SINGAPORE, June 11 (IFR) – By selling what market sources say is the first offshore bond from a Chinese trust company, Zhongrong International Trust has opened a new funding route for the country’s shadow banks as they look to expand overseas. Zhongrong, China’s second largest trust company in asset terms,… – Continue reading
Chevron Australia boss Roy Krzywosinski was complaining two weeks ago that taxes were too high in Australia. It was a pretty suave call from Krzywosinski. The latest financial statements for Chevron Australia Holdings show the company not only managed to avoid paying tax last year but it even pulled off… – Continue reading
In its report issued in May 2015, the International Monetary Fund (IMF) warned against the exceptional risks and challenges facing Lebanon as a result of several political and security factors both at the domestic and foreign levels. These challenges also result from worrying economic factors in terms of growth, the… – Continue reading
The present French Tax Update will focus on an overview of several noteworthy French tax court decisions issued during the past few months, in particular in relation with double tax treaty conditions to benefit from a tax credit, abuse of law challenges, increased amortization rates, and priority preliminary ruling requests… – Continue reading
Argentina and Chile have signed a new double tax treaty to replace the treaty unilaterally terminated by Argentina in 2012. Ignacio Rodriguez and Andres Edelstein of PwC in Argentina outline the new structuring opportunities that are available for taxpayers. Argentina and Chile signed a new double tax treaty on May… – Continue reading
SAN DIEGO – A former J.P. Morgan Chase banker was ordered today to serve six months in prison for her role in a commercial bribery and tax-evasion scheme. While handing down the sentence to 51-year-old Lynda Sanabria in a San Diego courtroom, U.S. District Judge Roger Benitez also ordered her… – Continue reading
On 31 March 2015 amendments were made to the Income Tax (Approved International Agreements) (Implementation) (United Kingdom and United States of America) Regulations, 2014 (the “2014 Regulations”) which brought FATCA-based reporting into force under Guernsey law. FATCA-based reporting is implemented in Guernsey pursuant to the UK-Guernsey IGA, signed on 22… – Continue reading
Sluggish syndicated loan dealflow is proving to be good news for small and mid-cap privately-owned Chinese companies like Golden Eagle Group and Xinyi Solar, which are finding themselves able to enjoy pricing levels usually reserved for better known names. And so great is bank demand for assets that looser structuring… – Continue reading
Britain’s banks have in recent years paid a third of the corporation tax they were paying less than a decade ago despite a rebound in profits, a study showed yesterday, reports the Times of Malta. The study comes as HSBC and Standard Chartered assess whether to move their headquarters to… – Continue reading
On 22 May 2015, Switzerland and Oman signed an Income Tax Treaty. The treaty will come into force after the two countries exchange ratification instruments. The provisions of the treaty will have effect from 1 January of the calendar year next following that in which the agreement enters into force…. – Continue reading
Bankrupt ex-billionaire Samuel Wyly won a judge’s approval to sell his family’s Colorado ranch, the site of six custom-built homes. The bankruptcy judge in Dallas Wednesday also said Wyly could provide a loan to pay for the ranch’s upkeep before it’s sold. The property will be listed for $50 million,… – Continue reading
Compliance costs for banks in the Middle East are soaring, as a global crackdown on money laundering and higher international capital requirements squeezes their resources, a new report from Thomson Reuters said, reports Gulf News. Four out of five financial services companies in the Middle East polled by Reuters said… – Continue reading
In July 1997, Tyco International (with then Wall St darling Dennis Kozlowski at the helm) was “acquired” by a relatively small provider of home security services, known as ADT Inc. The deal arguably exploited some strategic synergies between the two companies, but far and away the biggest benefit to Tyco… – Continue reading
Taipei, May 16 (CNA) Chinese yuan-dominated deposits held by banks operating in Taiwan hit a new high as of the end of April, according to the Central Bank of the Republic of China. Market analysts said that the increase in the balance of Taiwanese banks’ yuan deposits largely resulted from… – Continue reading
KUALA LUMPUR, May 14 ― 1Malaysia Development Bhd (1MDB) must publicly prove its ability to repay its RM3.6 billion loan with a Deutsche Bank-led consortium instead of using “banking confidentiality” as an excuse to avoid addressing the matter, DAP’s Tony Pua said today. The Petaling Jaya Utara MP pointed out… – Continue reading
May 13 Indonesia’s finance ministry plans to tighten a tax regulation to ensure firms’ have sufficient cash buffers against the amount of debt they take in a bid to better manage their foreign debt exposure and boost the government’s tax revenue. Finance Minister Bambang Brodjonegoro told a press conference on… – Continue reading
Chairman of our Corporate Team, Paul Egan, gives an overview of the changes of which Irish companies should be aware on the commencement of the Irish Companies Act 2014. The Companies Act 2014 was enacted on the 23 December 2014 and its commencement is planned for 1 June 2015. The… – Continue reading
The financial plight of the debt-laden 1Malaysia Development Bhd (1MDB) is set to deepen, as jittery lenders of a $975 million syndicated loan led by Deutsche Bank plan to ask the troubled state-owned firm to pay up before the loan falls due in less than four months, the Business Times… – Continue reading
The government should stop looking for more borrowed money and take immediate steps for resource mobilisation to overcome fiscal deficit Taxation is a lot like sheep shearing. As long as you shear a sheep, it will continue to produce a new crop of wool but you can skin the animal… – Continue reading
Bold step on non-resident levy likely to be first of many. A tax policy paper released yesterday proposes changes on the taxation of non-residents in respect of New Zealand-sourced interest income. These changes, if implemented, will affect large multinationals, banks and even individual New Zealand borrowers. As the first significant… – Continue reading
HSBC’s pre-tax profits rose 4 per cent to a better-than-expected $7.06bn (£4.66bn) in the three months ending 31 March HSBC chief executive Stuart Gulliver admitted that the company’s Swiss banking scandal has hit morale across the group even as profits beat City forecasts during the first quarter of the year…. – Continue reading
Shayne Nelson, Chief Executive Officer of Emirates NBD, muses how corporate governance, risk and compliance have changed beyond recognition since he first came to the region. Shayne Nelson has seen a lot of change in his extensive banking career, which has spanned several continents. With roles including Chairman of Standard… – Continue reading
By Saeed Azhar SINGAPORE, May 5 (Reuters) – Singapore banks, which have enlarged their China credit exposure in recent years, were hit by a drop in billions of dollars of China trade financing deals as mainland borrowing conditions became easier while offshore interest rates grew more expensive. The premium of… – Continue reading
During 2014, Barbados again produced strong evidence of the underlying strength of its financial system. All of the financial stability indicators and stress tests performed for the financial system strongly indicate that the system remains stable with the capacity to withstand a wide variety of severe economic shocks. It is… – Continue reading
• Register of landlords to tackle tax dodging will help fund £225m giveaway • Comes on top of promised rent-controls for tenants • Labour would change planning law to give buyers from local area priority First-time buyers would not have to pay stamp duty on houses worth up to £300,000… – Continue reading
ISLAMABAD: Haphazard and impractical comments are the norm when tax authorities release collection figures of major political personalities. Newspaper columnists and television anchors try their level best to humiliate them but the endeavour is too shallow to spark a relevant public debate. There is no doubt politicians pay income tax… – Continue reading
Earlier, SEBI also beefed up norms for defaulters trying to raise fresh money. The Reserve Bank of India (RBI) has clarified that only nominee and independent directors who are not whole-time board members of a firm deemed as a ‘wilful defaulter’ would be excluded from being labelled as a party… – Continue reading
Li Keqiang warns banks that he will use the country’s FTZs to help bring down borrowing costs and force lenders to change their ways Premier Li Keqiang has sent a clear message to the mainland’s commercial banks: he will use free-trade zones to ratchet up pressure on the lenders to… – Continue reading
Neil Saunders, whose wife is the Director of Public Prosecutions, is a member of a controversial scheme being investigated by the taxman, The Telegraph can disclose The Director of Public Prosecutions’ husband is a member of a controversial “tax loophole” scheme that has been investigated by the taxman, it can… – Continue reading
India’s stand will show many nations in Asia and Africa the way to regain ill-gotten wealth stashed outside their countries “We have no information on any accounts held by Indian citizens in banks in Switzerland, Liechtenstein, Dubai or any other country. We have no information on the names of persons… – Continue reading
Company accounts provide insight into Parlesse Investments A Larry Goodman company based in Luxembourg made a profit of €52.6 million in 2013 and paid just 0.4 per cent tax, according to accounts in the tiny EU member state. The company, Parlesse Investments Sarl, began operations in 2010 and had accumulated… – Continue reading
Political activists gatecrashed Barclay’s AGM in Central London on Thursday to highlight the role of private finance initiatives (PFI) in “killing off” Britain’s public services, racking up unsustainable debt, dodging tax and funneling profits offshore. Thursday’s demonstration marks the first of three planned days of protest to raise awareness about… – Continue reading
The Foreign Account Tax Compliance Act (FACTA) has created a global impact on tax policy and how international investors run their financial lives. Should investors be worried that 50% of their portfolios will be seized as a fine? Or is it even worse. How many will go to jail because… – Continue reading
The European Investment Bank (EIB) must tighten up its lending rules to prevent its money being funnelled through tax havens, NGOs have warned in a new report, reports EU Observer. The report ‘Towards a Responsible Taxation Policy for the EIB’, published on Tuesday (21 April) by transparency NGOs Re-Common and… – Continue reading
SHANGHAI-The Chinese property developer Kaisa Group Holdings Ltd said it has defaulted on interest payments on its offshore bonds as it negotiates with its creditors to restructure its debts. The developer, based in Shenzhen, said in a statement published on the Hong Kong stock exchange website that it made neither… – Continue reading
ISLAMABAD: To check the revenue-related corruption and tax evasion of an estimated Rs2,000 billion annually, the National Accountability Bureau, on the recommendation of its committee of experts, has sent to the FBR a comprehensive package for implementation to overhaul the country’s tax machinery. The creation of an independent Pakistan Revenue… – Continue reading
The White House’s proposed highway bill, the $478 billion GROW AMERICA Act, contains numerous funding options for highways, bridges, transit and transportation programs, but what stands out for truckers? Perhaps the most talked-about provision as of press time is one that would allow states more latitude to place tolls on… – Continue reading
* Cite new delay of merger with Hudson City Regional bank analysts at Janney Capital Markets on Tuesday lowered their earnings estimates for M&T Bank Corp., citing the latest delay of the Buffalo commercial bank’s merger with Paramus-based Hudson City Bancorp Inc. “We had previously expected the merger to close… – Continue reading
MUMBAI: India’s syndicated loan borrowing in overseas markets has collapsed in the January-March quarter as Indian companies have taken the bond route to fund their expansions, and investments are yet to pick up. Loans denominated in US dollar, Japanese yen or euro dropped 75 per cent year-on-year. India G3 syndicated… – Continue reading
The ‘Green Governor’ has a reputation for innovative thinking and problem solving. He is renowned for his support of the agriculture sector and his focus on SME as well as green banking. As one of the most progressive and well-respected Central Bank Governors in the world, United World discusses Bangladesh’s… – Continue reading
It has become increasingly fashionable to compare the results of Greece and the Baltic States’ response to the financial crisis of 2008, most recently last month with the Financial Times’ column with John Dizard. This, however, is a classic textbook case of comparing apples to oranges. Greece’s crisis was chiefly… – Continue reading
The diverted profits tax means multinational companies will finally pay their way in Britain Britain is just over a month away from a monumental decision. Do we stick to the economic plan that has turned Britain around, or head into chaos with Labour? I’ve picked my side. I chose the… – Continue reading
BANGKOK: — IN SPITE of global economic sluggishness dampening overseas shipments this year, the Thai economy should grow more strongly during the current quarter, driven by tourism growth, rising government spending and recovering exports, ministers said yesterday. At the annual meeting of the Thai National Shippers Council, Deputy Prime Minister… – Continue reading
An arrest over allegations of price fixing has increased calls for tighter regulation of the booming sector On a late February morning, Yves Bouvier arrived at the Monaco home of one of his best clients. He expected Dmitry Rybolovlev, the Russian billionaire owner of AS Monaco football club, to pay… – Continue reading
SINGAPORE: India’s central bank is to ask large borrowers to issue more bonds in an unprecedented move to deepen the domestic capital markets and address concentration risks in the banking system. The Reserve Bank of India has proposed the measure as part of a discussion paper on rules limiting the… – Continue reading
European bank shares showed notable improvements in prices last week, benefiting from hopes of Greece evading a crisis coupled with continued strength in the U.S. dollar. Reports that Germany is looking to adopt a new law that will boost the capital position of the country’s banks helped Deutsche Bank (NYSE:DB)… – Continue reading
Rupert Murdoch’s media empire in the US has siphoned off $4.5 billion of cash and shares from his Australian media businesses in the past two years, virtually tax free. According to calculations by University of NSW accounting academic, Jeffrey Knapp, over the past 10 years, Mr Murdoch’s companies here have… – Continue reading
On April 3, 2015, as part of its Action Plan on Base Erosion and Profit Shifting (BEPS), the OECD released a discussion draft entitled “BEPS Action 3: Strengthening CFC Rules” (the Draft) for comments. The Draft stresses the importance of CFC rules in countering base erosion and profit shifting, and… – Continue reading
Law360, New York (April 06, 2015, 3:00 PM ET) — AbbVie Inc. asked an Illinois federal judge on Friday to dismiss a Shire PLC shareholders’ lawsuit claiming that it misrepresented the importance of tax incentives for the companies’ $55 billion merger that fell apart last year after the Obama administration… – Continue reading
Taipei, April 4 (CNA) Banks registered in Taiwan suffered a fall in profit for the first two months of this year after financial authorities here imposed restrictions on the trading of a type of risky derivatives, according to the Financial Supervisory Commission (FSC). Statistics compiled by the FSC, the top… – Continue reading
