Not long after the U.S. Department of Justice’s Tax Division (“DOJ”) made international headlines in 2009 for its bombshell announcement that it had entered into a deferred prosecution agreement with the United Bank of Switzerland (UBS), lawmakers in Washington, D.C. began reviewing the testimony of hundreds of UBS’s U.S. clients… – Continue reading
BRUSSELS, Feb. 23 (Xinhua) — Member states need to pay more heed to coordinating their efforts in corporate taxation to combat tax evasion, said economic and financial affairs commissioner Pierre Moscovici on Monday. Moscovici said the European Commission (EC) had actively supported European member states in their efforts to secure… – Continue reading
With so much attention on FATCA in recent times, the financial services industry could be forgiven for seeing it as the most obtrusive regulation ever to be imposed on them. This view will soon change. Once the Automatic Exchange of Information (AEOI) comes into force, financial institutions will have far… – Continue reading
Switzerland and neighbouring Italy have revised a double taxation agreement which includes provisions for the exchange of information in line with the standards of the Organisation for Economic Development and Co-operation (OECD). The accord and a roadmap for the amendment of tax rules on cross-border workers as well as improved… – Continue reading
UK, US, Australia, Brazil, India- governments of developed and developing countries are battling profit shifting by MNCs such as Amazon, Google, Apple and Starbucks. The allegation- MNCs are shifting profits to jurisdictions where there is little or no tax to be paid. The solution- OECD’s BEPS action plan which, among… – Continue reading
Islamabad: Pakistan’s Finance Minister Ishaq Dar has rejected allegations by Pakistan Tehreek-e-Insaf (PTI) leader that he transferred $4 million to his son in Dubai to avoid taxes. In an open letter to the PTI chairman Imran Khan, the finance minister also refuted the claim that he has been dragging his… – Continue reading
The European Commission launched its work on its ambitious agenda to combat tax avoidance and aggressive tax planning. The College of Commissioners held a first orientation debate on possible key actions to ensure a fairer and more transparent approach to taxation in the EU.President Jean-Claude Juncker has made the fight… – Continue reading
Growing trend of chasing ‘high net worth foreign nationals’? Cooperation between HM Revenue and Customs (HMRC) and foreign tax authorities will only increase as more countries sign up to automatic tax information exchange agreements. This is according to Pinsent Masons, the law firm behind Out-Law.com, which obtained figures showing a… – Continue reading
The number of requests from foreign governments for tax information from the UK rose by 45 percent in 2013, according to international law firm Pinsent Masons. 2,466 requests were received by HM Revenue and Customs (HMRC) in the year to December 31, 2013, up from 1,701 recorded in 2012. James… – Continue reading
BRUSSELS (AP) — The European Union has launched a drive to combat tax evasion following a series of probes into rules that allow multinationals to slash their bills in Luxembourg, Ireland and the Netherlands. The EU’s executive commission said Wednesday that it will propose new tax legislation next month, including… – Continue reading
Last month, President Obama traveled to India where he famously befriended Narendra Modi and others. There, he heralded a new era of joint cooperation on many fronts, including the exchange of offshore account information. Last week, US Treasury Secretary, Jacob Lew was in India to follow up and meet with… – Continue reading
Britain’s tax office has seen a surge in foreign governments making information requests about tax evasion over recent years. The number of requests to HM Revenue & Customs rose by 45% in 2013 to total 2,466, research from international law firm Pinsent Masons revealed. Ukraine had the biggest boost in… – Continue reading
PREMIER Rufus Ewing has called out United Kingdom Opposition Leader, Edward Miliband for published statements he recently made regarding the TCI being a tax haven. Miliband is reported in the UK press as stating that the UK overseas territories (OT) are not complying with UK directives on beneficial ownership of… – Continue reading
NEW DELHI: Committing to boost trade ties, India and the US today resolved to enhance cooperation, remove obstacles to investment flows and work towards early adoption of FATCA to facilitate automatic flow of tax information. “We are committed to share our experiences in tackling offshore tax evasion and avoidance. We… – Continue reading
NEW DELHI: India and the US on Thursday committed to take the renewed India-US partnership forward through “shared effort and progress for all” when Finance Minister Arun Jaitley and Jacob J. Lew, US Secretary of the Treasury, met in the Capital for the Fifth Annual India-US Economic and Financial Partnership…. – Continue reading
SINGAPORE: Singapore has signed agreements with France and Uruguay for avoidance of double taxation (DTA). In the agreement with France, the revised DTA offers improved terms for businesses, such as lower withholding tax rates for dividends and includes anti-abuse provisions. The signing took place in Singapore between Singapore Deputy Prime… – Continue reading
Local businesses still have a lot to consider for the next stages of the Foreign Account Tax Compliance Act (FATCA) implementation, delegates heard at a recent breakfast seminar hosted by EY. The event, led by Wendy Martin, EY’s Tax Executive Director, highlighted the recent updates made to the FATCA guidance… – Continue reading
The latest FATCA Foreign Financial Institutions (FFI) list reveals that of the top five countries with the most registrations to date, the Tax Authorities of two – the Cayman Islands and the British Virgin Islands – are implementing the Vizor for FATCA & AEOI Vizor Software, the leading regulatory supervision… – Continue reading
G20 finance ministers will hear about the OECD’s three-pronged approach to implementation of the BEPS Action Plan at their meeting in Istanbul on Monday and Tuesday of next week (February 9 and 10). The OECD, which is leading the work, outlined today what has been agreed so far with the… – Continue reading
The DTA between Cyprus and Iceland took effect on 1 January 2015 The new double taxation agreement between Cyprus and Iceland, which was signed on 13 November 2014, entered into force on 22 December 2014. The agreement is based on the OECD Model Convention for the Avoidance of Double Taxation… – Continue reading
February 4: The Luxembourg tax authorities this week released a draft version of a new administrative circular for implementing the FATCA regime. The new draft guidance concerns the file format to be used for the automatic exchange of information between the Grand-Duchy of Luxembourg and the United States.
Jersey’s financial institutions are now able to register in Jersey in preparation for US FATCA, which commences this year. The Foreign Account Tax Compliance Act (FATCA) requires financial institutions outside the USA to report information on financial accounts held by their US customers to the Internal Revenue Service (IRS). A… – Continue reading
In 2014, China continued to develop its taxation system affecting domestic and crossborder transactions. This “Legal Flash – Special Edition 2014” highlights the most significant tax updates of the year. Please see our monthly legal flashes for more information and analysis here. Taking a step-forward on anti-avoidance provisions, the State… – Continue reading
New Delhi: Multinational companies operating in India will soon have to disclose details of their operations at the country of residence and their revenue income to the Income Tax authorities. The Budget for 2015-16 may contain provisions relating to the Global Base Erosion and Profit Shifting (BEPS) rules, which are… – Continue reading
The Internal Revenue Service announced in January that its International Data Exchange Service (IDES) is open for enrollment, and that financial institutions and host country tax authorities will be able to use IDES to securely send their information reports on financial accounts held by Americans to the IRS under the… – Continue reading
NEW DELHI: Multinational companies operating in India will soon have to disclose details of their operations at the country of residence and their revenue income to the Income Tax authorities. The Budget for 2015-16 may contain provisions relating to the Global Base Erosion and Profit Shifting (BEPS) rules, which are… – Continue reading
According to an estimate by the European Commission, the EU is at least 1,000 billion euros out of pocket because of tax evasion and avoidance. A major problem related to tax evasion is that in many cases it does not involve any illegal activities but is regarded as tax planning… – Continue reading
In July 2014, the Organization for Economic Cooperation and Development (OECD) released the new global ‘standard’ for the automatic exchange of information between offshore and onshore jurisdictions – known as the Common Reporting Standard (CRS). The CRS reach is truly global and over 100 countries have publically committed to adopting… – Continue reading
Hong Kong’s Government should use greater-than-expected revenue receipts to implement measures to enhance the city’s international competitiveness in the 2015/16 Budget, according to a KPMG survey of senior Hong Kong-based business executives. It is foreseen that the Government will be in a position of increased fiscal strength at the end… – Continue reading
With so much attention on FATCA in recent times, the financial services industry could be forgiven for seeing it as the most obtrusive regulation ever imposed. This view will soon change. Once the Automatic Exchange of Information comes into force, financial institutions will have far greater challenges to overcome, writes… – Continue reading
Leading regulatory supervision software provider adds new features to provide a robust, future-proof FATCA & AEOI system. Ottawa, Canada (PRWEB) January 22, 2015 Vizor, the leading regulatory supervision software provider, today introduced new features that help Tax Authorities meet their Foreign Account Tax Compliance Act (FATCA) obligations as well as… – Continue reading
The US Foreign Account Tax Compliance Act (FATCA) is in the vanguard of a global movement towards the automatic exchange of information on tax matters. The US enacted FATCA in 2010 to tackle the problem of tax evasion by US citizens and residents who under-report or fail to report income… – Continue reading
After almost three years’ negotiations over untaxed Italian assets in Swiss banks, Switzerland and Italy have reached an agreement in principle on future cooperation in tax matters. The agreement between Switzerland and Italy was initialled on 19 December 2014 The two governments are currently preparing the signature of a Protocol… – Continue reading
We commissioners have vowed to clamp down on evasion and fraud to make sure all companies pay their fair share 2014 was the year the world discovered there is no whisky in a double Irish and no cheese in a Dutch sandwich. Discussions about fair taxation and tax avoidance featured… – Continue reading
Switzerland and Italy have reached an agreement in principle on future cooperation in tax matters. Negotiations with Italy over untaxed Italian assets in Swiss banks have been running for two and a half years. The agreement will facilitate the processing of the Italian voluntary disclosure programme recently adopted by Italy’s… – Continue reading
New Assistant Treasurer Josh Frydenberg has dismissed concerns from business and tax experts that changing the international tax rules could result in Australia losing mining tax revenue to nations like China, describing it as a “furphy”. Mr Frydenberg has also raised Australia’s competitiveness internationally as a concern, saying corporate taxes… – Continue reading
The International Chamber of Commerce (ICC) has reaffirmed its active engagement in the second phase of the G20 / Organization for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) project while underscoring the importance of a coordinated and consistent approach to tax law changes. ICC continues to… – Continue reading
The Swiss Government has launched a three-month consultation period on draft legislation that will pave the way for Switzerland to implement tax information sharing agreements with other countries. Finance minister Eveline Widmer-Schlumpf announced the schedule in Bern on Wednesday and explained in outline that the cabinet wants Switzerland to agree… – Continue reading
SINGAPORE: A revised Agreement for the Avoidance of Double Taxation (DTA) was signed between the Republic and France on Thursday (Jan 16). The revised DTA offers improved terms for businesses such as lower withholding tax rates for dividends and includes anti-abuse provisions, according to a joint press release on Friday…. – Continue reading
The European Parliament’s Green Party has cleared the first legal hurdle for the creation of a committee to look into tax evasion in the wake of revelations about hundreds of secret deals for companies in Luxembourg. The proposal gathered the backing of more than the required 188 MEPs to seek… – Continue reading
In the light of the recent revelations about Luxembourg tax avoidance schemes for multinational corporations, a quarter of the European Parliament on Wednesday (14 January) backed the Greens’ proposal to set up a full inquiry committee on tax evasion and dumping. Managing to get the required support of 188 MEPs… – Continue reading
Ireland: The Department of Finance will publish a consultation document Wednesday on the proposed ‘knowledge box’ patent tax regime that will be enacted in replacement of the Double Dutch tax avoidance scheme. Late last year Department officials hinted that a 5% rate was under discussion to match the Dutch rate…. – Continue reading
Switzerland’s Financial Centre Reforms Are A Work In Progress by Andreas Keiser, swissinfo.ch In the last few months Switzerland has made progress in making its financial centre internationally compliant. Key areas are the automatic exchange of information, enhanced administrative assistance with other countries, and the reduction of foreign untaxed assets…. – Continue reading
India has pushed for fast implementation of the automatic exchange of information that would help to trace transactions of money illegally stashed abroad. The issue was raised by minister of state for finance Jayant Sinha at the meeting of G20 finance ministers and central bank governors. “The minister advocated for… – Continue reading
ISTANBUL: Committing to resist protectionism, the G20 nations have pledged to improve business environment to promote growth and strengthen transparency to prevent cross border tax evasion. The G20 Ministers also expressed concern over terrorist activities and called upon the member nations to expeditiously comply with international norms concerning exchange of… – Continue reading
Istanbul: Minister of State for Finance Shri Jayant Sinha attended the G-20 Meeting of Finance Ministers and Central Bank Governors in Istanbul, Turkey on 9th and 10th February ,2015. It was the First Finance Ministers’ Meeting under the Turkish Presidency. During his interventions in different Sessions, Shri Jayant Sinha, MoS… – Continue reading
A US criminal investigation into how Swiss banks helped wealthy Americans hide their money has had an unexpected side effect: shaking out scores of tax cheats among the Swiss themselves. Secrecy laws in Switzerland, the world’s largest offshore financial centre with trillions in assets, have been under siege in recent… – Continue reading
A delegation from the US Internal Revenue Service (IRS) visited Israel last week to meet representatives of the Israel Tax Authority. Sources inform “Globes” that the purpose of the meeting was to implement the agreement for the exchange of information between Israel and the US concerning the accounts of US… – Continue reading
Countries are competing to lower their tax rates to please the corporate giants, but the result is a massive collective loss of revenue. Only international coordination can wipe out the practice and defeat the negative influence of the Big Four accounting firms. Tax havens have long existed in the popular… – Continue reading
(CS/vb) A former PwC employee could face up to 10 years in prison for leaking thousands of documents in what has become known as the LuxLeaks scandal, his lawyer has said. Informant Antoine Deltour spoke on French television station Canal+ on Tuesday, saying that among experts, tax avoidance schemes via… – Continue reading
