Bellary: While Union finance minister, Arun Jaitley has warned the Congress it could be embarrassed once the names of people holding illegal foreign accounts are made public, local mining industry sources say the BJP too could be in for some embarassment as its once powerful leader and jailed mining czar,… – Continue reading
Australians gamble more per capita than any other country in the world – and lose more too – so it’s no surprise that our gaming industry is getting flustered about the rivers of money flowing to the online black market. Tabcorp’s Paula Dwyer today called on the federal government to… – Continue reading
Tabcorp is pushing the Federal Government to even the playing field when it comes to wagering. Tabcorp’s chairman Paula Dwyer wants a ban on rival offshore betting companies operating in Australia. An estimated 14 per cent of betting by Australians is with non-licensed offshore operators, Ms Dwyer told shareholders at… – Continue reading
MOSCOW, October 28 (RAPSI) – Russia’s Economic Development Ministry claims that mandatory ‘deoffshorization’ aimed at moving business activities of Russian companies from offshores back to the country entails considerable risks for the companies and the slowing economy of the country, Interfax reported on Tuesday, citing a letter sent to the… – Continue reading
Wright Medical Group Inc. (WMGI), a U.S. maker of bone implants, will merge with Tornier NV, creating a new company valued at $3.3 billion in the latest proposed tax inversion since tighter rules were announced last month. The legal address for the new company, to be called Wright Medical Group… – Continue reading
(Bloomberg) — The U.S. attempt to stop companies from leaving the country for tax reasons won’t stop Pfizer Inc., which is still considering a deal to move America’s biggest drugmaker abroad, said Chief Executive Officer Ian Read. “I see no reason why we wouldn’t be able to do an inversion,”… – Continue reading
The government may have revealed the names of three black money account holders, but will it be able to get the money back or catch big fishes who have stashed the illegal money in tax havens across the globe. As of now it seems impossible. With at least three different… – Continue reading
The secret binder lay wedged in a hidden drawer inside a filing cabinet in his office on the Bahnhofstrasse in Zurich, the heart of the world of Swiss private banking. Martin Liechti, a former top private banker at Swiss bank giant UBS, privately called the binder his “CYA file,” a… – Continue reading
Colombia’s minister of finance stated this weekend that Colombians are hiding $50 billion abroad in an attempt to avoid paying taxes over their assets. Finance Minister Mauricio Cardenas told Spanish news agency EFE that no penalties for Colombia tax evaders had been finalized, but that they were on the agenda…. – Continue reading
There is nothing illegal about tax planning. Yet some things are legal while others are not, and the lines can sometimes get fuzzy. Add to that the fact that some people go to extraordinary lengths to avoid paying taxes, and it can be a recipe for disaster. Increasingly, if you… – Continue reading
(Reuters) – Russia’s government has approved a new tax law to clamp down on Russian companies and individuals using offshore tax shelters. The law is part of a range of measures initiated by President Vladimir Putin, and collectively known as “deoffshorisation”, which are aimed at bringing Russian businesses and money… – Continue reading
The Treasury Department has spent millions of dollars on federal contracts for companies that have shifted their legal address abroad, even as the Obama administration pushes to rein in the practice. Just last month, Treasury Secretary Jack Lew moved to limit the appeal of those tax deals, known as inversions,… – Continue reading
One of the stories that firms deserting our country like to tell is that by moving their corporate domicile (but not their actual headquarters) outside U.S. borders to duck taxes, they will be able to use cash they have parked offshore to expand their operations in the United States. So… – Continue reading
With the announced end of banking secrecy for non-residents, the time has come to make use of favourable repatriation schemes, such as the voluntary disclosure regime in Italy. Despite increasing pressure for fiscal transparency and exchange of information, beneficial owners still have a choice: move the capital out (of Luxembourg),… – Continue reading
Wednesday, October 22, 2014 – The BVI Advantage was the theme of a feature presentation at the recent China Offshore Summit. The summit was held from October 15-16 in Shanghai, China. Global Head of BVI Practice at Maples and Calder, Mr. Michael Gagie presented on behalf of the BVI International… – Continue reading
On 29 July 2014, the China State Administration of Taxation (SAT) released an internal notice to the China tax authorities at the provincial levels, in the name of “Notice on Antiavoidance Investigation against Large Amount Outbound Payments” (Circular Shui Zong Ban Fa [2014] No. 146, Notice 146), urging a nationwide… – Continue reading
The “blanket assumption” of tax avoidance that HM Revenue & Customs makes when it approaches Personal Service Companies has been left in tatters by its own research. Stephen Herring, head of tax at the Institute of Directors, revealed this tendency of HMRC to regard PSCs as “automatic evidence of some… – Continue reading
Dyson, the engineering company best known for its vacuum cleaners, is in dispute with HMRC over a possible £1m income tax bill for founder and owner James Dyson. Dyson disclosed in company accounts that it had set aside the eight-figure sum in relation to its dispute with HMRC, the Financial… – Continue reading
Foreign structures are tempting targets for governments, says Vanessa Houlder. When governments around the world embarked on a drive to plug tax loopholes in 2012, the urgency of the move was underpinned by rising tensions over austerity and inequality. Widespread public outrage over alleged tax-dodging by wealthy individuals and multinationals… – Continue reading
(Reuters) – Italian luxury fashion house Prada SpA said on Monday its chairwoman Miuccia Prada and her husband, chief executive officer and fellow shareholder Patrizio Bertelli, are being investigated by Italian authorities over past taxes. The Hong Kong-listed company said in a statement it had been informed by the Italian… – Continue reading
The energy company has published retrospective accounts and pledges to stay away from tax havens Energy company SSE has become the first FTSE 100 business to be awarded the Fair Tax Mark, a scheme that aims to hold companies to account over their tax affairs. SSE, which has nine million… – Continue reading
Dividend represents a share of the company’s post-tax profit that is divided among its shareholders. In other words, once corporate tax has been paid on profit, the remaining earnings are distributed amongst shareholders as dividend. So far, so good. Then, this dividend is characterised as income in the hands of… – Continue reading
Swiss authorities have confirmed that, if asked, they will assist India in efforts to confirm the genuineness of bank documents and will swiftly provide information on requests relating to non-banking dossiers. The commitment was made in a joint statement following a meeting between the Swiss State Secretary, Jacques de Watteville,… – Continue reading
Representation of foreign individuals who wish to purchase US residential property should include careful attention to the manner in which the income and gain from the property will be taxed in addition to the other aspects of ownership. In addition, it is important to be aware of the manner in… – Continue reading
Some 19 British firms are at the center of an investigation into in a mammoth global money-laundering operation. The scheme was allegedly contrived to make $20bn (£12.5bn) worth of ill-gotten gains appear legitimate. The illicit funds are thought to have originated from criminal gangs and corrupt officials across the globe,… – Continue reading
Our Reaction The Irish Minister for Finance delivered his Budget 2015 (the “Budget”) speech this week. There was considerable domestic and international anticipation in advance of the Budget against a backdrop of significant recovery in the Irish economy and also international focus (including, in particular, under the OECD BEPS project)… – Continue reading
Minnesota Democrat invested in opponent’s tax-inverting company as son’s private equity firm opens shop in Caymans Sen. Al Franken (D., Minn.) is hoping to saddle his Republican challenger with Mitt Romney-esque charges of “vulture corporatism,” but his own investment activities, and those of his son, could blunt those attacks with… – Continue reading
Budget measures including new foreign direct investment incentives discussed State agencies and Government Ministers and officials have launched a co-ordinated campaign of letters and phone calls to senior executives of foreign multinationals, to reassure them that Ireland remains a top destination for investment following the budget, Minister for Enterprise Richard… – Continue reading
The private equity owners of video games retailer Game used tax havens in the two years they owned it, accounts have revealed. US buyout group Elliott Advisors snapped up Game Group after it collapsed into administration in 2012. It set up Game Digital in April 2012 in a deal masterminded… – Continue reading
A report claiming Lonmin is engaging in two transfer pricing arrangements is misleading and false, the company said on Thursday. It was responding to a report titled “The Bermuda connection: Profit shifting and unaffordability at Lonmin 1999-2012″, released by the Alternative Information and Development Centre (AIDC) on Thursday morning. “Lonmin… – Continue reading
The IRS has issued FAQs relating to the new streamlined procedures for offshore compliance, and for Delinquent International Information Return Submission Procedures. The FAQs for the streamlined program provide more detailed guidance on how the 5% penalty will be computed, how 100% owners of an incorporated business will be treated,… – Continue reading
Blue-ribbon corporations are deserting our country “to avoid paying taxes but expect to keep receiving the full array of benefits that being American confers, and that everyone else is paying for,” Fortune magazine reports. That’s right, Fortune wrote it; not Pravda. In a scathing article titled “Positively Un-American” by Allan… – Continue reading
Malta, like Cyprus, has been obliged to dismantle its old ‘offshore’ companies regime as a trade-off for joining the European Union. EU membership has, however, brought about certain benefits for Maltese companies trading across borders, and, coupled with investment-friendly government policies and some interesting tax planning opportunities, Malta remains one… – Continue reading
A failed property development is linked to a tax haven company that triggered an alleged money laundering probe into a wealthy businessman. Albany Heights, more than 400 homes proposed to be built on Auckland’s North Shore, was marketed as an “investors’ dream” but companies connected to the project collapsed with… – Continue reading
Cash in companies run by businessman Declan Conway was moved to two offshore companies Shareholders in two Business Expansion Scheme (BES) companies run by businessman Declan Conway have written to him demanding to know why almost €1.6 million was transferred from both firms to a number of offshore entities. Between… – Continue reading
The Alternative Information Development Centre (Disclosure: AIDC’s economist Dick Forslund contributes to Daily Maverick, most recently about Lonmin) has been served with an interdict application in the Johannesburg High Court to try to prevent the organisation from holding a press conference about Lonmin’s finances, especially relating to the use of… – Continue reading
Compliance is China’s latest Hot Topic. Until recently, many Western managers accepted that some flexibility on legal issues was needed to thrive in the complex Chinese legal environment. Practices to strengthen relationships such as luxurious dinners and karaoke evenings, sponsored travel, red-pocket money and the like, have often been regarded… – Continue reading
Mission Hills businesswoman Cheryl Womack is scheduled to appear in federal court in Kansas City on November 12 for a change of plea hearing in her criminal case. Womack had earlier entered a not guilty plea to charges of avoiding income taxes and lying to investigators. (Update, 9:03 p.m) It’s… – 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/ba95cff0-4fcd-11e4-a0a4-00144feab7de.html#ixzz3G77zeNBz Brussels is challenging the “double Irish” tax avoidance measure prized by big US tech… – Continue reading
MOSCOW, October 8. /TASS/. The Russian Finance Ministry has drafted a decree that will exclude Malta from the black list of offshore jurisdictions. The decision followed the enactment of the convention between the governments of Russia and Malta of May 22, 2014 on the avoidance of dual taxation and prevention… – Continue reading
MOSCOW, October 8. /TASS/. The Russian Finance Ministry has drafted a decree that will exclude Malta from the black list of offshore jurisdictions. The decision followed the enactment of the convention between the governments of Russia and Malta of May 22, 2014 on the avoidance of dual taxation and prevention… – Continue reading
Eight of the top 200 companies publicly listed on the Australian stock exchange (ASX200) paid no taxes on profits averaging $50 million to more than half a billion dollars over the decade to 2013! More than 20 (10 percent) corporations paid an average tax rate of five percent or less…. – Continue reading
Miguel Arias Cañete, the Spanish Commissioner-designate for Energy and Climate Change, has left five important questions unanswered during his confirmation hearing in the European Parliament, writes Alicia Gutiérrez. Alicia Gutiérrez is a journalist at the Spanish online media infoLibre. (Translation by Avaaz. Original version here) 1. Has Cañete had any… – Continue reading
Poland’s Finance Ministry is trying to make sure that a new regulation against corporate income tax avoidance comes into force before the end of the year. In cooperation with the ministry, a group of MPs has submitted an amendment to the recently approved regulation, which cuts short its vacatio legis… – Continue reading
By Jung Min-ho Seung Eun-ho Chairman of Korindo Group Prosecutors are investigating allegations that the head of Korindo Group, a Jakarta-based conglomerate, and his sons have evaded taxes. The Seoul Central District Prosecutors’ Office said Monday that the group’s Chairman Seung Eun-ho and his two sons are suspected of evading… – Continue reading
We pay our taxes. Why won’t they? It’s the topic every tax official and finance minister in the developed world is talking about and acting on, yet we hear little about it in New Zealand. Cracking down on tax avoidance by the world’s biggest technology companies – among them Google,… – Continue reading
The Californian corporation is Cork’s largest private employer, but has not won over all local hearts and minds. Now the city is at the heart of a fight over taxation that involves not just Ireland but also the European commission and the US senate Anger is mounting in Cork. The… – Continue reading
Barcelona and Argentina star Lionel Messi is to face trial for alleged tax evasion, a Spanish judge has ruled. The judge rejected a prosecution recommendation to drop the charges on the grounds the player’s father was responsible for his finances. Messi and his father Jorge are accused of defrauding the… – Continue reading
By Gaspard Sebag and Aoife White October 01, 2014“My decisions, whether final or intermediate, are exclusively based on an analysis of compliance with EU rules and enforcement frameworks,” Almunia said in an e-mailed response to the Gibraltar statement. Gibraltar said it had “very little confidence in the work of EU… – Continue reading
The European Commission has extended the scope of its investigation into whether Gibraltar’s corporate tax regime favors certain companies, in breach of EU state aid rules. Related Stories Brussels to accuse Apple over illegal Irish tax deals: FT Reuters EU says Ireland swapped Apple tax deal for jobs Reuters EU watchdog to… – Continue reading
