Category: Tax Haven

Slow UK aid for hurricane-hit islands linked to tax haven ties

Anguilla’s ex-attorney general says UK government may fear exposing its role in Caribbean territories’ tax arrangements Aid offered by the British government to its hurricane-battered territories in the Caribbean has been dismissed as “derisory” by a former attorney general of one of the worst-hit islands. Rupert Jones, who completed a...

HONG KONG, SINGAPORE AND CHINA GET TOUGH ON TAX HAVENS

In an effort to create a ‘level playing field’, Asian economies are committing to new standards of transparency At the risk of losing some foreign investors, Asian jurisdictions are stepping up efforts to combat corporate tax avoidance to meet new global transparency standards. More than a dozen Asia-Pacific jurisdictions have...

Exchange of information about multinational firms will be easier

Slovakia is the first V4 country to sign the agreement on country-by-country reporting. Slovakia’s Financial Administration has obtained easier access to the information of US multinational companies. The representatives of Slovakia and the US signed a bilateral agreement on country-by-country (CbC) reporting on June 21, the TASR newswire reported. The...

Indonesia, Switzerland Agree to Tax Information Exchange

Indonesia and Switzerland have signed a joint declaration on Automatic Exchange of Financial Account Information (AEOI) yesterday. The signing was held at the Directorate General of Tax in Central Jakarta. At the signing ceremony, Indonesia was represented by Director General of Tax for the Finance Ministry Ken Dwijugeasteadi and Switzerland...

OECD Lists One Tax Haven, Tax Justice Network Says ‘Nonsense!’

The OECD’s body for assessing compliance with international tax transparency standards plans to tell an upcoming summit in Hamburg, Germany, that Trinidad and Tobago is the world’s only tax haven. Group of 20 country leaders meeting last year in China asked that body, the Global Forum on Transparency and Exchange...

Pakistan yet to include UAE, Panama for exchanging financial data

KARACHI: Federal Board of Revenue (FBR) on Friday issued a list of at least 88 countries, including tax haven Switzerland to automatically swap financial information of their citizens — but does not mention United Arab Emirates and Panama, the tax avoidance hubs for wealthy Pakistanis. The country will exchange financial...

$1.5 trillion of assets move through the British Virgin Islands — twice as much as previously thought

A new report shows the offshore jurisdiction is home to assets of $1.5tn, double an estimate by the International Monetary Fund in 2010. Assets held offshore in the British Virgin Islands (BVI) are worth $1.5 trillion (£1.19 trillion), double the International Monetary Fund’s 2010 estimate. That’s according to a new...

Republicans debating remedies for corporate tax avoidance

President Donald Trump and Republican leaders in Congress will soon confront a complex challenge for tax reform: how to limit U.S. corporate tax avoidance schemes that take advantage of low tax rates in foreign countries. Congressional and administration staff have begun to examine options to address profit-shifting schemes that include...

Study: The ultra-rich hide 25 percent of their wealth in tax havens

A study released May 28 by University of California Berkeley economist Gabriel Zucman and two Scandinavian colleagues, “Tax Evasion and Inequality,” demonstrates that global wealth inequality is drastically underestimated in official statistics because of how successful the super-rich are at evading taxes. According to the paper, the super-rich, that is...

Provider: Automatic Tax Share Breaches Constitutional Rights

A veteran financial services provider yesterday warned that automatic tax information exchange could breach fundamental rights protected by the Bahamian constitution, while threatening to make this nation a “European satellite”. #Anthony Howorth, president of Euro-Caribbean Management Services, questioned whether the Government and financial services industry had “really thought through” the...

Bahamas Moves To Stop ‘Devastating’ Blacklisting

The Government yesterday moved to prevent the “devastating” consequences of a financial services ‘blacklisting’ by confirming its readiness to alter the Bahamas’ automatic tax information exchange approach. A Ministry of Finance statement, issued yesterday evening, said the Minnis administration had “formally indicated its interest” to the Organisation for Economic Co-Operation...

Bahamas Moves To Stop ‘Devastating’ Blacklisting

The Government yesterday moved to prevent the “devastating” consequences of a financial services ‘blacklisting’ by confirming its readiness to alter the Bahamas’ automatic tax information exchange approach. #A Ministry of Finance statement, issued yesterday evening, said the Minnis administration had “formally indicated its interest” to the Organisation for Economic Co-Operation...

Morneau ‘laying down the gauntlet’ on corporate tax loopholes

The finance minister says federal government doesn’t “want to wait for the next Panama Papers.” Canada’s finance minister denounced “unfair” tax loopholes on Thursday and put Bay St. on notice that the Liberal government is committed to addressing “blind spots” and exposing shadowy corporate finances to public scrutiny. “We don’t...

Labour plans £26billion ‘Robin Hood’ tax raid on the City in a bid to finance its manifesto and ‘restore fairness to the system’

John McDonnell said levy would bring in up to £26billion over next parliament Move likely to face criticism it will undermine competitiveness in financial sector Labour vowed to carry out ‘biggest crackdown in UK’s history’ on tax avoidance Labour is pledging to impose a ‘Robin Hood Tax’ on financial transactions,...

Row Ignites After Germany Slams ‘Tax Haven’ Malta

Norbert Walter-Borjans has been busy turning himself into the public scourge of German tax cheats and foreign tax havens. Having already riled Switzerland by buying CDs with stolen bank account data – and then accusing the Alpine state of spying on his tax offices – North Rhine-Westphalia’s finance minister criticized...

‘Ball In Bahamas Court’ Over Tax Exchange Pledges

“The ball is in the Bahamas’ court” to meet its automatic tax information exchange commitments, a senior industry executive yesterday saying there is “no alarm” about this nation having to alter its approach. #Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, told Tribune Business that the private sector...

Trust Companies, Banks Should Be Main Haven Targets: EU Report

New measures targeting trust companies and banks in their role of helping to create offshore companies, such as the more than 200,000 exposed in the year-old Panama Papers, should be the priority for EU legislators in their efforts to crack down on the use of tax haven intermediaries, according to...

Chevron: a game-changer for multinational tax avoiders

The Australian Tax Office had a superb win against Chevron in the Federal Court last week, but there is something everyone is missing, something that will turn the art of tax avoidance on its head; a game-changer for multinationals. Put simply, Chevron borrowed US$2.5 billion in the US at less...

Campaigners demonstrate ‘In Praise of Whistleblowers’

Members of the Methodist Tax Justice Network (MTJN) and the Tax Justice Network (TJN) gathered outside the Embankment headquarters of PricewaterhouseCoopers on Wednesday 5 April 2017 to demonstrate in support of whistleblowers and against the actions of PwC, who have facilitated global tax avoidance, tried to prevent the release of...

EU Sets Sights on Tax Privileges in Special Economic Zones

The European Commission wants stricter guidelines for the “tax privileges’’ some European Union countries permit within special economic zones in their jurisdictions, to enhance economic development. The confidential proposal for the guidelines, seen by Bloomberg BNA, is currently under discussion within the EU’s Code of Conduct Group for Business Taxation,...

OECD’s BEPS 13 implemented in Croatia

With a total of 15 action points, the OECD’s Base Erosion and Profit Shifting (BEPS) project aims at fighting the artificial shift of profits from jurisdictions with high taxes to tax havens, often as a part of an entirely legal strategy used by MNEs. The BEPS Action 13 (Transfer Pricing...

Sao Paulo Property Secrecy Exposes Continuing Role of UK Tax Havens

A new report from Transparency International has revealed that more than US$2.7 billion worth of property in Sao Paulo, Brazil’s biggest city, is hidden behind shell companies, many of which have close links to the United Kingdom, which has many offshore tax havens in its overseas dependencies. Using newly released...

Sao Paulo Property Secrecy Exposes Continuing Role of UK Tax Havens

A new report from Transparency International has revealed that more than US$2.7 billion worth of property in Sao Paulo, Brazil’s biggest city, is hidden behind shell companies, many of which have close links to the United Kingdom, which has many offshore tax havens in its overseas dependencies. Using newly released...

Time to tackle the shell companies

Hyderabad: Shell companies are becoming a common phenomenon globally and even in India. These companies are posing several challenges to governments and regulators for various reasons had been probing their involvement in large scale money laundering and tax avoidance cases. A shell company is a non-trading organisation that does not...

Tax haven label haunts Barbados

There is a worrying perception of Barbados on as a tax haven, a view that is hampering the island’s status as a jurisdiction in which to do business, says President of the Barbados International Business Association (BIBA) Gregory McConnie. Equally troubling, McConnie says, is that Barbados’ primary investing jurisdiction, Canada,...

Chile Leads Region to Test Companies’ International Tax Links

Chile is leading a regional push across Latin America to clamp down on tax avoidance and profit-shifting by multinational and local firms, with the country’s tax authority making companies with interests and assets one of its priorities for inspections this year. Outlining its tax enforcement plan for 2017 on March...

€8 billion annual risk of money laundering

Malta’s threat places it 20th out of 27 states, Pana Committee told Malta faces an annual €8 billion money laundering risk, according to figures quoted in a study presented to the European Parliament’s Pana committee. The committee, which visited Malta in February for a fact-finding mission on the island’s involvement...