* Nearly half of EM corporate overseas debt issued offshore * Accounting conventions do not capture associated risks, BIS says By Sam Wilkin LONDON, Dec 7 (Reuters) – Cross-border debt issued by emerging market companies may be less stable than it initially appears due to the increasing role of overseas… – Continue reading
GCC-based Islamic banks are increasingly eyeing international markets Islamic banks in Gulf Cooperation Council (GCC) nations need to expand abroad to maintain their pace of growth in the future, according to Al-Baraka Banking Group, which operates in 15 countries from the Middle East to Asia. “Banks have no alternative,” says… – Continue reading
The Federation of Indian Chambers of Commerce and Industry (FICCI) has urged the Finance Ministry to defer the introduction of General Anti-Avoidance Rules (GAAR) under the Indian Income-Tax law. In their pre-Budget interaction with the Revenue Secretary Shaktikanta Das, a high-level FICCI team led by its President Sidharth Birla also… – Continue reading
President Putin’s surprise amnesty allowing Russians with cash stashed abroad to bring it back home with no penalty may be a windfall, but then maybe not. The US, Mexico, Italy, Kazakhstan, and many others have tried it with varied success. When financial crises hit, governments have tried to reel in… – Continue reading
Luxembourg’s government is on alert for a new wave of tax revelations that Prime Minister Xavier Bettel expects to hit the country in the coming days. The country’s Finance Minister Pierre Gramegna received a new batch of questions from a group of investigative reporters that indicate more documents revealing alleged… – Continue reading
BEIRUT: There is no threat to Lebanon’s banking secrecy, despite the mounting pressure from the international community to disclose the accounts of Lebanese with dual passports, bankers said. “The United States and some European countries, which are seeking the full cooperation of other states in disclosing the bank accounts of… – Continue reading
The Treasury will this week detail sweeping new powers for the Revenue to investigate tax-avoiding global companies, and will issue a list of suspect structures which it says are designed to dodge British dues. The Chancellor declared war on tech giants such as Google, Amazon and eBay, which pay little… – Continue reading
Labour Jon Ashworth calls for explanation over why Tories’ ‘big-money backers’ benefit from autumn statement George Osborne has been accused of using his autumn statement to give tax breaks to Tory supporters as it emerged that several companies run by Conservative donors stand to benefit from a more generous tax… – Continue reading
The factbox devoted to two years of the so-called Magnitsky Act passed by US Senate. This act allows Washington to deny visas and freeze assets of Russian officials allegedly involved in the death of Russian lawyer Sergei Magnitsky. Five years ago, on November 16, 2009, Sergei Magnitsky, a tax and… – Continue reading
Despite earlier promises to vote in favour, many choose to abstain in the Lower House The approval of a bicameral congressional inquiry into tax evasion received almost no opposition support early yesterday morning — an about-face for some lawmakers who had initially said that they would support the probe into… – Continue reading
RETAIL billionaire Solomon Lew is threatening to ship Australian online orders from New Zealand to sidestep the GST in light of the Federal Government’s failure to axe the tax-free threshold for overseas purchases. The Premier Investments chairman has also slammed Australia Post for setting up a US mail forwarding service… – Continue reading
The Lima Stock Exchange urged Peru to eliminate a 5 percent capital-gain tax on equities, saying it has deterred investors and contributed to a drop in trading volume over the past five years. The country’s weighting in global portfolios has fallen 40 percent since 2010, and the tax has helped… – Continue reading
PRWEB.COM NewswireSingapore (PRWEB) December 06, 2014 Buoyant by Singapore Government’s foreign direct investment policies, efficient corporate tax regime, robust intellectual property safeguards, and exemptions on qualifying foreign-sourced incomes, several big Indian companies such as Flipkart, InMobi, Crayon Data, Zipdial and Mobikon have made the city-state their incorporation destination. To assist… – Continue reading
Under transitional relief, certain non-U.S. investment funds, including Cayman Islands funds, that qualify as foreign financial institutions (FFIs), have been permitted to certify their status under the U.S. Foreign Account Tax Compliance Act (FATCA) without registering with the Internal Revenue Service (IRS) to obtain a Global Intermediary Identification Number (GIIN)…. – Continue reading
A gambling industry group says it’s drafted a first-of-its-kind guide to help casinos prevent money laundering. The American Gaming Association released its best practices Thursday to help casinos and Internet gambling sites comply with anti-money laundering laws. Casinos generally have their own plans but the group says there hasn’t been… – Continue reading
Jersey Romania TIEAJersey and Romania signed a tax information exchange agreement (TIEA) at the Romanian Embassy in London on 1 December. The agreement was signed by the Minister for External Relations, Senator Sir Philip Bailhache, and the Romanian Ambassador, His Excellency Ion Jinga. Senator Bailhache said: “We attach great importance… – Continue reading
The Tax Commission, appointed by the Government in March last year to review corporate taxation in Norway in light of international developments, submitted its report on December 2, and proposed a cut in both corporate and individual income tax rates, alongside other adjustments to combat corporate base erosion and profit… – Continue reading
The Ministry of Finance this week published Ordinance MF 488/14 in the Official Gazette, which reduces from 20% to 17% the threshold income tax rate for defining the concepts of low-tax jurisdictions and privileged tax regimes. The qualifications of low-tax jurisdictions and privileged tax regimes are relevant because they may… – Continue reading
TOKYO, Dec 5 (KUNA) — Japan will launch negotiations for bilateral tax treaty with Qatar aimed at helping businesses and investors avoid double taxation involving the two countries, the Foreign Ministry announced Friday. The first round of talks will be held here on December 8, the ministry said in a… – Continue reading
New Delhi: Over the last three financial years, 4,590 cases of cross-border tax evasion valued at Rs.9,951 crore have been detected, Finance Minister Arun Jaitley said Friday. The figure of detections for the current fiscal till September is 672 cases amounting to Rs.1,379.57 crore, Jaitley said in a written reply… – Continue reading
A Swiss banker accused of helping American clients cheat on their taxes is a fugitive who must show up in a New York courtroom if he wants bail, U.S. prosecutors argued in a legal filing. Stefan Buck, who was Bank Frey & Co.’s head of private banking in Switzerland and… – Continue reading
Corporation tax is “not a good candidate for devolution” an independent think tank has concluded. The Institute for Fiscal Studies (IFS) analysed the Autumn Statement, in which the chancellor made a conditional offer to devolve the tax to Northern Ireland. The IFS said such a move could introduce profit shifting… – Continue reading
PwC Nigeria, a leading professional services firm, has challenged financial institutions operating in Nigeria and the sector’s regulators on the need to develop a regulatory framework to drive the implementation of the Foreign Account Tax Compliance Act (FATCA) in the country. Andrew S. Nevin, a partner at PwC Nigeria and… – Continue reading
(AFP) The European parliament ordered reports delving into tax evasion Thursday, a contentious topic after the “Luxleaks” scandal that has embroiled EU commission head and former Luxembourg premier Jean-Claude Juncker. A journalistic investigation using thousands of leaked files revealed last month that Luxembourg allowed hundreds of top companies to enjoy… – Continue reading
The US and Canada are at the forefront of a global increase in new mutual agreement procedures (MAPs) being initiated, OECD figures show. There were 1,910 new MAPs in 2013, a 14% increase from 2012, when there were 1,678 new MAPs. North America accounted for most of this growth, with… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/e3cae272-73d4-11e4-82a6-00144feabdc0.html#ixzz3LIqHN5hj A seafront car park in St Peter Port overlooked by Guernsey’s… – Continue reading
In yesterday’s Autumn Statement, the UK Chancellor announced several measures that will directly affect non-UK individuals who live or own property in or are considering moving to the UK. Although in many cases the measures will mean that such individuals are liable to pay more tax in the UK than… – Continue reading
Two things should be said about the UK’s new Google GOOGL -2.7% Tax as proposed in the Autumn Statement by George Osborne, the Chancellor of the Exchequer. The first is that there really is a certain amount of public anger about the manner in which the big tech companies (here… – Continue reading
Greece is currently implementing a fiscal adjustment programme aimed at tackling tax evasion. This column discusses the impact of recent tax administration reforms on tax compliance in Greece. The intensification of audits, enforcement of penalties, and efficient collection of past debts can induce tax compliance and raise the collected revenue…. – Continue reading
Forward thinking is part of the Luxembourger mentality. As the country prepares to bring its tax rules in line with the rest of the EU, it’s aiming to become a hub for storing and trading art and other high-end collectibles Luxembourg refuses to stand still. Obsessed with diversifying its economy,… – Continue reading
The Financial Accountability and Corporate Transparency (FACT) Coalition is calling on Congress to reject the tax extenders package that includes two wasteful offshore loopholes that allow U.S. companies to dodge billions worth of taxes. The tax extenders are a set of 54 temporary tax breaks, which are ostensibly designed to… – Continue reading
John Cartwright (pictured), Chief Executive of the Association of Real Estate Funds (AREF), comments on the UK government’s objective to introduce stamp duty land tax relief in 2016… We welcome the government’s intention to introduce a stamp duty land tax (SDLT) relief for seeding investment – a much needed removal… – Continue reading
Bucharest prosecutors and officers within the Capital’s police direction are conducting 41 searches on Thursday in Bucharest and counties Dambovita, Ilfov, Arges, Braila in a tax evasion case with RON 6 million in damages that is directed at MediaPro. At least 27 people will be taken in for questioning, according… – Continue reading
Chinese tax authorities have pledged to increase supervision of multi-national companies in a campaign to crack down on tax avoidance.04 Dec 2014 Tax China Asia Pacific Chinese tax authorities have pledged to increase supervision of multi-national companies in a campaign to crack down on tax avoidance. The deputy director of… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Business has never been better at Knappworst and Partner, a tax advisory firm in Potsdam, a leafy city… – Continue reading
The government has become the biggest threat to the rule of law, according to veteran Tory backbencher and former minister David Davis. Speaking at a briefing organised by the Taxpayers’ Alliance and the Institute of Economic Affairs (IEA) he slammed the government’s attempts to limit tax avoidance through laws such… – Continue reading
Economy December 04, 17:06 UTC+3 Vladimir Putin announced an all-out amnesty for offshore capital to return Russian capital from foreign jurisdictions MOSCOW, December 4. /TASS/. Russia’s moratorium on tax hikes and western sanctions that provoked a cautious attitude to money from Russia will facilitate offshore capital amnesty announced by President… – Continue reading
What Managers of U.S. and Non-U.S. Investment Funds Should Do Today FATCA1 went into effect on July 1, 2014 and will be phased in through January 1, 2017. During that period, varying compliance deadlines apply to different types of U.S. and foreign funds. Several important deadlines will occur in December… – Continue reading
Greens say Malta should start thinking of Plan B on its attractive tax regime for foreign companies as pressure from major EU states on European Commission grows Malta should be prepared to diversify its current fiscal policy and even wave goodbye to its incentives to attract foreign industry, Alternattiva Demokratika… – Continue reading
In December 2013, despite an ongoing official review of its existing agreements, the Indian government signed a bilateral investment treaty (BIT) with the United Arab Emirates. Information on the deal was recently made public by the Ministry of Finance after persistent efforts by civil society groups. Earlier in 2013, the… – Continue reading
Former tánaiste Mary Harney last night denied she halted a probe into offshore tax accounts because prominent PD Des O’Malley’s name was on a list of people allegedly involved and that every opportunity had been afforded the investigation to finish its work. “I am satisfied that correct procedures were followed… – Continue reading
Public Accounts Committee is questioning the Revenue Commissioners All files drawn up by a whistleblower into alleged tax evasion by former senior politicians were fully examined and followed up, the chairman of the Revenue Commissioners has said. Addressing the Dáil Public Accounts Committee, Josephine Feehily said all material on the… – Continue reading
To minimise confusion and litigation, the government will bring fresh guidelines to clearly explain the meaning of terms “arm’s length basis” and “ordinary course of business”, used in the Companies Act, 2013. “After understanding the significance of these two terms for our industry, we have decided to bring fresh guidelines,”… – Continue reading
The Finance Minister added that free trade should also mean fair trade Calling upon revenue intelligence agencies to enhance cooperation with their global counterparts to check tax evasion and smuggling, Finance Minister Arun Jaitley today said free trade should also mean fair trade. Although the fiscal incentives for financial malpractices… – Continue reading
The Swiss voted down the initiative “Save Our Swiss Gold” on Sunday, November 30, by a margin of three to one, rejecting efforts to shore up the Swiss National Bank’s (SNB) balance sheet. Switzerland, a direct democracy, entertains an average of five such referendums every year, and most of them… – Continue reading
During his address to the General Assembly on Wednesday Russian President Vladimir Putin stated that Russian business should be freed from obsessive control. MOSCOW, December 4 (Sputnik) — Russian President Vladimir Putin stated Thursday that it is necessary to lift restrictions for Russian business, freeing it from obsessive control. “As… – Continue reading
DELHI – Mauritius has overtaken Singapore as the largest source of foreign direct investment (FDI) in India, it was announced earlier this week. During the April-September period, Mauritius emerged as the strongest contributor of investment with an inflow of $4.19 billion. During the same period, Singapore provided $2.41 billion in… – Continue reading
Enda Kenny responds to Mary Lou McDonald’s listing of allegations against ex-ministers The Garda fraud unit is investigating allegations that former government ministers had offshore accounts, Taoiseach Enda Kenny told the Dáil. “They will make their decisions and follow through on that,’’ he said. The Taoiseach was responding to Sinn… – Continue reading
Dechert Georgia, through the contribution of partners Archil Giorgadze and Nicola Mariani joined by senior associates, Ruslan Akhalaia and Irakli Sokolovski, is partnering with Georgia Today on a regular section of the paper which will provide updated information regarding significant legal changes and developments in Georgia. In particular, we will… – Continue reading
Swiss Ambassador to India Linus von Castelmur on Wednesday said it would not be possible for his government to work with stolen data and entertain “fishing expeditions” while dealing with the issue of tracing Indian black money holders. “We signed a double tax avoidance treaty with India in 2011 that… – Continue reading
