Devolving further tax powers to Scotland would be “more complex than many might anticipate”, Scotland’s accountancy body has said. The Institute of Chartered Accountants of Scotland (ICAS) highlighted factors such as tax competition within the UK and the need to reduce tax avoidance. A commission is considering proposals for more… – Continue reading
In recent years, the United States has increased initiatives to counter tax evasion committed by U.S. persons who are not reporting and paying U.S. income tax on earnings derived from foreign financial assets. The Foreign Account Tax Compliance Act (“FATCA”) represents the latest major initiative in this regard, having been… – Continue reading
Nearly 105,000 financial institutions are listed on the US Internal Revenue Service (IRS) database of Foreign Account Tax Compliance Act (FATCA) organisations complying with the tax reporting rules for US citizens. The latest list was published on October 1, 2014 by the IRS and shows 104,344 financial organisations have signed… – Continue reading
New Delhi: Communist Party of India (Marxist) leader Brinda Karat on Saturday criticized the Prime Minister Narendra Modi-led NDA Government at the Centre for not disclosing the names of persons having money stashed away in safe havens abroad, and alleged that it exposed the utter hypocrisy and double standards of… – Continue reading
PANAMA CITY – Panama and Colombia said they will talk uninterruptedly to resolve a dispute that erupted after Bogota included the Central American nation on its list of tax havens. Panama’s vice president and foreign minister, Isabel De Saint Malo de Alvarado, and Colombia’s foreign minister, María Angela Holguín, delivered… – Continue reading
The tax gap has increased to £34bn in the past year according to the latest figure from HM Revenue and Customs (HMRC), but Baker Tilly’s George Bull has said that HMRC are nonetheless “winning the battle” against tax avoidance. The tax gap in the UK jumped from 6.6% in 2011-12… – Continue reading
Senate Finance Chairman Ron Wyden (D-Ore.) said Friday that he hopes to build on the pharmaceutical company AbbVie’s move away from a tax inversion. AbbVie’s board advised shareholders to vote against the proposed merger with the Irish competitor Shire, which Wyden said showed the company saw “the strategic business value… – Continue reading
IrishTonnageTax – The Irish Maritime Development Office (IMDO) has released a report Irish Tonnage Tax: Opportunities for the International Shipping Industry. The Irish tonnage tax regime has been established for over 10 years and offers one of the most competitive on-shore corporate tax rates to international shipping companies. The tonnage… – Continue reading
17/10/2014 – Full implementation of the structural reforms adopted and announced in France would boost potential annual economic growth by one third, or 0.4 percentage points per year over ten years, according to the OECD. In a report entitled Structural reforms in France: Impact on growth and options for the… – Continue reading
Our Reaction The Irish Minister for Finance delivered his Budget 2015 (the “Budget”) speech this week. There was considerable domestic and international anticipation in advance of the Budget against a backdrop of significant recovery in the Irish economy and also international focus (including, in particular, under the OECD BEPS project)… – Continue reading
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. Trustees of private family trusts are being urged to register with the US tax… – Continue reading
“It is the world’s best tax amnesty, “ says Morris Maroon, Head of the National Tax Team of law firm Rockwell Olivier. “There are only months before the best opportunity to turn foreign wealth tax-clean will come to an end. We will then see if the predictions of a particularly… – Continue reading
The reservation or grant of certain powers by settlors has always been possible under Bermuda’s trust law but, historically, there was some uncertainty about exactly how far settlors could go without calling the validity of the trust structure into question. The recently passed Trusts (Special Provisions) Amendment Act 2014 (TAA… – Continue reading
The much-awaited decision of the Bombay High Court was pronounced on October 10. Transfer pricing adjustment carried out in Shell/Vodafone case has been at the centrestage of every public discussion on Indian transfer pricing legislation. The incredulous stand taken by the tax authorities has evoked a strong response from investors… – Continue reading
The European Commission has published a new report detailing key tax reforms implemented by European Union member states during 2014 and identifies the main policy challenges they are said to face. The report notes that the tax burden on labor in the EU is relatively high. It suggests that member… – Continue reading
Budget measures including new foreign direct investment incentives discussed State agencies and Government Ministers and officials have launched a co-ordinated campaign of letters and phone calls to senior executives of foreign multinationals, to reassure them that Ireland remains a top destination for investment following the budget, Minister for Enterprise Richard… – Continue reading
n this second part of our overview of current transfer pricing regulations on the African continent, we focus on relevant provisions in, amongst others, Ghana, Nigeria and Uganda. The Ghanaian Transfer Pricing Regulations, 2012 (L.I.2188) (the Ghanaian Regulations) were introduced by the Ghana Revenue Authority (GRA) on 27 July 2012,… – Continue reading
Ireland has this week moved to change its tax law, closing the “double Irish” tax avoidance technique widely used by multinational enterprises including Google and Microsoft. Picture: Getty Images In very broad terms, the current Irish tax law allows a company incorporated in Ireland to be a tax resident of… – Continue reading
AMONG several proposals for tax reform, the director-general of the Revenue Department has said the agency would propose an amendment to the Revenue Code concerning transfer pricing, aiming to provide greater clarity on the determination of fair transfer prices. The director-general has indicated that in past years many multinational companies,… – Continue reading
The IRS has issued FAQs relating to the new streamlined procedures for offshore compliance, and for Delinquent International Information Return Submission Procedures. The FAQs for the streamlined program provide more detailed guidance on how the 5% penalty will be computed, how 100% owners of an incorporated business will be treated,… – Continue reading
As the Irish government considers closing an infamous tax loophole for corporations, Wall Street has been scrambling to gauge the effect on the pharmaceutical industry. So far, the prognosis seems that damage will largely be minimal. Known as the ‘Double Irish,’ the loophole allows companies to send royalty payments for… – Continue reading
What is FATCA? The Foreign Account Tax Compliance Act (“FATCA”) is a complex reporting and withholding regime enacted by the U.S. government in March, 2010 that is expected to become operational on July 1, 2014. FATCA was designed to combat tax evasion by U.S. taxpayers holding assets through non-U.S. financial… – Continue reading
The visit of an Indian delegation to Switzerland to discuss tax issues has garnered a lot of media attention in both countries. While offering some concessions, Switzerland refused to budge on the issue of providing assistance on the basis of stolen bank data. On Wednesday, the Swiss State Secretary for… – Continue reading
AbbVie Inc. (ABBV) may scrap its planned 32.4-billion-pound ($51.5 billion) deal for Dublin-based drugmaker Shire Plc (SHP), in what would be the biggest casualty of the U.S. crackdown on so-called tax inversions. Shire stock plunged the most in 12 years after North Chicago, Illinois-based AbbVie said its board will meet… – Continue reading
Taxi service Uber’s tax affairs have been referred to HMRC by London’s taxi and minicab regulator Transport for London (TfL). The move follows a complaint from senior Labour MP Margaret Hodge that Uber was “opting out of the UK tax regime”. London mayor and TfL chair Boris Johnson said TfL… – Continue reading
Ireland’s hard-pressed taxpayers are set for the first easing of austerity in seven years when tax cuts are announced in tomorrow’s payback budget. October 14 2014 will go down as a watershed in a painstaking economic recovery, four years since a banking collapse bankrupted the State and less than a… – Continue reading
There are lots of headlines out of Dublin today about the end of the “double Irish,” a notorious tax break used by multinational companies to avoid paying government levies around the world. Don’t be fooled: The Emerald Isle isn’t giving up on its race to the bottom of the tax… – Continue reading
A University of the West Indies Professor believes that the global attention being focused on offshore financial centres has come about because the international community remains concerned about money laundering and among other things, the financing of terrorism. Dr. Don Marshall who heads up the Sir Arthur Lewis Insitute for… – Continue reading
Taxes on fuel and corporate benefit need to rise significantly, says agency The Organisation for Economic Co-operation and Development (OECD) has launched a war of words on diesel fuel and company cars, claiming that the taxation levels on both are costing governments billions and seriously harming the environment. “The cost… – Continue reading
On July 21, 2014, the governments of Canada and the United Kingdom signed the fourth protocol (Protocol) amending the Convention between the Government of Canada and the Government of the United Kingdom of Great Britain and Northern Ireland for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion… – Continue reading
IN ONE of the most remembered scenes of the film Casablanca, police chief Louis Renault orders the close of Rick’s Cafe when he is “shocked, shocked” to learn that there was gambling going on in the establishment. Seconds later a waiter presents Renault with his winnings from roulette. Panama was… – Continue reading
INTRODUCTION In a recent publication1, the LMA have announced a change of approach to the allocation of FATCA withholding risk in certain of their precedent facility agreements. Previously, the LMA had not adopted a definitive stance in this area, recognising that borrowers and lenders may wish to allocate the risk… – Continue reading
Minister Findlay meets with Indian counterpart during trade mission to India DELHI, INDIA–(Marketwired – Oct. 15, 2014) – Canada Revenue Agency The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, met today with Nirmala Sitharaman, India’s Minister of State for Commerce and Industry and Minister of State… – Continue reading
LUXEMBOURG, Oct. 14 (Xinhua) — EU finance minister meeting concluded on Tuesday with breakthrough in taxation exchange information to fight against tax avoidance. Italian finance minister Pietro Carlo Padoan, whose country holds the presidency of the EU, told press after the meeting that the EU has planned to build a… – Continue reading
On May 9, 2014, the Tokyo District Court reversed a large tax that had been imposed on a large U.S. multinational’s Japanese holding company (“Japan HoldCo”). Under the Japanese Corporate Tax Law, if a shareholder returns shares to an issuing company (i.e., the issuing company acquires treasury shares), a portion… – Continue reading
Forty of Australia’s biggest companies will be asked to explain their tax affairs to a Senate committee investigating corporate tax avoidance. Companies shown, in a recent report, to have the lowest “effective tax rate” over the past decade and to operate the most subsidiaries in tax havens have been given… – Continue reading
The presentation on October 17, 2014 will discuss how FATCA has changed the world and provide perspectives for financial institutions and expatriates SHANGHAI, China, Oct. 14, 2014 (GLOBE NEWSWIRE) — via PRWEB – As of June 30, 2014 China has signed Model 1 IGA (Intergovernmental Agreement) in cooperation with FATCA… – Continue reading
A million Canadians are migrating to the southern United States for the winter. Before you cross the border, buy travel medical insurance. Learn how U.S. income tax rules affect you if you stay in the U.S. for more than four months. Buy travel medical insurance coverage before leaving Canada for… – Continue reading
Malta, like Cyprus, has been obliged to dismantle its old ‘offshore’ companies regime as a trade-off for joining the European Union. EU membership has, however, brought about certain benefits for Maltese companies trading across borders, and, coupled with investment-friendly government policies and some interesting tax planning opportunities, Malta remains one… – Continue reading
A vast majority of companies headquartered in the United States expect increased scrutiny of their transfer pricing practices in the short-term as a result of the Organisation for Economic Cooperation and Development’s (OECD’s) base erosion and profit shifting (BEPS) project. A recent EY survey, Connecting The Dots, concluded that 30… – Continue reading
Monaco has become the 84th jurisdiction to commit to strengthen international tax cooperation through its participation in the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Welcoming the signing by José Badia, Monaco’s Minister for Foreign Affairs and Cooperation, the Organisation for Economic Cooperation and Development’s (OECD’s) Secretary-General, Angel… – Continue reading
In this issue: An Introduction to Double Taxation Avoidance Qualifying for DTA Benefits in China Applying for DTA Benefits in China Rising operational costs in China mean that business owners must be alert to all possible means of maximizing the performance of their China-based investments. As one such measure, the… – Continue reading
TORONTO , Oct. 2, 2014 /CNW/ – Aggressive international corporate tax avoidance by multinational corporations has become the subject of intense political scrutiny. U.S. politicians have called out some American multinationals, including Apple, Amazon, Starbucks and Google, for relocating profits abroad to avoid U.S. taxes. More recently, politicians accused Burger… – Continue reading
It appears as if Irish eyes won’t be smiling on U.S. corporations soon. The government of Ireland is set to change its tax code tomorrow to eliminate some of those loopholes that American companies have come to love. Among the targets– the so-called “double Irish” tax break. Both the U.S…. – Continue reading
Reuters) – Ireland’s plan to close a “Double Irish” tax loophole could cost U.S. companies including Apple and Google billions of dollars, although a new break and pressure to tackle tax avoidance elsewhere means they are unlikely to decamp. Analysts and tax advisers predict that corporations which need access to… – Continue reading
* Ireland to end tax regime that saved multinationals billions * Swift upturn ushers in tax cuts rather than austerity * Government faces backlash over uneven nature of recovery (Adds finance minister interview, Google comment) By Padraic Halpin and Conor Humphries DUBLIN, Oct 14 (Reuters) – Ireland will phase out… – Continue reading
The Swiss finance minister, Eveline Widmer-Schlumpf, and her counterparts from European Union member states have signed a joint statement aimed at ending a controversy over corporate taxes. The declaration, signed in Luxembourg on Tuesday, includes the Swiss government’s plans to push ahead with abolishing certain preferential tax regimes for foreign… – Continue reading
Hitech firms are being warned that they should take advantage of tax relief on patent related profits now before a threatened clamp down by the European Union according to Richard Hopes, Partner at Alliotts accountants based in Surrey and London. Richard Hopes, Partner at Alliotts accountants and a specialist in… – Continue reading
It is said that Argentina faces an economic and political crisis every 10 years. Whenever a crisis arises, Argentinians’ right of ownership is at risk. Devaluation, asymmetric pesification and the current foreign exchange restrictions are a few examples of the challenges we face. What’s more, according to a recent OECD… – Continue reading
How your listed property holding will be taxed. CAPE TOWN – By the middle of this year, most of South Africa’s listed property companies had converted themselves into real estate investment trusts (REITs) under legislation adopted in 2013. This brings the sector in line with global standards. One of the… – Continue reading
