Category: FACT
IRS to consider repatriation as relief factor in double taxation cases
The US Internal Revenue Service (IRS) has said it will consider certain circumstances in which it could provide relief from double taxation resulting from application of the repatriation tax, as amended by the Tax Cuts and Jobs Act (TCJA) 2018. ... - Continue reading
Important tax changes for home owners from next April
QUESTION: I’m in the process of selling our family home and down sizing to a smaller property. I have just completed the purchase of our new home and we intend to move in soon. Our current home has been on the market for six months but we haven’t been able… – Continue reading
BIR files tax evasion charges against 15 Metro Manila business taxpayers
The Bureau of Internal Revenue filed Thursday separate criminal cases against 15 business taxpayers in Metro Manila for alleged refusal to pay tax debts totaling to more than P493 million. This brought to 482 the number of tax evasion charges lodged by the bureau under its Run-After-Tax-Evaders (RATE) program under… – Continue reading
FACT Coalition Calls for Corporate Tax Transparency
“Investors see the value, policymakers see the benefits, and businesses see the inevitability of greater transparency,” says the group’s executive director. The Financial Accountability and Corporate Transparency (FACT) Coalition is calling on the U.S. Congress, the Securities and Exchange Commission, and the Financial Accounting Standards Board to require multinationals to… – Continue reading
New Report Finds Corporate Offshore Tax Avoidance a Growing Problem
According to a new report, secretive offshore tax avoidance practices are on the rise among multinational businesses. The report, released from the Financial Accountability and Corporate Transparency Coalition (FACT), finds that these practices put investors at risk because they are caught off guard when governments act to collect the lost… – Continue reading
Coalition urges Treasury action to prevent offshore tax deals
The Financial Accountability and Corporate Transparency (FACT) Coalition is urging the Treasury Department to take further action to prevent companies from reincorporating overseas to lower their taxes. “It is time we eliminate this egregious offshore loophole to make sure that the corporations that benefit from all of the resources, protections,… – Continue reading
Tens of Thousands Urge Congress to Reject Any Extension of Egregious Tax Loopholes
House Lawmakers to Vote this Week on Temporary Renewal of “Tax Extenders” Package – including Two Outrageous Offshore Tax Loopholes Costing Taxpayers $10 Billion Annually Some on Capitol Hill Push to Make Loopholes Permanent, but Media Reports Suggest Offshore Provisions Could Be Phased out as Part of Bigger Tax Deal,… – Continue reading
Tax Policy Emerges As New Source of Friction As Europe Seeks Additional Revenue From US Multinationals
The 28 nations of the European Union lose up to $1 trillion per year in revenue thanks to multinational corporations that use a spider’s web of completely legal constructs to lower their taxes. Now, Europe’s law enforcers and lawmakers want to wipe away these intricate tax-avoidance systems. If they have… – Continue reading
ANZ payment of tax to fund fully franked dividends raises eyebrows
ANZ Banking Group has paid an instalment on its 2016 financial year company tax in order to get enough credits to maintain a fully franked final dividend in 2015, raising the spectre of future ANZ dividends being only partially franked or the dividend payout ratio falling to reflect the growing… – Continue reading
Congressman Introduces Bills to Curb Corporate Tax Inversions and Deferrals
Rep. Mark Pocan, D-Wis., has introduced two pieces of legislation to combat corporate tax inversions and tax deferral. The Corporate Fair Share Tax Act and the Putting America First Corporate Act would prevent corporations from using “tax inversions” to reduce a company’s U.S. tax burden and hide profits overseas. Corporate… – Continue reading
Australia a safe haven for illicit funds, US overtakes Cayman as tax shelter for rich
Australia hosts significant quantities of illicit funds from outside the country, according to the 2015 Financial Secrecy Index. The Tax Justice Network’s index, released every two years, rates countries based on financial transparency. The latest index rates Australia 44 out of 100 (from 47 in the previous survey) meaning it… – Continue reading
Reports finds U.S. financial secrecy worsening
WASHINGTON—The United States is one of the world’s most secret financial jurisdictions, according to a watchdog group’s new global ranking. The Tax Justice Network, an international think tank based in the United Kingdom, on Monday unveiled the 2015 Tax Secrecy Index, which lists the countries that most allow financial secrecy… – Continue reading
Black money law: Beneficiaries in overseas discretionary trusts may face enquiry
MUMBAI: Indian tax authorities will ignore conventions to pierce trust structures used by most people to stash black money abroad. Persons who are named as beneficiaries in overseas discretionary trusts are likely to face enquiry even if they do not receive any money from such trusts. The taxman will look… – Continue reading
OECD establishes roadmap for membership with Lithuania
10/07/2015 – The OECD set out a clear path for Lithuania’s accession to the Organisation, reinforcing the OECD’s commitment to further extend its global membership. On 8 July 2015 the 34 OECD Members adopted the Roadmap for the Accession of Lithuania to the OECD Convention setting out the terms, conditions… – Continue reading
Stop this egregious injustice: Why a bipartisan tax holiday is just another corporate handout
Corporations like Apple shouldn’t get a sweetheart deal to “onshore” profits, tax expert Scott Klinger tells Salon One of the more consequential paradoxes of American politics concerns the myth and the reality of bipartisan legislation. The myth is that American voters want it, and they want it bad. In fact,… – Continue reading
US equity giant Blackstone to lend money to Irish SMEs
Blackstone, the US private equity giant that until recently was locked in a dispute with Cork developer Michael O’Flynn, is willing to lend money to Irish SMEs. The firm hasn’t announced the plan publicly, but we are reliably informed that Blackstone will consider deals if approached by a borrower. The… – Continue reading
United States: Uncle Sam Wants You (To Pay Tax): Income Tax Pitfalls For Americans Living Abroad
I. Introduction In an effort to crack down on individuals obtaining U.S. citizenship illegally, the U.S. Department of Justice recently raided several “maternity tourism” operations in Southern California.1 These companies cater to wealthy foreigners seeking to give the gift of U.S. citizenship to their children. Since at least 1868, the… – Continue reading
Tax avoidance scheme succeeds before the Upper Tribunal
United Kingdom In Tower Radio Limited and another v HMRC5, the taxpayers successfully utilised a scheme which was designed to take advantage of Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA). Background During the periods relevant to this case, no liability to income tax arose under… – Continue reading
Financial Group Wants More Limits on Corporate Inversions
The FACT (Financial Accountability and Corporate Transparency) Coalition today submitted comments to the Treasury Department praising their previous actions to limit inversions while also calling for additional measures. The proposals come as a part of the open comment period for Notice 2014-52, Rules Regarding Inversions and Related Transactions, originally issued… – Continue reading
