Category: Marshall Islands

Tax transparency tops OECD agenda in Tbilisi

The OECD is calling on all jurisdictions to conform to the latest tax transparency standards under exchange of information rules at the same time as they develop their own tax transparency initiatives The majority of OECD members have committed to implement the automatic exchange of information (AEOI) standard, with a...

The rich are getting more secretive with their money

You might think the Panama Papers leak would cause the ultrarich to seek more transparent tax havens. Not so, according to Jordan Greenaway, a consultant based in London who caters to the ultrawealthy. Instead, they are going further underground, seeking walled-up havens such as the Marshall Islands, Lebanon, and Antigua,...

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...

US Justice Department Announces Two Banks Reach Resolutions Under Swiss Bank Program

The Department of Justice announced today that Cornèr Banca SA (Cornèr) and Bank Coop AG (Bank Coop) reached resolutions under the department’s Swiss Bank Program. The Swiss Bank Program, which was announced on Aug. 29, 2013, provides a path for Swiss banks to resolve potential criminal liabilities in the United...

13 States Sign Up To OECD’s New Tax Info Exchange Standard

Thirteen jurisdictions signed the OECD Multilateral Competent Authority Agreement (MCAA) at a meeting on October 29-30, 2015, in Barbados. In joining the MCAA, the territories commit to automatically exchange tax information with other nations’ tax authorities under the OECD’s new tax information exchange standard, the Common Reporting Standard. A total...

How Greek shipowners talk up their role, and why that costs Athens millions

On the day he took office as Greece’s shipping minister in June 2012, Kostis Moussouroulis received a visit from a 90-year-old shipowner. He still remembers the older man’s words: “Don’t forget, the best minister of shipping and maritime affairs is the minister who is doing nothing for the shipping industry....

Global Forum makes strides toward tax transparency

The timely and effective implementation of the automatic exchange of tax information was a key theme during the Oct. 29-30 meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes held in Bridgetown, Barbados. The meeting, which brought together delegates from the Global Forum’s 128 member...

US overtakes Caymans and Singapore as haven for assets of super-rich

The US has overtaken Singapore, Luxembourg and the Cayman Islands as an attractive haven for super-rich individuals and businesses looking to shelter assets behind a veil of secrecy, according to a study by the Tax Justice Network (TJN), reports The Guardian. The US is ranked third, behind Switzerland and Hong...

Inniss: FATCA good for Barbados

Barbados’ reputation as a home of “serious” business and a “significant” player in international business is being enhanced with the adoption of a United States law which targets non-complaint US taxpayers with foreign accounts, Minister of International Business Donville Inniss has contended. In fact, Inniss suggested that the Foreign Accounts...

British taxpayers fork out £45m in foreign aid to paradise islands that charge NO TAX

BRITISH taxpayers forked out £45million in foreign aid spending to countries classed as tax havens in just one year, it emerged today. Nations such as Belize, Marshall Islands, Seychelles and Vanautu – which are all included on a European Commission ‘blacklist’ of international tax havens – have all received cash...

EY: Four out of 10 Czech businessmen asked for bribe; Czech police reveal corruption in driving licenses for Germans; No. of Czech firms with owners in tax havens up in Q3

EY: Four out of 10 Czech businessmen asked for bribe Four out of 10 Czech entrepreneurs have been explicitly asked for a bribe and up to six out of 10 have encountered the possibility of gaining an advantage in their business in exchange for a bribe, according to a survey...

UK aid money going to known tax havens

Millions of pounds of British aid money could have been given to known tax havens to fund public services The UK paid out £45m to 13 countries on the European Commission’s tax haven “blacklist” in 2013, according to a report in The Independent. The blacklisted countries that received British aid...

EU blacklists Hong Kong as ‘non-cooperative tax jurisdiction’

Kenneth Leung (PC,F-Accountancy) explains what he – and the government – are doing to get Hong Kong off the EU’s undeserved blacklisting as a “non-cooperative tax jurisdiction”. Why has Hong Kong been placed on this list? There are ten European countries that have named Hong Kong as a tax haven....

The Global Forum on Transparency and Exchange of Information for Tax Purposes published new peer review reports

On August 3, 2015 the Global Forum on Transparency and Exchange of Information for Tax Purposes published 12 new peer review reports. Phase 1 reports were published on: Albania, Burkina Faso, Cameroon, Dominican Republic, Lesotho, Pakistan and Uganda. The reports assessed these countries’ legal and regulatory frameworks for transparency and...

OECD backs Guernsey in fight against tax haven status

The OECD has backed Guernsey in its fight against tax haven status, describing the crown dependency’s inclusion on the European Commission’s list of top 30 non-compliant tax jurisdictions as “very surprising”. Monica Bhatia, head of the secretariat of the Organisation for Economic Cooperation and Development’s Global Forum on Transparency and...

Bahamas ‘unfairly dumped on’ with EU blacklisting

The Bahamas was yesterday “dumped on” through its inclusion on another so-called financial services ‘blacklist’, although an ex-Attorney General and others suggested the development should be taken “with a big grain of salt”, reports the Bahamas Tribune. John Delaney told Tribune Business that the European Union’s (EU) decision to ‘blacklist’...

St. Kitts-Nevis Among 30 Countries On EU’s Tax Evasion Blacklist

St. Kitts and Nevis is one of 30 countries placed on the European Union’s black list for not doing enough to fight tax evasion. The EU’s executive Commission published the list Wednesday (June 17). The blacklisted countries figure on at least ten of the EU’s 28 member nations’ lists of...

Cayman on new EU blacklist

Government appeared to brush off the latest blacklisting of the Cayman Islands when it released a short statement on Wednesday at around 5pm following revelations by the EU that the jurisdiction had been cited as facilitating tax evasion, reports the Cayman News Service. “It is unfortunate that the EU black...

Bermuda named on EU tax haven list

The European Union: Labelled Bermuda as a tax haven Bermuda has been named by the European Union as a country that is not doing enough to crack down on tax avoidance. The Island was one of 30 countries on the list published by the EU’s executive Commission today. “These tax...

EU releases tax haven blacklist

The European Union has published its first list of international tax havens as part of a crackdown on multinational companies trying to avoid paying tax in the 28-nation bloc. The list of 30 territories includes Hong Kong and Brunei in Asia, Monaco, Andorra and Guernsey in Europe, and a series...

Global Tax Transparency Goes Live in 2016

Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is...

How Convenient: Vessel Registration and Mortgages in the Republics of the Marshall Islands and Liberia

Two registries of significant interest to shipowners are the registries of the Republics of the Marshall Islands and Liberia. Significantly, insofar as it does not conflict with the statutory laws, each country has adopted the non-statutory general maritime laws of the United States. This gives added certainty to shipowners, particularly...