Category: Jurisdiction

Facebook readers vent over ‘horrifically selfish’ tax avoidance

Ordinary New Zealanders are carrying the tax burden while the wealthy use every possible means to avoid paying tax, ONE News Facebook readers claim, in response to damning new IRD details released yesterday Yesterday ONE News revealed how some of New Zealand’s wealthiest people worth more than $50 million are… – Continue reading

HMRC Issues Factsheet On Tax Avoidance Scheme Checks

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

Next move: Thailand as HQ and trading hub of Asean

THAILAND has offered tax incentives for regional operating headquarters and international procurement centres for more than 10 years, but there are fewer than 300 companies operating ROHs or IPCs. Recently, the Cabinet approved a measure promoting Thailand as the shared-services hub of the Asean Economic Community. It is expected that… – Continue reading

1 FATCA and trustees: part I

Maples and Calder Michael Gagie, Richard Grasby, Tim Clipstone, Christopher Capewell, Jon Fowler and Tim Frawley 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… – Continue reading

Tax Reform In 2015 Can Impact Apple

Summary Corporate tax reform is getting closer, repatriation of foreign profits is a possible outcome. Reform may end the practice of deferment, meaning overseas cash hordes will no longer be part of common corporate practice. Many large U.S. companies will have decisions on how to use funds that are no… – Continue reading

The Luxembourg ministry of Finance comments on the latest publications by the ICIJ

The ministry of Finance acknowledges the publication by the International Consortium of Investigative Journalists (ICIJ) and affiliated medias of a further series of advance tax decisions (“rulings”) issued by the Luxembourg tax administration. As with previous publications (“Luxleaks”), the way in which these documents were acquired is highly questionable. The… – Continue reading

Ferrari Said to Weigh Moving Fiscal Base Outside Italy

Ferrari SpA is considering moving its fiscal residence outside Italy to save on corporate taxes as the supercar maker prepares for its spinoff from Fiat Chrysler Automobiles NV (FCAU), people familiar with the matter said. The manufacturer, which uses the colors of the Italian flag in its logo, may follow… – Continue reading

New UK ‘diverted profits tax’ on multinationals will raise very little tax, says expert

A new UK tax on the ‘diverted profits’ of multinationals operating in the UK “is probably not needed, will be hard to apply and will raise little money” according to one expert. 10 Dec 2014 Corporate tax Tax International tax UK Europe Heather Self of Pinsent Masons, the law firm… – Continue reading

IRS Extends ‘Deemed Compliant’ Status of Countries for FATCA

The Internal Revenue Service has issued an announcement extending the “deemed compliant” status of countries that are treated as if they had an intergovernmental agreement with the U.S. Treasury Department in place for purposes of the Foreign Account Tax Compliance Act. FATCA, which was included as part of the HIRE… – Continue reading

Former Swiss Banker Collapses During WikiLeaks Data Trial

Rudolf Elmer, the former employee of Julius Baer Group Ltd. accused of revealing details of client accounts via WikiLeaks, collapsed at the start of his trial, forcing the court to postpone the case. It was not clear when the trial in Zurich District Court would continue. Proceedings had been under… – Continue reading

MotoGP: Marc Marquez rumoured to have moved to Andorra for tax reasons

TWICE-WORLD champion in MotoGP Marc Márquez is reported to have moved to Andorra to reduce his taxes. The 21-year-old, who scooped up the top title in his rookie year, 2013, and repeated the performance the following season, is said to be earning around 10 million euros a year – but… – Continue reading

Hong Kong firm financing owners of 3 mobile network had secret tax deal

Hutchison Whampoa had profit of €429.6m but paid just €65,067 tax in Luxembourg A Luxembourg company that provides indirect financial support to 3 Ireland, is among the latest batch of entities found to be availing of secret tax deals in Luxembourg. Hutchison Whampoa Europe Investments Sarl (HWEI) – part of… – Continue reading

China Graft, Madoff Aides, Luxembourg Rulings: Compliance

China set up a website to collect tips about officials who have fled with ill-gotten gains, as leaders press ahead with a campaign that’s resulted in the arrests of hundreds of alleged economic fugitives so far. The Communist Party’s anti-graft watchdog, the Central Commission for Discipline Inspection, encouraged whistle-blowers at… – Continue reading

Harris: Ireland has ‘nothing to fear’ from EU tax proposals

Minister of state stresses taxation rates remains a matter for member states Ireland has “nothing to fear” from European proposals to tackle multinational tax avoidance, the Minister of State at the Department of Finance Simon Harris said on Tuesday as EU finance ministers rubber-stamped new rules on the automatic exchange… – Continue reading

Vodafone Vs I-T dept: ITAT rules in favour of tax dept

This transfer pricing dispute arose from transactions involving Vodafone in 2007-08. The I-T department had red flagged the sale of call centre business to Hutchison Whampoa Properties India and the assignment of Call Options. n the latest from Vodafone’s Rs 8,500 crore trasfer pricing case versus the Income Tax department,… – Continue reading

Hong Kong exchanges notes with Japan regarding comprehensive agreement on avoidance of double taxation

Hong Kong (HKSAR) – The Government of the Hong Kong Special Administrative Region today (December 10) exchanged notes with the Government of Japan regarding the Exchange of Information (EoI) Article in the Agreement between the Government of the Hong Kong Special Administrative Region of the People’s Republic of China and… – Continue reading

EU bank breaches own rules in Glencore Zambia tax dodging investigation

The European Investment Bank, which gives loans and grants using taxpayers’ money, acted wrongly when it refused to disclose details of alleged tax evasion by mining giant Glencore, the EU’s watchdog has ruled. The EIB failed to disclose the results of its own investigation into the allegations surrounding a mining… – Continue reading

Indian firms to tap more offshore funds to refinance debt, says Fitch

Indian corporates are likely to increasingly access the offshore debt capital markets for their funding requirements once the investment cycle restarts, according to Fitch Ratings. “The growth is likely to be driven by the need to refinance debt and fund capex once the investment cycle restarts and as many corporates… – Continue reading

BREAKING NEWS — Palm Beach Billionaire David Koch, Brother Charles Named in Euro Tax Haven Scandal!

LUXEMBOURG  — Palm Beach billionaire David Koch and his equally-loaded brother Charles got the government of Luxembourg to sign a secret, custom-made deal that allowed their companies to save hundreds of millions of dollars that otherwise would have been taxed in the United States. On its website this morning, the… – Continue reading

Impact of FATCA on Bermuda Entities

This publication provides a brief overview of the expected impact on entities established in Bermuda of (a) the foreign account tax compliance provisions (“FATCA”) of the Hiring Incentives to Restore Employment Act, 2010 of the United States of America (the “US”); and (b) equivalent rules implemented in relation to United… – Continue reading

Beating the big business tax minimisation schemes

Peter Mac Swedish “flatpack” furniture manufacturer IKEA has suffered a number of blistering mass media attacks for business practices that reduce their Australian tax liabilities to a tiny fraction of the company’s profits here. The criticism is certainly justified. Most ordinary working taxpayers, as well as companies that don’t engage… – Continue reading

Malta: A Question Of Substance

Malta continues to receive glowing reviews internationally as a stable financial services centre of repute within the European Union. Over the past fifteen years, Malta has moved seamlessly from being an offshore to an onshore jurisdiction, through the implementation of several legal, tax and regulatory rules intended to stimulate domestic… – Continue reading

Ireland: Property Investment Structures In Ireland: Irish Investment Opportunities

In recent times there has been a welcome return to activity in the Irish real estate market. Overseas investors have been circling and private equity groups have started investing heavily in Irish real estate amid confidence that the Irish economy has stabilised and is returning to growth. In this briefing… – Continue reading

Israeli Swiss Bank Tax Evasion Investigation Widens

A senior figure is suspected of secretly keeping accounts in a Swiss bank that were not reported to the tax authorities in Israel, in an affair called the “Swiss Bank Affair,” sources inform “Globes.” Israel Tax Authority investigators conducted a search of the senior figure’s home. As in the information… – Continue reading

Awareness On FATCA Remains Low, Says PwC

KUALA LUMPUR, Dec 10 (Bernama) — Awareness of the US Foreign Account Tax Compliance Act (FATCA) among local financial institutions remains low, PricewaterhouseCoopers (PwC) said. “I’d venture an educated guess that there are more than 1,000 local financial institutions, which fall under the FATCA purview, some of which may not… – Continue reading

UK: Moving to the UK from France

Some statistics rank London as the fourth largest ‘French’ city by population, and the number of French individuals moving to the UK is growing. This is not surprising – the UK offers a highly favourable tax regime for ‘non-domiciled’ individuals moving to the UK, while entrepreneurs, professionals and high net… – Continue reading

Revenue Quebec looking into whether Bombardier is using a European tax haven

Quebec’s finance minister says he understands Bombardier Inc. pays its taxes according to Quebec and Canadian laws and that “we receive what we should receive.” But nevertheless, Carlos Leitão said he has asked Revenue Quebec to look into whether Bombardier is using a European tax haven to avoid provincial taxes…. – Continue reading

Disney and Microsoft dragged into Luxembourg tax avoidance scandal engulfing EU chief Jean-Claude Juncker

Grand Duchy accused of allowing multinational firms to pay virtually no tax Leaked documents reveal more firms used Luxembourg to lower tax There is no suggestion that the tax schemes used by firms are illegal But scandal has dragged in Luxembourg’s former PM Mr Juncker Giant US businesses Disney and… – Continue reading

Interviews/Commentary Luxembourg Says Tax Rulings Are Not Secret, Never Have Been

Tax rulings “issued by the Luxembourg tax authorities are not, and have never been, secret,” the nation’s finance ministry said in an e-mailed statement. “In fact, Luxembourg, spontaneously and upon request, exchanges information on rulings with other countries, as foreseen by non-double taxation treaties as well as by directives and… – Continue reading

Former Swiss Banker Collapses During WikiLeaks Data Trial

Rudolf Elmer, the former employee of Julius Baer Group Ltd. accused of revealing details of client accounts via WikiLeaks, collapsed at the start of his trial, forcing the court to postpone the case. It was not clear when the trial in Zurich District Court would continue. Proceedings had been under… – Continue reading

Jersey: Chancellor Must Address Root Causes Of Tax Evasion

In advance of the UK Chancellor’s Autumn Statement, Geoff Cook, CEO of Jersey Finance said: “The Chancellor has shown a strong commitment to tackling tax evasion and I look forward to hearing more detail behind his future plans in this regard in the Autumn Statement. It is vital that the… – Continue reading

State had key role in structures set up by €100m Cayman fund

Fund wanted to buy distressed debt in media and communications companies Ireland played a key role in international tax and funding structures set up by a $100 million Cayman Islands fund that wanted to buy distressed debt in media and communications companies in 2010. Accountancy firm Ernst & Young (now… – Continue reading

PwC charged with “selling tax avoidance on an industrial scale”; indulging in “scams”

The House of Commons Public Accounts Committee on Monday held a hearing on the role of accountancy firms in tax avoidance and PwC (PricewaterhouseCoopers), the Big 4 accounting firm, was represented by Kevin Nicholson, PwC head of tax in the UK and former HMRC (HM Revenue & Customs) tax inspector,… – Continue reading

Arcade operator, farmer and company director top tax defaulters’ list

A Dublin-based amusement arcade operator, a Co Sligo farmer and a Dublin company director topped the latest list of tax defaulters. The 107-strong list, published by the Revenue Commissioners, made settlements totalling €19.64 million. The largest settlement was made by fair and amusement arcade operators Groundview Limited, of 15 Lower… – Continue reading

Joe Hockey announces profit-shifting tax audit of 10 multinationals

The Australian Tax Office is auditing 10 multinational corporations and the government will consider introducing new laws aimed at targeting tax avoidance, Joe Hockey has said. The treasurer said on Tuesday the ATO was “embedded in the offices” of multinationals operating in Australia to closely scrutinise whether those companies were… – Continue reading

ECONOMYAustralia to crack down on corporate tax avoidance

Australia may follow the UK in implementing a “diverted profits” tax on multinationals to crack down on tax avoidance. Joe Hockey, Australia’s treasurer, said on Tuesday that his office is exchanging information with London on its “Google tax”, which was announced last week, writes Jamie Smyth in Sydney. I am… – Continue reading

FEDS SUE DEUTSCHE BANK FOR TAX FRAUD DATING BACK TO 2000

NEW YORK (InsideBitcoins) — Federal prosecutors with the U.S. Attorneys Office in Manhattan are suing Deutsche Bank, stating that the German bank owes the US Government roughly $190 million in unpaid taxes. The claims of tax evasion stem from gains related to the sale of Bristol-Meyers shares in 2000. Prosecutors… – Continue reading

EU Agrees Twin Tax-Avoidance Measures

BRUSSELS–European Union finance ministers struck two separate deals on Tuesday aimed at cracking down on tax avoidance by multinationals, an issue that is high on Europe’s political agenda as a lackluster economic recovery fails to replenish crisis-hit state coffers. At a meeting in Brussels, finance ministers agreed to update a… – Continue reading

Jersey: Chancellor Must Address Root Causes Of Tax Evasion

In advance of the UK Chancellor’s Autumn Statement, Geoff Cook, CEO of Jersey Finance said: “The Chancellor has shown a strong commitment to tackling tax evasion and I look forward to hearing more detail behind his future plans in this regard in the Autumn Statement. It is vital that the… – Continue reading

New Luxembourg leaks reveal Disney, Koch Industries tax deals

(Reuters) – Tax deals that entertainment giant Walt Disney Co., commodities group Koch Industries [KCHIN.UL] and others agreed with the Luxembourg authorities were revealed on Tuesday by the International Consortium of Investigative Journalists (ICIJ). The ICIJ said the two companies engaged in complex restructurings, and channeled hundreds of millions of… – Continue reading