Category: Warnings

Belize Financial Regulator Warns Against Fraudulent Bitcoin Investment Company

The financial regulator of Central American nation Belize has issued a public warning against XMAXBIT, a company that claims to provide returns for investors by investing in cryptocurrencies like bitcoin. Published on Monday, the Office of the International Financial Services Commission (IFSC), Belize’s financial regulator, has warned users against dealing...

Tax havens are under attack

Ireland, accused of being a tax haven for multinationals such as Apple to pay nearly zero tax on the bulk of its profits earned outside the United States, finds itself with a new adversary in the global fight against unfair tax practices — Brazil. As of October 1, Brazil will...

Silicon Valley Issues Netherlands With Tax Warning

A coalition of Silicon Valley tech companies has urged the Dutch Government against making changes to the most “attractive” features of its corporate tax regime, warning that it risks damaging its traditionally strong tax competitiveness by doing so. The Silicon Valley Tax Directors Group (SVTDG), which includes more than 80...

ATO Issues Anti-Avoidance Warnings For Multinationals

The Australian Taxation Office (ATO) has issued a series of taxpayer alerts that caution large companies against using contrived arrangements to avoid their tax obligations. The first alert concerns arrangements where Australian consolidated groups use offshore permanent establishments that have entered into intra-group transactions. Deputy Commissioner Jeremy Hirschhorn explained: “Through...

Multinationals warn of tax hit on earnings

The number of multinational companies warning investors about the risk of higher taxes doubled in the past year, according to analysis by the Financial Times. Nearly a fifth of the US companies who warned on taxes were technology companies, the Financial Times found in a study of company filings. A...

US companies warn tax avoidance crackdown will hit earnings

Investors alerted to risks of higher payments as crackdown closes loopholes A global crackdown on tax avoidance has forced a surge of warnings by multinational companies that higher payments are set to hit their earnings. A Financial Times analysis of company filings revealed that more than twice the number of...

Paying no interest on a related-party loan

The 2016 Singapore Transfer Pricing Guidelines on related-party loans The Inland Revenue Authority of Singapore published the 3rd edition of its Transfer Pricing Guidelines on the second working day of the New Year. In this new edition, the IRAS’ expectations concerning related-party loans have been slightly elaborated. The guidelines now...

Sanders attacks tax dodging through Bermuda

US Democratic presidential hopeful Bernie Sanders has pledged a crackdown on tax avoidance involving Bermuda and other offshore jurisdictions. Mr Sanders, currently trailing Hillary Clinton in the race for the nomination as presidential candidate, made the promise on an online political channel in America. Mr Sanders said he would use...

ATO to unveil large business hit list, clamps down on Singapore hubs

Hundreds of millions of dollars of revenue could be up for grabs as the Tax Office announces reviews of multinationals using offshore hubs in Singapore to minimise their tax. The ATO has issued a warning to multinationals to come forward immediately to discuss their overseas hub arrangements, if they have...

UK launches campaign warning offshore tax evaders

The UKtoday launched a campaign warning offshore tax evaders that the governmentwill soon receive details on UK taxpayers from more than 90 countries under new global agreements. The campaign by David Gauke, the Financial Secretary to the Treasury says that the government is giving people one last chance to come...

More Banks Spill Tax Evasion Secrets To Avoid Criminal Charges, Account Holders Beware

Lately, the IRS is warning offshore account holders to disclose before it’s too late. Under FATCA, banks everywhere want to know if you are compliant with the IRS. And the cost of compliance for many people is growing. The IRS updated its list of foreign banks where accounts trigger a...

Treasury Department Plans Anti-Inversion Tax Rules This Week

WASHINGTON—The U.S. Treasury Department will release new “targeted guidance” this week designed to reduce the tax benefits available to U.S. companies that move their tax addresses overseas. Treasury Secretary Jack Lew informed lawmakers of the coming announcement in a letter on Wednesday, which provided no details on its intentions. The...

UPDATE 1-G20 leaders pledge robust fight against patchy economy -draft communique

* G20 leaders say they will deliver on vow to lift global growth * G20 promise not to surprise markets with policy decisions * World leaders agree to tackle tax dodgers, pledge to cooperate on migrants (Adds details, background) BELEK, Turkey, Nov 15 The heads of the world’s 20 largest...

The Common Reporting Standards – New Global Tax Information Exchange Regime Begins January 2016

The Common Reporting Standard (“CRS”) will impose new investor due diligence and reporting obligations on funds and other financial institutions based in “early adopter” participating jurisdictions, with effect from January 1, 2016. According to the OECD, all major financial centres have now signed up to the standard. Financial institutions should...

UK takes two-faced approach to tax, new report suggests

The UK government has a ‘Janus-faced’ approach to tax, a new report suggests: promising an increasingly intolerant approach to evasion and avoidance while being an aggressive participant in global tax competition and tolerating the UK tax havens which facilitate financial crime across the world. The report, Fifty Shades of Tax...

Corporate Investigations & White Collar Defense – April 2015

In This Issue: • It’s Stifling in Here! SEC Rules That Companies Can’t Put Restrictive Language in Confidentiality Agreements That Could Potentially Stifle Whistleblowers • An Opinion on Opinions: U.S. Supreme Court Decision in Omnicare • Is OFAC the New Black? Schlumberger and PayPal—The Rise in the Enforcement of Sanctions...

Property sales spike sparks money laundering fears

Suspicions rising that ‘hot money’ is being washed through Vancouver real estate As affluent Chinese buyers – spurred by relaxed regulations and a lower Canadian dollar – flood into British Columbia’s real estate market, warnings are rising that some cash deals may contravene federal money laundering rules. A 2015 report...

IRS lists its ‘Dirty Dozen’ tax scams for 2015

The Internal Revenue Service wrapped up the 2015 “Dirty Dozen” list of tax scams last week with a warning to taxpayers about aggressive telephone scams continuing coast-to-coast during the early weeks of this year’s filing season. The aggressive, threatening phone calls from scam artists continue to be seen on a...

IRS Issues Tax Scam Warnings

Tax season is under way with Forms 1099 and W-2 already in mailboxes, and the Internal Revenue Service has also issued its annual list of the most common tax-related scams, called the dirty dozen. At the top of the list is identity theft, followed by potential tax swindles pitched by...

IRS Warms Public to be Aware of Tax Scams

It’s income tax season and many people are working to prepare their tax returns but the IRS is warning people to beware of tax scammers. Although tax scams happen year round, they tend to occur more often during tax season. That’s why, around this this time each year, the IRS...

What’s in store for the business world in 2015?

Business editor Duncan Foulkes quizzes three prominent Isle of Man businessmen on their thoughts ——————– Chris Eaton, Chief Executive Officer, The ILS Group There is no one major issue or initiative that faces the CSP and TSP sectors in 2015. Rather, they face more of a continued barrage of supra...

China’s crackdown on tax evasion to impact cross-border transactions

Multinationals told to be more cautious about intra-group transactions as Beijing imposes stiff measures against avoidance and evasion Multinationals have been advised to take notice of Beijing’s New Year resolution to crack down on tax avoidance and evasion, especially after the announcement of the general anti-avoidance rule (GAAR) and new...

Shell Companies Face Disclosure in EU Anti-Tax-Dodge Deal

Companies will be forced to disclose their ultimate owners on national registers in European Union nations as the bloc seeks to clamp down on tax dodging, money laundering and terrorism financing. European Parliament legislators and representatives of 28 EU national governments struck a deal late yesterday to upgrade the bloc’s...

Finance: Out of Control? Beneficial ownership registers in EU states won’t be made completely public

Last March MEPs voted overwhelmingly to introduce a new transparency disclosure rule that would compel all 28 European states to make publicly accessible the real owners of companies and trusts. The decision was hailed as a major breakthrough by anti-corruption campaigners fighting financial crime and tax abuse. Lawyers working for...

1 FATCA and trustees: part I

Maples and Calder Michael Gagie, Richard Grasby, Tim Clipstone, Christopher Capewell, Jon Fowler and Tim Frawley Do trustees need to register with the US Internal Revenue Service (the “IRS”) before 1 January 2015?  Does registration need to be made in respect of a trust? These questions need to be given...

Corruption fighters confident for G20 tax haven crackdown

G20 guide: what to expect Brisbane residents will experience “longer travel times” as G20 forces roads and bus stations to be closed in the CBD and South Bank. Autoplay ONOFFVideo feedbackVideo settings G20: full coverage The global coalition against corruption – Transparency International – hopes Sunday’s G20 closing statement in...

Warning Notice: ATM Express AG

The Financial Services Authority wishes to advise that an entity called “ATM Express AG” claiming to offer Forex Services as a registered St. Vincent and the Grenadines International Business Company, is not and has never been registered by the St. Vincent and the Grenadines Financial Services Authority. The purported entity...

Notice issued by Seychelles International Business Authority

The Authority draws attention to the following website, http://www.investonline.net/ and to the fact that contrary to what is being advertised on this website, the company under the name Invest Online Ltd is not registered and/or licensed by the Authority under the International Business Companies Act, 1994 as amended. Members of the...