The Channel Islands (Jersey and Guernsey) have long been known as leading offshore centres for the establishment of investment funds and other investment structures. In particular, Channel Island vehicles are often used for alternative investment structuring – including private equity, infrastructure and real estate. This article explains the trends in… – 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
Until recently, demonstrating empirically the value of International Finance Centres (IFCs) to global economies has proven relatively difficult. Despite IFCs being able to point to the high quality of their regulation and the endorsement they receive on a consistent basis from global authorities such as the OECD and IMF, this… – Continue reading
With the UK announcing new tax rules for foreigners living in the country, the government has been careful not to damage the country’s appeal to wealthy foreigners. The “non-dom” tax status “plays an important role in allowing those from abroad to contribute to our economy”, says George Osborne, the UK’s… – Continue reading
China devalued its currency on Tuesday after a run of poor economic data, a move it billed as a free-market reform but that some suspect could be the beginning of a longer slide in the exchange rate. The central bank set its official guidance rate down nearly 2 percent prior… – Continue reading
The Government of the British Virgin Islands is pleased to announce that The British Virgin Islands (BVI) has been rated “Largely Compliant” for its approach to tax transparency and exchange of information, in the Supplementary Peer Review report published by The Global Forum on Transparency and Exchange of Information for… – Continue reading
In a new update on the financial status of the UAE, the International Monetary Fund (IMF) has advised additional taxation among several options for the UAE government to further strengthen its revenue base in order to minimise dependence on the fluctuating global oil price, reports the Emirates 24/7. The UAE… – Continue reading
Introduction The Cayman Islands have an extremely open, accountable and transparent government and regulatory system. Despite the dated stereotype, the Cayman Islands have promoted transparency regulations and initiatives for many years. In May 2000, the Cayman Islands made commitments to the Organisation for Economic Co-operation and Development (the “OECD“) to… – Continue reading
Until 2009 Switzerland had the questionable reputation of being the ideal parking spot for all kinds of money. The USA action against the UBS was the start of a series of actions to change old practices. Being the world number one in offshore money management, inevitably resulted in Switzerland being… – Continue reading
When it comes to opening its $5.7 trillion bond market to global central banks, China is rolling out the red carpet. The world’s top underwriters are struggling to get in the back door. Morgan Stanley set up a joint venture that’s helped manage 30.2 billion yuan ($4.9 billion) of note… – Continue reading
CAPITAL flight to offshore tax havens, estimated at between US$21 trillion to US$32 trillion, poses a major challenge especially in tackling income inequality, poverty and debt issues. In total, 10 million individuals around the world hold assets offshore, with almost half of the minimum estimate of US$21 trillion to US$9.8… – Continue reading
The world’s wealthiest people are hiding trillions of dollars in offshore tax havens to avoid paying their fair share of taxes, reported the Guardian. New research found that the amount of money hidden around the world is larger than what’s in the American economy. James Henry, economist and researcher with… – Continue reading
These proposals can be implemented individually or as part of other reforms that may be in the pipeline PKF wishes to contribute its part towards the next budget implementation and for this purpose it has researched new areas which in its opinion warrant attention by the government during the public… – Continue reading
From five-star hotels to humble tavernas, Greek tax inspectors are fixing their attention on tax evasion at summer holiday hotspots. The government served notice on Wednesday that Prime Minister Alexis Tsipras’s promised crackdown on tax evasion is now under way, a week after sweeping increases in value-added tax were imposed…. – Continue reading
The world can end the AIDS epidemic by 2030, the United Nations said on Tuesday, highlighting global success in rolling out life-saving drugs over the last 15 years. The UN Millennium Development Goal to halt and reverse the spread of the disease has been achieved, said UNAIDS, the global body’s… – Continue reading
Initiative aims to deepen dialogue with developing countries and develop diagnostic tools for member countries to evaluate and strengthen tax policies The World Bank and the International Monetary Fund (IMF) launched a new initiative Friday, to help developing countries strengthen their taxation systems. The move comes on the back of… – Continue reading
Forcing banks to pay more corporation tax on their profits is not a “well targeted” way to punish lenders that did the most damage to the UK economy or got the biggest bail-outs during the financial crisis, according to the Institute for Fiscal Studies (IFS), reports The Telegraph. The IFS… – Continue reading
The Executive Board of the International Monetary Fund (IMF), on July 6, 2015, discussed the IMF’s role in supporting the post-2015 development agenda, ahead of the upcoming third United Nations (UN) Conference on Financing for Development (FfD) to be held in Addis Ababa from July 13–16, 2015. Having adopted a… – Continue reading
The FINANCIAL — On June 10, 2015, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Panama. Panama’s economic performance is expected to remain strong. Real GDP slowed to 6.2 percent in 2014, reflecting a slower pace of public investment, continued weakness in Colon… – Continue reading
PIA FORUM with DOREEN KAMBANGANJI Effects of money laundering and terrorist financing Min Zhu, deputy managing director of the International Monetary Fund (IMF), made the following expression on the effects of money laundering and terrorist financing: “Money laundering and the financing of terrorism are financial crimes with economic effects. They… – Continue reading
ATHENS, June 25 (Reuters) – When Greece’s tax police squad raided a busy cafe-restaurant in an upscale central Athens district earlier this year, it discovered two cash registers and an elaborate system of issuing fake receipts — at least 15,000 of them, over four years. Four months later, the cafe… – Continue reading
Ahead of Dublin visit, health expert discusses fighting poverty and sharing prosperity. “The Koreans have a saying that you bury your spouse in the ground but you bury your children in your heart,” said Dr Jim Yong Kim. The Korean-born health expert is speaking to The Irish Times at his… – Continue reading
Responding to David Cameron’s call for a global crackdown on corruption by G7 leaders meeting in Germany for their annual summit this weekend, Jorn Kalinksi, Oxfam G7 spokesperson said: “David Cameron’s is right to put a spotlight on corruption which is a problem for all countries across the globe. Corruption… – Continue reading
International Christian groups are hailing a report demanding fresh solutions to tax dodging by multinational companies. The World Council of Churches and the UK’s Christian Aid cite researchers from the International Monetary Fund who say tax rules could be costing developing countries $212 billion a year. The report, from the… – Continue reading
In its report issued in May 2015, the International Monetary Fund (IMF) warned against the exceptional risks and challenges facing Lebanon as a result of several political and security factors both at the domestic and foreign levels. These challenges also result from worrying economic factors in terms of growth, the… – Continue reading
Former Public Accounts Committee Chair Margaret Hodge writes ahead of next week’s CPA UK Workshop in partnership on Parliamentary Action on Tax Transparency, Tax Evasion and Tax Avoidance A new global development agenda will be put in place by the UN this year, consisting of 17 high-level and ambitious goals… – Continue reading
DRESDEN — Finance chiefs from the Group of Seven (G-7) economic powers met on Thursday to discuss how to revive a faltering global recovery, with the US leaning on Europe to reach a deal to avert a Greek bankruptcy. The threat of a Greek default, rising oil prices and bond… – Continue reading
The government is likely to introduce measures to include majority of the withholding tax (WHT) paying but non-tax complying people in the tax net and is considering establishing a border security force to replace numerous agencies to regulate the movement of people and goods during the next financial year. An… – Continue reading
The International Monetary Fund has welcomed plans for corporate tax reform in Switzerland and called for its “timely completion.” Switzerland has faced international pressure in recent years to reduce the favorable tax treatment provided to multinational corporations in many cantons, the IMF noted in its 2015 Article IV Consultation report… – Continue reading
IT’S A SECRET According to the IMF, “Money laundering is a process by which the illicit source of assets obtained or generated by criminal activity is concealed to obscure the link between the funds and the original criminal activity. Terrorist financing involves the raising and processing of assets to supply… – Continue reading
The total “development finance” loss – counting both revenues and reinvested earnings – is estimated in the range of $250 to $300 billion. This prevents developing countries from stopping the outflow of money, which thus bleeds them of essential resources The financial crisis of 2008 had an interesting collateral benefit… – Continue reading
