ATLANTA (AP) – Federal prosecutors say a metro Atlanta business owner has been sentenced for trying to block the IRS from collecting millions in employment taxes. Authorities said Monday that 68-year-old Paulette Bryant of Stockbridge has been sentenced to three years in prison for obstructing the IRS from collecting nearly… – Continue reading
Andrea Bonzano, head of tax at Fiat, discusses the pros and cons of different transfer pricing methods in an interview with TPWeek, and provides his views on BEPS and US inversions. Bonzano has expressed his views on some of the most topical transfer pricing issues, discussing his concerns over BEPS… – Continue reading
As the new government gets to work, one key item on the agenda would be the revival of growth. The key to that objective is the revival of the investment climate in India for renewed flow of overseas investments. One aspect that has vitiated the investment climate is the tax… – Continue reading
As directed by the RBI, the IT dept has put a watch on account holders in cooperative banks in Gujarat for tax evasion. The IT dept. claims it has already recovered Rs. 5 crore from defaulters under ”Project UCB ” a special drive started sometime ago. About 1500 defaulters have… – Continue reading
KARACHI: The customs authorities have registered a case against the Shaheen Air International (SAI) and seized 12 of its aircraft, directing the airline not to sell or scrap the planes without paying taxes said to be running into hundreds of millions of rupees to the government, it emerged here on… – Continue reading
AN area for immediate consideration and co-operation is a review of the New Zealand-Fiji double taxation avoidance agreement (DTAA). Speaking at the Fiji-New Zealand Business Council conference on Saturday, Ministry of Industry and Trade permanent secretary Shaheen Ali said it was woefully out-of-date and needed revision. He said this was… – Continue reading
MOSCOW, June 30 (RAPSI) – Russian President Vladimir Putin has signed a law to allow Russian financial institutions to provide information about US taxpayers and to oblige foreign financial institutions to report Russian taxpayers to Russia’s Federal Tax Service. The document has been posted on the government website of legal information…. – Continue reading
The Australian Tax Office is stepping up its surveillance of Australians funnelling money into secret offshore bank accounts. The extra scrutiny is part of an amnesty program that will allow some tax dodgers to avoid severe punishment by declaring income and agreeing to come back into the tax system before… – Continue reading
NEW DELHI: The Comptroller and Auditor General (CAG) is preparing to examine transfer pricing cases, which have significant revenue implication for the exchequer and lead to longdrawn litigation between companies and tax authorities. The CAG has so far not been auditing transfer pricing cases, mainly because of the shortage of… – Continue reading
Global mining giant Glencore Xstrata has rejected claims it has paid no tax on the $15 billion in income it has earned from coal mining in the last three years. The Swiss-based company, which is Australia’s largest coal producer, was accused of using a sophisticated profit shifting system that might… – Continue reading
Washington – US tax evaders will find it harder to hide money abroad from Tuesday, when a law comes into effect requiring foreign banks to report their offshore accounts. Banking centers like Switzerland and Luxembourg that agreed to the US Foreign Account Tax Compliance Act (FATCA) will have to begin… – Continue reading
As Shirley Bassey once sang, it’s all just a little bit of history repeating. Exactly a year ago, we observed the global chase for yield had lit a rocket under the share prices of Australia’s banks for most of the prior year. But back then the big question for investors was… – Continue reading
Qualifying Recognised Overseas Pension Schemes (QROPS) are becoming increasingly popular in America, due to the loophole represented by a double-tax treaty signed with Malta – a country in the top three jurisdictions of choice since QROPS were introduced. Previously it was largely viewed as near-impossible to arrange for a viable,… – Continue reading
NASSAU, Bahamas (CMC) – The Bahamas government says it is “unable to ignore” the nuances that came to light when the island held a referendum on gaming in 2013 as it announced measures to modify its position on regulating the gaming industry. Prime Minister Perry Christie said as a result,… – Continue reading
The agreement between China and the United States for US financial accounts registered at banks in China to send their tax reports to the US Internal Revenue Services (IRS) to curb offshore tax evasion will have positive effects for China, experts said. The agreement will also enable Beijing to obtain… – Continue reading
NEW YORK (AP) — A Chicago-area lawyer and accountant labeled by the government as history’s most prolific and unrepentant tax cheat was sentenced Wednesday to 15 years in prison, and the judge bemoaned the “incredible greed” of some of America’s wealthiest people for taking advantage of the tax shelters he… – Continue reading
Mumbai: The Reserve Bank of India (RBI) has said India and the US have agreed to implement a foreign tax compliance law and asked banks and financial institutions to register by this year-end to report accounts and assets held by US citizens. India and the US have agreed to implement… – Continue reading
Christian leaders representing over 1 billion people from 170 nations have sent an Open Letter to heads of the G20, calling for urgent action on corruption and tax evasion. This historic anti-corruption initiative by the global Church comes at a decisive political moment as finance ministers meet in Australia ahead… – Continue reading
Amendments to the double taxation convention (DTC) between France and Switzerland will bring the treaty’s information exchange provisions up to the international standard. An additional Protocol to the Convention, signed on June 25, 2014, will enable France to secure additional information from Switzerland on individual taxpayers, including their name or… – Continue reading
Are you an American resident? It’s a question that Canadian “snowbirds” will have to ask themselves before celebrating Canada Day next week, when the U.S. Foreign Tax Compliance Act – or FATCA – kicks into effect. Financial institutions around the world will answer to the U.S. Internal Revenue Agency so… – Continue reading
According to sources privy to the development, the decision to serve these notices was taken in a high-level meeting, in which the Federal Investigation Agency (FIA) had shared the account details of the above institutions and Dr Qadri with the participants. The meeting was chaired by the former Punjab law… – Continue reading
This week one of the key Democratic Party strongholds voted to reduce income taxes and expand the sales tax base. The District of Columbia Council, which in 2012 supported President Barack Obama over challenger Mitt Romney by a wide margin of 13 votes to 1 (in a city where 90.9… – Continue reading
Mainland China has been included on a list of jurisdictions co-operating with the United States on a new law to halt tax evasion. It removes the threat of blacklisting or penalties that had been hanging over Chinese financial institutions. The inclusion will also benefit institutions in Hong Kong, the US… – Continue reading
RAIPUR: Chhattisgarh commercial tax department has registered a FIR against 10 firms on Friday for allegedly evading tax worth crores of rupees by using bogus bills. The FIR against the firms based in Raipur, Durg and Bilaspur comes a day after the registration of similar cases against three other firms…. – Continue reading
Are you an American resident? It’s a question that Canadian “snowbirds” will have to ask themselves before celebrating Canada Day next week, when the U.S. Foreign Tax Compliance Act – or FATCA – kicks into effect. Financial institutions around the world will answer to the U.S. Internal Revenue Agency so… – Continue reading
Seven-year program targets deep water reserves. MILAN, Italy, June 27 (UPI) –Italian energy company Eni said it signed an agreement with PetroVietnam to explore the deep waters off the coast of Vietnam for the next seven years. “This new agreement confirms Eni’s interest to continue and consolidate its presence in… – Continue reading
The first Chinese company to issue offshore bonds under a more liberal guarantee framework has underlined the premium attached to a simplified security package. In a departure from the keepwell deeds and pledges of support featured on recent offshore financings, last week’s US$1bn issue from Greenland Global Investment came with… – Continue reading
Former attorney and CPA Paul M. Daugerdas, 63, has been sentenced to 15 years in prison for orchestrating a massive scheme in which he and co-conspirators hawked fake tax shelters for wealthy individuals to evade more than $1.6 billion in federal taxes. Last October, he was convicted following a seven-week… – Continue reading
Australia’s largest coalminer, Glencore, paid almost zero tax over the past three years, despite income of $15 billion, as it radically reduced its tax exposure by taking large, unnecessarily expensive loans from its associates overseas. At up to 9 per cent, the interest rates on these $3.4 billion in loans… – Continue reading
(Bloomberg) — UBS AG, BNP Paribas SA, Credit Suisse Group AG and other banks providing wealthy French people a home for their money in Switzerland are being told: No more tax evasion. Ahead of French Finance Minister Michel Sapin’s visit today to the Swiss capital Bern, he briefed bankers on… – Continue reading
The judges who found Domenico Dolce and Stefano Gabbana guilty of tax evasion in April have spoken up, saying that they believe the designers were aware of the dealings. “It is not at all believable that the designers, once made aware of the project [to avoid Italian taxes], could feel… – Continue reading
The Cayman Islands and Colombia are to sign an automatic exchange of tax information agreement under the Multilateral Convention on 1 July 2014. The Tax Information Exchange Agreement (TIEA) will be in accordance with global regulatory standards. This will be Cayman’s 36th such agreement, the third in 2014, with the Seychelles… – Continue reading
Law360, Los Angeles (June 25, 2014, 10:42 PM ET) — Russia’s upper house of parliament reportedly approved legislation Wednesday that would allow Russian banks to share information about their foreign clients with the U.S., so the banks can comply with the Foreign Account Tax Compliance Act, despite the Russian government’s… – Continue reading
The Indian economy today is in urgent need of measures to restore growth. A stable, clear and transparent tax regime would go a long way in improving sentiments and investor confidence. Building such a tax regime would require an integrated effort including legislative changes to bring in clarity, operational changes… – Continue reading
(Reuters) – The United States has reached an agreement with China on implementing and enforcing a new U.S. law meant to combat overseas tax avoidance by Americans, a U.S. Treasury Department official said on Thursday. Long seen as a crucial step for the rollout of 2010’s Foreign Account Tax Compliance… – Continue reading
In a major coup in India’s efforts to recover untaxed wealth, Switzerland recently promised to share the details of Indian nationals “holding black money” in Swiss bank accounts. The offer to share information came after India’s Finance Minister, Arun Jaitley, wrote to the Swiss authorities requesting their cooperation. Given the… – Continue reading
The unequivocal mandate given to the Modi led NDA government will allow them to take a long term perspective while making policy decisions. The finance ministry led by Arun Jaitley has close to 15 days left to put together the dream budget and at the same time address ‘inclusive growth’… – Continue reading
The Thai Bankers’ Association (TBA) will soon submit five proposals to the National Council for Peace and Order (NCPO) for its financial sector development plan, says TBA chairman Boontuck Wungcharoen. The proposals include implementation of the Foreign Account Tax Compliance Act (Fatca), an upgrade of Thailand to a financial hub… – Continue reading
MOSCOW, June 25 (RIA Novosti) – Russia’s upper house of parliament, the Federation Council, on Wednesday authorized the direct exchange of information between Russian banks and US tax authorities on US taxpayers. The US Foreign Account Tax Compliance Act (FATCA) requires foreign banks to supply the Internal Revenue Service (IRS)… – Continue reading
Q. I have lived in my house for 30-plus years. I have been told that if I sell it for more than I paid for it, I will have to pay capital gains tax on the difference between what I paid for it and what I sell it for. Others… – Continue reading
ANYONE with a second residence or holiday home in Co Donegal who has not paid the taxes due on it now have an outstanding bill of €4,220. This amount, accrued from 2009-2013, will rise however to a whopping €7,230 on September 1, 2014. Donegal County Council said it is “actively… – Continue reading
Law360, New York (June 24, 2014, 7:02 PM ET) — The Internal Revenue Service on Tuesday updated an agreement that foreign financial institutions will use to comply with the Foreign Account Tax Compliance Act, days before the law rolls out on July 1.The changes in Revenue Procedure 14-38 are largely… – Continue reading
France and Switzerland have agreed to meet OECD standards when it comes to data exchange between the two countries. Finance Minister Eveline Widmer-Schlumpf, and her French counterpart, Michel Sapin, came to an agreement during his visit to Bern on Wednesday. The newly-signed deal brings the previous double taxation agreement between… – Continue reading
The Thai Bankers’ Association (TBA) will soon submit five proposals to the National Council for Peace and Order (NCPO) for its financial sector development plan, says TBA chairman Boontuck Wungcharoen. The proposals include implementation of the Foreign Account Tax Compliance Act (Fatca), an upgrade of Thailand to a financial hub… – Continue reading
This year, Park City primary residence owners will have to pay $18 more per $500,000 of assessed valuation in property taxes. That is because the Park City School District has imposed a one-time judgment levy to make up for the $760,000 it will have to refund to taxpayers after the… – Continue reading
The Irish Government is to hike the top tax rate payable on offshore petroleum exploration and production, to ensure that the State reaps more revenue from future licensees. Energy Minister Pat Rabbitte is to act on recommendations made by sector experts Wood Mackenzie in a report commissioned by the Government…. – Continue reading
Should investors pay much heed to domicile when investing in an investment trust IPO? The first half of 2014 has very much mirrored what we saw last year, certainly from a new issues perspective. The investment trust sector is going full throttle, with the sector raising £1.8bn so far this… – Continue reading
Canada’s investment and banking industries hailed a key victory Tuesday in five-year fight to dull the impact of onerous new U.S. tax rules expected to affect about a million Canadian residents and dual citizens. A newly ratified inter-governmental agreement with the United States excludes registered accounts for education, retirement, and… – Continue reading
The Financial Supervisory Commission (FSC, 金融監督管理委員會) yesterday stated that Taiwan is currently recognized by the United States of America as an “Agreements in Substance” nation of the Foreign Account Tax Compliance Act (FATCA). The status allows Taiwanese financial institutions and their patrons to be exempted from a 30 percent withholding… – Continue reading
Zambia was withholding $600 million (R6.3 billion) in VAT refunds owed to copper mining companies and would repay it only when they produced import certificates from destination countries, Mining Minister Christopher Yaluma said yesterday. The government started last year to enforce the 2008 requirement intended to curb tax avoidance. However,… – Continue reading
