Florida Center for Investigative Reporting The Walt Disney Co. generates $18.2 billion per year in economic activity in Florida and and is responsible for more than one in every 50 jobs in the Sunshine State, according to a study the company paid for in 2011. But here’s something Disney won’t… – Continue reading
In the second half of the current calendar year, issuances had slowed. Most companies had front-loaded their fund-raising plans, in anticipation of a rise in US interest rates Fund raising by Indian companies through the offshore debt market is expected to rise in 2015 for refinancing of old loans and… – Continue reading
Hutchison Whampoa had profit of €429.6m but paid just €65,067 tax in Luxembourg A Luxembourg company that provides indirect financial support to 3 Ireland, is among the latest batch of entities found to be availing of secret tax deals in Luxembourg. Hutchison Whampoa Europe Investments Sarl (HWEI) – part of… – Continue reading
The European Investment Bank, which gives loans and grants using taxpayers’ money, acted wrongly when it refused to disclose details of alleged tax evasion by mining giant Glencore, the EU’s watchdog has ruled. The EIB failed to disclose the results of its own investigation into the allegations surrounding a mining… – Continue reading
Indian corporates are likely to increasingly access the offshore debt capital markets for their funding requirements once the investment cycle restarts, according to Fitch Ratings. “The growth is likely to be driven by the need to refinance debt and fund capex once the investment cycle restarts and as many corporates… – Continue reading
LUXEMBOURG — Palm Beach billionaire David Koch and his equally-loaded brother Charles got the government of Luxembourg to sign a secret, custom-made deal that allowed their companies to save hundreds of millions of dollars that otherwise would have been taxed in the United States. On its website this morning, the… – Continue reading
Peter Mac Swedish “flatpack” furniture manufacturer IKEA has suffered a number of blistering mass media attacks for business practices that reduce their Australian tax liabilities to a tiny fraction of the company’s profits here. The criticism is certainly justified. Most ordinary working taxpayers, as well as companies that don’t engage… – Continue reading
In recent times there has been a welcome return to activity in the Irish real estate market. Overseas investors have been circling and private equity groups have started investing heavily in Irish real estate amid confidence that the Irish economy has stabilised and is returning to growth. In this briefing… – Continue reading
Fund wanted to buy distressed debt in media and communications companies Ireland played a key role in international tax and funding structures set up by a $100 million Cayman Islands fund that wanted to buy distressed debt in media and communications companies in 2010. Accountancy firm Ernst & Young (now… – Continue reading
The House of Commons Public Accounts Committee on Monday held a hearing on the role of accountancy firms in tax avoidance and PwC (PricewaterhouseCoopers), the Big 4 accounting firm, was represented by Kevin Nicholson, PwC head of tax in the UK and former HMRC (HM Revenue & Customs) tax inspector,… – Continue reading
The European Commission welcomes two breakthrough agreements reached by the Council today towards combating corporate tax avoidance and aggressive tax planning. The Council has given its political backing to the anti-abuse clause of the Parent Subsidiary Directive and to the mandatory exchange of information between EU tax authorities. “I applaud… – Continue reading
(Reuters) – Tax deals that entertainment giant Walt Disney Co., commodities group Koch Industries [KCHIN.UL] and others agreed with the Luxembourg authorities were revealed on Tuesday by the International Consortium of Investigative Journalists (ICIJ). The ICIJ said the two companies engaged in complex restructurings, and channeled hundreds of millions of… – Continue reading
A new leak of confidential documents expands the list of big companies seeking secret tax deals in Luxembourg, exposing tax-saving maneuvers by American entertainment icon The Walt Disney Co., politically controversial Koch Industries Inc. and 33 other companies. Disney and Koch Industries, a U.S.-based energy and chemical conglomerate, both created… – Continue reading
While the dust is still settling from the mid-term elections and the pundits are trying to figure out what it all means, the American people have made their collective voices heard and delivered a message that they do not like the country’s direction. Exit polling data from Election Day showed… – Continue reading
Nicholson stands by previous testimony to MPs, as accountants are accused of mass-marketing tax avoidance schemes The head of tax at one of the UK’s top accounting groups was accused of lying to parliament about his firm’s role in devising controversial tax deals for clients in Luxembourg. Kevin Nicholson, PwC… – Continue reading
* Nearly half of EM corporate overseas debt issued offshore * Accounting conventions do not capture associated risks, BIS says By Sam Wilkin LONDON, Dec 7 (Reuters) – Cross-border debt issued by emerging market companies may be less stable than it initially appears due to the increasing role of overseas… – Continue reading
The Ministry of Finance this week published Ordinance MF 488/14 in the Official Gazette, which reduces from 20% to 17% the threshold income tax rate for defining the concepts of low-tax jurisdictions and privileged tax regimes. The qualifications of low-tax jurisdictions and privileged tax regimes are relevant because they may… – Continue reading
Dechert Georgia, through the contribution of partners Archil Giorgadze and Nicola Mariani joined by senior associates, Ruslan Akhalaia and Irakli Sokolovski, is partnering with Georgia Today on a regular section of the paper which will provide updated information regarding significant legal changes and developments in Georgia. In particular, we will… – Continue reading
The European Commission (Commission) has given one of its clearest indications yet that it is seeking to clamp down on unfair tax breaks or ‘waivers’ for underpaying companies through the EU rules on state aid. How does State aid apply to taxation? The EU rules on state aid prohibit the… – Continue reading
With the expansion of business globally and mobilisation of investments, businesses are facing challenges on managing their cash flows, funds, and financial risks to increase competitiveness. Having a “treasury centre” is one of the solutions. A treasury centre helps a business significantly reduce its transaction costs and increase financial efficiency…. – Continue reading
The Chancellor reaffirmed the Government’s continued support for the OECD’s work on base erosion and profit shifting (BEPS) and modernisation of the international framework for taxing multinational companies. Measures in relation to three specific areas are announced – a consultation on hybrid mismatches and the introduction of the OECD’s proposals… – Continue reading
UK government plans to counter aggressive tax planning techniques used by multinational enterprises to divert profits from the UK to low tax jurisdictions could harm the international prospects of UK businesses according to an expert.03 Dec 2014 Corporate tax Tax Advanced Manufacturing & Technology Services UK Europe The new ‘diverted… – Continue reading
Industrial & Commercial Bank of China Ltd. is marketing the largest sale of offshore yuan bonds as China pushes for the wider use of its currency as an alternative to the dollar in business and finance. The nation’s biggest lender by market value is offering about 12 billion yuan ($1.95… – Continue reading
KATADATA – Finance Minister Bambang Brodjonegoro asks exporters to refrain from tax avoidance schemes, especially transfer pricing. Tax avoidance will cause losses to the state because it reduces tax revenues. “Transfer pricing has constantly reduced our tax revenues. I urge exporters to stop this practice because it is strongly related… – Continue reading
Entrepreneurs’ relief – for many years sole traders and partnerships have been able to incorporate their businesses selling the value of the business including goodwill to the new corporate. The gain is taxed at 10 per cent, the proceeds remain on loan to the company as a directors’ loan and… – Continue reading
The medical device manufacturer Medtronic has launched a USD17bn bond to finance part of its USD43bn corporate inversion acquisition of Ireland-based Covidien, in replacement of the cash held by its foreign subsidiaries that it was prevented from using following the United States Department of Treasury’s announcement of anti-inversion measures in… – Continue reading
Bill Dodwell comments: “Chancellor George Osborne will deliver the final Autumn Statement of this parliament. We expect that most of the announcements will concentrate on the outcomes from proposals launched at earlier Budgets, together with some technical changes. There will also be the first consultation on how the UK should… – Continue reading
Co-Operative Bank Plc, the U.K. lender that ceded control to its creditors last year, will probably fail Bank of England stress tests this month, Chief Executive Officer Niall Booker said. “It will come as no surprise if the bank does not meet the desired capital ratios,” Booker said yesterday in… – Continue reading
December 2: A tax commission charged with examining the tax system in Norway today submitted its report—NOU 2014: 13—to the Minister of Finance that describes proposals for changes to the corporate tax system and for adjustments to the tax system, in general. The tax commission’s report will be submitted for… – Continue reading
George Osborne’s targeting of corporate tax dodges faces voter scepticism • Chancellor waters down tech company measures • Disbelief will greet key plan in autumn statement Almost 60% of adults in the UK don’t believe politicians’ promises to tackle corporate tax avoidance, according to a damning poll published ahead of… – Continue reading
The fund will hit the markets by the middle of next year and invest in residential projects like the last fund Having raised a $250-million (Rs 1,500 crore) offshore fund in July this year, real estate fund manager HDFC Property Fund is now gearing up to launch a $500-million (Rs… – Continue reading
Bonds of Greenko Group Plc fell to a record after India’s central bank banned the method used by the hydro and wind power company to raise funds from overseas. The company used an offshore entity to sell U.S. dollar notes at a spread higher than the limit set by the… – Continue reading
Martin Lock was formerly the top withholding-tax specialist at the Tax Office, a role that encompassed oversight of profit shifting by multinationals. He is one of many former officers who have voiced their concerns to Fairfax Media about the challenge of arresting the slide in tax receipts from multinational companies… – Continue reading
For foreign investors doing business in China, securing benefits under a double taxation avoidance (DTA) agreement is an important measure for reducing their tax burden as stipulated by Chinese tax law and thereby maximizing profit. In addition to satisfying the specific requirements of a relevant DTA, certain administrative procedures must… – Continue reading
RBC Wealth Management has announced plans to discontinue its private wealth management business in the Caribbean. The strategy to “realign certain businesses within [its] international operations” was presented to staff in an internal memorandum last Thursday. It is not clear whether the business will be closed or sold. Paul French,… – Continue reading
The concept of base erosion and profit shifting (BEPS) has been debated at various international forums following discussions at the G20 Finance Ministers and Central Bank Governors meeting and the G20 Heads of State summit in Russia last year. The Organisation for Economic Co-operation and Development’s (OECD) BEPS Action Plan… – Continue reading
Canada and Spain have signed a Protocol to their income tax convention which, when implemented, will reduce the withholding tax rates applicable on payments of dividends and interest. The Protocol was inked on November 18, 2014, by Canada’s Ambassador to Spain, Jon Allen, and Spain’s Finance Minister, Cristóbal Montoro. The… – Continue reading
Domestic banks are to be required to allocate 1.5 percent of their total housing loans as provision for bad debts within the next three years to reduce risks should the property market slow down, the Financial Supervisory Commisson (FSC) said yesterday. The announcement came after the commission reached an agreement… – Continue reading
MUMBAI: Parent HDFC will pare its stake in HDFC Bank to create room for foreign investors. HDFC, the country’s oldest mortgage lender which owns 22.5 per cent in HDFC Bank, will not step in as a buyer when the bank issues shares to local and foreign investors to raise Rs… – Continue reading
Domestic banks are to be required to allocate 1.5 percent of their total housing loans as provision for bad debts within the next three years to reduce risks should the property market slow down, the Financial Supervisory Commisson (FSC) said yesterday. The announcement came after the commission reached an agreement… – Continue reading
Russia’s Putin Urges Action to Restrain Rising Interest Rates, Inflation President Vladimir Putin on Wednesday urged Russia’s government and the Central Bank to work together to curb interest rates and restrain surging inflation as the economy slides toward recession. “Only combined efforts by the government and Central bank and a… – Continue reading
Should London’s Mayor pay U.S. taxes? How about filing FBARs and other forms that make it easy for the IRS to track his bank accounts? London’s Mayor Boris Johnson is English, but being born in New York means he’s American too. Turns out he never gave up his U.S. citizenship,… – Continue reading
Beirut, November 17, 2014: All-inclusive offshore solutions provider ‘Lebanon Offshore’ and auditing and consulting firm ‘Majzoub & Partners CPAs-Nexia International’ organized a conference titled “Why is it so difficult for Lebanese offshore companies to open a bank account in Lebanon?” on November 14, 2014 in Badaro, Beirut. Attended by a… – Continue reading
Move over, Ireland. Companies from Microsoft Corp. (MSFT) to China’s Huawei Technologies Co. scouring Europe for fiscally attractive shores are turning to an unlikely country: France. As a base for research and development teams, that is. Tax breaks for R&D, 5.6 billion euros ($7 billion) this year alone, combined with… – Continue reading
New Delhi: Telecom operator Reliance Jio Infocomm has arranged credit facilities worth $1.5 billion with lenders, including Bank of America and Barclays, to refinance existing loans. Mukesh Ambani-led RJio would utilise the latest credit arrangements to re-finance debt tied up by it in 2010. The new loan facilities are guaranteed… – Continue reading
Recent months saw various important developments that are relevant to Sino-European trade and investment. These include (i) changes to the EU Parent-Subsidiary Directive, (ii) the entry into force of the double tax treaty between Luxembourg and Taiwan, and (iii) proposed changes to China’s Foreign Investment Catalogue and the Governmental Verifications… – Continue reading
You know those annoying “We Agree” television ads by the fossil fuel corporate giant Chevron? The ones where an actor playing a student or a concerned member of a community “agrees” with supposedly noble objectives of this multinational? Those ads make me feel like puking. The objective of this campaign… – Continue reading
This offshore illegal scam showed that, in Ireland as elsewhere, taxes really were for the “little people”. The facts emerged as a by-product of the tribunal directed by Mr Justice Brian McCracken in 1997. It was set up to trace payments by supermarket magnate Ben Dunne to Fianna Fail’s Charlie… – Continue reading
Why does Stephen Mandel, the newly minted Minister of Health, think it’s a good idea for Alberta taxpayers to support the lifestyles of wealthy Australian businessmen who earn more than $13 million a year; their executive teams who get ridiculous bonuses and stock options; and the Australian economy as a… – Continue reading
Future Fund chairman Peter Costello has defended the amount of tax the sovereign wealth fund pays, saying it has ‘sovereign immunity’ when it invests overseas. The government-owned Fund was named along with other Australian companies for using Luxembourg as a base in which to lower global taxes in one of… – Continue reading
