Lawyer Patrick Poulin says he helped clients set up offshore corporations in the Caribbean. And that’s what he was working on when he flew to Miami from the Turks and Caicos last year to meet with two Americans who wanted him to invest $2 million from a real estate deal…. – Continue reading
The international financial sector faces a perilous future. Major challenges loom over an uncertain global economy, while a decidedly negative political climate poses an existential threat to the offshore financial community. With each passing year, thanks to demographic changes and poorly designed fiscal policies, politicians from high-tax nations will be… – Continue reading
Republican presidential candidate Jeb Bush has outlined a tax reform plan that would raise taxes on some private equity managers and other investors. In doing so, the plan would fulfill a goal often called for by liberal tax analysts and, more recently, fellow Republican candidate Donald Trump. Bush’s tax plan,… – Continue reading
Indian Prime Minister Narendra Modi promised to bring home millions of dollars of illicit money stashed abroad. Indians call undisclosed money ‘black money,’ and how much there is remains unclear. But it isn’t just billions. It could be hundreds of billions to more than $1 trillion. It isn’t merely offshore… – Continue reading
If it seems like more and more presidential candidates are adopting a populist message, it’s because they know that it resonates well with the American public. Bernie Sanders has gone from being a long shot candidate to being a very serious contender in a matter of months, simply by stating… – Continue reading
Multinational companies are facing far more expansive and complex audits by tax authorities fighting over the same pot of profits as budget deficits continue to increase, reports BD Live. An inevitable outcome of efforts globally to prevent tax bases from erosion is double taxation and increased disputes over adjusted assessments… – Continue reading
Antigua and Barbuda’s ambassador to the United States, Sir Ronald Sanders, has written to the mayor of the District of Columbia, Muriel Brower, and several members of the US congress calling for the removal of Antigua and Barbuda from a list of alleged “tax havens”, reports Caribbean News Now. Antigua… – Continue reading
In September 2014, the Hurun Research Institute published its annual listing of the richest people in China. It showed that IT tycoon Ma Yun had increased his personal fortune during the last year by 500% to $25 billion and in doing so, had climbed to first position on the list…. – Continue reading
Intangible assets in the oil and gas industry have become incredibly valuable. Taxpayers need to understand how to manage compliance to mitigate their transfer pricing risks What do recent Western economic sanctions against Russia; the US’ growing energy independence; and ultra-deepwater oil and gas (O&G) discoveries off the coast of… – Continue reading
Saint Kitts and Nevis, BASSETERRE, (September 08, 2015) – The Governments of the Federation of Saint Kitts and Nevis and the United States of America (USA) on August 31, 2015, signed an Inter-Governmental Agreement (IGA) that will facilitate compliance by financial institutions in the Federation with the USA’s Foreign Account… – Continue reading
The value of merger and acquisition (M&A) activity with Irish involvement so far this year has surged to almost €100bn – nearly twice the figure at the same time last year. And Irish law firms Arthur Cox and A&L Goodbody continue to rank among the top firms advising on the… – Continue reading
China is promoting foreign direct investment at 23 national industrial parks in the Xinjiang Uighur autonomous region by providing tax incentives to investors in a bid to boost the economy and turn Xinjiang into a core zone for trade, investment, and logistics on the Silk Road economic belt of the… – Continue reading
Recently, the Tax Court handed down judgment in the unreported case of AB LLC and BD Holdings LLC v the Commissioner of SARS (heard in February 2015) in which it had to determine whether or not an American company acting as an advisory group for the South African airline industry,… – Continue reading
SEBI on August 26, 2015 released a notification on the captioned head. It informed the intermediaries that India has joined The Multilateral Competent Authority Agreement (MCCA). Further on July 09, 2015, the Governments of India and United States of America signed an agreement to improve international tax compliance and to… – Continue reading
G20 Finance Ministers and Central Bank Governors released their third communique of 2015 over the weekend. Their rhetoric is notable for the calm statement of positive reassurance on the macroeconomic environment, although the direct policy commitments appear to be light on. In the communique, Ministers and Governors recognised the significant… – Continue reading
THE BUREAU of Internal Revenue (BIR) has advised Philippine financial institutions to start preparing for the implementation of a United States law requiring the reporting of bank accounts held by American taxpayers locally. In an advisory, the BIR said the start of reporting will not yet take place at the… – Continue reading
Former Nudie Juice CEO Andrew Binetter allegedly sought the destruction of incriminating files at Bank Hapoalim. The names of Israeli banks Bank Hapoalim (TASE: POLI) and Israel Discount Bank (TASE: DSCT) have been mentioned in the Australian press as involved in alleged tax fraud in the millions of dollars by… – Continue reading
New York, NY, September 05, 2015 –(PR.com)– The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Colleen P. Waddell, Managing Director, Outlier Solutions will speak at the Knowledge Group’s webcast entitled: “Latest Regulatory Developments Under FATCA: Best Compliance Practices Uncovered… – Continue reading
On 1 July 2015, the Supreme Court (in Anson v HMRC4) held that a taxpayer was entitled to treaty relief on his share of a Delaware LLC’s profits. This casts doubt on HMRC’s published position (though each case must be judged on its own facts). The taxpayer, a UK “non-domiciled”… – Continue reading
Washington State Auditor Troy Kelley faces additional charges of money laundering and tax evasion. The U.S. Attorney’s office announced the new charges Thursday afternoon. The charges are contained in a superseding indictment against Kelley. The first-term Democrat now faces a total of 17 federal charges, including five new counts of… – Continue reading
A Russian nuclear energy official pleaded guilty to conspiracy to commit money laundering on Monday in connection with his role in arranging more than 2 million in corrupt payments to influence the awarding of contracts from the Russian-state owned nuclear energy company to businesses in the U.S. Mikerin “admitted that… – Continue reading
As Labor Day weekend approaches, a tanned and rested Congress is poised to return to Washington to hash out corporate tax changes. Much of the debate over corporate tax reform in Washington sensibly focuses on how to encourage Fortune 500 corporations to repatriate and pay U.S. taxes on the $2.1… – Continue reading
SEJONG, Sept. 3 (Yonhap) — More South Koreans reported their overseas financial accounts to authorities in 2015 than a year earlier as the government turns up the heat on individuals and companies to disclose hidden assets, the tax office said Thursday. The government has taken a firmer stance toward people… – Continue reading
Depeartmental review indicates contentious tax credit plays vital role in supporting jobs Several multinational firms have been found to be aggressively and improperly claiming tax credits for research and development to lower their corporation tax bills. A Government scheme gives firms up to 25 per cent of their expenditure on… – Continue reading
The number of Swiss banks that have entered deferred prosecution agreements with the U.S. government keeps growing. The subject is tax evasion involving American account holders. Today, banks everywhere want to know if you are compliant with the IRS. Under FATCA, the entire world is lending the IRS a hand…. – Continue reading
On August 31, the government of St Kitts and Nevis signed the agreement with the Government of the United States of America to implement the US Foreign Account Tax Compliance Act (FATCA), reports WINN FM. Enacted by the US Congress in 2010, FATCA targets non-compliance by US taxpayers using foreign… – Continue reading
Three-quarters of global business leaders would accept higher taxes in exchange for greater clarity on acceptable tax planning, the Grant Thornton International Business Report has found. The survey of 2,580 businesses in 35 countries noted a significant increase from the last time the question was asked – last year –… – Continue reading
Domestic funds will now have to closely examine FATCA rules. Much ink has been spilt of late over a United States (‘US’) federal law called the Foreign Account Tax Compliance Act (‘FATCA’) and hence we thought it fit to spend some time trying to analyse for the readers the aspects… – Continue reading
The Luxembourg tax authorities released a final version of an administrative circular and an updated administrative circular to implement provisions under the FATCA (Foreign Account Tax Compliance Act) regime concerning the automatic exchange of information between Luxembourg and the United States. An intergovernmental agreement (IGA), that follows the Model 1… – Continue reading
One of Ireland’s richest persons, John P. McManus, seeks $5.2 million from the U.S. government after it was wrongfully withheld from his $17.4 million gambling winnings to cover taxes. In a complaint filed Monday in the U.S. Court of Federal Claims, McManus accuses the withholding agent of erroneously withholding the… – Continue reading
WILLEMSTAD – Pan-American Life Insurance Company of Curaçao and Sint Maarten, a member of Pan-American Life Insurance Group (PALIG), facilitated a discussion yesterday with other members of the local insurance association about the practical implications of the U.S. Foreign Account Tax Compliance Act (FATCA) which was introduced in July 2014…. – Continue reading
On August 12, 2015, the IRS issued Rev. Proc. 2015-40, which revises the procedures for obtaining competent authority (CA) assistance concerning issues arising under U.S. income tax treaties. This revenue procedure replaces current guidance, which was last updated almost 10 years ago, in Rev. Proc. 2006-54. Revisions to the former… – Continue reading
Almost 173,500 financial institutions from around the world have signed up to report customer information to the US Internal Revenue Service (IRS) under the Foreign Account Tax Compliance Act (FATCA). Around 2,230 registered with the FATCA portal in the past month, according to the IRS. At least one financial institution… – Continue reading
For hedge funds in most jurisdictions, the first wave of registration and reporting deadlines surrounding the Foreign Account Tax Compliance Act (FATCA) is now in the rearview mirror, but a significant amount of work likely remains. Due to the staggered approach regarding the definition of a reportable investor in 2014… – Continue reading
Swiss banking secrecy is no longer viable as the U.S. Justice Department closes in on agreements with most of the institutions that may have helped Americans evade taxes, according to the top American diplomat in Switzerland. Negotiations with about one-third of Swiss lenders, known as Category 2 banks, to finalise… – Continue reading
U.S. Sen. Orrin Hatch (R-UT), chairman of the Senate Finance Committee, and U.S. Rep. Paul Ryan (R-WI), House Ways and Means Committee chairman, sent a letter on Tuesday to Treasury Secretary Jack Lew, outlining concerns regarding the country-by-country (CbC) reporting requirements in the works at the Treasury Department. The letter… – Continue reading
For the past few years, Canadians have been taking advantage of our dollar being worth about the same as the U.S. dollar. From buying up real estate to cross-border shopping, being on par with the U.S. dollar has had its advantages. However, in the last few months, economic factors have… – Continue reading
Stanley Amland threw it off. So did Ingrid Bracke. Rhoda May Derksen ditched hers, too. The names, picked at random for this article from the Federal Register, are among the 3,415 Americans who renounced their U.S. citizenship or relinquished their residency permits last year. As a national debate rages about… – Continue reading
USA August | 31 2015 On August 25, 2015, Federal Decree No. 8506/2015 was published in the Official Gazette. This decree enacts the treaty signed in Brasilia on September 23, 2014, between Brazil and the United States to improve international tax compliance and implement the Foreign Account Tax Compliance Act… – Continue reading
Funds Discovered in Kolomoyskyi’s Cyprus Kitty Investigative reporters have discovered that IMF bailout funds intended for Ukraine have mysteriously found their way to a Cyprus bank account controlled by notorious Ukrainian oligarch Ihor Kolomoyskyi. A huge chunk of the $17 billion in bailout money the IMF granted to Ukraine in… – Continue reading
NEW YORK, NY–(Marketwired – Aug 31, 2015) – Cross-border mergers and acquisitions are at their hottest pace since before the financial crisis. In fact, M&A volume was $1.10 trillion in 2014, up from $775.3 billion in 2013 and the highest since 2008. And intangible assets like intellectual property and goodwill… – Continue reading
Ministry of Finance officials say they are “monitoring developments” in Washington after the District of Columbia included Bermuda on a list of tax havens. The Island was one of 39 jurisdictions named on the list in changes to the municipality’s Budget Support Act. The changes will first have to be… – Continue reading
Navigating the murky waters of the Foreign Account Tax Compliance Act (FATCA) can be tricky. U.S businesses and individuals transacting in Latin America need to adhere to the requirements and regulations imposed by the fact. Here are four things every U.S business and individual needs to know about FATCA. Tax… – Continue reading
Shifting of income between parent and subsidiary companies for the purpose of avoiding taxation has been a consistent concern for state departments of revenue. States have enacted a variety of rules to ensure that the entities involved file and pay taxes accurately. In Spring Licensing Group, Inc. v. New Jersey… – Continue reading
The following fact pattern should is representative of a tax evasion and structuring case. A taxpayer receives checks in the ordinary course of business from customers. Some of those checks are deposited into the business bank account and some are cashed. The cashed checks don’t equal or exceed $10,000. The… – Continue reading
On 25 August 2015, the Indian Ministry of Finance released an order extending the Foreign Account Tax Compliance Act (FATCA) reporting filing deadline for Indian Financial Institutions to 10 September 2015 (from 31 August 2015). The FATCA Agreement between India and the United States was signed on 9 July 2015…. – Continue reading
Stanley Amland threw it off. So did Ingrid Bracke. Rhoda May Derksen ditched hers, too. The names, picked at random for this article from the Federal Register, are among the 3,415 Americans who renounced their U.S. citizenship or relinquished their residency permits last year. As a national debate rages about… – Continue reading
The Foreign Account Tax Compliance Act (FATCA) requires, in essence, that U.S. citizens who reside outside the U.S. disclose to the IRS all of their foreign banking assets including retirement plans, savings accounts, etc. It also requires foreign banks to assist the IRS in applying the disclosure rules or else… – Continue reading
Proposals for consistent global rules on company tax cause worries all round CLARITY or chaos? Supporters of the Base Erosion and Profit-Shifting (BEPS) project, being worked on by the OECD, argue that it will bind multinationals to a consistent set of global tax rules, providing them with less licence than… – Continue reading
Mumbai, Aug. 29 : The Reserve Bank of India (RBI) has asked all banks and financial institutions to be prepared to implement the Foreign Account Tax Compliance Act (FATCA). In a notification issued on Friday, the RBI said that India has signed an agreement with United States for improving international… – Continue reading
