Ingersoll-Rand (IR) is a great American success story. Founded 143 years ago by a Connecticut farmer who invented a steam-powered rock drill, the company made tools that carved out the Panama Canal and shaped Mt. Rushmore. More recently it’s become a leader in energy-efficient air conditioners: Ingersoll-Rand’s Trane unit has… – Continue reading
Another day. Another inversion. This one, though, with a twist. On Tuesday evening, U.S.-based Salix Pharmaceuticals Ltd.SLXP -1.52% announced plans to merge with a unit of Cosmo Technologies Ltd.’s and take up residence in Ireland for tax purposes. What makes this different from a typical inversion deal is the fact… – Continue reading
Popular restaurant chain’s Channel Islands tax haven trust at top of elaborate web of companies is worth £750m A secretive £750m trust located in a Channel Islands tax haven sits at the top of an elaborate offshore web of companies belonging to the family behind the Nando’s chicken chain. The… – Continue reading
Lawyers for convicted tax evader Ty Warner said his sentence of two years’ probation was reasonable, pointing out that the punishment of the Beanie Babies billionaire was consistent with more than half of the offshore banking cases that the government has prosecuted, according to a court filing Thursday. Last October,… – Continue reading
On Friday, 27 June 2014, the Irish Revenue Commissioners (in conjunction with the Department of Finance) finalised the relevant Regulations with respect to FATCA. These Regulations will come into operation on 1 July 2014. As readers will be aware, the Irish and US Governments signed an intergovernmental agreement (“Irish IGA”)… – Continue reading
To energise capital markets, the government today proposed a slew of measures, including tax benefits and easier regulations for foreign investors and corporate bonds besides creating a new instrument Bharat Depository Receipts, helping BSE benchmark Sensex to jump 434 points. Finance Minister Arun Jaitely in his maiden budget also annouced… – Continue reading
A Winnipeg auto-financing company has been slapped with a large fine for years of tax evasion. Barbara Reimer Auto Financing Ltd. was fined $152,000 in provincial court this morning. Barbara Reimer, as director of the company, entered guilty pleas on its behalf to Income Tax Act violations for evading paying… – Continue reading
The international boundary that divides the United States and Canada is the longest international border on Earth, and many communities and businesses have interests lying on both sides. The shared border facilitates the largest trade relationship between any pair of countries in the world. It is therefore unsurprising that Americans… – Continue reading
QCs doctors, pop stars and others have been caught up in a major tax avoidance plan in the UK, which have included former UK-based and now Wellington City CEO Kevin Lavery. Mr Lavery formerly worked as chief executiv e of the Cornwall Council and invested £1.2m according to the documents… – Continue reading
NEW DELHI: Vodafone Thursday said it will continue the process of international arbitration initiated under the India-Netherlands Bilateral Investment Treaty to resolve the ongoing Rs 20,000-crore tax dispute against India, while a local tax official said the department will continue with its tax demand on the telecom major. Earlier today, Finance Minister Arun Jailtey… – Continue reading
Umuahia — Governor Thoedore Orji of Abia State has disclosed that the new tax regime being put in place by the State government is targeted at removing all forms of fraudulent practices that had bedeviled tax payment and collection in the past.. The Governor who stated this at the maiden… – Continue reading
An international law firm has accused HM Revenue & Customs of a “sudden and unprecedented escalation” after it revealed full details about the powers which will allow it to impose £1m fines on tax advisers. Ray McCann, partner at Pinsent Masons, said the powers, which are aimed at cracking down… – Continue reading
On 1 July 2014, the Ministry of Revenues and Levies of Ukraine issued Order #368 ‘On amendment of generalised tax consultation on transfer pricing related issues, adopted by Order #699’, which significantly changed the respective tax consultation #699. In particular, the order included additional questions and clarifications and drastically changed… – Continue reading
Baku, Fineko/abc.az. Azerbaijan de facto joined the American tax reporting system FATCA (Foreign Account Tax Compliance Act): on July 8 President Ilham Aliyev sanctioned the Azerbaijani banks to report to other states about their customers directly or through mediators. The President of Azerbaijan approved the relevant amendments to the law… – Continue reading
A lot of Americans are moving out of the homeland, getting rid of their American citizenship and with it a whole lot of tax. The American system of Worldwide tax and FATCA levied on the citizens is one of the driving forces for this shift. The IRS collects taxes from… – Continue reading
Birmingham’s Quaker heritage means scores of trust funds are set to be put under the spotlight in a US-inspired tax evasion swoop, the sector has been warned. Trusts are at the heart of a new compliance regime aimed at rooting out hidden assets and pressurising tax havens to come clean…. – Continue reading
Tax Since the 1970s, U.S. taxpayers with foreign banks accounts have been required to annually report their foreign bank account information to the Department of Treasury on a Report of Foreign Bank and Financial Accounts (“FBAR”) by June 30th of each year. In addition to requiring the filing of an… – Continue reading
David Murray’s financial system inquiry should push to remove withholding tax on non-residents’ deposits in Australian banks to help diversify the funding base of local banks and create more competition from foreign institutions. Next week’s report from the inquiry should also drive the development of a corporate bond market, back… – Continue reading
NEW DELHI: India and the UK today expressed the determination to work together to tackle the menace of tax evasion even as Britain agreed to support infrastructure projects in the country. UK Export Finance will provide a line of credit of one billion pounds (about Rs 10,000 crore) for the… – Continue reading
Lawmakers adopted at first reading amendments to the law regulating the activity of offshore companies in Bulgaria. Under a proposal from ruling socialists member Georgi Kadiev (who recently stepped down as member of Parliament) and fellow MPs, entities having opaque ownership will be barred from signing contracts with the state,… – Continue reading
David Murray’s financial system inquiry should push to remove withholding tax on non-residents’ deposits in Australian banks to help diversify the funding base of local banks and create more competition from foreign institutions. Next week’s report from the inquiry should also drive the development of a corporate bond market, back… – Continue reading
India and the United Kingdom today reiterated their determination to lead on tackling tax evasion, noting that the two countries would begin exchanging tax information on an automatic basis from 2017 with each other and with a large number of jurisdictions as part of their commitment to early adoption of… – Continue reading
The recently enacted FATCA makes it mandatory for Indian tax authorities to share information about earnings of NRIs in US. However both India and US have a treaty signed to avoid double taxation. NRIs living in US can certainly benefit from this treaty The US government has recently enacted Foreign… – Continue reading
A secret list of account holders reveals how rich Britons are legally exploiting tax havens, despite a UK government crackdown. The identities of thousands of wealthy offshore clients of a major Channel Isles private bank have been leaked to the International Consortium of Investigative Journalists. The individuals include donors to… – Continue reading
Britain is likely to receive little more than half of the £3 billion-plus expected from an agreement reached with Switzerland to tackle offshore tax evasion, HM Revenue and Customs has told MPs. Chancellor George Osborne’s 2012 Autumn Statement forecast the taxman would collect an additional £3.12 billion as a result… – Continue reading
DETROIT — Delphi Automotive plc is in the crosshairs of a battle between the IRS and many large American companies over the use of offshore tax shelters. Delphi is the latest corporation in dispute with the federal government over its tax practices. The IRS notified the supplier last month it… – Continue reading
To act as an investment manager the company is required to be appropriately regulated Offshore companies owned by NRIs or persons of Indian origin can act as investment manager for newly created class of overseas investors, FPIs, provided they are well regulated in their jurisdiction, Sebi has said. As per… – Continue reading
Macau and Guernsey are set to ink a new tax information exchange agreement (TIEA). While no date has been set yet, the announcement was published yesterday in the Official Gazette. According to the Official Gazette, the Secretary for Economy and Finance Francis Tam Pak Yuen is to sign the agreement… – Continue reading
Hong Kong (HKSAR) – The Secretary for Financial Services and the Treasury, Professor K C Chan, today (July 8) signed in Hong Kong an agreement with Korea for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income on behalf of the Hong… – Continue reading
Transparency rules aimed at clamping down on tax evasion are now in force, meaning more information will be shared with the UK tax authorities Expat savers who remain resident in the UK for tax purposes now have to provide more information when they open offshore bank accounts – to be… – Continue reading
Minister of Finance Hany Kadry Dimian has announced plans for Egypt to take on a policy of tax sharing internationally in an effort to protect the Egyptian taxpayer from double taxation. This is within the framework of government procedures to increase revenue and reform an exhausted economy. In a statement… – Continue reading
The long awaited instructions for Form W-8BEN-E, Certification of Foreign Status of Beneficial Owner for United States Tax Withholding (Entities), were finally posted on the IRS website on June 24, 2014. Form W-8BEN-E will now be the most common form to be used by foreign entities to certify their status under both (i) Chapter 3 of… – Continue reading
New Delhi: Offshore companies owned by NRIs or persons of Indian origin can act as investment manager for newly created class of overseas investors, FPIs, provided they are well regulated in their jurisdiction, Sebi has said.As per Sebi, non-resident Indian (NRI) or person of Indian origin (PIO) is not eligible… – Continue reading
The Bucharest police conduct on Tuesday morning (July 8) 26 searches in the Romanian capital and Ilfov county, to dismantle a group specializing in tax evasion and money laundering. The damage in this case is estimated at EUR 1.5 million, according to a statement of the General Directorate of Bucharest… – Continue reading
Singapore raises maximum jail term for money laundering SINGAPORE, July 7 (Xinhua) — Singapore’s parliament passed an amendment to the Corruption, Drug Trafficking and Other Serious Crimes Act on Monday to raise the maximum jail term for money laundering. The maximum jail term for money laundering was raised from seven… – Continue reading
THE GOVERNMENT is still awaiting assurance from Thailand that a World Trade Organization (WTO) ruling on cigarette taxation issued in favor of the Philippines will not be invalidated by an ongoing tax evasion case there. Asked to comment on a status report submitted by Thailand to the WTO last June… – Continue reading
“A government that robs Peter to pay Paul, can always count on the support of Paul”– George Bernard Shaw. Well, the UPA government certainly did a Peter to multinational companies operating in India by hiking withholding taxes from 10% to a good 25% in the 2013 budget. Who is the… – Continue reading
A rights group is suing Nigeria’s president and attorney general for dropping corruption charges against the son of the former military dictator accused of helping to launder millions in stolen funds. The government last month withdrew charges against Mohammad Abacha in a deal that saw $227 million looted by Gen…. – Continue reading
The Stock Exchange of Mauritius plans to boost the value of its markets to match the size of the Indian Ocean island’s economy by attracting foreign companies to sell shares on the bourse. The Port Louis-based exchange owns and manages two markets with a combined capitalization of 276 billion rupees… – Continue reading
‘A court challenge is being prepared’Tim Harper Other news Rants & Raves Feral cat group’s efforts far from misguided Walker found digital camera near Sydney River Morrison, MacIntyre among country’s best at nationals UPDATED: Chow finishes tied for third, McKinnon tied for fifth at men’s amateur (Rowdy) Ronda Rousey’s UFC… – Continue reading
NEW DELHI: In order to encourage foreign investment, the finance ministry is likely to introduce safe harbour rules for transfer pricing of capital transactions which will bring about certainty in taxation of such deals. The finance ministry, according to sources, may introduce the changes in the Budget to be presented… – Continue reading
(Reuters) – European officials have asked Luxembourg to hand over documents relating to U.S. online retailer Amazon’s tax affairs in the country, the Financial Times reported on Thursday, citing official sources. The EU’s competition commission has requested information from the Grand Duchy, where the online retailer’s main European operating company… – Continue reading
WASHINGTON — The IRS is about to get an unprecedented look at bank accounts and investments U.S. citizens hold abroad, through a law that is making it harder to hide assets from the tax collector. The government started imposing 30 percent taxes on many overseas payments to financial institutions that… – Continue reading
500 property raids launched in the last year – managing to hit a new record high Property searches by HM Revenue & Customs (HMRC) to target tax evasion jumped by 12% in the last year* to 500, up from 445 property raids in 2012/13, according to data obtained by Pinsent… – Continue reading
Property-buyers and expats in Spain should note that a new Double Taxation Convention between the UK and Spain, which was signed in London on 14th March 2013, came into force in June 2014. Richard Way, Editor of www.OverseasGuidesCompany.com, publishers of www.SpainBuyingGuide.com said: “From June 12th, rules for withholding tax on… – Continue reading
Besides DTAC, both nations have BIPPA; India has been largest exporter of goods and services to Mauritius since 2007 Seeking to dispel concerns about Mauritius being used for round-tripping of Indian money, the island nation’s financial sector watchdog has sought a quick resolution of tax related issues between the two… – Continue reading
The British Virgin Islands (BVI) government entered into its twenty-sixth tax information exchange agreement (TIEA) with the Government of Japan on 18 June 2014. This new TIEA is not present in force but will enter into force on the thirtieth day after completion of the domestic implementation procedures by both… – Continue reading
Myanmar is clamping down on illegal trading and tax evasions to better reflect its trade numbers. Over a one-and-a-half-year period, officers confiscated illegal goods worth about US$17 million. YANGON: Myanmar is clamping down on illegal trading and tax evasions to better reflect its trade numbers. Over a one-and-a-half-year period, officers… – Continue reading
The Ministry is considering 20% mark up under the safe harbour rule, which would mean that transactions following the norms would not be scrutinised by the tax authorities Press Trust of India | New Delhi July 6, 2014 Last Updated at 11:25 IST In order to encourage foreign investment, the… – Continue reading
South Carolina property owners who rent their homes to vacationers will face more tax-related scrutiny under one new state law, but some could see big tax savings under another new law. The impacts will mostly play out in beach communities where such rental properties are plentiful. The added scrutiny, which… – Continue reading
