The Inter-American Center of Tax Administrations (CIAT), on July 15, released comprehensive and detailed proposals aimed at preventing abusive transfer pricing in low-income countries and in countries on the path to development. ... - Continue reading
The United States Senate could soon approve ratification of four long-pending double tax avoidance treaty protocols. ... - Continue reading
On July 3, 2019, the Seychelles Government announced that it has signed an intergovernmental agreement (IGA) with the United States to implement the requirements of the US Foreign Account Tax Compliance Act (FATCA). ... - Continue reading
I am interested in purchasing real estate in the US as an investment. Can a Thai citizen own property in the US? There are several things Thai investors need to be aware of when considering purchasing a house or condominium in the United States. The buying process is relatively straightforward… – Continue reading
On April 25, 2019, the OECD released the 2017 full version of the Model Tax Convention on Income and on Capital ("MTC"). ... - Continue reading
This legislation will force owners of US companies to reveal their identities. ... - Continue reading
The US today announced it is negotiating a competent authority agreement with Monaco that would provide for the exchange of country-by-country reports concerning multinationals operating in their countries. ... - Continue reading
The fate of funds in foreign accounts remain in the balance, however.The imprisoned daughter of Uzbekistan’s late president has reportedly published a statement tentatively admitting responsibility for years of larceny and said that she has paid $1.2 billion into the state coffers. Gulnara Karimova’s statement was posted on an Instagram… – Continue reading
In the midst of controversy regarding allegations of tax avoidance at the Sihanoukville Special Economic Zone, the Commerce Ministry recently issued a press release stating that it has found no Chinese companies that are using the SSEZ to avoid tariffs on transshipped goods to the US.According to Reuters on Wednesday… – Continue reading
Guidance on the final GILTI regulations ... - Continue reading
The head of the economic experts, Christoph Schmidt, has spoken out for tax cuts. “Other countries such as the United States have reduced business taxes. Germany has fallen back in the international tax competition,” said Schmidt of the German press Agency in Berlin. The tax burden had increased in the… – Continue reading
Tax technology giants to be taxed by the Group of 20 nations ... - Continue reading
Minh Phu Seafood JSC, one of Vietnam’s biggest shrimp processors, is suspected of selling imported Indian shrimp to evade anti-dumping tariffs. On May 12, Illinois representative Darin LaHood said he had received an email petition accusing Minh Phu of evading anti-dumping duties on Indian shrimp in the U.S. The email… – Continue reading
It has been over a year since the Tax Cuts and Jobs Act (“TCJA”) was enacted. The transfer pricing rules set forth in the treasury regulations with respect to IRC Sec. 482 (“the Section 482 regulations”) have remained relatively unchanged since 1986. Nonetheless, multinational corporations doing business within the United… – Continue reading
Last week, the Bank of Russia has published data on key indicators of the balance of payments for the first four months of the current year. One of them — the balance of financial transactions of the private sector. It was negative and amounted to 34.7 billion dollars. Translated into… – Continue reading
Companies, especially in the financial services industry are investing in the anti-money laundering software to effectively track the transactions and eliminate the risk of fraudulent. Companies offering anti-money laundering software are also focusing on providing effective and efficient software including currency transaction reporting software, transaction monitoring software, compliance management software,… – Continue reading
Uber’s local arm made a gross profit of $785 million connecting Australians to rides and restaurant meals in 2018, but most of it was wiped out by a service payment to its US parent, and it paid just $8.5 million in company tax. Uber Australia Holdings, which combines four entities… – Continue reading
After years of deliberation and debate spanning two administrations, the Tax Information Exchange (United States of America) Bill, 2016, also known as the Foreign Account Taxpayer Compliance (FATCA) Bill was passed in the Senate on March 7, 2017. This following its unanimous passage in the House of Representatives, two weeks… – Continue reading
Section 7609(f) of the tax code allows the Internal Revenue Service to use a “John Doe” summons when the target is unknown. It has been used successfully by the IRS against banks and other financial institutions to find offshore accounts. Now, a district court in the Western District of Texas… – Continue reading
The Anderson County Assessor’s Office this month discovered that a Greenville County leader who owns a home on Hartwell Lake in Anderson underpaid by about $3,900 a year on his property taxes between 2009 and 2018. Calling it an oversight, Greenville County Councilman Ennis Fant said he would work with… – Continue reading
The government has approved the creation of tax residency certificates for permanent residents so they can prove compliance with other countries’ laws, a Cabinet Minister said yesterday. Brent Symonette, minister of financial services, trade and industry and Immigration, told the Society of Trust and Estate Practitioners (STEP) Caribbean Conference that… – Continue reading
TUNIS, May 13 (Xinhua) — Tunisia and the United States signed on Monday an agreement to improve international tax compliance and mutual cooperation in the field of taxation, Tunis Afrique Presse reported. The agreement was signed by Tunisian Minister of Finance Ridha Chalghoum and U.S. Ambassador to Tunisia Donald Blome… – Continue reading
Broadening of tax becomes a far cry on the face of the fact that the government machinery becomes ineffective by even enforcing return on the registered taxpayers. Today, less than 50 percent of the registered taxpayers in all the streams of revenue are filling their return and the remaining are… – Continue reading
The owner of an Albuquerque jewelry store is facing up to five years in prison after pleading guilty to tax evasion. Prosecutors say 76-year-old David Castle was indicted in February 2018. Castle owns and operates the Gold and Silver Exchange that buys, sells and repairs jewelry. In his plea agreement… – Continue reading
Congratulations are in order to Prince Harry and Meghan, Duchess of Sussex, as they welcomed their yet unnamed son into the world yesterday. The new little Earl (he won’t get a Prince title like his cousins) weighed in at a healthy weighs 7lbs. 3oz and comes with a life long… – Continue reading
As per the agreement, it is intended to provide relevant and reliable information to perform an efficient and robust transfer pricing risk assessment analysis. Aimed at providing relief to subsidiaries of US multinationals and ensuring a check on cross-border tax evasion, India has notified the inter-governmental agreement with the United… – Continue reading
Luxembourg, Barbados and Bermuda are three of Canada’s top five destinations in the world for corporate cash After exploding to record levels under Stephen Harper’s Conservative government, the amount of money Corporate Canada is funneling through offshore tax havens has hit a new all-time high. According to data newly released… – Continue reading
In late December, news of Refaeli’s potential indictment came about. Her mother, who was her modeling agent, was also subject to the money-laundering scheme, according to reports. Israeli supermodel Bar Refaeli, who has been investigated by the nation’s Tax Authority since 2015, will have to pay taxes for the roughly… – Continue reading
Every year African countries lose at least $50 million in taxes — more than the amount of foreign development aid. So where is it all going and how can multinational companies be held to account? NGOs continue to raise the alarm. African countries are being cheated out of billions in… – Continue reading
Many people don’t put too much thought into the diverse types of banks that exist. They simply want to know their money is safe and that they can access it when needed. While the word bank can be a generalized term, it is important to recognize how different banks can… – Continue reading
Mizrahi-Tefahot Bank and two subsidiaries acknowledge that from 2002 until 2012 they conspired with U.S. clients to avoid taxes on assets and securities by opening and maintaining offshore accounts under false or code names or through foreign entities. One of Israel’s largest banks has agreed to pay $195 million for… – Continue reading
Rep. Lloyd Doggett, D-Texas, a member of the House Ways and Means Committee, and Senator Sheldon Whitehouse, D-R.I., a member of the Senate Finance Committee, introduced a pair of bills aimed at stopping corporations from using offshore tax havens and outsourcing jobs to other countries. The first bill, the No… – Continue reading
Paul Manafort won leniency Thursday from a federal judge who sent him to prison for less than four years, but next week he’ll be sentenced in a second case by a less forgiving judge who could add another 10 years to his term. Manafort, 69, faced as long as 24… – Continue reading
Guam, American Samoa, Puerto Rico and the U.S. Virgin Islands are included in the European Nation’s updated list of areas that are deemed hot spots for money laundering and terrorism financing. The U.S. Department of Treasury rejected the inclusion of U.S. territories, calling into question the substance of the EU… – Continue reading
The 36-member state OECD has revealed that there is growing consensus behind a US proposal for an overhaul of global corporate tax rules, which would limit the ability of multinational companies to shift profits to low-tax jurisdictions. Earlier this year, the organisation put forward four different proposals to redesign corporate… – Continue reading
Britain’s wealthiest families paid $1.2 billion in tax in the last financial year at a time when the state revenue contributions of the world’s richest individuals and corporations are coming under increasing scrutiny. Campden FB totalled the tax bills for 2017-18 of the 21 families of significant wealth as conservatively… – Continue reading
Analysis of more than 600 US multinational corporations has revealed that 12 per cent failed to comply with UK law requiring them to publish their tax strategies. With the UK estimated to lose £25 billion in corporate tax revenue each year due to multinational corporations shifting profits out of the… – Continue reading
The Organization for Economic Cooperation and Development is making progress on dealing with the tax challenges of the digital economy with a goal of arriving at a new consensus-based long-term solution in 2020. The OECD announced last week that the countries and jurisdictions participating in the OECD/G20 Inclusive Framework on… – Continue reading
Apple has settled a ten-year tax battle with France, agreeing to pay a reported half a billion Euros ($570M) in back tax. The French government had accused Apple of evading or avoiding tax due on sales made in France. The line between tax evasion, which is illegal, and aggressive tax-avoidance,… – Continue reading
CRA now transferring 600,000 banking records per year under controversial information sharing agreement The Canadian government has shared more than 1.6 million Canadian banking records with the U.S. Internal Revenue Service since the start of a controversial information-sharing agreement in 2014, CBC News has learned. In 2016 and again in… – Continue reading
The Internal Revenue Service and the Treasury Department issued final regulations spelling out how U.S.-based companies will have to pay repatriation taxes on offshore profits under Section 965 of the tax code. The IRS released proposed regulations on Section 965 in August, and the proposed rules went through a public… – Continue reading
In recent weeks, major anti-money-laundering enforcement actions have highlighted the critical role of whistleblowers in government efforts to curb illegal movement of funds. The German raids of Deutsche Bank, U.S. indictments of three employees and a client of Panamanian law firm Mossack Fonseca, and an earlier Danske Bank money-laundering investigation… – Continue reading
The Internal Revenue Service is giving foreign-based banks with U.S. operations some leeway when calculating a major new international tax aimed at preventing global companies from shifting profits abroad. Multinationals often transfer payments, such as interest or royalties, to their affiliates in low-tax jurisdictions to maximize deductions and minimize tax… – Continue reading
The United States Department of Justice has charged four people with crimes allegedly brought to light by the International Consortium of Investigative Journalism’s Panama Papers expose, according to a DOJ announcement published earlier this month. They are the first US criminal charges stemming from the ICIJ’s 2016 investigation, which reported… – Continue reading
The Virgin Islands ranked as the second-most-important financial jurisdiction in the world in a recent study published by Vistra, a corporate services provider. The research — titled the “Vistra 2020 Report” — evaluated insight from more than 800 financial services industry professionals around the globe, according to the company. Published… – Continue reading
The US Internal Revenue Service (IRS) has issued guidance on the voluntary disclosure regime now in force, following the termination of its offshore predecessor on 28 September 2018. The new rules are effective for all disclosures after that date. And the possible penalties have gone up quite significantly. One of… – Continue reading
The US government announced charges on Tuesday against four men it said laundered money and arranged tax avoidance schemes through the Panama firm at the centre of the “Panama Papers” scandal. The four were affiliated with Mossack Fonseca, the law firm that helped thousands of clients around the world move… – Continue reading
The cabinet of Canadian Prime Minister Justin Trudeau is set to implement tax cuts for the nation’s businesses, which, along with the announced plans to reduce regulation, are highly reminiscent of the economic policies of Canada’s southern neighbour. Kristian Rouz — Canadian Prime Minister Justin Trudeau has unveiled an ambitious… – Continue reading
Many U.S. multinational corporations have packed up or are choosing to open subsidiaries in low-tax, rather than no-tax, countries that are seen as more legitimate than the formerly popular island destinations of the Cayman Islands and the Bahamas. They’re fleeing in response to regulations from the European Union that require… – Continue reading
