The tax authorities of the United Kingdom and Canada are to deepen cooperation to establish a stronger mutually beneficial relationship, senior officials from both Government have said. Canada’s Revenue Minister, Kerry-Lynne D. Findlay, met with David Gauke, the UK’s Financial Secretary to the Treasury, in London on September 8. Findlay… – Continue reading
Sen. Charles Schumer (D-N.Y.) released legislation Wednesday seeking to roll back the tax benefits for companies that reincorporate abroad. Schumer’s bill takes aim at a maneuver known as earnings stripping, a process by which U.S. subsidiaries can take tax deductions on interest stemming from loans from a foreign parent. The… – Continue reading
Retroactive legislation curtails tax-avoidance schemes but undermines faith in a government that changes the rules of game after an investment is made The temperature is rising in the United States over corporate inversions. U.S. Treasurer Jacob Lew is looking to pass retroactive law to undo recent corporate restructurings and, with… – Continue reading
The Federal Court has handed down its decision in the case of Task Technology v Commissioner of Taxation in relation to the tax treatment of specific software payments. The case related to payments made by Task to CaseWare International Inc (CWI) for the right to market and distribute CWI software to end users… – Continue reading
Now that we have new cabinet ministers to drive the economy forward, the next expectation is for martial law to be lifted so that foreign investors and tourists can feel more comfortable about returning to Thailand. Meanwhile, the junta is determined to quickly show the people some signs of genuine… – Continue reading
Minister of National Revenue concludes two days of meetings in London LONDON, ENGLAND–(Marketwired – Sept. 9, 2014) – Canada Revenue Agency The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, today wrapped up a successful two-day trip to London, England. During her visit, Minister Findlay met with David… – Continue reading
Airbnb has joined other multinational tech companies by booking its Australian profits offshore through an Irish subsidiary. The move raises questions about how much local tax it pays and whether its rent-sharing model will run into trouble with regulators here. The private company, estimated to be worth $10 billion, has sought immunity from corporate… – Continue reading
UBS AG (UBSN) asked a Paris appeals court to overturn a $1.4 billion bail looming over the Swiss bank as France steps up a two-year-old tax evasion probe. The hearing dragged on for nearly three hours as the parties argued the case. The court said it would decide on the… – Continue reading
A multi-count indictment was unsealed this morning in federal court in Brooklyn, New York, against six individual defendants: Robert Bandfield, a U.S. citizen; Andrew Godfrey, a citizen of Belize; Kelvin Leach, a citizen of the Bahamas; Rohn Knowles, a citizen of the Bahamas; Brian De Wit, a citizen of Canada;… – Continue reading
Medical device giant Medtronic Inc. leads all corporate inverters in the amount of offshore cash waiting to be tapped if their tax inversion deals are consummated. Medtronic is buying Covidien and moving to Dublin, and it has $13 billion of cash outside the United States, according to a report from the Financial Times,… – Continue reading
On Tuesday, the SEC and the Justice Department charged several companies claiming to be located on the same floor of an office building in Belize City with fraud and conspiracy. We may not have heard the last from Cynk Technology. On Tuesday, the Securities and Exchange Commission and the Department… – Continue reading
U.S. companies are shifting their addresses abroad to reduce their taxes Treasury Secretary Jacob Lew said Monday the Obama administration will decide “in the very near future” what actions it can take to make it less profitable for U.S. companies to shift their legal addresses to other countries. A growing… – Continue reading
On July 21, the Organisation for Economic Co-operation and Development (OECD) published its Standard for Automatic Exchange of Financial Account Information in Tax Matters. The report contains the OECD’s model competent authority agreement (CAA), the common standard on reporting and due diligence for financial account information (CRS) and commentaries on both the CAA and CRS.The… – Continue reading
A recent Tax Court decision1 addressed the tax consequences to a Finnish citizen of wages she received while working as an employee in the United States on behalf of her country’s Permanent Mission to the United Nations. The case involves Sole Abrahamsen, a Finnish citizen, who began working at Finland’s Permanent… – Continue reading
The Commodity Futures Trading Commission (CFTC) is wary of banks invoking guarantees on foreign swap deals, and is taking steps to scrutinize such activity. The Commodity Futures Trading Commission (CFTC) is wary of US banks shifting their trading activities offshore and has urged other regulators to scrutinize banks involved in… – Continue reading
MONTREAL – The disclosure by Valeant Pharmaceuticals International Inc. that it is under audit by the U.S. Internal Revenue Service is raising further doubts among tax specialists about the future of the Quebec-based drug company’s tax strategies. Valeant estimates it has achieved US$2.5-billion in tax and other “corporate structure” savings… – Continue reading
The American Chamber of Commerce Ireland chief says ‘can-do attitude’ of Irish workforce is key ingredient for multinationals In the global tax game, Ireland is a mere pawn, powerless in the face of big corporations and their aggressive tax avoidance schemes. It’s no secret that these firms inhabit a parallel… – Continue reading
With the Canadian government’s decision to comply in July with a Washington tax crackdown on “U.S. persons” around the world, many Ameri-Canadians are feeling rising anger, fear and even hatred toward their powerful country of origin. That said, the self-identities of Americans in Canada have been more ambiguous than they… – Continue reading
US companies can end up sitting on vast piles of untappable cash, held overseas for tax purposes. Success for the iPhone 6 would make things worse If, as expected, the launch of the new iPhone and Apple’s iWatch health monitor leads to record sales, more money than ever will pour… – 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. C Three US companies seeking to use controversial takeovers to cut their US tax bills hold at least… – Continue reading
SANTA ANA, Calif. (AP) — A Southern California military contractor who failed to report millions earned from providing services in Iraq has been sentenced to four years in federal prison. Prosecutors say Nadim Saifan Jr. of Huntington Beach was sentenced Friday. He pleaded guilty in May to attempted tax evasion…. – Continue reading
Alex Lemond is among a new wave of New Yorkers trading in their Manhattan condominiums for beachside villas in Puerto Rico. The former hedge fund honcho moved to San Juan from New York last year, and his company, the Encanto Group, is investing hundreds of millions of dollars in developing… – Continue reading
SUMMARY As per estimates, about 1-2% of the existing industry AUM of Rs 10 lakh cr comes from Canada and US-based investors. Indian AMCs have to register with the US SEC to market their funds in the US and follow SEC regulations to take fresh investments from the US citizens… – Continue reading
MINNEAPOLIS (WCCO) — A tough new ad from Democratic Sen. Al Franken accuses his Republican opponent’s business of avoiding taxes by headquartering overseas. But Republican Mike McFadden calls the ad “ridiculous” and “full of lies.” The ad marks a new Franken campaign strategy: directly attack McFadden for his business dealings…. – Continue reading
Stopgap efforts to prevent corporate tax inversions won’t fix the underlying problems With Congress about to return for a final push before the midterm elections in November, one topic on everyone’s lips is so-called corporate inversions. The practice, where a large U.S. company buys a smaller foreign company in order… – Continue reading
(Seychelles News Agency) – The Seychelles has become an early adopter of an agreement launched by the G5 group of countries – the United Kingdom, France, Germany, Italy and Spain – to automatically disclose details of individuals who have taxable income kept in offshore accounts. According to a press statement by Her Majesty’s… – Continue reading
Fund houses have started asking foreign investors and distributors to furnish necessary details to comply with Foreign Account Tax Compliance Act (FATCA). Fund houses have started collecting necessary information from foreign investors about their tax residency status in order to comply with the requirement of Foreign Account Tax Compliance Act… – Continue reading
Seven Dutch financial institutions may be involved in evading taxes and are ‘extremely vague’ about what they do to ensure this does not happen, the Dutch Fair Bank Guide said on Wednesday. ABN Amro, Aegon, Delta Lloyd, ING, NIBC, Rabobank and Van Lanschot emerge as potential tax avoiders in research… – Continue reading
The Indian government’s bid to unearth black money stashed away in hidden offshore accounts is starting to pay off. The government believes around £350 billion is hidden in undeclared bank accounts and investments outside the country and wants to bring the tax owed on the money back to India. Nine… – Continue reading
The British Virgin Islands’ (BVI) corporate statute is ideally suited for international listings. BVI companies have been used widely for listings on international stock exchanges in New York, London, Singapore and Oslo. They have been especially popular for listings on the world’s most successful growth market, the LSE’s Alternative Investment… – Continue reading
Aug. 28 — The hardest part about forming an offshore company in the Republic of Seychelles may be coming up with a catchy name.Luckily for applicants, that can be a multiple choice question.Seychelles, a nation of islands off the east coast of Africa, is gaining popularity as a tax haven,… – Continue reading
The fact is, America has the highest corporate tax rate in the developed world Many politicians in Washington are angry that some American companies are redomiciling in the UK, Canada and elsewhere. These “inversions” generally occur as a result of mergers with foreign firms, with tax being a big reason… – 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
Baku, Fineko/abc.az. The U.S. Internal Revenue Service has conducted consultations in Baku on the application of FATCA (Foreign Account Tax Compliance Act). The Azerbaijani Ministry of Taxes informs that Service’s representatives were received by Deputy Taxes Minister Natig Amirov. “Consultations concerned the issues of information security in the process of… – Continue reading
More Swiss banks are dropping out of the U.S. banking program that the IRS supposedly uses to prevent American citizens from stashing cash overseas to avoid taxes. Known for 100 years as the original tax haven, free from the prying eyes of governments around the world, Swiss banks have provided… – Continue reading
Australian banks are stalling on a deal that will help expose tax evaders to global authorities. The information sharing deal, part of the G20 talks in Australia this year, requires banks to pass on information about their customers to the Australian Tax Office. The deal has been signed by more… – Continue reading
Another example of the “Too Big to Jail” doctrine: International tax evasion and fraud organised by UBS, Switzerland’s biggest bank. UBS, which had to be saved from failure in October 2008 by massive injections of Swiss public money, was involved in the LIBOR manipulation scandal, the currency markets manipulation scandal… – Continue reading
Americans living in Canada are in a rush to renounce their citizenship in the face of Washington’s invasive tax grab. OTTAWA – Thomas Jefferson is famously believed to have defined the price of freedom as eternal vigilance. The price of freedom from Uncle Sam is a lot steeper. Faced with… – Continue reading
(Reuters) – At least 10 Swiss banks have withdrawn from a U.S. program aimed at settling a tax dispute between them and the United States, Swiss newspaper NZZ am Sonntag said on Sunday, quoting unnamed sources. Around 100 Swiss banks came forward at the end of last year to work with U.S. authorities in… – Continue reading
The fee for individuals to renounce U.S. citizenship is jumping to $2,350 as of Sept. 12—more than five times the current charge of $450. The U.S. State Department, in its explanation for the increase, said that documenting a renunciation is “extremely costly” and requires a minimum of two intensive interviews with… – Continue reading
Years before Burger King sized up a Canadian headquarters in a hunt for lower taxes, Republican U.S. Senate candidate Mike McFadden’s investment firm was involved in a merger that moved an American pharmaceutical company to Ireland and significantly dropped its tax rate. McFadden’s Minnesota-based firm made more than $11 million,… – Continue reading
Microsoft is avoiding paying billions in taxes—and it’s not the only one. a subsidiary of a foreign company, so the firm has not technically engaged in the so-called “inversion” scheme that President Obama and Democrats have lately been criticizing. However, according to a 2012 U.S. Senate investigation, the company has… – Continue reading
The Obama administration is employing an ObamaCare contractor that was once based in the tax haven of Bermuda, even as it assails corporations for lacking the “economic patriotism” to pay taxes. Accenture was awarded a contract in January that’s now grown to well over $100 million to make improvements to… – Continue reading
They say Wolf is dodging taxes by shifting money to income-tax-free Delaware. Bringing business inside Delaware’s borders is big. Sixty percent of all public companies are incorporated there – just miles from Pennsylvania. It’s also home to Weidner University’s Institute of Delaware Corporate and Business Law. Professor Lawarence Hamermesh is… – Continue reading
PRWEB.COM NewswireWashington, D.C. (PRWEB) August 28, 2014 A new trend in the offshore banking regime has emerged. Many banks located around the world are sending letters to their accountholders seeking personal information to confirm whether the account holder is a U.S. citizen or a U.S. resident. In the letters,… – Continue reading
Burger King’s announcement that it will move its headquarters to Canada has put the spotlight on that country’s tax system. However, the tax benefits of doing business in Canada, as opposed to doing business in the U.S. are not well-known. First, Canada has a much lower corporate tax rate: 15… – Continue reading
MOSCOW, August 28 (RIA Novosti) – A number of Russian banks have received fake US tax service requests, demanding the disclosure of information about their American clients and their accounts in accordance with the US Foreign Account Tax Compliance Act (FATCA), Kommersant newspaper reported Thursday. The newspaper obtained a letter… – 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
A US technology executive has rejected suggestions Ireland is merely seen as a tax haven for major American multinationals. McAfee senior vice-president, Patty Hatter, who previously worked with AT&T and Cisco, ranks as one of the most powerful female executives in California’s Silicon Valley. She insisted that the attractiveness of… – Continue reading
You’ll have to forgive Amazon for getting a little flustered when the British Parliament publicly blasted the company for “gaming the system” to dodge paying taxes. Amazon is an American company. They’re used to far more deferential treatment. Responding to how the company paid only $7 million in taxes despite… – Continue reading
