Category: Investments

Jahangir Tareen’s ‘Trust Deed’ signed and executed in Switzerland

ISLAMABAD/LONDON: The thirty-eight-page trust deed of Pakistan Tehreek-e-Insaaf (PTI) leader Jahangir Khan Tareen’s offshore trust was signed and formalised in Geneva, Switzerland, and facilitated by HSBC Guyerzeller Trust Company Geneva – raising questions about Swiss bank accounts. During the hearing before Pakistan’s Supreme Court, Tareen was asked no questions about...

Cayman Islands defends integrity of its offshore financial sector

GEORGE TOWN, Cayman Islands (CMC) — The Cayman Islands, noting that it has had to get used to “unfair and inaccurate” reporting about its global financial sector, is distancing itself from the so-called Paradise Papers, a set of confidential documents related to offshore investment. In addition, the island has also...

Paradise Papers: ICIJ releases another database revealing offshore companies

The International Consortium of Investigative Journalists (ICIJ) has released a database of around 13.4 million documents revealing over 25,000 companies owned by the world’s rich and influential individuals. The ICIJ coordinated the Panama Papers investigation into offshore companies. The latest files have disclosed the financial details of politicians, corporations, and...

Vietnam should cut down FDI incentives in favor of local companies: MP

Lawmakers warn against preferential treatment for foreign invested companies, half of which declared losses from 2007-2015. Vietnam offers many land and tax incentives to attract foreign direct investment (FDI), but the sector’s contribution to the economy is still limited, said delegates of the legislative National Assembly (NA). Despite accounting for...

Shell transactions under vigil: Serial Income Tax raids on three businessmen

HYDERABAD: Income Tax sleuths on Wednesday conducted simultaneous searches in Hyderabad and Vijayawada on three top businessmen cum-realtors, who were allegedly evading tax, particularly in real estate transactions and unearthed documents pertaining to unaccounted investments running into hundreds of crores of rupees. These are the first big raids after shell...

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...

Econ experts laud tax reform plan

MANILA, Philippines — The Foundation for Economic Freedom (FEF) has expressed support for the tax reform program being pushed by the Department of Finance, saying this will lead to better lives for Filipinos. “The comprehensive tax reform program lays a solid foundation for the government’s vision of inclusive growth, improved...

Canadian Businesses Urge Gov’t To Scrap Tax Plans

Thirty-five Canadian business organizations have written to Finance Minister Bill Morneau to ask that he scrap proposals to crack down on the use of tax planning strategies by private corporations. The business groups have together formed the Coalition for Small Business Tax Fairness to oppose the Government’s proposals. Signatories of...

Changes to tax laws in sight for MNCs as the authorities adopt BEPS

MULTINATIONAL corporations (MNCs) in Malaysia will soon be seeing more tax law changes coming their way as the authorities get down to tackling base erosion and profit shifting (BEPS). This follows efforts by the Organisation for Economic Co-operation and Development (OECD), approved by G20 leaders, to formulate a 15-step action...

ATO’s finance ruling puts companies the ‘red zone’

The Australian Tax Office is preparing to take several companies to court over abuse of thin capitalisation rules and will start a wave of audits of large multinationals with complex cross-border loans, as it continues to take a hardline approach in the wake of its win against Chevron. The ATO...

Cyprus: Saying Goodbye To Back To Back Loans And Welcoming Transfer Pricing Regulations

A. Introduction In February 2017 Cyprus Tax Department has announced that the current practice regarding profit margins between related Company loans will be abolished by the 30th June 2017. The announcement indicates that the minimum acceptable margins will apply up to 30th June 2017, and as from 1st July 2017...

South Australia’s competitive tax regime is set to attract astute commercial property investors

SOUTH Australia is set to become the most competitive tax jurisdiction for commercial investment in Australia according to Collier’s International’s latest Radar research. The boast is prompted by the introduction, on July 1, of the state government’s second stamp duty reform which will come into effect as part of comprehensive...

FPI holdings from Singapore, Mauritius surge 25% before DTAA implementation

Grandfathering is term for alteration of rules that apply to a certain investment technique Foreign portfolio investors (FPIs) based in Mauritius and Singapore had, it now appears, rushed to take advantage of the ‘grandfathering’ clause in the new Double Tax Avoidance Agreement signed between both the governments of the two...

Tax on offshore investments: time to come clean

The South African Revenue Service (SARS) launched the Special Voluntary Disclosure Programme (SVDP) in October 2016, providing taxpayers with the opportunity to make good on any tax and/or exchange control contraventions of which they may be guilty in relation to offshore investments. The nine-month window period opened on October 1,...

Regulatory Issues: Financial account information exchange for increased tax compliance

Malaysian individuals and entities that have bank accounts overseas will soon see their financial information being shared with other countries and tax authorities in an effort to boost global transparency and tax compliance. This requirement is part of the automatic exchange of financial account information set out by the Organisation...

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...

US tax cuts could lead to financial instability: IMF

Report warns that Trump’s proposed corporate tax reforms could spark risk-taking WASHINGTON • The International Monetary Fund (IMF) warned yesterday that United States President Donald Trump’s proposed tax cuts and reduction of financial regulations could spark a new round of financial risk-taking of the type that preceded the last crisis...

IMF Calls On Countries To Better Target Tax Relief

Governments should look to remove tax policies that distort business decisions, to unlock higher economic growth, a new paper from the International Monetary Fund says. “Upgrading the design of their tax systems can help countries chip away at resource misallocation by ensuring that firms’ decisions are made for business and...

Cyprus: Abolition Of Profit Margins On Intra Group Loans – Upcoming Transfer Pricing Legislation – Transfer Pricing Studies Requirement

As a rule and according to Article 33 of the Cyprus Income Tax Law, which introduces the arm’s length principle (using wording similar to that of article 9 of the OECD Model Tax Convention), all transactions between companies, including loan agreements/transactions by Cyprus companies, must be undertaken at arm’s length...

Art of the deal: Trump, Dems look for common ground to close tax loopholes

Venture capitalists, investors left unfazed Both President Trump and Capitol Hill Democrats head into negotiations over tax reform vowing to put the squeeze on hedge fund managers by closing the carried interest tax loophole — a point of agreement that held out promise for becoming a foundation for a once-in-a-generation...

House bills to fund infrastructure reward big multinationals

U.S. Rep. John Delaney has introduced two infrastructure funding bills — H.R. 1669 and H.R. 1670 — that good government groups say would further incentivize corporate tax dodging, reward the biggest multinational corporations for stashing their profits in offshore tax havens and replace one system riddled with tax loopholes with...

Westpac crackdown on foreign buyers and money laundering

Property buyers will be quizzed about their tax residency under new anti-money-laundering rules being introduced by Westpac and its subsidiaries St George Bank, Bank of Melbourne and BankSA. Mortgage brokers, who act as intermediaries between the banks and buyers, are being told that from this week they must also ask...

Tackling tax evasion vital in current economic conditions — experts

AMMAN — Addressing tax evasion efficiently has become of vital importance to the state budget and the overall economy in light of Jordan’s current economic conditions, experts agreed on Saturday. Participants in a panel, organised by the Jordan Transparency Society, agreed on the need for stricter inspections and more awareness...

Pakistan, Switzerland to sign agreement for bank account information exchange: Dar

Finance Minister Ishaq Dar on Wednesday told the National Assembly that Pakistan will sign an agreement with Switzerland on exchange of information regarding bank accounts on March 21. “The Swiss government offered to sign such an agreement with Pakistan in the third quarter of the current month that will enable...

Anti-money laundering rule looms for advisers

WASHINGTON — In the current deregulatory environment, investment advisers might expect a reprieve from new federal compliance rules. But one exception is the proposal for an anti-money-laundering regulation, which experts believe is likely to become the law of the land, bringing with it a significant new compliance responsibility. A year...

MoF signs two agreements on avoidance of double taxation, protection and promotion of investment with Burundi

ABU DHABI, 16th February, 2017 (WAM)–The Ministry of Finance, MoF, has signed two final agreements on the avoidance of double taxation and the protection and promotion of investment with Burundi. The agreements came as part of the Ministry’s strategy to expand its international relations and to protect and promote Emirati...

ANCA and Senator Menendez Discuss Benefits of a U.S.-Armenia Double Tax Treaty

Bilateral Economic Accord Key to Growing Trade and Investment WASHINGTON—Armenian National Committee of America (ANCA) Chairman Raffi Hamparian recently held a working meeting on Capitol Hill with U.S. Senator Robert Menendez (D-N.J.) on a range of shared priorities, including the negotiation of a new U.S.-Armenia Double Tax Treaty. This bilateral...