Most expats forget about their tax status once they have left Britain and assume they pay taxes in the country where they live. To some extent this is true – but HM Revenue & Customs regularly challenges the validity of non-residence claims and the long-arm of the tax man can… – Continue reading
The Spanish Government yesterday stepped up its campaign of unsubstantiated accusations against the Rock by claiming that Spain was losing out on one billion euros in taxes every year because of Gibraltar’s fiscal regime. The spectacular claim was made by Iñigo Méndez de Vigo, Secretary of State for the EU… – Continue reading
US has long tried to block tax inversions – with success – See more at: http://www.independent.ie/business/world/us-has-long-tried-to-block-tax-inversions-with-success-30520958.html#sthash.cT9EIpv4.dpuf US authorities have grappled for more than 30 years with corporate deals known as inversions by which American companies shift their tax domiciles abroad to avoid US taxes. Fifty-two substantial deals like this have occurred… – Continue reading
LONDON: Scottish explorer Cairn Energy plc today said it is working with the newly elected government to resolve a tax dispute that has stalled sale of its 10 per cent stake in Cairn India Ltd. “Cairn continues to seek resolution of the tax issue in India and will take all… – Continue reading
High Court supports Tax Appeal Tribunal’s decision on SBI High Court has approved the decision made by the Tax Appeal Tribunal, which supports the decision made by Maldives Inland Revenue Authority’s (MIRA) for State Bank of India (SBI) to pay MVR 55.6 million in the form of additional tax. The… – Continue reading
Monaco, the tax haven on the French Riviera, is experiencing a luxury-housing boom that includes the world’s most expensive penthouse as developers prepare for an influx of millionaires and billionaires escaping higher taxes or a loss of banking privacy. A “flow” of new residents is emigrating from Switzerland, where financial-secrecy laws… – Continue reading
U.S.-China Agreement Requires Financial Institutions to Increase Transparency and Enhance Reporting Wolters Kluwer Financial Services recommends that financial institutions in China should take steps toward enhancing their data and reporting capabilities on financial accounts held by U.S. taxpayers in China as part of the Foreign Account Tax Compliance Act. This recommendation… – Continue reading
The Isle of Man’s Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital with Luxembourg is now in force. The agreement was signed on April 8, 2013 in London between Eddie Teare MHK, the Isle of Man’s… – Continue reading
(MENAFN – Kuwait News Agency (KUNA)) A double-taxation avoidance agreement between Japan and Oman is expected to enter into force next month, the Japanese Foreign Ministry announced Monday.Japan notified Oman on Sunday of the completion of its internal ratification procedures for the treaty on the avoidance of double taxation and… – Continue reading
The country’s largest biotechnology manufacturer, CSL, says government and community complacency puts Australia at risk of missing out on future jobs as companies invest where workers are more productive, tax rates are lower and governments are more supportive. The $33 billion blood plasma and vaccine maker said Australia urgently needs… – Continue reading
Abu Dhabi, 18 August 2014: Abu Dhabi Commercial Bank ( ADCB ) announced today the launch of commercial offshore banking products through its Jersey branch. Eligible ADCB wholesale banking clients will now have the option to diversify and preserve their resources with full flexibility and control. Clients will be able… – Continue reading
(Reuters) – The U.S. government has grappled for more than 30 years with corporate deals known as inversions in which U.S. companies shift their tax domiciles abroad to avoid U.S. taxes. Fifty-two substantial deals like this have occurred since 1983, about half of them since the 2008-2009 credit crisis, according… – Continue reading
Two women have challenged the constitutionality of a Canada-U.S. agreement to share the tax information of U.S. citizens resident in Canada, with the IRS. But an expert in U.S. tax law says that these individuals, most of whom consider themselves Canadians, could be worse off if the lawsuit succeeds. “If… – Continue reading
Law360, Washington (August 18, 2014, 5:20 PM ET) — Medical device manufacturer Zimmer Holdings Inc. is protesting a $79 million Internal Revenue Service assessment arising from transfer pricing adjustments that the agency made on transactions, including licensing agreements, between itself and a Dutch subsidiary, according to court records made public… – Continue reading
Minister of Finance Bob Richards confirmed this week that under the Bermuda-UK FATCA Intergovernmental Agreement [IGA] model 2, Bermuda and the UK have agreed the inclusion of a Limited Capacity Exempt Beneficial Owner Category in Annex II of the IGA. The effect of this amendment will mean that there will… – Continue reading
For years, chief executives have complained bitterly about the United States corporate tax code, arguing that it is too complicated and that rates are too high. The issue has reached a near boiling point this summer as many large American companies have sought to buy smaller foreign rivals so they… – Continue reading
Northern Ireland looks set to be handed the power to slash corporation tax in a move with the potential to significantly boost our stuttering economy. In a development which could transform international investment, senior sources in London and Belfast predict that an announcement will be made no later than October… – Continue reading
To some, US companies switching their tax residency to gain a tax advantage are economic “traitors.” To others, they are victims of a United States tax code that effectively punishes them for investing at home and encourages them to look for opportunities overseas. In this Tax-News Topical Focus, we try… – Continue reading
On 20th of June, the double tax treaty (DTT) between Cyprus and Norway was published in the official Government Gazette. Double taxation avoidance between the two countries is regulated by the 1951 DTT in place between Norway and the UK extended in 1955 to include several British colonies, including Cyprus. The… – Continue reading
SRINGFIELD — Republican Bruce Rauner not only has personal investments in the Cayman Islands, but he presided over his former private equity firm as it set up other investment vehicles in the Caribbean tax haven known for its secrecy. The Chicago Sun-Times verified through the Cayman Islands’ government-run online business… – Continue reading
On 20th of June, the double tax treaty (DTT) between Cyprus and Norway was published in the official Government Gazette. Double taxation avoidance between the two countries is regulated by the 1951 DTT in place between Norway and the UK extended in 1955 to include several British colonies, including Cyprus…. – Continue reading
USA Today published a story last week entitled “20 big profitable companies paid no taxes.” Using data provided by S&P Capital IQ, the newspaper identified 20 firms that paid no federal taxes in the second quarter of this year despite reporting $4.4 billion in second quarter profits. Collectively, these 20… – Continue reading
With new laws in place, recovery from Swiss banks can be little easier provided the government shows sincerity in taking action against tax dodgers Finance Minister Senator Ishaq Dar in recent days has expressed the government’s firm conviction to bring back untaxed money of “US$ 200 billion” stashed in… – Continue reading
The sharemarket has settled into a consolidation phase at between 5400 and 5600 index points, mirroring changes in overseas markets. While analysts are confident the current reporting period will not produce unexpected changes to their forecasts, international political instability makes further upward movement in prices unlikely. Compared with overseas markets… – Continue reading
The Canada Revenue Agency is speeding up the frequency of reassessments of Cameco’s tax returns in what may be an attempt to pressure Cameco to settle out of court. Cameco’s cash is being tied up as they are required to remit 50% of each disputed bill. Cameco could ultimately be… – Continue reading
Urges Illinois-Based Hospira Not To Turn Its Back On America To Dodge Taxes Senator warns of another potential corporate inversion at U.S. taxpayer expense [CHICAGO, IL] – In a letter to the CEO of Lake Forest, Illinois-based Hospira, U.S. Senator Dick Durbin (D-IL) urged the company not to turn its… – Continue reading
Chinese yuan-denominated transactions in Taiwan have increased, according to central bank data. Increased business activity is expected to bolster ties between the two Asian economies. Chinese yuan-denominated deposits in Taiwanese banks increased on a month-on-month basis, for the month of July. The move highlights the growing interest in transactions related to the… – Continue reading
Barack Obama, presiding over an unusually dismal post-recession economy, might make matters worse with a distracting crusade against the minor and sensible business practice called “inversion.” Obama gave a 2013 speech regretting that Maytag workers in Illinois lost their jobs when the plant moved to Mexico but rejoicing that more… – Continue reading
Letter-writer Hank Brennan correctly states that tax inversion is a tax avoidance, rather than evasion (“Inversion not a crime,” Reader Forum, Aug. 11). However, like boards of directors off-shoring American corporations as they earlier off-shored American jobs, he is looking at only one stakeholder: stockholders. There are three other stakeholders… – Continue reading
August 1 — Monaco and the Czech Republic signed a tax information exchange agreement, the Monaco government announced. The agreement was signed on July 31 by Monaco’s Government Counsellor for External Relations and Cooperation José Badia and the Czech Republic Ambassador to Monaco Marie Chatardova. The agreement is in line with… – Continue reading
Nobody likes paying taxes, but just how far would you go to avoid them? For some companies who market themselves as homegrown American brands, it’s better to move cash overseas than to pay federal taxes on billions of dollars of earnings. According to the New York Times, U.S. law states… – Continue reading
In its October 4, 2013 decision, no. 351065, Mr. Clive Worms, the French Administrative Supreme Court reiterated that, under domestic tax law, an indemnity received by a French tax resident in compensation of his cancelled stock options qualifies as a compensation for work. On the day the options were granted, the… – Continue reading
Summary HMRC have announced that the new capital gains tax (“CGT”) charge on non-residents disposing of UK residential property, due to come into effect in April 2015, will not extend to institutional investors and companies with diverse ownership. Background In the Autumn Statement last year, the Chancellor announced the new… – Continue reading
While the IRS is trying to find Lois Lerner’s emails and revising its rules governing inversions — the practice of multinational corporations (MNCs) moving their headquarters to avoid paying taxes — it has also endorsed a maneuver that will cut taxes for major telecom companies by billions of dollars. In… – Continue reading
HARRISBURG, Pa. — Walgreen’s drew protests this summer as the nation’s largest drug store chain mulled whether to move its headquarters overseas to avoid paying billions in corporate taxes. The practice is known as inversion and has been drawing more attention as companies consider reorganizing across the Atlantic to shield… – Continue reading
HM Revenue & Customs (HMRC) has announced changes to the terms of the Liechtenstein Disclosure Facility (LDF), restricting the most favourable treatment to new tax irregularities with a “significant” offshore connection. Tax Disputes and Investigations Tax Private wealth tax Reg Day, a tax expert at Pinsent Masons, the law firm… – Continue reading
The banana giant rejected a $625 million buyout bid by Brazilian orange behemoth Cutrale Group and conglomerate Safra Group on Thursday and said it means to go ahead with a planned merger with Irish rival Fyffes. The combined company is then expected to register in low-tax Ireland in what is… – Continue reading
Property owners and pensioners who face losing their personal tax allowances can take steps now to protect themselves, say experts Expats facing the possibility of losing their personal allowance under a tax raid proposed by George Osborne should not panic but look carefully at where their UK sources of income… – Continue reading
A “yes” vote for Scottish independence could leave the drinks industry out of pocket either side of the border, an excise specialist has warned. Alan Powell, consultant to the UK Warehousing Association, said goods could be taxed in both Scotland and Britain if they were counted as separate EU member… – Continue reading
August 5 — Honduras signed an agreement with Ecuador on mutual administrative assistance and cooperation and the exchange of tax information, the Honduran Ministry of Foreign Affairs and International Cooperation announced on July 31. The agreement was signed in the Honduran capital Tegucigalpa by Miriam Estela Guzman, the head of the… – Continue reading
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… – Continue reading
The CEIB has “disseminated” the data of these 600 cases to the Income Tax dept, Enforcement Directorate (ED) etc. In another instance of suspected black money stashed by Indians abroad, investigative agencies are probing a set of 600 new names and identities which have been provided to India by a… – Continue reading
A former manager of a credit union was sentenced on Tuesday for bank fraud and tax evasion, announced U.S. Attorney Danny C. Williams, Sr. for the Northern District of Oklahoma and R. Damon Rowe, IRS-Criminal Investigation, Special Agent in Charge, Dallas Field Office. Eva Barroso, 54, Broken Arrow, was sentenced… – Continue reading
Tax competition isn’t just an international issue. While recent headlines have focused on how the high U.S. corporate rate is causing multinationals to relocate to jurisdictions that have cut their taxes or restructured their tax regimes to be more favorable to business (like Ireland and the United Kingdom), the effects… – Continue reading
An international bank executive formerly of Naperville has pleaded guilty to federal tax evasion charges and faces up to three years in prison at sentencing later this year. Aamir H. Khan, 43, was the managing director of a Middle Eastern bank based in Bahrain when he filed false income tax… – Continue reading
Two women in Ontario are suing the federal government for complying with a new U.S. law that forces banks to turn over financial information of Canadian citizens to the IRS upon request. The women are American-born dual citizens of Canada and the U.S who left the states in childhood and have… – Continue reading
Swiss Banks Return To The United States by Julie Zaugg in New York, swissinfo.ch A handful of Swiss banking institutes have started to re-engage with the United States off-shore market – entirely within the law. Their assets under management (AUM) are seeing a spectacular increase. At UBS the AUM has risen… – Continue reading
KUALA LUMPUR: All local financial institutions will be required to declare their American customers to the United States Internal Revenue Service (IRS) under a new agreement to catch its tax evaders who hide their money overseas. Malaysia will be entering into an inter-governmental agreement with the US in line with… – Continue reading
August 8th, 2014 (InsideCostaRica.com) Costa Rica will delay plans to raise taxes until 2017 as the government of President Luis Guillermo Solis focuses on cracking down on tax evaders to narrow the country’s widening fiscal deficit instead. Solis, on the campaign trail prior to his May election, vowed to not… – Continue reading
Changes to the way that HM Revenue and Customs (HMRC) taxes loans secured by non-domiciled persons (“non doms”) using foreign income and gains will lead to disputes over the true interpretation of the law, the Chartered Institute of Taxation (CIOT) has warned. HMRC has announced that it is to withdraw… – Continue reading
