Category: British Virgin Islands

Government introduces bill to establish ITA as a statutory body

New legislative proposals aim to establish the BVI International Tax Authority (ITA) as a fully fledged independent government institution in the British Virgin Islands with its own legal personality, giving it autonomy over the performance of its functions. The ITA was initially established within the Ministry of Finance to administer...

Panama Papers: India eyes tax information exchange deal by June

If the tax deal is not signed, India can opt to label Panama as ‘non-cooperative’ and levy a higher tax on it Mumbai: The government is continuing its efforts to retrieve money stashed away illegally in foreign banks, including those in Panama, even as it hunts black money evaders at...

Amendment sought for greater transparency over UK’s offshore tax havens

A parliamentary drive to force greater transparency on the UK’s offshore tax havens is being led by former Commons spending watchdog chairwoman Dame Margaret Hodge and ex-international development secretary Andrew Mitchell. The pair, backed by scores of MPs from across the Commons and supported by an alliance of charities, are...

Oxfam: Luxembourg, Ireland, Netherlands among worst tax havens

The NGO’s report exposes the worst offenders in the ‘race to the bottom on corporate tax.’ Luxembourg, Ireland, Cyprus, and the Netherlands are among the world’s 10 worst tax havens, despite an ongoing EU crackdown on tax avoidance and profit shifting across the bloc. The findings come in a report...

Nearly 200 footballers are facing an HMRC probe for using an ‘image rights tax dodge’ to cut their bills

HMRC confirm 43 players, 12 clubs and eight agents are under investigation But more than 100 more footballers are also being looked at over their tax Majority of England team are using legal loophole to reduce image rights tax Deals allowing clubs to pay part of salary that way also...

Bermuda is world’s worst corporate tax haven, says Oxfam

Four UK territories in list ‘undermine Britain’s efforts to be responsible member of the international community’ Bermuda is the world’s worst corporate tax haven, according to a list by Oxfam, which includes three other UK territories among those it names and shames. The charity’s list of the “world’s worst” 15...

UK Accused of Erecting ‘Brick Wall’ Over Tax Havens, Laundering, Corruption

The UK – which is Friday (December 9) hosting a global tax transparency summit – has been accused of erecting a “brick wall” over hundreds of thousands of companies that use British Oversea Territories as tax havens allowing “corrupt” owners to “enjoy their ill-gotten gains with impunity.” The UK Parliament...

Call for probe into Jose Mourinho ‘offshore tax haven’

Calls have been made for an investigation into Manchester United manager Jose Mourinho’s financial affairs after claims millions of pounds was moved offshore to avoid tax. It is alleged Mourinho’s advisers may have helped him avoid paying tax on earnings from the use of his image rights for product endorsement...

Implementation of Common Reporting Standard in Hong Kong – Implications for Family Trust with a Private Trust Company as Trustee

The Organization for Economic Co-operation and Development (OECD) issued the Standard for Automatic Exchange of Financial Information in Tax Matters (Standard for AEOI) in July 2014, which aims to prevent offshore tax evasion and maintain the integrity of tax systems. Over 100 jurisdictions have committed to comply with the Standard...

Country’s richest hit with €36m tax bill

A major Revenue crackdown on tax-avoidance schemes used by Ireland’s richest people has clawed back more than €36m for the taxpayer in the past year. The tax-avoidance team at Revenue’s large cases division has agreed settlements with a number of high-wealth individuals – defined as those with net assets greater...

Belize Financial Regulator Warns Against Fraudulent Bitcoin Investment Company

The financial regulator of Central American nation Belize has issued a public warning against XMAXBIT, a company that claims to provide returns for investors by investing in cryptocurrencies like bitcoin. Published on Monday, the Office of the International Financial Services Commission (IFSC), Belize’s financial regulator, has warned users against dealing...

FBR to file FIRs against owners of offshore companies

ISLAMABAD: The Federal Board of Revenue (FBR) is making preparation for registration of FIRs against those selected individuals who owned offshore companies and were named in Panama/Bahamas Leaks but failed to comply against the sent-out tax notices within the stipulated timeframe. The FBR found 114 cases whereby individuals were non-compliant...

Multinationals still able to use ‘double Irish’ tax arrangement after 2020

Multinational companies will still be able to use the controversial “double Irish” tax arrangement after the final end date of 2020, Sinn Féin MEP Matt Carthy has said. A number of tax experts have confirmed this is the case, though they have disputed whether the terms of which they will...

Time for U.K. to Get Tough on Offshore Transparency?

With the exception of British Antarctica, the U.K.’s overseas territories and offshore dependencies are all surrounded by sun-winking ocean water. But that’s not their only common feature—they are all under increasing political pressure to become more transparent with their financial information. In a parliamentary report on tackling overseas corruption, the...

100 Financial Centres Start Swapping Tax Data

Expats who have money or assets outside Britain can expect to start receiving letters from the UK tax man soon. Hundreds of thousands of letters are being drafted for expats who have returned to the country after spells abroad and for expats considered UK taxpayers who have had overseas assignments....

European Parliament Begins Panama Papers Probe Despite Tax Haven Splits

Members of the European Parliament, September 27, have begun their investigation into the Panama Papers scandal, which exposed the sheer extent of rich people and companies using offshore tax havens to reduce their tax liabilities in EU member states. However, the latest probe comes on the back of another investigation...

UK overseas territories could be affected by EU tax crackdown

Eight British overseas territories and crown dependencies, including Jersey, the British Virgin Islands and Cayman Islands, could face EU economic sanctions after Brussels identified them as having low or no corporation tax. Experts have published a scorecard showing red flag warnings set against a list of the 81 countries that...

India to get tax, banking related info from Seychelles

NEW DELHI: Aiming to curb tax evasion and avoidance, India has operationalised the Tax Information Exchange Agreement (TIEA) with Seychelles, one of the major sources of foreign investment into the country. The agreement will enable the authorities of both nations to provide assistance through exchange of tax and banking information,...

Panama Papers: Denmark buys leaked data to use in tax evasion inquiries

Denmark pays up to £1m for documents from anonymous source and plans to investigate up to 600 Danes who may have evaded tax Denmark has become the first country in the world to apparently buy data from the Panama Papers leak, and now plans to investigate whether 500-600 Danes who...

Tax Agreements: From Double Taxation To Double Evasion

The issue of tax havens is inherently international in scope. As a result, the government can use tax agreements to fight tax avoidance schemes. Unfortunately, tax agreements haven’t been used for that purpose. On the contrary, they have facilitated the outflow of Canadian money to offshore financial centres, and have...

Treasury proposal may fine tax evaders up to 200% of amount owed

Tougher stance follows Theresa May’s leadership campaign promise to be more punitive of tax evasion and avoidance The Treasury is proposing new rules to punish offshore tax evaders who fail to come clean about their finances before September 2018, with fines of up to 200% of the amount owed. Published...

Legislative committee approves anti-tax evasion bill

The legislature’s Finance Committee yesterday approved an anti-tax evasion bill, which, if passed into law, would subject all companies registered overseas to the 17 percent corporate income tax. While supportive of the legislation, the committee voted 7-5 in favor of allowing the Cabinet to set the implementation date to avoid...

Being Named In The Panama Papers Doesn’t Mean You Broke the Law

The Panama Papers have recently drawn a great deal of investigation and public attention. Over 230,000 organizations and individuals were named as having set up offshore companies in tax haven like the British Virgin Islands, Panama, the Cayman Islands or the Bahamas. The public’s initial reaction was suspicion and anger toward...

Panama Papers: Further revelations about New Zealand’s role as a tax haven

Reports published last week, based on the Panama Papers, cast further light on New Zealand’s role as a location where wealthy individuals around the world are able to hide their fortunes. Last month the International Consortium of Investigative Journalists released millions of leaked documents revealing that Panama-based Mossack Fonseca, the...

Canada’s record on finding tax evaders is dismal

Only a week after the so-called Panama Papers burst into the media spotlight early last month, the Canadian government issued a news release vowing to “crack down on tax evasion and tax avoidance.” The leak of a staggering 11.5 million documents from a Panama City law firm promised to reveal...

UN urges countries to stem tide of firms profit-shifting to tax havens

Unctad thinktank shows firms funnelled $221bn in 2015 through low-tax jurisdictions such as the Netherlands and tax havens in the Caribbean The UN has urged governments to stem the flow of funds to tax havens after companies funnelled $221bn (£152bn) into countries with low tax rates last year. The Netherlands...

British Virgin Islands: BVI Automatic Exchange Of Information Registration And Reporting Deadlines

The government of the British Virgin Islands (“BVI”) has recently clarified the filing deadlines under the various automatic exchange of information regimes in a number of bulletins and press releases. UK FATCA / UK CDOT The BVI government has advised that BVI Reporting Financial Institutions will be able to enrol...

The problem of secretive tax havens

Panama is a tax haven, but Mauritius is one with which India has a comprehensive double tax treaty. This complicates matters more. In popular Indian imagination, a tax haven is generally associated with Switzerland and its numbered bank accounts. But tax havens are numerous, have grown in importance, and are...

The Panama Papers And FATCA – Another Cover Up?

Tax avoidance on a grand scale is nothing new – the US President Barak Obama has led the way in tackling the issue head on with the Foreign Account Tax Compliance Act (FATCA) since 2010. FATCA demands non-American financial institutions should hand over details about accounts and investments controlled by...

Indonesia Seeks To Curb Use Of Tax Havens By Companies

Indonesia hopes its plans for a tax amnesty will dissuade companies from channelling profits through overseas tax havens and shopping around for the most advantageous tax treaties, its finance minister said on Wednesday. Bambang Brodjonegoro said he suspected Indonesian firms of setting up “special purpose vehicles” (SPVs) to benefit both...

Vizor Software’s FATCA & AEOI Portal Launched by Government of Saint Christopher (St. Kitts) and Nevis

The Government of St. Kitts and Nevis, through its Inland Revenue Department has gone live with Vizor Software’s FATCA & AEOI solution, the FATCA Reporting Portal. Ottawa, Canada (PRWEB) March 17, 2016 Today, Vizor Ltd. announced that the Government of St. Kitts and Nevis has gone live with the Vizor...

Tax haven Scotland: Government blocks move to end offshore land ownership

Ban on tax haven land rejected in favour of ‘transparency register’ PROPOSALS TO OUTLAW the ownership of land in offshore tax havens were rejected by the Scottish Parliament today [Wednesday 16 March] on the basis of private legal advice. Estimates that 750,000 acres of Scotland are owned in tax havens...

Vijay Mallya’s secrets buried in offshore tax havens

It’s not just the Indian banks that business tycoon Vijay Mallya has taken for a ride. The chairman of United Breweries (UB) group and promoter of now defunct Kingfisher Airlines also concealed in his election affidavit, filed before the Rajya Sabha, his business interests in offshore tax havens elsewhere. dna...

20 Caribbean, Latin American Nations Named Major Money Laundering Countries

Twenty Caribbean and Latin American nations have been named by the U.S. as “major money laundering” countries in the 2016 International Narcotics Control Strategy Report (INCSR) from the U.S. State Department released Wednesday, Mar. 2, 2016. A major money laundering is defined by statute as one “whose financial institutions engage...

Would the real tax havens please stand

“It is tantamount to an economic blockade”. That’s how Antigua and Barbuda’s Prime Minister, Gaston Browne, described the current withdrawal from Caribbean indigenous and offshore banks of correspondent relationships by US banks. His sentiments were echoed by Dean Barrow and Freundel Stuart, the prime ministers of Belize and Barbados respectively....

The ‘extraordinary’ loophole that saw Russia threaten to brand UK as tax haven

Russia has come close to blacklisting the UK as a tax haven as concerns grow over Scotland’s booming offshore business. The Kremlin’s Finance Ministry had announced that it would officially equate Britain with traditional “fiscal paradises” like Panama, the British Virgin Islands and the Caymans. Such a humiliating move would...

Call to tighten UK’s new property law to crack down on ‘dirty money’

Rules should require foreign owners of prime London homes to come clean about beneficiary owners, say anti-corruption groups Large parts of London’s Baker Street, including the Beatles store, are owned by offshore trusts. New laws that aim to stop the UK being a magnet for money launderers – by forcing...

10 biggest multinational offenders evading taxes in the UK

The brands are known worldwide, and even though global companies like Google, Amazon, and Starbucks make billions — they pay little or no taxes at all in the UK and other markets where the firms make a majority of revenue and profits. Companies like Microsoft, Twitter, and Apple don’t set...

Untangling the Gordian Knot

Regulatory and investor pressure have drastically altered the hedge fund industry in recent years. With managers increasingly looking for fund administrators to provide more middle-office and value-added services, whilst at the same time squeezing them on fees, the situation has become a Gordian Knot. Administrators must find ways to remain...

IRS 80- Swiss Banks 0

The formal IRS/Department of Justice (DOJ) Swiss Bank Program has concluded with 80 Swiss banks coming forward. The banks agreed to provide information about personnel, depositors and advisors who were participated in or assisted U.S. taxpayers in offshore tax evasion. In addition to disclosure and cooperation with investigations each of...

Taxman is on the prowl for cheaters overseas

An unnamed Korean, according to the National Tax Service (NTS), was living a luxurious life with properties and investments inherited from his father. This inherited fortune, which included stocks overseas, high-end residences as well as diverse financial assets, was not only unreported to the Korean tax agency but was managed...

British Virgin Islands: Adoption Of The OECD Common Reporting Standard In The British Virgin Islands

On 1st January 2016, an amendment to the Mutual Legal Assistance (Tax Matters) Act, 2003 came into force which implements the Organisation for Economic Co-Operating and Development (OECD) Common Reporting Standard for the exchange of tax information (CRS) in the British Virgin Islands (BVI). Globally this means that participating jurisdictions...

Expat eyes drift offshore

Offshore Financial Centres (OFCs) are jurisdictions, usually self-governing, which because of their low tax regimes, have specialized in providing commercial services to corporations and individuals, whether or not they are normally resident in that jurisdiction. The better-known offshore financial centres are small and sparsely populated countries or islands, and are...

BVI Enacts Legislation Implementing OECD Common Reporting Standard

The government of the British Virgin Islands (“BVI“) has amended the Mutual Legal Assistance (Tax Matters) Act, 2003 in order to enact domestic legislation implementing the OECD Common Reporting Standard (“CRS“) which was published on 31 December 2015 (the “BVI CRS Legislation“). It is not currently intended to issue guidance...