Category: Offshore Tax Haven

Ecuador Fights for Global Rules to Clamp Down on Tax Evasion

Ecuador’s foreign minister, leading economists and campaigners call for a new U.N. body to root out tax evaders and crack down on offshore havens. Ecuador ramped up its fight against tax dodging Wednesday as the South American country proposed a plan on the sidelines of the U.N. General Assembly in… – Continue reading

India to get tax, banking related info from Seychelles

NEW DELHI: Aiming to curb tax evasion and avoidance, India has operationalised the Tax Information Exchange Agreement (TIEA) with Seychelles, one of the major sources of foreign investment into the country. The agreement will enable the authorities of both nations to provide assistance through exchange of tax and banking information,… – Continue reading

The rich are getting more secretive with their money

You might think the Panama Papers leak would cause the ultrarich to seek more transparent tax havens. Not so, according to Jordan Greenaway, a consultant based in London who caters to the ultrawealthy. Instead, they are going further underground, seeking walled-up havens such as the Marshall Islands, Lebanon, and Antigua,… – Continue reading

City firms could face 100pc fines for helping with tax avoidance

City firms that help businesses run tax avoidance schemes could face huge financial penalties under fresh Government proposals. Banks, accountancy firms and lawyers could be forced to hand over underpaid tax if they are found to have broken the law. Currently, advisers who facilitate tax avoidance by exploiting loopholes and… – Continue reading

Belize offshore secrecy ill at ease with UK politics and US authorities

How US tax inspectors fear firms and individuals are using Lord Ashcroft’s bank to hide assets and evade tax It was a stern message David Cameron took with him on his visit to the Caribbean last September: “If we’re to beat corruption, we need transparency.” And some in the region… – Continue reading

CRA convicts a fraction of offshore tax evaders: Exclusive

As worldwide pressure grows to fight offshore tax evasion, new statistics obtained by the Star show the Canadian government has convicted only 49 people and levied just $13.4 million in fines for what it calls offshore activity since 2010. These numbers are far lower than in comparable countries and show… – Continue reading

UK PM signals tax haven clampdown

Just as the Cayman Islands government was feeling confident that its relationship with the British government was better than ever and the UK was beginning to understand and accept the role of the offshore financial sector, the new prime minister, Theresa May, is believed to have ordered a clampdown on… – Continue reading

CRA has double standard for tax cheats

The CRA won’t divulge the identities of people convicted for stashing millions offshore, but it names and shames those caught owing small amounts of tax. The Canada Revenue Agency claims at least nine people have been convicted of offshore tax evasion over the last two years, receiving $4 million in… – Continue reading

CRA has double standard for tax cheats

The CRA won’t divulge the identities of people convicted for stashing millions offshore, but it names and shames those caught owing small amounts of tax. The Canada Revenue Agency claims at least nine people have been convicted of offshore tax evasion over the last two years, receiving $4 million in… – Continue reading

Beyond FATCA, Costa Rica Adopts “GATCA” Tax Reporting Measures

The unpopular Foreign Account Tax Compliance Act (FATCA) of the United States has set off a rash of similar legislation around the world, and Costa Rica has been eager to adopt these international asset reporting treaties, which many taxpayers consider overreaching and in violation of financial privacy. The Costa Rica… – Continue reading

Portugal cracks down on itself over tax haven use

Portugal finance ministry says it is looking at ways of preventing government departments from using tax havens after the Treasury debt agency was found to have held an investment in Jersey. The Finance Ministry says that the agency held 133 million euros ($149 million) of bonds in a Jersey-based company… – Continue reading

Japanese money in offshore tax havens could solve a lot of problems at home

TOKYO — Do the rich and powerful really dodge taxes? They do. The “Panama Papers” – 11.5 million or so documents leaked from a Panama law firm specializing in tax shelters of various kinds and degrees of ingenuity – are shocking, however, not only to the naively innocent but to seasoned… – Continue reading

UAE – Jersey trade relations: from a tax haven to taxonomy

As with any offshore financial centre, secrecy has been synonymous with the Channel Islands of Jersey. But the reason for the strong relations between the self-governing British dependency and the United Arab Emirates – still not known to many – is not confidentiality alone. It has not been so long… – Continue reading

Birong: Tax Day — the real April fools

As April 18 looms near, it’s hard not to have taxes weigh heavy on our minds. For a lot of Vermont small businesses, this day can be bittersweet. Paying taxes typically means that, as a business, you’ve made money; and for most small businesses that alone is an achievement. Small… – Continue reading

Apple, Microsoft among top 50 U.S. corporations using offshore tax havens

Less than two weeks after publication of the Panama Papers, a year-long investigation by hundreds of news organizations around the world, including the Star, cast a bright light on the world of offshore tax havens, a new report from Oxfam reveals how much money the 50 largest U.S. corporations have… – Continue reading

Dodging tax is not just about offshore havens

The release of the so-called Panama Papers has shone a light on the secretive world of offshore tax havens and shown the exhaustive lengths that companies and wealthy individuals will go to in an effort to avoid paying tax. The trove of documents leaked from the Panama-based law firm Mossack… – Continue reading

OECD chief expects Panama cooperation to prevent tax avoidance

The chief of the Organization for Economic Cooperation and Development said Monday that the Panamanian government is expected to cooperate in international efforts to prevent tax avoidance after the revelation of the so-called Panama Papers.      OECD Secretary General Angel Gurria said in a press conference in Tokyo that… – Continue reading

EU threatens sanctions on money laundering, tax evasion havens

BERLIN – A European Union official threatened Thursday to sanction Panama and other nations if they don’t cooperate fully to fight money laundering and tax evasion, after a leak of data showed the small country remains a key destination for people wanting to hide money. The 11.5 million documents from… – Continue reading

Adventures in tax avoidance: Canada’s deep offshore tax haven connections

Much of the activity is legal, but it siphons away billions in tax revenue from government coffers The massive Panama Papers data leak shines a light not only on the dirty money being shuffled through tax havens, but also on the legal and common use of offshore accounts to significantly… – Continue reading

Panama Papers Expose Celebs, Politicians, Billionaires With Offshore Tax Havens Despite FATCA

The Panama Papers–the biggest leak of financial data in history–has blown the lid off offshore tax havens, again. This time, those in the limelight include twelve current or former world leaders, many celebrities, and wealthy persons who are using offshore tax havens to hide their wealth. In scope, this is… – Continue reading

Tax haven Scotland: Government blocks move to end offshore land ownership

Ban on tax haven land rejected in favour of ‘transparency register’ PROPOSALS TO OUTLAW the ownership of land in offshore tax havens were rejected by the Scottish Parliament today [Wednesday 16 March] on the basis of private legal advice. Estimates that 750,000 acres of Scotland are owned in tax havens… – Continue reading

How Sanders and Trump Aim to End Offshore Corporate Tax Havens

Fortune 500 firms may be avoiding $695 billion in U.S. income taxes on $2.4 trillion held offshore. What do Bernie Sanders and Donald Trump have in common? Both seek an end to the use of offshore tax havens by corporate America. Bernie Sanders’ plan ends the ability of corporations to… – Continue reading

Vijay Mallya’s secrets buried in offshore tax havens

It’s not just the Indian banks that business tycoon Vijay Mallya has taken for a ride. The chairman of United Breweries (UB) group and promoter of now defunct Kingfisher Airlines also concealed in his election affidavit, filed before the Rajya Sabha, his business interests in offshore tax havens elsewhere. dna… – Continue reading

Anguilla Best Flat Tax Country for a Low Tax Lifestyle

Anguilla levies a 3% flat rate of personal income tax and is otherwise a tax haven with a stunning climate and amazing Carribean lifestyle Whilst there are various categories of flat tax, including marginal flat tax and Hall-Rabushka flat tax, in its simplest form flat tax is simply a rate… – Continue reading