Amazon most ‘aggressive’ in $100bn global tax avoidance
Amazon has been accused of being the most ‘aggressive’ in avoiding tax, compared with other tech giants, by tax transparency campaign group Fair Tax Mark. ... - Continue reading
Category: Tax Transparency
Global Forum marks success fighting tax evasion
OECD announces "unprecedented success" in the fight against tax evasion. ... - Continue reading
Switzerland pushes for more financial transparency
Switzerland seeks stricter laws in respect to Automatic Exchange of Information (AEOI). ... - Continue reading
HMRC readies crackdown on HNW offshore fund holders
Wealthy UK offshore fund holders are to be targeted by the HMRC in a new probe of compliance and tax transparency. ... - Continue reading
European Union: UAE Removed From EU Tax Haven Blacklist Along With Switzerland
The United Arab Emirates and Switzerland removed from European Union's list of non-cooperative jurisdictions for tax purposes on October 10. ... - Continue reading
Nigeria: Unprecedented Global Drive For Tax Transparency – The Nigerian Perspective
In the last few years, the international tax space has experienced an unprecedented drive to achieve increased transparency in the tax practices of Multinational Enterprises (MNEs) and individuals in order to curb tax avoidance and evasion. ... - Continue reading
EU Council revises its tax blacklist, addresses “two out of three” exception and foreign source income exemption regimes
As suggested by the EU Code of Conduct Group (Business Taxation), on 4 October, the EU Council today adopted a revised EU list of non-cooperative tax jurisdictions (annex I – blacklist) removing the United Arab Emirates (UAE) and the Marshall Islands. ... - Continue reading
Switzerland moves to end bearer shares
The Swiss government will begin to phase out bearer shares on 1 November in a bid to curb tax avoidance by bearer shareholders. Under the new rules companies no longer issue bearer shares—equity in a company that is owned by whoever holds a physical stock certificate—unless they are a listed… – Continue reading
South Africa: Offshore Trusts: The Basic Considerations And Recent Amendments.
The world of offshore trusts is now more dynamic than ever. ... - Continue reading
OECD sees progress in 116 nations’ implementation of country-by-country reporting
The OECD said its initiative to have minimum standards on the collection and exchange of country-by-country (CbC) reports on large multinational businesses has reached 116 jurisdictions and has shown major progress in the delivery of international tax transparency. The OECD’s second annual peer review report on the base erosion and… – Continue reading
Brazil: Brazilian Tax Review – August 2019
After 20 years of negotiations, the European Union and Mercosur have moved forward with the free trade agreement between the two blocs. ... - Continue reading
European Union: EU Directive On Administrative Cooperation In Field Of Taxation Amended
The European Union has added further impetus to its objective of providing greater transparency with regard to harmful tax practices through an amendment to EU Directive 2011/16/EU. ... - Continue reading
CBI Dominica: Leading with Transparency
19 August 2019, Since 1993, Dominica has been at the forefront of the citizenship by investment (CBI) industry, setting high standards in due diligence, processing times, and most recently, transparency. Indeed, this month the nation liaised with prominent international professional services firm PricewaterhouseCoopers (PwC) to release a report clarifying the… – Continue reading
Guernsey: Guernsey Plays Its Part In OECD Success Against Tax Evasion
Guernsey Finance Chief Executive Dominic Wheatley reflects on the findings of the latest OECD tax report to world leaders. ... - Continue reading
Malta: Consolidated Group (Income Tax) Rules, 2019
On 31 May 2019, Malta published the "Consolidated Group (Income Tax) Rules". The rules will come into force as from year of assessment 2020 and the rules introduce the concept of fiscal units into Maltese tax law. ... - Continue reading
UK: Non-Resident Capital Gains Tax on United Kingdom Real Estate: A New Regime
The legislation encompassing the new regime for taxing non-residents' gains on the United Kingdom (UK) commercial real estate came into effect on 6th April 2019. Her Majesty's Revenue and Customs (HMRC) has additionally published draft guidance on this recently introduced regime. This article briefly summarizes the new rules. ... - Continue reading
Gibraltar and UK Open Negotiations to Enter into a Double Tax Agreement
The Government of Gibraltar has said it is delighted to welcome Robert Jenrick, Exchequer Secretary to Her Majesty’s Treasury, to Gibraltar to announce that HMGoG and Her Majesty’s Government have opened negotiations to enter into a Double Tax Agreement. It is anticipated that with hard work on both sides a… – Continue reading
OECD Finds Tax Automatic Exchange has Increased Transparency, Agrees on Digital Economy Taxation Roadmap
6 July 2019: In the lead up to the Group of 20 (G20) Finance Ministers and Central Bank Governors’ Meeting, the Organisation for Economic Co-operation and Development (OECD) released data that show that automatic exchange of information on financial accounts is improving tax compliance and delivering concrete results for governments… – Continue reading
Tensions between the drive for transparency and the right to protection of privacy
Update on the UK government’s proposal to improve transparency with a new register of persons with significant control of companies which hold UK property. In our last article (https://hubbis.com/article/transparency-enhanced-in-the-uk) we looked at the UK government’s proposal to improve transparency with a new register of persons with significant control of companies… – Continue reading
Experts convene in the City of London to call out ‘pin stripe mafia enablers of tax abuse’
Researchers and campaigners from around the world have been presenting radical solutions on tackling tax abuse and financial crime at the Tax Justice Network’s annual conference held in the heart of London’s finance centre, on 2 – 3 July 2019. With over 200 attendees including prominent politicians, whistleblowers and economists,… – Continue reading
Parliament agrees to align with OECD tax transparency rules
The Swiss parliament has decided to eliminate anonymous shares in private companies amid international pressure to increase transparency around taxation. ... - Continue reading
Dominica removed from EU tax haven blacklist
The European Union has removed the Caribbean island of Dominica from its list of uncooperative jurisdictions in tax matters. Dominica changed its tax rules to comply with EU requirements meant to reduce the risks of tax evasion, the EU said in a statement. Dominica implemented its commitments and addressed EU… – Continue reading
Automatic Exchange of Information is Working, Says OECD
New data from the OECD indicates that Hong Kong and Singapore are adhering to tighter global standards on tax transparency. The OECD (Organisation for Economic Cooperation and Development) says IFCs (international financial centres) such as Hong Kong and Singapore are adhering to tighter global standards on tax transparency and are… – Continue reading
Australia: OECD releases beneficial ownership implementation toolkit to facilitate transparency
In brief – Beneficial ownership toolkit aims to help governments implement legal and supervisory frameworks to identify and collect beneficial ownership information Beneficial ownership is a critical issue in many areas of law, in particular tax and anti-money laundering. National authorities often struggle to keep up with private ingenuity in… – Continue reading
British overseas territories top corporate tax loophole index
Governments are stepping up efforts to recoup more tax from multinationals, with the European Commission forcing iPhone maker Apple to repay 13 billion euros after it used Ireland to cut its tax on European profits to almost zero. The Tax Justice Network, a group campaigning for transparency, said its study… – Continue reading
Wolfsberg Group Publishes Guidance on Customer Tax Evasion
Financial institutions should be able to leverage existing financial crime compliance, conduct and tax (including tax transparency regimes) procedures and controls, to address the risks of customer tax evasion. The Wolfsberg Group has published new guidance on customer tax evasion, designed to help financial institutions in developing, implementing and maintaining… – Continue reading
Tunisia, U.S. sign deal on tax compliance
TUNIS, May 13 (Xinhua) — Tunisia and the United States signed on Monday an agreement to improve international tax compliance and mutual cooperation in the field of taxation, Tunis Afrique Presse reported. The agreement was signed by Tunisian Minister of Finance Ridha Chalghoum and U.S. Ambassador to Tunisia Donald Blome… – Continue reading
FACT Coalition Calls for Corporate Tax Transparency
“Investors see the value, policymakers see the benefits, and businesses see the inevitability of greater transparency,” says the group’s executive director. The Financial Accountability and Corporate Transparency (FACT) Coalition is calling on the U.S. Congress, the Securities and Exchange Commission, and the Financial Accounting Standards Board to require multinationals to… – Continue reading
Australia establishes agreement with Taiwan on tax and finance transparency
Taiwan implemented ‘Common Reporting Standards’ in 2019, now recognized by Japan and Australia TAIPEI (Taiwan News) – On April 22, the Ministry of Finance (MOF) announced Australia had officially agreed to accept Taiwan as a Common Reporting Standards (CRS) partner nation in matters of financial and legal transparency related to… – Continue reading
Africa’s problem with tax avoidance
Every year African countries lose at least $50 million in taxes — more than the amount of foreign development aid. So where is it all going and how can multinational companies be held to account? NGOs continue to raise the alarm. African countries are being cheated out of billions in… – Continue reading
Isle of Man removed from EU grey list
The Isle of Man has been removed from the EU’s grey list of non-cooperative tax jurisdictions, along with the other Crown Dependencies, Jersey and Guernsey, after the three worked together with the EU to develop proposals to address the concerns raised. Chief Minister Howard Quayle tweeted he was “delighted” with… – Continue reading
Malta: How Beneficial Owners Registers Aim To Curb Money Laundering And Tax Evasion
With more complicated company structures being used, it has become increasingly more difficult to establish who the ultimate beneficial owners of entities are. In light of the new regulation, do you believe that the Ultimate Beneficial Ownership (UBO) Register can help in any way to prevent financial crime? The UBO… – Continue reading
FAMILY BUSINESSES DOMINATE LIST OF BRITAIN’S HIGHEST TAXPAYERS
Britain’s wealthiest families paid $1.2 billion in tax in the last financial year at a time when the state revenue contributions of the world’s richest individuals and corporations are coming under increasing scrutiny. Campden FB totalled the tax bills for 2017-18 of the 21 families of significant wealth as conservatively… – Continue reading
One in nine US multinationals ‘fail to comply with tax transparency law’
Analysis of more than 600 US multinational corporations has revealed that 12 per cent failed to comply with UK law requiring them to publish their tax strategies. With the UK estimated to lose £25 billion in corporate tax revenue each year due to multinational corporations shifting profits out of the… – Continue reading
Study finds aggressive tax strategies can lead to investor confusion
Complicated, aggressive corporate tax-planning strategies can produce uncertainty and confusion among investors not only about the companies’ taxes, but also the basics of their operations and finances, leading to some negative outcomes, according to a new academic study. The study, by Jennifer Blouin and Wayne Guay of the University of… – Continue reading
Cook Islands joins coalition to fight tax avoidance
The Cook Islands has joined a coalition of countries aimed at fighting tax avoidance and easing cross-border tax dispute resolution. The country has joined 124 other countries in the Inclusive Framework on base erosion and profit shifting (BEPS), the Organisation for Economic Co-operation and Development (OECD) announced earlier this month…. – Continue reading
TCI added to Dutch tax haven blacklist
THE DUTCH government has added the Turks and Caicos Islands and 15 other countries to a tax haven blacklist. The jurisdictions listed have no corporation tax or a corporation tax rate of less than nine percent, a press release from the Government of the Netherlands stated. The 16 countries added… – Continue reading
GOV’T SAYS DUTCH BLACKLIST “UNJUSTIFIED”
Cayman’s leaders return fire on the Dutch government describing its blacklist as “unjustified” and “wholly lacking in fairness and credibility.” In a statement Friday (4 January) the Office of the Premier said the Dutch blacklist does not take into account Cayman’s adherence to international standards for tax transparency nor its… – Continue reading
Isle of Man approves law to avoid EU blacklist
The Isle of Man’s parliament has approved tax legislation that will allow the jurisdiction to avoid being put on the European Union’s blacklist. Tynwald gave the green light this week to the Income Tax (Substance Requirements) Order 2018. This means that from January 2019, companies engaging in “relevant activities” will… – Continue reading
Argentina, Panama, Paraguay and Uruguay to share tax information with each other
The governments of Argentina, Panama, Paraguay and Uruguay have joined forces to create a Latin American initiative to tackle tax evasion and corruption by making sharing and making better use of the information exchanged under international tax transparency standards. The countries have agreed to “consider the possibility” of making a… – Continue reading
Argentina, Panama, Paraguay and Uruguay to share tax information with each other
The governments of Argentina, Panama, Paraguay and Uruguay have joined forces to create a Latin American initiative to tackle tax evasion and corruption by making sharing and making better use of the information exchanged under international tax transparency standards. The countries have agreed to “consider the possibility” of making a… – Continue reading
Report: £250 billion fraud in UK tax havens greater sum than 20 years of foreign aid budget
Russia most common place of origin for fraudsters using British overseas territories A NEW report has identified over £250 billion in fraudulent funds directed through UK tax havens, more than over 20 years of the UK Government’s foreign aid budget. The report, by Transparency International, examined the UK’s overseas territories,… – Continue reading
Tax transparency watchdog urges Israel to step up moves against money laundering
After global index puts Israel in top third of most financially secretive countries, NGO calls for more public scrutiny and regulations to stop rich from hiding their assets Israel must immediately move to pass regulations against tax evasion and money laundering if it is to protect its credit rating and… – Continue reading
Canada: Common Reporting Standard Is Now Fully In Effect – If You Have Been Hiding Funds Or Assets Offshore, Now Is The Time To Disclose
Introduction – Offshore funds and Canada Revenue Agency’ reach Gone are the days when offshore bank accounts were outside the Canada Revenue Agency (CRA)’s reach. With the advent of the Common Reporting Standard (CRS), CRA automatically receives financial information of Canadian taxpayers who own bank accounts or assets in other… – Continue reading
Germany Using Blockchain to Combat Tax Evasion
The German government is reportedly considering using blockchain in combating tax evasion This comes following the reveal of the CumEx files, which cost the government $63 Billion in lost tax revenue A while ago, it was reported that Bangkok would be making use of blockchain technology to combat tax evasion…. – Continue reading
Government, European Union in talks over looming blacklist
Government officials have devised what they believe is a solution to the looming European Union blacklist threat, according to Neil Smith, the executive director of government’s Office of International Business (Regulations). The EU has threatened to place the Virgin Islands on an anti-tax avoidance blacklist at the end of the… – Continue reading
Post Panama Papers: are English trusts still trusted?
Trusts still remain under public scrutiny, but can their reputation be safeguarded, asks Stuart Price A recent government consultation on the law of trusts brought out some interesting issues concerning how the status quo aligns with the principles of transparency, fairness and simplicity (the principles that, at least in the… – Continue reading
HMRC targets wealthy families with trusts
Changes to Britain’s centuries-old trust regime are looming as HMRC is concerned that trusts are letting some families pay less inheritance tax than those who do not pay accountants to set up the complex arrangements. To look at if the law should be changed, HMRC has published wide-ranging research of… – Continue reading
Ministers meet with EU, OECD to discuss ending tax watchlist
Deputy Prime Minister and Minister of Finance, K. Peter Turnquest, led a delegation to Brussels and Paris this week, for frank discussions with high-ranking officials within the European Commission and the Organization for Economic Co-operation and Development (OECD) on The Bahamas’ compliance with international standards on tax governance. The meetings… – Continue reading
