Just how the US Foreign Account Tax Compliance Act (FATCA) is impacting on the lives of Americans in sometimes unintended is illustrated in the tax troubles of the Mayor of London. Boris Johnson, a former British MP, has dual British and US nationality. He was born in New York but… – Continue reading
Three men accused of running a VAT scam; face 10 years in jail Prague, Dec 12 (ČTK) — The Czech Police have accused three men over tax evasion worth 261 million Kč caused by fictitious exports of tools and design services to the US, anti-corruption police spokesman Jaroslav Ibehej told… – Continue reading
The Income Tax Department has informed the Special Investigation Team (SIT) on Black Money that prosecution proceedings for non-furnishing of account details by Indians stashing black money abroad are in progress in 27 cases (under Section 276 D of the I-T Act) and has even filed a case in court… – Continue reading
Russian Prime Minister Dmitry Medvedev stated that Moscow does not intend to “physically drag money” to Russia in the framework of amnesty for capital returning to country suggested by Russian President Vladimir Putin. MOSCOW, December 13 (Sputnik) — Moscow does not intend to “physically drag money” to Russia in the… – Continue reading
As multinationals are forced to reveal more about themselves, where should the limits of transparency lie? HOWARD SCHULTZ, the head of Starbucks, said last year that “the currency of leadership is transparency.” If so, bosses should be feeling ever more qualified to command their troops. Business is being forced to… – Continue reading
The suspected leaker of documents that revealed confidential tax avoidance deals between Luxembourg and hundreds of multinational companies has been charged with theft, money-laundering and exposing trade secrets, prosecutors said. The suspect’s identity has not been revealed, but at Luxemburger Wort we have identified that he is a French former… – Continue reading
Fiji is looking at reviewing its existing taxation agreements with other countries in the coming months. Fiji Revenue and Customs Authority chief executive, Jitoko Tikolevu, said these reviews are long overdue. As a consequence, negotiations for the review of Fiji’s Double Tax Agreement (DTA) with Malaysia was completed this week…. – Continue reading
RBI says it has no information on any offshore accounts, allegedly held by three industrialists as per list ‘released’ by Washington NGO; This list doesn’t mention any Swiss bank account PANJIM: There is no evidence in public domain of any of the three industrialists named by Goa Foundation Director Claude… – Continue reading
When the Chesapeake Bay Foundation, the Johns Hopkins University and other Maryland nonprofits want to maximize the money they can spend in pursuit of their missions, they do what many wealthy individuals and businesses do. They open investment accounts overseas. Many of Maryland’s wealthiest nonprofits — including the University of… – Continue reading
MotoGP champion Marc Marquez hit hard by criticism of a planned move to Andorra, will continue to pay tax in Spain. MotoGP champion Marc Marquez gave an emotional response to the criticism he has received within Spain over a reported move to Andorra. Speaking during Friday’s preview for the Superprestigio… – Continue reading
It seems that reports of Ferrari’s relocation to London have been somewhat exaggerated. The past few days have seen more than a few stories on the legendary Italian brand’s decision to move its tax base out of Italy, and now Fiat Chrysler is speaking out against the scuttlebutt. “These rumors… – Continue reading
Last week’s Autumn Statement was another step in the right direction for the British economy. The economic news it contained continues to warrant cautious optimism. Growth for this year has been revised up to 3 per cent, making us the fastest growing major advanced economy. Unemployment is predicted to fall… – Continue reading
MONTREAL – The problem is not that Bombardier Inc. played a complex shell game since at least 2010 by refinancing and redirecting US$500 million of its financing activities to Luxembourg, a notorious tax haven. It’s that it does so legally — and is hurting its home country despite being one… – Continue reading
Rep. John Delaney (D-Md.) introduced a new plan Friday to pay for highway improvements through fresh revenues from offshore income. Under the measure, offshore corporate income would be taxed at 8.75 percent, allowing multinationals to bring cash back to the U.S. far cheaper than at the top corporate rate of… – Continue reading
All those Dutch sandwiches, double Irishes and Luxembourg, uh, lunchboxes that US multinational companies use to defer taxes and shift profits abroad are expected to be re-empowered today when the Senate votes to enact a one-year tax extension package. Included in the package is a renewal of two breaks, one… – Continue reading
On 9 December 2014, the Government of Singapore and the Government of the United States signed an intergovernmental agreement (“IGA“) to facilitate the implementation of the Foreign Account Tax Compliance Act (“FATCA“) in Singapore. The IGA is based on the United States Department of the Treasury’s Model 1 IGA and… – Continue reading
There’s big news from across the pond. The U.K. government’s Autumn Statement (formerly known as the pre-Budget report), released December 3, promises to change how multinational corporations will be taxed – and offers a cautionary tale for would-be U.S. tax reformers. Britain will introduce a “diverted profits” tax, targeting corporations… – Continue reading
This is a United World interview for USA Today for a report on Antigua and Barbuda. Brian Stuart-Young, CEO of Global Bank of Commerce and Non-resident Ambassador to China, spoke about opportunities for American investors in the energy sector, Antigua’s robust framework for financial services, and the potential for the… – Continue reading
Action Aid Zambia has welcomed the European Ombudsman ruling that the European Investment Bank (EIB) should reconsider its refusal to grant access to the findings of their investigation into alleged tax dodging by mining company Glencore’s Mopani subsidiary. And Action Aid Zambia has called on Zambia Revenue Authority (ZRA) to… – Continue reading
HM Revenue & Customs’ (HMRC) plan to make undeclared taxable offshore income a criminal offence has suffered a blow as it has been omitted from draft legislation. The draft Financial Bill, published earlier this week, extended the scope of civil penalties for tax evasion but there was no reference to… – Continue reading
Responding to another leak, the Luxembourg Finance Ministry has said that the advance tax rulings issued to multinationals by the country’s tax authority are not, and never have been, secret. The Ministry issued a statement on December 10 acknowledging the publication by the International Consortium of Investigative Journalists (ICIJ) of… – Continue reading
Jean-Claude Juncker under pressure over his deals as PM of Luxembourg The arch-federalist EU chief is alleged to have courted tax avoidance deals He has now admitted he has been ‘weakened’ by the revelations It emerged his regime agreed deals with Walt Disney and Koch Industries Jean-Claude Juncker has admitted… – Continue reading
Russia’s President, Vladimir Putin, has said that tax legislation should remain unchanged for the next four years, and that he wants a one-off tax amnesty for individuals who repatriate capital to Russia. Addressing the Federal Assembly, Putin said that there is a need for stable legislation and predictable rules, which… – Continue reading
HM Revenue and Customs (HMRC) has issued a new factsheet for users of tax avoidance schemes, explaining how its follower notices and accelerated payments regimes operate. The factsheet defines a tax avoidance scheme as “a set of arrangements that try to use the law to gain a tax advantage that… – Continue reading
Florida Center for Investigative Reporting The Walt Disney Co. generates $18.2 billion per year in economic activity in Florida and and is responsible for more than one in every 50 jobs in the Sunshine State, according to a study the company paid for in 2011. But here’s something Disney won’t… – Continue reading
Iceland appears to be looking to remove its capital controls early in 2015, but would, at the same time, impose an “exit tax” on those foreign investors who have been unable to retrieve their funds that were locked in after the country’s banks defaulted in 2008. It is believed that… – Continue reading
Corruption Scandals In May, the legal committee of Parliament’s lower house approved a proposal to expand Swiss banks’ scrutiny of accounts and transfers to include international sporting organizations. The legislation comes in the wake of a series of corruption scandals that have tarnished the image of FIFA. Last year senior… – Continue reading
There’s big news from across the pond. The U.K. government’s Autumn Statement (formerly known as the pre-Budget report), released December 3, promises to change how multinational corporations will be taxed – and offers a cautionary tale for would-be U.S. tax reformers. Britain will introduce a “diverted profits” tax, targeting corporations… – Continue reading
Responding to another leak, the Luxembourg Finance Ministry has said that the advance tax rulings issued to multinationals by the country’s tax authority are not, and never have been, secret. The Ministry issued a statement on December 10 acknowledging the publication by the International Consortium of Investigative Journalists (ICIJ) of… – Continue reading
For busy in-house counsel and compliance professionals, we have tried to summarize the most important international anti-corruption developments in the past month with links to primary resources. November was definitely a busy month with a variety of developments. Here is our Top Ten list: Bio-Rad $55 Million FCPA Resolution. On… – Continue reading
Law360, New York (December 11, 2014, 3:21 PM ET) — Amazon.com Inc. CEO Jeff Bezos got out of having to testify in a suit concerning a Luxembourgian subsidiary and tax obligations for the years 2005-2006, when the U.S. Tax Court granted his motion to quash the Internal Revenue Service’s subpoena… – Continue reading
Findings from Americans for Tax Fairness directly contradict Burger King’s earlier insistence that the merger would create ‘no tax benefit’ Burger King acquires Tim Hortons and calls Obama’s bluff on tax Burger King stands to avoid paying hundreds of millions of dollars in US taxes if it completes its pending… – Continue reading
Jean-Claude Juncker breaks silence to say revelations are personally damaging as calls increase for harmonisation of EU tax rules European Commission president Jean-Claude Juncker has admitted that his position has been weakened by a scandal exposing Luxembourg’s role in corporate tax avoidance schemes. Juncker survived a no-confidence vote in the… – Continue reading
Jonathan Gruber, MIT professor and Affordable Care Act (ObamaCare) architect, faced the House Oversight committee earlier this week. Gruber was grilled over his comments pertaining to the passage of ObamaCare through Congress and the law’s mechanics. The professor has been caught on camera multiple times almost bragging about the deception… – Continue reading
Jeb Bush, a front-runner to become the Republican Party’s next presidential nominee, has used Britain to set up a private equity fund that could possibly allow it to avoid paying tax in America. The potentially damaging revelation was uncovered by the financial news wire Bloomberg and could pose a serious… – Continue reading
Stocks rose today for the first time in four trading days in the wake of a report showing strong retail sales in November and as oil continues its sharp decline. The Dow Jones industrial average gained 63.19 points to 17,596.34, the Standard & Poor’s 500 index rose 9.19 points to… – Continue reading
The Swiss banking sector, which has been forced to give up its traditional secrecy, is now looking to China for new financial investment. “One of the first ports that the Swiss financial center is steering for is the port of China,” Claude Alain Margelisch, chief executive of the Swiss Bankers… – Continue reading
The Dail’s Public Accounts Committee has declined a legal demand from former Fianna Fail Finance Minster Ray MacSharry to hand over the Ansbacher dossier to him. Lawyers acting for Mr MacSharry had given PAC seven days to hand over the Ansbacher dossier, the Irish Independent has learned. Mr MacSharry took… – Continue reading
(Reuters) – EU regulators hope to wrap up ongoing probes into the legality of tax deals between Luxembourg, the Netherlands and Ireland with Apple (AAPL.O), Starbucks (SBUX.O), Amazon (AMZN.O) and Fiat (FCHA.MI) by the second quarter of 2015, the EU anti-trust’s chief said on Thursday. European Competition Commissioner Margrethe Vestager… – Continue reading
This Alert provides more details on the most significant measures contained in the draft Finance Bill. Draft clauses of the UK Finance Bill 2015 were published on 10 December 2014. They will now be the subject of consultation until 4 February 2015. This Alert provides more details on the most… – Continue reading
The US Treasury estimated that it will cost foreign banks and financial institutions $8 billion to comply with Fatca. This amount does not take into account the amount of time and cost that US citizens will need to take to comply with the demands of foreign banks and financial where… – Continue reading
The new EU Competition Commissioner has said there is reasonable doubt about whether Apple’s tax arrangements with Ireland were legal. In her first comments on the investigation into the US tech giant’s tax affairs in Ireland, the Danish Commissioner Margrethe Vestager said the case remained open. This is despite Minister… – Continue reading
Do trustees need to register with the US Internal Revenue Service (the “IRS”) before 1 January 2015? Does registration need to be made in respect of a trust? These questions need to be given due consideration by Cayman Islands and British Virgin Islands (“BVI”) trustees and the trusts in respect… – Continue reading
In the second half of the current calendar year, issuances had slowed. Most companies had front-loaded their fund-raising plans, in anticipation of a rise in US interest rates Fund raising by Indian companies through the offshore debt market is expected to rise in 2015 for refinancing of old loans and… – Continue reading
Exports of Ukrainian goods through offshore companies fell by 90 percent in the first nine months of this year, according to the State Fiscal Service, dropping to $334 million. British Virgin Islands, a jurisdiction known for the lack of transparency, remains the most popular offshore destination with Ukrainian companies, attracting… – Continue reading
On December 10, Hong Kong and Japan exchanged notes regarding the exchange of information (EOI) provisions in their existing double taxation agreement (DTA) dated November 9, 2010. “The purpose of the exchange of notes with Japan is to expand the coverage of tax types under the EOI arrangement of the… – Continue reading
THE CONCLUSION of an air services agreement and training opportunities for Barbadians were among the areas discussed, when India’s High Commissioner, Subashini Murugesan, paid a courtesy call on Permanent Secretary in the Ministry of Foreign Affairs, Charles Burnett. Burnett received the High Commissioner on behalf of the Minister of Foreign… – Continue reading
In the light of new revelations in the Luxembourg tax evasion schemes, some MEPs will push to fast-track the European Parliament’s legislative reports being drafted by the legislature’s economic committee. “The new revelations show this is a European problem that needs a European solution. Citizens and SMEs pay their taxes,… – Continue reading
Dubai, 11 December 2014: The UAE signed today the final agreement for the avoidance of double taxation on income with Hong Kong, during a meeting between businessmen and commercial banks from both parties in Dubai. The agreement was signed by HE Obaid Humaid Al Tayer, Minister of State for Financial… – Continue reading
Bank Leumi Le-Israel Ltd. (LUMI) expects to reach an accord with the U.S. government by next month over accusations Israel’s second-largest bank helped Americans evade taxes. “The management believes it is right to reach an agreement with authorities, just as global banks have done,” Leumi’s legal adviser Hanan Friedman said… – Continue reading
