting and taxation are complex subjects. For this reason, many people tune out when issues that involve corporate tax practices rise to the level of public debate. Unfortunately, many legislators shy away from these issues for similar reasons. But while corporate taxation can be mind-bogglingly complex, nontax experts… – Continue reading
European Union Tax Commissioner Algirdas Šemeta has welcomed a raft of new measures to combat international tax avoidance, in agreement between the finance ministers of the G20 at a meeting in Cairns, Australia. The ministers have agreed on a several recommendations that were made to address key areas which were… – Continue reading
Ed Miliband is under pressure to “bang up” the British chief executives of overseas firms that use tax avoidance schemes, should he win next year’s general election. Speaking to The Independent on the fringe of the Labour conference in Manchester, Paul Kenny, the general secretary of the GMB, said: “Tax… – Continue reading
Global corporations based in the UK will now have to report where they make their profits and pay their taxes to HMRC, the UK government has announced. The new country-by-country reporting template was released this week by the OECD and the UK is the first of 44 countries to officially sign… – Continue reading
Twitter is funnelling much of the revenue it generates in Britain through an offshore sales structure, newly published annual accounts suggested today. Twitter UK has filed abbreviated 2013 accounts for a small company under Companies House rules, which are usually applicable to a business with an annual turnover of less… – Continue reading
On 30 June 2014, the British Virgin Islands (“BVI“) government signed a Model 1B (i.e. non-reciprocal) intergovernmental agreement with the United States (the “US IGA“). The US IGA provides a framework for the implementation of the US Foreign Account Tax Compliance Act (“FATCA“) in the BVI. The BVI government had,… – Continue reading
THE UK is the first of 44 countries to commit to the new country-by-country reporting model, the Treasury has confirmed. Put forward by the OECD last week as part of a wider movement against tax avoidance by large corporations, UK-based multinationals will have to report to HMRC where they make… – Continue reading
A lack of anti-avoidance tax law and cuts to public services are contributing to the UK’s yawning tax gap. New research by Tax Research LLP, on behalf of the Public and Commercial Services Union, shows that the tax gap – defined as “the difference between the tax that should be paid in the UK if the taxsystem worked as parliament and… – Continue reading
Labour could stop controversial cab-on-demand app Uber from operating in Britain over concerns about its tax arrangements. Shadow transport secretary Mary Creagh warned that Labour would not tolerate “tax avoidance on a large scale”, describing Uber’s tax arrangements, being based offshore, as “interesting”. She also seized on the fact that… – Continue reading
Scotland would not be alone in having its own tax rate from April 2016 – and holding onto the resulting revenues – if UK company directors had their way. According to a survey by the Institute of Directors (IoD), more than two-thirds of managing directors favour tax powers being devolved… – Continue reading
Archaic rules mean the world sees us as a tax haven Think of tax havens and you’ll probably think of Switzerland, Isle of Man and Luxembourg but for the rest of the world, they think of us. You see the UK’s quirky and ancient laws mean we have rules that… – Continue reading
ISLAMABAD: Finance Minister Ishaq Dar on Thursday ruled out possibility of the recovery of billions of dollars stashed in Swiss banks any time soon. ISLAMABAD: Finance Minister Ishaq Dar on Thursday ruled out possibility of the recovery of billions of dollars stashed in Swiss banks any time soon. The minister… – Continue reading
GORDON BROWN AND DAVID CAMERON HAVE PROMISED GREATER DEVOLUTION OF TAX AND WELFARE POWERS TO SCOTLAND. With the amount of coverage for the Scottish vote today it can’t have gone unnoticed that Scotland is remaining a part of the UK – for now. But that doesn’t mean that there aren’t… – Continue reading
Having recently blasted corporate tax evaders, the deputy president now has egg on his face after Lonmin’s Bermuda tax avoidance tactics surfaced. Evidence before the Marikana commission that Lonmin moved millions in platinum revenue from South Africa to tax-free Bermuda is likely to prove embarrassing for ANC deputy president Cyril… – Continue reading
TORRIDGE and West Devon MP Geoffrey Cox has said he invested in an alleged tax avoidance scheme in good faith. A leading national newspaper claimed that Mr Cox is one of a number of top officials and celebrities investing in Phoenix Film Partners LLP. HM Revenue & Customs has moved… – Continue reading
The global arms race has been replaced by a corporate tax race. Countries call for disarmament while building up their armouries. Britain is the worst offender. It led the calls for a level international playing field on corporation tax to stop multinationals from choosing where to pay tax. However, the… – Continue reading
THE CLAMPDOWN on tax avoidance by multinational corporations has been bolstered by a series of recommendations made by the OECD. Companies including Google, Amazon and Starbucks have been in the firing line for their use of offshore jurisdictions to drive down their UK tax liabilities. In particular, the companies have… – Continue reading
