THE GOVERNMENT is still awaiting assurance from Thailand that a World Trade Organization (WTO) ruling on cigarette taxation issued in favor of the Philippines will not be invalidated by an ongoing tax evasion case there. Asked to comment on a status report submitted by Thailand to the WTO last June… – Continue reading
Minister of Finance Hany Dimian said introducing amendments to some provisions of the tax law on individual’s annual income allow inserting articles to combat tax evasion. The Minister added that this comes within the reform package adopted by his ministry to address the new budget deficit. These amendments, President Abdel… – Continue reading
Treasurer Joe Hockey has said that he will improve the structural integrity of Australia’s tax system to address international tax avoidance by multinational enterprises. In particular, the tax law will be tightened to prevent a multinational from shifting profits from Australia by claiming excess interest expense deductions. This tax avoidance technique is… – Continue reading
Treasurer Joe Hockey will introduce legislation this month to tighten corporate taxation loopholes but says there must be a global solution to tax evasion. The government is going ahead with rule changes to lower the amount of debt a multinational firm based in Australia can have on its books. This… – Continue reading
The BVI Government has signed a Model 1B (non-reciprocal) Intergovernmental Agreement (IGA) in relation to the US Foreign Account Tax Compliance Act (FATCA), it was announced on 30 June 2014. It was announced in March this year that negotiations had been concluded with the US and later in April the… – Continue reading
As the new government gets to work, one key item on the agenda would be the revival of growth. The key to that objective is the revival of the investment climate in India for renewed flow of overseas investments. One aspect that has vitiated the investment climate is the tax… – Continue reading
MOSCOW, June 30 (RAPSI) – Russian President Vladimir Putin has signed a law to allow Russian financial institutions to provide information about US taxpayers and to oblige foreign financial institutions to report Russian taxpayers to Russia’s Federal Tax Service. The document has been posted on the government website of legal information…. – Continue reading
This week one of the key Democratic Party strongholds voted to reduce income taxes and expand the sales tax base. The District of Columbia Council, which in 2012 supported President Barack Obama over challenger Mitt Romney by a wide margin of 13 votes to 1 (in a city where 90.9… – Continue reading
Are you an American resident? It’s a question that Canadian “snowbirds” will have to ask themselves before celebrating Canada Day next week, when the U.S. Foreign Tax Compliance Act – or FATCA – kicks into effect. Financial institutions around the world will answer to the U.S. Internal Revenue Agency so… – Continue reading
Law360, Los Angeles (June 25, 2014, 10:42 PM ET) — Russia’s upper house of parliament reportedly approved legislation Wednesday that would allow Russian banks to share information about their foreign clients with the U.S., so the banks can comply with the Foreign Account Tax Compliance Act, despite the Russian government’s… – Continue reading
The unequivocal mandate given to the Modi led NDA government will allow them to take a long term perspective while making policy decisions. The finance ministry led by Arun Jaitley has close to 15 days left to put together the dream budget and at the same time address ‘inclusive growth’… – Continue reading
Facing global pressure, Switzerland today decided to relax a key legislation to make it easier to extend help to foreign countries, including India, probing cases of suspected tax crimes. The proposed revision in Switzerland’s Tax Administrative Assistance Act would do away with an existing requirement where all individuals are given… – Continue reading
The State Duma on Friday passed legislation allowing Russian banks to pass information on their U.S. clients to the U.S. tax service, as demanded by FATCA, a law that drags banks around the world into the U.S. fight against tax evasion. But lawmakers were not keen to bend over backwards for the U.S. Under the legislation, authorities will be able to veto the transfer… – Continue reading
“Ladies and Gentlemen, Our campaign against corporate tax avoidance marches on, with further important advances today. I am delighted that Finance Ministers have agreed on a crucial revision to the Parent-Subsidiary Directive, which will block a prevalent form of aggressive tax planning, known as hybrid loan arrangements. No longer will… – Continue reading
For more than a century, Geneva has provided wealthy French families a convenient and safe place to stash their money. Switzerland’s political neutrality, stability, and tradition of bank secrecy have kept their fortunes beyond the reach of warring powers and the most determined tax collectors, even though Geneva is less… – Continue reading
BRUSSELS — The European Union is closing a loophole that allows companies to shift some of their profits between different country divisions to avoid taxation. European Union finance ministers in Luxembourg on Friday agreed on the reform after months of squabbling because some countries feared losing business from multinational firms…. – Continue reading
The European Union is closing a loophole that allows companies to shift some of their profits between different country divisions to avoid taxation. European Union finance ministers in Luxembourg on Friday agreed on the reform after months of squabbling because some countries feared losing business from multinational firms. The ministers… – Continue reading
New Zealand financial institutions’ FATCA obligations are clarified with today’s signing of a NZ/US intergovernmental agreement (IGA). The long-awaited agreement comes not a moment too soon, with the 1 July implementation date just over two weeks away. FATCA’s global reach FATCA (short for Foreign Account Tax Compliance Act) is a… – Continue reading
JEDDAH – Saudi Arabia and the US discussed ways to further enhance their existing cooperation on efforts to disrupt the financial and support networks of terrorist organizations, announced Minister of Finance Ibrahim Al-Assaf at a joint press conference with US Treasury Secretary Jacob Lew here on Tuesday. Assaf said that… – Continue reading
The National Board of Revenue (NBR) is going to introduce transfer pricing regulations from July 1, 2014 in a bid to check tax avoidance by multinational companies. The Transfer Pricing Law, approved through the Finance Bill-2012, remained in process of preparing ground work for its successful implementation. It will help… – Continue reading
Measures to block abuse of ‘transfer of rights’ rules expected to bring in more than £160m, taxman says. Measures to block abuse of ‘transfer of rights’ rules expected to bring in more than £160m, taxman says. The High Court has rejected an attempt to bring a judicial review to challenge… – Continue reading
While the UK government continues its battle against tax evasion and tax avoidance, the authorities have received welcome support from the High Court with a ruling backing last year’s bid to stop investors avoiding stamp duty. In simple terms, savvy investors were transferring ownership of property to an offshore company… – Continue reading
NIA CHARLESTOWN Nevis (June 13, 2014) — The Nevis International Banking Ordinance 2014,received safe passage in the Nevis Island Assembly on June 12, 2014, at a sitting which commenced just after 10 a.m. and concluded at 7:15 p.m. The Ordinance replaces the Nevis Offshore Banking Ordinance Cap. 7.05., a key… – Continue reading
New Zealand financial institutions’ FATCA obligations are clarified with today’s signing of a NZ/US intergovernmental agreement (IGA). The long-awaited agreement comes not a moment too soon, with the 1 July implementation date just over two weeks away. FATCA’s global reach FATCA (short for Foreign Account Tax Compliance Act) is a… – Continue reading
In 2010, Congress passed House Resolution (H.R.) 2847, the Hiring Incentives to Restore Employment Act, or HIRE Act. This legislation included a number of tax breaks meant to encourage businesses to put people on the payroll. This law also called for greater scrutiny of foreign accounts that U.S. citizens hold… – Continue reading
The Heritage Foundation has issued a report to demonstrate how the United States Foreign Account Tax Compliance Act (FATCA) is hurting Americans living abroad, and has recommended that it should be reformed. In particular, Heritage noted that FATCA is burdening Americans living overseas with “enormous financial and legal burdens” through… – Continue reading
Ireland’s revenue agency has launched a dedicated Automatic Exchange of Information (AEOI) webpage containing information and links to documents on a range of initiatives. In unveiling the page, Revenue said that Ireland fully supports the global move towards AEOI. The page provides guidance on the Intergovernmental Agreement reached with the… – Continue reading
Experience from Australia and New Zealand shows that these rules do not give a tax authority a carte blanche to attack tax arrangements that it does not like The Narendra Modi administration’s high-octane economic charge will be widely welcomed but, perhaps tax policy discretion will indeed be the better part… – Continue reading
Azerbaijan and the U.S. Internal Revenue Office (IRS) will sign an additional agreement on confidentiality under the intergovernmental agreement on implementing the Foreign Account Tax Compliance Act (FATCA) by Azerbaijani banks by September 30, 2015. The news was announced by Azerbaijani Taxes Ministry last week. “It is known that the… – Continue reading
While Perrigo Co. plc has already cut its tax burden by moving offshore in the $8.6 billion blockbuster deal with Irish pharmaceutical maker Elan Corp. that it says will allow it to expand globally, other U.S. corporations could have a hard time pulling off similar deals. New federal legislation aims to change… – Continue reading
The Trans-Pacific Partnership Agreement, Five Eyes intelligence sharing and the American Foreign Account Tax Compliance Act have put New Zealand’s sovereignty and independence at risk and must be immediately reviewed, says the Internet Party. In its draft Independence policy released today, the Internet Party said New Zealand’s sovereignty was being… – Continue reading
The European Union may open a formal probe as soon as next week into tax breaks that Ireland and the Netherlands use to attract international companies, according to people familiar with the case. The European Commission is scheduled to discuss the issue at a meeting June 11, said two people,… – Continue reading
The regulatory landscape for the Australian funds management industry continues to change. This article provides an overview of five key matters that should be on the radar of fund managers. FATCA The US Foreign Account Tax Compliance Act (FATCA) allows the US Internal Revenue Service (IRS) to identify and collect… – Continue reading
At present, it is unclear how the rules surrounding Private Residence relief (PPR) will exempt individuals from these new CGT rules. In his 2013 Autumn Statement, Chancellor George Osborne announced an important change to the UK tax system – namely, the extension of capital gains tax (CGT) to non-residents selling their… – Continue reading
There has been remarkable progress in the fight against tax evasion and corporate avoidance in the past eighteen months. This month it was announced that 47 countries had agreed to an Organisation for Economic Co-operation and Development (OECD) framework that commits them to “swiftly” pass new domestic laws that will… – Continue reading
Having spent the past eighteen months claiming that Ireland does not facilitate international corporate tax avoidance despite overwhelming evidence to the contrary, the Irish Government has done a U-turn and has signalled that it is ready to prepare for the reality of reform. On Tuesday the Department of Finance published… – Continue reading
I am not a financial advisor or consultant and this column is presented only to help explain to many senior citizens what appears to be a warning currently making the rounds on the Internet. In my research of the notice the online truth digging site of “TruthorFiction.com” has provided their… – Continue reading
Bulgaria and the USA reached an agreement in substance regarding the implementation of the FATCA legislation in Bulgaria. You will find below a brief overview of this specific legislation, its application in Bulgaria and the main responsibilities arising for the Bulgarian business in this regard. What is FATCA? On 18… – Continue reading
There’s a bill that will go into effect on July 1. It’s known as H.R. 2847 which contains FATCA (the Foreign Account Tax Compliance Act of 2010). H.R. 2847 also known as HIRE (the Hiring Incentives to Restore Employment Act) was a law passed in March 2010 which will go into… – Continue reading
Legislation aimed at finding American tax evaders would give up personal information of Canadians with ties to the U.S. OTTAWA—If one wants another clear-eyed illustration of the power imbalance between Washington and the federal Conservatives, one need look no further than a tax deal signed between the two countries last… – Continue reading
Russian lawmakers and banks are still squabbling about how to join the Foreign Account Tax Compliance Act (FATCA) network after the US closed the door on talks following Moscow’s role in the Ukraine crisis. In recent weeks, Finance Minister Anatoly Aksakov pledged to Russian banks that a new law allowing… – Continue reading
WASHINGTON (Reuters) – Taking aim against corporate tax avoidance, Democrats in the U.S. Congress called on Tuesday for curbs on U.S. multinationals that shift tax domiciles abroad in deals known as “inversions.” While still rare, these deals are becoming more common, with two recently attempted transactions by Pfizer Inc and… – Continue reading
The Supreme Court of India in a recent ruling (Commissioner of Wealth Tax, Rajkot v. Estate of Late HMM Vikramsinhji of Gondal (Civil Appeal No. 2312 of 2007) has held that the Indian resident beneficiaries of an offshore discretionary trust shall not be subject to tax on the trust’s income… – Continue reading
In an effort to tighten rules on corporate tax avoidance through “inversions,” U.S. Senator Tim Kaine joined a group of 13 Senators today to introduce The Stop Corporate Inversions Act of 2014, legislation to address the practice of reincorporating offshore to avoid paying U.S. taxes. The bill is designed to prevent… – Continue reading
With the recent passing of the 5 May 2014 registration deadline to be included in the first IRS GIIN list on 2 June 2014, and the 3 June 2014 registration deadline for the 1 July 2014 GIIN list imminent, this update outlines the practical implications for CLO issuers incorporated in… – Continue reading
On 28 April 2014, the Australian Government signed an agreement (the intergovernmental agreement) with their U.S. counterparts that will greatly assist Australian financial institutions that must comply with the requirements of the Foreign Account Tax Compliance Act (FATCA) legislation, enacted by the U.S. Government. The FATCA regime is, at its core,… – Continue reading
Puerto Rico’s tax incentive acts are tailor-made for traders, investors, investment managers and financial institutions. Enacted in 2012, Puerto Rico’s Act 22 allows investors and traders with bona fide residence in Puerto Rico to exclude 100% of all short-term and long-term capital gains from the sale of personal property accrued… – Continue reading
The UK Chancellor George Osborne is tightening the screws on the tax dodging UK super-rich, as he’s proposing to increase fines for those who hide their money in offshore tax havens and send them to jail even if they didn’t intend to evade tax. “We are changing the balance of… – Continue reading
On Tuesday, the House Ways and Means Committee holds a hearing to discuss making permanent several of multinationals’ favorite tax code provisions, including the Apple loophole. Thus the House, like the Senate, is in the early stages of enacting these expired provisions yet again. That’s how Congress traditionally gives multinationals their offshore tax loopholes: propose… – Continue reading
Offshore companies can not acquire and have ownership of agricultural land in Bulgaria, according to the latest amendments to the Agricultural Land Ownership and Use Act. The changes to the Agriculture Land Act were passed on second reading, Thursday, Bulgarian BTV reports. The restriction applies to joint-stock companies that have issued bearer shares, as well…. – Continue reading
