Offshore Financial Centres (OFCs) are jurisdictions, usually self-governing, which because of their low tax regimes, have specialized in providing commercial services to corporations and individuals, whether or not they are normally resident in that jurisdiction. The better-known offshore financial centres are small and sparsely populated countries or islands, and are… – Continue reading
ATHENS, Greece – Greece has turned to a German state government to seek help in combating tax evasion. Greek tax officials, initially numbering about 50, will be trained by the tax authorities of North Rhine-Westphalia, a state noted for its success in persuading German citizens to repatriate capital they had… – Continue reading
JEDDAH: Saudi Arabia has maintained third in the global ranking for ease of tax payment, according to the latest release of the Paying Taxes report by the World Bank and PwC. With the least demanding tax framework, well below the world average, the Kingdom has a total tax rate of… – Continue reading
European Commission is due to rule on Apple’s tax affairs in March But recent rulings suggest that report is likely to go against tech giant Probe investigating if firm negotiated low tax rate with Irish authorities If taxes are recalculated at higher rate, Apple could end up owing $8bn Apple… – Continue reading
Taipei, Jan. 15 (CNA) Taiwan and Canada have signed an agreement to prevent the taxation of the same income twice in the two countries, the Ministry of Foreign Affairs said Friday. The signing was completed earlier in the day and will likely take effect on Jan. 1, 2017 after the… – Continue reading
The offshore yuan posted the biggest weekly gain since October as China’s central bank limited the currency’s supply and forced a narrowing of its discount to the mainland rate. The monetary authority repeatedly bought the currency in Hong Kong this week, sending interbank borrowing costs to an all-time high. Yuan… – Continue reading
Switzerland took an important step toward becoming a renminbi trading hub on Thursday with its inauguration of a new branch of the China Construction Bank, (CCB), one of the biggest financial institutions in the world. The Zurich branch of the CCB has been authorised by China’s central bank to operate… – Continue reading
The automatic sharing of tax information between India and Britain scheduled to begin from 2017 is expected to figure in the Economic and Financial Dialogue (EFD) between finance minister Arun Jaitley and chancellor George Osborne in London during January 18-19. Jaitley is scheduled arrive in London on a three-day visit… – Continue reading
One of our favorite discussion topics is the VAT — more specifically, whether the United States will ever adopt a federal consumption tax. In that regard, much can be learned from looking at the experiences of other countries. What’s happening in India – the world’s largest democracy — is noteworthy… – Continue reading
The introduction of government measures to clamp down on tax avoidance could cost the UK development sector as much as £600m, according to a new study Plans to restrict the tax deductibility could harm investment in debt-reliant industries, the British Property Federation (BPF) warned. Despite supporting the initiative, the BPF… – Continue reading
I know Switzerland is renowned as a tax haven but this is surely a step too far? To be fair, they are not actually cutting tax levels. They are just discouraging early payment of taxes. Why would anyone pay the tax authorities early if they didn’t have to? The canton… – Continue reading
The Netherlands will be at the forefront of efforts to combat multinationals’ tax avoidance, its finance minister has said. The comments come amid a dispute with the European Commission over his country’s tax treatment of Starbucks. The Commission, the EU’s executive arm, will propose a new set of binding rules… – Continue reading
BRASILIA, Jan 14 (Reuters) – Brazilian President Dilma Rousseff on Thursday signed a bill that gives amnesty to holders of undeclared offshore assets in exchange for a fine, part of efforts to cut a swelling budget gap and revive investment in the recession-hit economy. The law offers amnesty from prosecution… – Continue reading
While there is an urgent need to restructure the current income tax slabs, especially hiking the Rs 10 lakh limit for the highest rate of 30%, presumptive taxation for the unorganized businesses also needs to be looked at by FM Arun Jaitley. As Finance Minister Arun Jaitley gears up to… – Continue reading
The European Commission has ordered Belgium to recover €700 million from 35 large companies in back taxes in the EU executive’s biggest move yet to crack down on tax avoidance by multinationals. The Commission said Belgium’s “excess profit” tax system, whereby multinationals’ economies of scale can enable them to reduce… – Continue reading
CROWN POINT — Lake County officials are debating whether they have accidentally double taxed Cedar Lake and Schererville residents. Lake County Commissioner Gerry Scheub, D-Crown Point, argues this week a mistake by the County Council in funding the county’s E-911 public safety dispatching service has resulted in Cedar Lake residents… – Continue reading
Things just keep getting worse for Gene the Taxi King. A federal judge ruled Tuesday that New York taxi mogul Evgeny “Gene” Freidman illegally transferred more than $60 million in real estate assets into offshore trusts as a means of evading ex-lender Citibank. The ruling, which cited “numerous and glaring”… – Continue reading
The Netherlands will prioritize action against corporate tax avoidance during its Presidency of the Council of the European Union, from now until the end of June. In a report detailing its plans for its six-month term, the Dutch Government said: “The Netherlands Presidency will prioritize action against tax evasion and… – Continue reading
UK property companies are seeking changes to the proposed implementation of a global agreement to fight tax avoidance that is set to add £660m to their annual tax bill. Private equity and infrastructure companies are also among those groups facing additional payments under OECD rules on base erosion and profit… – Continue reading
Treasurer Scott Morrison could rake in billions of dollars of extra revenue if property tax breaks were removed, according to a new think tank report. The federal government would gain $46 billion per year if the capital gains tax exemption on the primary residence was removed, according to The Australia… – Continue reading
The government of the British Virgin Islands (“BVI“) has amended the Mutual Legal Assistance (Tax Matters) Act, 2003 in order to enact domestic legislation implementing the OECD Common Reporting Standard (“CRS“) which was published on 31 December 2015 (the “BVI CRS Legislation“). It is not currently intended to issue guidance… – Continue reading
Outgoing HM Revenue & Customs (HMRC) chief executive Lin Homer has said it is ‘unlikely’ to pursue further prosecutions against individuals involved in alleged tax evasion at HSBC’s Swiss private bank. HSBC was accused of helping wealthy clients to evade tax in February 2015, when the BBC’s Panorama programme reported… – Continue reading
Documentary Evidence European Union lawmakers sitting on the TAXE committee investigating corporate tax evasion in Europe say they have become frustrated at changes to their mandate and the unwillingness of the European Commission to hand over documents for their investigation. The matter is all the more personal as Commission President… – Continue reading
Following a number of questions and concerns raised with the Governor’s Office in recent days, I thought it would be helpful to clarify the situation with respect to seven pieces of legislation passed by the House of Assembly during December 2015. Four of these Acts, which give the Government of… – Continue reading
ARLINGTON, Va., Jan. 14, 2016 /PRNewswire-USNewswire/ — Bloomberg BNA today announced the publication of the Daily Tax Report’s 2016 Outlook on tax and accounting policy. Dozens of policy experts, along with current and former members of Congress, congressional staffers and federal agency officials provided insights on the year ahead regarding… – Continue reading
Billionaire John Paulson’s New York hedge fund firm has shut an operation in Bermuda that had been targeted by a Democratic lawmaker as a tax shelter. Paulson’s venture, a reinsurer named PacRe Ltd., has stopped writing new coverage, and its insurance policies have expired, according to two people familiar with… – Continue reading
Only one major amendment lodged by the government so far INFORMATION ON WHO OWNS SCOTLAND will be publicly available – but new Scottish Government proposals will still fall short of calls for action on land owned in tax havens. The Land Reform Bill, which has faced criticism from MSPs and… – Continue reading
Professional landlords are using Airbnb and other home-sharing websites to avoid taxes and evade planning laws, according to Ufi Ibrahim, chief executive of the British Hospitality Association (BHA) Ibrahim provided evidence to the Business Innovation and Skills committee this week, where he argued that home-sharing websites like Airbnb are made… – Continue reading
In cooperation with the Tax Administration, government of Kosovo has continued its action for the formalization of businesses and fight against tax evasion. The citizens will continue to earn money by collecting tax receipts even in 2016. For purchases from 250 to 500 euros, they are refunded 10 euros from… – Continue reading
Tough new measures targeting those who have not played by the tax rules have been criticised by a leading professional body concerned with taxation Anyone owing UK tax on their overseas income is set to face punitive penalties of at least 30pc of tax due, and potentially criminal prosecution, under… – Continue reading
McDonald’s faces another European regulatory headache after it was the subject of a competition complaint in Brussels. Three Italian consumer groups backed by a coalition of trade unions from across the continent, including the UK’s Bakers Food and Allied Workers Union, allege that the fast-food giant abuses its dominant market… – Continue reading
Democratic presidential hopeful Hillary Clinton wants to end what she calls “the Bermuda reinsurance loophole” as part of her tax program outlined Tuesday. In a factsheet entitled “Investing in America by Restoring Basic Fairness to Our Tax Code” posted on her campaign website, Ms. Clinton says that “high-income money managers… – Continue reading
Some €35mln in taxes have been imposed on undeclared deposits in 85 Swiss bank accounts included in the so-called Lagarde List, Finance Minister Harris Georgiades said on Tuesday, reports the Cyprus Mail. Speaking before the House Watchdog and Ethics Committees, the minister said the tax concerns 88 cases linked to… – Continue reading
Dominican Republic, in January 2016. The Dominican Republic could soon be part of an initiative of the OECD would force financial institutions of the country to exchange information on the accounts of their customers in other countries that are part of this project. The Organization for Economic Cooperation and Development… – Continue reading
Oil is the lifeblood of Labuan and the drastic drop in the commodity’s price has affected the international offshore financial centre and tax haven. KOTA KINABALU: Business is down by 40 per cent in Labuan in the wake of the crude oil price heading south to USD32 per barrel, 50… – Continue reading
Pakistan can double its tax revenues by concerted efforts to broaden tax bases, strengthening tax compliance, eliminating distortionary tax expenditures, and rationalizing the tax system in an efficient and equitable manner, says a latest study of the International Monetary Fund (IMF). The study, Unlocking Pakistan’s Tax Revenue Potential notes, Pakistan’s… – Continue reading
The Limited Liability Companies Bill, 2015 was published on 18th December 2015. It is likely to be enacted as the Limited Liability Companies Law in January 2016 and brought into force before the end of June 2016. Once that is completed, the Cayman Islands will then be able to offer… – Continue reading
The Lagos Chamber of Commerce and Industry (LCCI) yesterday said there was a need to boost the nation’s internally generated revenue through higher consumption tax. The Director-General of LCCI, Mr Muda Yusuf, told newsmen in Lagos that emphasis on tax revenue generation should shift to consumption tax. He suggested that… – Continue reading
Last year Jersey cemented its position as a leading centre for companies looking to list – as reflected in the rise in volume and value of Jersey companies listed on exchanges around the world. Here are some challenges that lie ahead in this jurisdiction over the next 12 months. In… – Continue reading
Reforms to corporate tax rules and fiscal transparency will be pursued by EU policy makers in 2016, the EU’s tax commissioner Pierre Moscovici has said. “We have a serious problem with tax avoidance and lack of transparency. Too many people have looked the other way,” Moscovici said. Moscovici told a… – Continue reading
According to Tanzania Revenue Authority (TRA), officials here, despite the introduction of the East African single custom territory that is harmonized through one stop border post some domestic traders have not actively taken the advantage. They have continued with their old tax evasion tricks at the main Sirari border post… – Continue reading
Information from Reuters has brought to light the fact that five of the biggest banks operating in the UK (and worldwide) paid not a penny in corporation tax in 2014. Efforts to crack down on this kind of corporation tax avoidance have brought together Westminster’s political right and left. Deutsche… – Continue reading
‘We’re not a tax haven, we have never been involved in any kind of tax malpractice’ – Michael Noonan, Irish Minister for Finance 5th October 2015 ‘Nobody is using Ireland as a tax haven’ – Minister for Agriculture, Simon Conveney, The UN’s Philip Aston says, ‘When lists of tax havens… – Continue reading
The Ministry of Finance on 21 December 2015 released for public comment a proposal to revise the transfer pricing documentation rules and introduce country-by-country (CbC) reporting. The proposal—released as a draft bill—includes CbC reporting, master file and local file requirements, and penalty provisions, and generally follows the recommendations of the… – Continue reading
Information will feed into relaunch of the revised common consolidated corporate tax base The European Commission has received more than 170 submissions on its proposal for a revised common consolidated corporate tax base (CCCTB) ahead of its re-launch later this year. The closing date for the commission’s three-month public consultation… – Continue reading
NEW DELHI:The Narendra Modi government, which has pledged a predictable and non-adversarial tax regime, is likely to begin a sweeping revamp of direct taxes in the Budget that Finance Minister Arun Jaitley will present next month. Simplification and rationalisation will be the two themes driving the overhaul, which is aimed… – Continue reading
FATCA letters are going out from banks around the world to millions of US expats in readiness for reporting their financial information to the Internal Revenue Service (IRS). If you are one of the 8 million US expats subject to the Foreign Account Tax Compliance Act (FATCA), what do you… – Continue reading
NEW DELHI:The Narendra Modi government, which has pledged a predictable and non-adversarial tax regime, is likely to begin a sweeping revamp of direct taxes in the Budget that Finance Minister Arun Jaitley will present next month. Simplification and rationalisation will be the two themes driving the overhaul, which is aimed… – Continue reading
Tax evasion by online retailers is emerging as a serious and growing risk, Lin Homer, the outgoing chief executive of HM Revenue & Customs, warned on Wednesday. The illegal sales of tax-free goods over the internet was “a very big issue”, Ms Homer told members of the Commons public accounts… – Continue reading
Americans living abroad feel that the Foreign Account Tax Compliance Act negatively impacts their professional lives and that compliance with the related tax reporting requirements is overly burdensome, a survey by Americans Abroad Global Foundation and the University of Nevada has found. But most survey respondents believe the U.S. government… – Continue reading
