Category: Regulatory

TIPS FOR BEING FATCA COMPLIANT

This June the IRS modified its offshore disclosure programs to encourage U.S. citizens to come forward and report their assets and mitigate risk of penalty or prosecution. To help your clients avoid running afoul of FATCA, a bulletin from PwC advises them to: Determine citizenship. In some cases, non-resident Americans are… – Continue reading

Russian government to submit offshore taxation bill to parliament

Therefore, Russia “could receive about 30 billion rubles [about $900 million] in additional budget revenues [annually], which are extremely necessary,” Finance Minister Anton Siluanov noted NOVO-OGARYOVO, July 30. /ITAR-TASS/. Russia’s new offshore taxation rules will yield about $1 billion in tax revenues for state coffers annually, Finance Minister Anton Siluanov… – Continue reading

Corruption scandal could set back Catalonia’s independence bid

Ex-Catalan premier Jordi Pujol is to be stripped of his honorary privileges after admitting to 34-years’ worth of tax evasion. He ruled the region for 23 years and as such earns an annual pension of over 86,000 euro; has an official car; and is honorary president of the CDC pro-independence… – Continue reading

Ex-deputy tourism minister and her husband arrested on tax evasion charges

A former Croatian deputy tourism minister Vinka Cetinski and her husband Mirko Cetinski, a one-time famous singer, were arrested on Tuesday night on suspicion of tax evasion and are to be transferred to custody in Rijeka on Wednesday, the national broadcaster (HTV) reported on Tuesday night.  The Cetinski couple is… – Continue reading

Judge rules tax fraud case against Messi will go ahead

(Reuters) – A Spanish court will push ahead with the process of prosecuting Argentina and Barcelona forward Lionel Messi for alleged tax evasion despite a recommendation from the public prosecutor the charges be dismissed. The prosecutor argued in June that Messi’s father Jorge was responsible for the family’s finances and… – Continue reading

India: Permanent Establishment Is A Separate Entity For The Purpose Of Transfer Pricing – ITAT Hyd

The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench has recently held in the case of DCIT, Hyderabad vs. M/s IJM (India) Infrastructure Ltd, Hyderabad (2014-TII-114-ITAT-HYD-TP) that a permanent establishment (PE) of a foreign company has to be treated as separate entity for the purpose of transfer pricing and that any… – Continue reading

Pfizer refuses to rule out tax inversion deals

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Emailftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/b494286e-171e-11e4-b0d7-00144feabdc0.html#ixzz393LkTft5 Pfizer refuses to rule out tax inversion deals By Andrew Ward, Pharmaceuticals CorrespondentAuthor alerts… – Continue reading

Do You Want the Global Destruction of Financial Privacy to Enable Higher Tax Rates and Bigger Government?

It’s a bad idea when governments demand information on your bank accounts and investments so they can impose economically destructive double taxation. It’s a worse idea when they also demand the right to tax economic activity in other jurisdictions (otherwise known as “worldwide taxation“). And it’s the worst possible development… – Continue reading

Singapore becomes the fourth signatory of double taxation agreement with Seychelles this year

Seychelles News Agency) – The Seychelles islands and Singapore have concluded a double taxation avoidance agreement, which will allow businesses operating in the two countries to pay tax in one of the jurisdictions and avoid taxation in the other, which is expected to encourage trade and investment between the two… – Continue reading

Polish Lower Chamber Approves Proposals on Tax Treatment of Foreign-Controlled Companies

June 30 — Poland’s Sejm, the lower house of parliament, June 26 approved proposals to introduce guidelines to distinguish a foreign-controlled company for tax purposes, and approved Poland’s agreement for the avoidance of double taxation with the United Arab Emirates, as well as its tax information exchange agreements with Bermuda,… – Continue reading

Panama, Vietnam Conclude DTA Negotiations

July 1 — Officials from Panama and Vietnam June 26 concluded the second round of negotiations and reached an agreement on the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income, the Panama government announced June 26. The agreement was initialed by the Minister of… – Continue reading

Canada, UK Revise Double Tax Agreement

Canada and the UK on July 21, 2014, signed a protocol to their Double Tax Agreement that amends its withholding tax and information exchange provisions. The Protocol includes an exemption from withholding tax for payments of interest made in respect of loans between persons at arm’s length. The headline withholding… – Continue reading

China’s new Enterprise Income Tax regulation and its impact on international transportation business

As reported in Clyde & Co’s 2011 article titled ‘Chinese charterers deducting taxes from hire payments’ (click here to view), foreign vessel owners engaged in business with Chinese charterers have long faced China’s Enterprise Income Tax regime (“EIT”). That regime looks set to extend further into the international transportation sector… – Continue reading

US accuses Barclays and Deutsche Bank of aiding hedge funds in tax evasion

World banking giants Barclays and Deutsche Bank have been accused by the US of helping more than a dozen hedge funds in tax evasion. Addressing a news conference, US Senate Permanent Subcommittee on Investigations chairman Carl Levin said the banks sold complex option products to Renaissance Technology that saved them… – Continue reading

Govt using information from various nations to check tax evasion

New Delhi: The government on Tuesday said it is effectively using the information received from various countries to combat the menace of tax evasion and avoidance. “Effectively utilising the information received from treaty partners to combat tax evasion and avoidance,” Minister of State for Finance Nirmala Sitharaman said in a… – Continue reading

YOUR TAXES: What you need to know about the US-Israel FATCA agreement

On June 30, the United States and Israel signed an intergovernmental agreement (IGA) regarding FAT CA. FAT CA became effective in the US and other countries on July 1 and will officially take effect in Israel once the Knesset passes enabling legislation. But the Bank of Israel has already instructed… – Continue reading

ICC Tells Countries To Resist Exit Taxes On MNEs

The International Chamber of Commerce, in a policy statement on July 15, 2014, has advised countries not to adopt exit taxes, to ensure that double taxation is avoided and to promote the free movement of capital. In its statement, entitled “Exit taxes: Serious obstacles for international business restructurings and movements… – Continue reading

Black money: OECD unveils automatic info exchange framework

New Delhi/Paris: In a major development in the fight against black money, multilateral grouping OECD Monday unveiled a ‘single global standard’ for automatic exchange of financial account information by various countries including India and Switzerland.The new framework, to be presented before a meeting of G-20 finance ministers in September, would… – Continue reading

Global crackdown on offshore secret tax accounts yields €37bn

Governments across the world have collected more than €37bn of tax from secret offshore accounts since 2009, it emerged on Monday as new details were unveiled of the next phase of the global crackdown on tax evasion. The Organisation for Economic Co-operation and Development published its global standard for automatic… – Continue reading