Spanish prosecutors have dropped all tax fraud charges against FC Barcelona’s Argentinian star Lionel Messi, but will pursue the case against his father. Jorge Horacio Messi and the footballer were accused of defrauding Spain’s tax office by not paying €4m (£2.9m, $4.5m) due in taxes between 2007-09. If convicted, the… – Continue reading
On October 5, 2015, the OECD released its final reports relating to the OECD/G20 base erosion and profit shifting (BEPS) project (the Final Reports). The BEPS project began in 2013 and has received unprecedented attention from governments and the private sector. The Final Reports outline the OECD’s recommendations and the… – Continue reading
Hervé Falciani, who exposed the global offshore industry with the HSBC data leak, is facing prosecution under skewed Swiss laws for data theft and espionage. This is his story. Swiss justice hounds those who breach banking secrecy even if in doing so they expose rogue banks. In the past decade,… – Continue reading
A financial adviser and a group of film producers who set up an international scheme are facing a trial for fraud. It is alleged the scheme, which took advantage of the tax relief the UK Government offers the film industry, created the appearance of huge “paper losses”, The Times reported… – Continue reading
For many years international tax planning for Russian inbound and outbound investments, and wealth planning for Russian resident individuals, was rather straightforward. That was primarily due to relatively simple domestic tax rules and a degree of inexperience amongst the Russian tax and other interested authorities in relation to international tax… – Continue reading
One-quarter of corporate tax and transfer pricing directors surveyed say their companies will fail to meet the first deadline proposed by the Organisation for Economic Co-operation and Development (OECD) in its Base Erosion and Profit Shifting (BEPS) Action Plan. Finance ministers for the G20 countries called on the OECD to… – Continue reading
BOSTON – Tax havens are legal, but proponents of tax reform say eight companies headquartered in Massachusetts are using them and costing the state millions of dollars in revenue. The MassPIRG Education Fund and Citizens for Tax Justice released a report on Tuesday saying 72 percent of Fortune 500 companies… – Continue reading
A financial adviser is one of the five defendants embroiled in a court battle after facing allegations of setting up a £262 million tax avoidance scheme. In a trial at Birmingham Crown Court, financial adviser Norman Leighton, chartered accountant and film producer Keith Hayley, producer Robert Bevan, Charles Savill and… – Continue reading
Senior EY partners Andy Archer and David Snell look at some looming changes to international tax rules. In what will be the biggest change to the international tax rule book since it was put in place before World War 2, the OECD will tomorrow (4 am Tuesday 6 October) release… – Continue reading
SOME of Plymouth best-known landmarks are owned by secretive offshore companies based in tax havens, it has been revealed. Swathes of land all over the city belongs to faceless firms based in places like Luxembourg and the Cayman Islands, The Herald can reveal. They include everything from historic former military… – Continue reading
By: Jayesh Sanghvi, Partner & National Leader – International Tax Services, EY India Multinational groups can create non-resident affiliates in low tax jurisdictions to which income is shifted, wholly or partly for tax reasons rather than for non-tax business reasons. Such overseas profits are not subjected to tax in the… – Continue reading
Government’s anti-corruption champion says legislation is one option if British overseas territories fail to adopt public registers of companies The government could legislate to force the UK’s tax havens to reveal for the first time the true owners of offshore companies, anti-corruption champion Sir Eric Pickles has indicated. Pickles described… – Continue reading
HUNDREDS of properties worth more than £300 million in Brighton and Hove are owned by firms based in off-shore tax havens. Care homes, pubs, supermarkets, doctors’ surgeries, petrol stations and shops are all among almost 300 properties owned by firms based in foreign climes with beneficial tax arrangements. Millions of… – Continue reading
NEW DELHI: The finance ministry, seeking to build on the recent success in pitching India as an attractive destination, is looking at burying for good the remaining high-profile acrimonious tax tangles involving Cairn India and Royal Dutch Shell, which have tarnished the country’s administration. North Block is likely to replicate… – Continue reading
Tens of millions of pounds worth of property in St Austell is owned by companies based in offshore tax havens. They include large parts of Fore Street in the town centre; the beaches at Carlyon Bay, and dozens of individual buildings throughout St Austell and the clay country. NHS Kernow’s… – Continue reading
The court agrees to an early hearing in the case, scheduling it for 30 September New Delhi: The Supreme Court on Tuesday agreed to an early hearing in the case of Castleton Investment Ltd scheduling it for 30 September. Castleton Investment, a Mauritius-based foreign company, is contesting a case against… – Continue reading
If you are a foreign executive moving to the United States for work, not only do you have to consider practical concerns like moving your family and finding a new residence, but you also need guidance as to any US tax implications stemming from the move. One of the first… – Continue reading
The Danish tax authority Skat fired several top officials and was given an emergency lifeline from parliament on Friday after been hammered by scandals in recent weeks that could result in the loss of 14 billion kroner. Denmark hit by potential billion-dollar tax fraud (26 Aug 15) Danes face the… – Continue reading
Reading companies’ annual reports to the Securities and Exchange Commission is a reliable cure for insomnia. Every so often, though, there is a significant revelation in the paperwork. Last year, one of the most important revelations came from Microsoft’s filings, which spotlighted how the tax code allows corporations to enjoy… – Continue reading
On September 18, 2015, the IRS issued Notice 2015-66 (the Notice), which provides that the Treasury Department and the IRS intend to amend regulations issued under Sections 1471-1474 of the Internal Revenue Code (commonly known as FATCA). The Notice, among other things, indicates that the Treasury and the IRS will… – Continue reading
Myanmar plans to introduce more laws and regulations to increase its tax income over the coming years, sources said. The Internal Revenue Department (IRD) currently sets polices under the Myanmar Tax Law and the Union Tax Law. Sources at the IRD said they will issue further notifications, if required, to… – Continue reading
Just under Rs 500 cr declared so far, officials hope for surge in last six days. With only six days to go before a compliance window to declare offshore assets closes, officials say several thousand applications are in but the total amount declared so far seems very little. Until last… – Continue reading
In a big relief to foreign firms, the government on Thursday exempted them from paying minimum alternate tax (MAT) retrospectively from April 2001, provided they did not have a permanent establishment in India. Tax experts said that this government move ends a lot of uncertainty on the controversial MAT issue… – Continue reading
IT Act will be amended with retrospective effectto exempt foreignfirms from MAT In a big relief to foreign firms, government on Thursday said the Income Tax Act will be amended with retrospective effect to exempt from minimum alternate tax (MAT) the overseas companies that covered under double taxation avoidance agreements… – Continue reading
Former Real Madrid midfielder Xabi Alonso has denied that he is guilty of defrauding Spain’s tax authorities. The country’s revenue services claim that Alonso – currently with Bayern Munich – defrauded the state by having his image rights paid to companies based in overseas countries. A complaint has been lodged… – Continue reading
Weekly News obtains Land Registry report showing owners Runcorn One Ltd is registered to Guernsey. Other properties and land in Runcorn, Widnes, Frodsham and Daresbury also owned by firms registered offshore Surprise has been voiced by Runcorn councillors over the revelation that Runcorn Shopping Centre is owned by an offshore… – Continue reading
Jay Fishman, who built New York-based Travelers Cos. into one of the world’s biggest insurers, lamented that disparities in tax rates are pushing established rivals and industry newcomers outside the U.S. Over the past 15 years or so, “we’ve counted 10, 12, maybe even 15 Bermuda-based startups that ultimately became… – Continue reading
In a decision released August 14, the Tax Court of New Jersey ruled that an intangible holding company with no physical presence was required to file a New Jersey corporation business tax (CBT) return and pay the related tax due based on its income.1 No relief was available to the… – Continue reading
JAKARTA – Indonesian Institute of Accountants (IAI) considers Indonesia may not completely avoid the impact of the practice of transfer pricing. Therefore, Indonesia must prepare regulatory and law enforcement strong to protect the interests. The practice of transfer pricing is one of the activities of neo-liberalism. According to the National… – Continue reading
Whole regions of England are now owned by holding companies in tax-havens “from Panama to Luxembourg, and from Liechtenstein to the South Pacific island of Niue.” Private Eye’s interactive map mines Land Registry information to find the properties owned by “companies, arms dealers, oligarchs, money launderers and others who use… – Continue reading
The number of banks with deferred prosecution agreements with the U.S. government keeps growing. The subject is tax evasion involving American account holders. Today, under FATCA, banks everywhere want to know if you are compliant with the IRS. And the IRS keeps updating its list of foreign banks where offshore… – Continue reading
The Swedish Tax Agency have published its opinion 27th of August on taxation of dividends from tax havens to Swedish companies. Sweden introduced the current participation exemption rules on dividend and capital gains for companies in 2003. Dividends that is received by tax resident limited liability companies (Aktiebolag or AB)… – Continue reading
Democratic lawmakers urged the Obama administration to take a more aggressive stance toward the offshore tax deals known as inversions. Seven congressional Democrats in all called on Treasury Secretary Jack Lew to take executive action against a technique known as earnings stripping that makes the offshore deals more attractive. They… – Continue reading
LAND including Riverside Retail Park, the Cockhedge Centre and the former site of Mr. Smith’s is owned by companies based in offshore tax havens it has been revealed. Companies are often based offshore to gain from three tax loopholes, including no capital gains tax, no inheritance tax and no stamp… – Continue reading
MORE than £20 million of prime Cumbrian land and property was bought by offshore firms between 2005 and 2014, according to Private Eye magazine. Properties purchased by offshore companies in Cumbria in the last ten years range from prestigious country estates to a hotel and a nursing home. The countries… – Continue reading
The Treasury Department has pushed American-based corporations to lobby against a tax provision prized by their foreign counterparts, according to people who have heard the pitch. One senior Treasury official in particular, Danielle Rolfes, urged domestic companies to more aggressively target an incentive for interest expensing during a March tax… – Continue reading
A wealthy Victoria, B.C., family paid virtually no tax over a span of eight years – and even obtained federal and provincial tax credits – while being involved in an offshore tax “sham” developed by one of the country’s most respected accounting firms, the Canada Revenue Agency alleges. The Canada… – Continue reading
Lawyer Patrick Poulin says he helped clients set up offshore corporations in the Caribbean. And that’s what he was working on when he flew to Miami from the Turks and Caicos last year to meet with two Americans who wanted him to invest $2 million from a real estate deal…. – Continue reading
CANBERRA, Sept. 7 (Xinhua) — Australia is set to crack down on illegal offshore gambling, with Social Services Minister Scott Morrison flagging a review of betting operators conducting business in Australia. Morrison said on Monday that while online betting and gambling is a 1.1 billions U.S. dollar industry in Australia,… – Continue reading
Recently, the Tax Court handed down judgment in the unreported case of AB LLC and BD Holdings LLC v the Commissioner of SARS (heard in February 2015) in which it had to determine whether or not an American company acting as an advisory group for the South African airline industry,… – Continue reading
MUMBAI India’s tax officials, long the scourge of foreign investors, are under government pressure to avoid aggressive claims against overseas funds and companies, as the country seeks to repair an image dented by high-profile tax battles. The latest dust-up was over a largely overlooked minimum alternate tax (MAT), which had… – Continue reading
More than £375 million of land and property in Milton Keynes was bought by offshore companies between 2005 and 2014, according to research by Private Eye. The purchases are registered in a number of different countries, some of which are often described as tax havens. The countries buying the most… – Continue reading
The National Assembly’s landlord is a shadowy company based in the tax haven of the British Virgin Islands – and AMs have no idea who is benefitting from the annual rent of more than £2m it pays to the owners. Private Eye magazine has launched a section of its website… – Continue reading
A 12-month investigation by a national magaizne has revealed city centre properties in Bath are registered to offshore companies. The Private Eye magazine has produced a map, which details all land and property registered in England and Wales in the name of an offshore company between 2005 and July 2014…. – Continue reading
The number of Swiss banks that have entered deferred prosecution agreements with the U.S. government keeps growing. The subject is tax evasion involving American account holders. Today, banks everywhere want to know if you are compliant with the IRS. Under FATCA, the entire world is lending the IRS a hand…. – Continue reading
HMRC reintroduces Australian fund to Rops listEU member states are lobbying the European Commission to prevent it from disclosing information on tax rulings to a European Parliament probe, reports the EU Observer. EU economics commissioner Pierre Moscovici, in a letter sent Monday (31 August) to the head of the parliament’s… – Continue reading
By accepting the recommendations of the AP Shah panel on the issue of retrospective tax demand on FIIs, the Narendra Modi government has added one more item to the long list of its U-turns. And at the face of it, this one definitely is a wise one, though the question… – Continue reading
Mexico’s government withheld hundreds of millions of dollars in tax refunds owed to Procter & Gamble, Unilever, and Colgate combined as it sought to coax them and other multinationals to pay more income tax locally, according to people close to the talks. After luring foreign companies with corporate tax breaks… – Continue reading
Funds Discovered in Kolomoyskyi’s Cyprus Kitty Investigative reporters have discovered that IMF bailout funds intended for Ukraine have mysteriously found their way to a Cyprus bank account controlled by notorious Ukrainian oligarch Ihor Kolomoyskyi. A huge chunk of the $17 billion in bailout money the IMF granted to Ukraine in… – Continue reading
Departing deputy social security minister Pavlos Chaikalis leaves his seat while admitting that he owned a company in Cyprus that he has failed to declare to tax authorities. Chaikalis, MP of junior coalition partner ANEL, was forced to answer questions under parliamentary scrutiny after the insistence of New Democracy lawmaker… – Continue reading
