Category: Tax Transparency

BDA & Industry Respond To Paradise Papers

“Reportage about hacked data from global law firm Appleby has highlighted the substantial lack of media understanding of offshore investment structures and Bermuda’s long-time reputation for tax transparency and cooperation with international authorities,” the Bermuda Business Development Agency said. “Bermuda is committed to the exchange of relevant information to legitimate...

Jersey, Guernsey and Isle of Man join commitment to tackle tax evasion

The commitment comes amid ongoing controversy over the use of complex tax arrangements following the Paradise Papers leak. The islands of Jersey, Guernsey and the Isle of Man have signed up to a joint commitment with the British and Irish governments to tackle tax evasion and abusive tax avoidance. The...

“FATCA on steroids”: T&T misses 2017 deadline to become tax compliant

T&T faces possible sanctions after the Global Forum recognised this country as the only jurisdiction not considered to have made sufficient progress towards satisfactory implementation of the agreed tax transparency standards. Speaking at a media conference on Friday afternoon, Attorney General Faris Al Rawi said this has negative implications for...

MAS issues stern money laundering warning; Jakarta starts StanChart probe

Private-bank assets held by StanChart in Channel island tax haven were moved to S’pore in 2015: report Singapore THE Monetary Authority of Singapore (MAS) on Monday declared its firm commitment to keeping the country’s financial centre clean and safeguarded from illicit activities. Singapore’s central bank and financial regulatory authority said...

Cisco, Apple may shudder at regulatory change

Cisco Korea may have to share its key financial information starting next year as the government aggressively pushes to tackle the lack of transparency and tax-dodging practices by foreign enterprises, according to industry sources, Tuesday. “Though there still is much to be seen about the application of the revision, it...

Will the new corporate offence of failure to prevent tax evasion and enhanced international tax transparency change the landscape for tax investigations?

The 30 September 2017 is an important date for HMRC and its “relentless” clampdown on global tax evasion. First, it marks the coming into force of the landmark corporate offence of failure to prevent tax evasion under Part 3 of the Criminal Finances Act 2017. Secondly, it is the commencement...

Greenland joins Global Forum on Transparency and Exchange of Information for Tax Purposes

On 29 August 2017, Greenland officially joined the Global Forum on Transparency and Exchange of Information for Tax Purposes. Greenland thereby declared its commitment to implement both the international standard of exchange of information on request and the standard on automatic exchange of financial account information. On 8 February 2017...

Guyanese businessmen warned of global crackdown on offshore tax evasion

Commissioner-General of the Guyana Revenue Authority (GRA), Godfrey Statia warned Guyanese businessmen against offshore tax evasion, saying that global systems are being increasingly networked to weed out tax cheats and report them to their home-countries. Addressing a luncheon organised by the Guyana Manufacturing and Services Association (GMSA) at the Georgetown...

The OECD is focused on maintaining the integrity of the CRS

As of August 2017, 102 international Jurisdictions are committed to the implementation timelines of the Common Reporting Standard (CRS). There are 49 Jurisdictions that are committed to the first exchange during 2017 and 53 Jurisdictions for 2018. The OECD is taking extra precautions to ensure that reportable financial information regarding...

Hong Kong to examine tax concessions to attract global funds, Financial Secretary says

Financial Secretary Paul Chan Mo-po said tax incentives would help Hong Kong compete with other fund management centres The government will examine the existing tax concessions applicable to the fund industry to make Hong Kong into a diversified and competitive international fund management centre against its global counterparts, said the...

CBDT head says tax information from countries pouring in, firms can’t escape anymore

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra on Wednesday said that the tax exchange agreements with other countries was resulting in information pouring in at a fast pace, thus there was no escaping for the multi-national companies (MNCs) from fair taxation. “We have got wide (tax) information from...

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...

Montenegro and United States sign an Intergovernmental Agreement to implement FATCA provisions

Montenegro has shown its commitment to improving compliance with international tax standards. The FATCA Agreement is yet another example of a set of steps taken towards broadening the cooperation between the US and Montenegro and following the international standards of cross-border tax assistance. The US Ambassador, Margaret Ann Uyehara and...

14 Territories Praised By OECD For Tax Transparency Advances

A number of territories that had failed to demonstrate they have complied with international tax transparency standards have had their ratings upgraded by the OECD, following “fast-track” peer reviews. It said that the territories’ frameworks were reevaluated to assess whether recent progress would result in an upgrade to their ratings...

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...

Draft Bulgarian tax law reflects EU legislation on mandatory automatic exchange of tax information

At the end of March 2017, the Ministry of Finance called for public discussion on a draft bill (the “Bill”) amending the Bulgarian Tax and Social Insurance Procedural Code (the “Code”). The Bill seeks to improve administrative cooperation in the Bulgarian tax sector. The first set of amendments relates to...

China to hold its citizen’s foreign account information

The State Administration of Taxation (SAT) is about to hold Chinese citizens’ foreign account information in 101 countries and regions, as the regulation on the localization of the Common Reporting Standard (CRS) in China was put into effect on January 1, the Xinhua News Agency reported on Sunday. Under the...

UK/Uruguay double taxation convention takes effect

The comprehensive Double Taxation Convention between Uruguay and the United Kingdom has taken effect from 1 January 2017. The United Kingdom and Uruguay signed a convention to avoid double taxation and prevent fiscal evasion related to taxes on income and on capital on 24 February 2016 in Montevideo. The document...

Amendment sought for greater transparency over UK’s offshore tax havens

A parliamentary drive to force greater transparency on the UK’s offshore tax havens is being led by former Commons spending watchdog chairwoman Dame Margaret Hodge and ex-international development secretary Andrew Mitchell. The pair, backed by scores of MPs from across the Commons and supported by an alliance of charities, are...

Corporate tax-dodging in Australia costs billions

Two reports on company taxation show that more than a third of the largest companies operating in Australia paid no tax in 2014–15 and that multinational tax evasion cost an estimated $4.8 billion that year. These reports show the fraud of the claims being made by the Australian government and...

Richards accuses Oxfam of ‘serial errors’

Finance minister Bob Richards has expressed dismay at Oxfam’s claim that Bermuda is the world’s worst corporate tax haven. And the Progressive Labour Party joined him to condemn the report as “extremely disappointing”. Mr Richards pointed to “serial errors” in the global charity’s report on offshore centres, which found that...

Showdown between ATO and big business looms as list of company tax paid is revealed

A showdown between the Australian Taxation Office and the nation’s largest companies including Chevron, Crown and BHP Billiton is looming as the tax man hits seven large companies with tax bills amounting to $2 billion. On Friday, the ATO released its corporate tax transparency report for 2014-15, which includes limited...

Saint-Amans: greater co-operation the only way to maintain tax sovereignty

Tax sovereignty is incompatible with the globalised world, according to OECD tax policy director Pascal Saint-Amans Speaking at the Public Accounts Committee’s Global Tax Transparency Summit, Saint-Amans told told ministers, tax professionals and international representatives ‘a gap’ still exists ‘between the world globalising and tax sovereignty’. ‘As members of parliament,...

Zero tolerance needed against tax secrecy, says former Panamanian advisor Joseph Stiglitz

There needs to be a “comprehensive global approach” against secret tax structures, says the Nobel Prize-winning economist, Joseph Stiglitz, who called for “zero tolerance”. Speaking to Parliament’s Panama Committee on Wednesday, the former advisor to the Panamanian government suggested that secrecy in tax affairs should be treated like a disease...

Cayman may find itself on EU’s ‘non-cooperative jurisdictions’ list

Cayman could find itself on a new EU list of “non-cooperative jurisdictions” in tax matters after the European Council of finance ministers published the criteria for including third countries in the blacklist last week. The provisions emphasize that a jurisdiction “should not facilitate offshore structures or arrangements aimed at attracting...