Category: Activity

Wright Medical Will Merge With Tornier in All-Stock Deal

Wright Medical Group Inc. (WMGI), a U.S. maker of bone implants, will merge with Tornier NV, creating a new company valued at $3.3 billion in the latest proposed tax inversion since tighter rules were announced last month. The legal address for the new company, to be called Wright Medical Group… – Continue reading

‘Differences with India on making Swiss bank a/c info public’

Noting that tax evasion is not a criminal offence in Switzerland, a senior Swiss official has acknowledged differences with India on what can be made public about Indians having unaccounted money parked in Swiss banks. However, the Swiss Foreign Ministry official hoped that with the advent of the new government… – Continue reading

More Scottish tax powers could create loopholes, accountants say

(Reuters) – Giving Scotland more tax-raising powers would increase the complexity of Britain’s already-lengthy tax code and may create new loopholes for tax avoidance, accountants and tax advisors told British legislators on Tuesday. Scottish voters rejected independence from Britain in a referendum last month, swayed in part by British politicians’… – Continue reading

Why it’s difficult to bring black money back

The government may have revealed the names of three black money account holders, but will it be able to get the money back or catch big fishes who have stashed the illegal money in tax havens across the globe. As of now it seems impossible. With at least three different… – Continue reading

New Report On BEPS Project Impact For Life Sciences Companies

Multinational life sciences companies should review their organizational structures and perform scenario planning to assess the likely impacts of the Organisation for Economic Co-operation and Development’s (OECD’s) Action Plan on Base Erosion and Profit Shifting (BEPS), says a new report from KPMG. “The Post Base Erosion and Profit Shifting World”… – Continue reading

7 ways to stay away from black money, 3rd one is fool-proof

On Monday when the Centre revealed the names of Indians with bank accounts in Switzerland, a customary call to a chartered accountant made sense. Straight up, the question was how to make sure that a person be financially healthy and disciplined, without having back-of-the-mind worries of the tax man knocking… – Continue reading

How Far Up Switzerland’s Biggest Bank Did U.S. Tax Evasion Scam Reach?

The secret binder lay wedged in a hidden drawer inside a filing cabinet in his office on the Bahnhofstrasse in Zurich, the heart of the world of Swiss private banking. Martin Liechti, a former top private banker at Swiss bank giant UBS, privately called the binder his “CYA file,” a… – Continue reading

IMF calls for Caribbean tax changes

The International Monetary Fund is encouraging Caribbean governments to reform their tax policies to encourage greater private sector investment in an effort to boost economic growth. The proposal comes after a two-day high-level forum, Unlocking economic growth, in Montego Bay, Jamaica to discuss possible improvements in energy provision, tax regimes… – Continue reading

FATCA Envy Spreads Across Hemisphere

Here in America, tax collectors know when you earn interest on your bank deposits. That’s because U.S. banks are obliged to collect such information and report it to the IRS. This makes it impractical for would-be tax evaders to purposefully underreport their interest income for tax purposes. They’d be easily… – Continue reading

Tax treaties behind case-by-case disclosure of foreign accounts

Behind the step-by-step approach in the government’s disclosure of names of foreign bank account holders is the confidentiality clause under the Double Taxation Avoidance Treaty (DTAT) that prevents making public the identity of the account holders. Finance Minister Arun Jaitley had earlier said the names of persons would be disclosed… – Continue reading

Bloomberg BNA and Tax Analysts Interview Elan Keller on OECD Forum Tax Chiefs’ Pledge for Greater Cross-Border Cooperation

NEW YORK, Oct. 27, 2014 /PRNewswire/ — Bloomberg BNA’s International Tax Monitor and Tax Analysts interviewed Caplin & Drysdale’s Elan P. Keller concerning a pledge made at the 2014 OECD Forum on Tax Administration (FTA) by tax chiefs from 38 countries to invest in resources to implement a new standard… – Continue reading

Too Big to Tax: Settlements Are Tax Write-Offs for Banks

At the Justice Department, senior officials like to congratulate themselves on the headline-making, big bucks settlements they have imposed upon banks and lenders for their part in causing the 2008 mortgage meltdown that sparked the biggest American financial crisis since the Great Depression. But wait a moment. Those settlement figures… – Continue reading

Colombia tax evaders have $50B parked in tax havens: Minister

Colombia’s minister of finance stated this weekend that Colombians are hiding $50 billion abroad in an attempt to avoid paying taxes over their assets. Finance Minister Mauricio Cardenas told Spanish news agency EFE that no penalties for Colombia tax evaders had been finalized, but that they were on the agenda…. – Continue reading

Fitch: M&A Premiums Fall on Inversion Crackdown

NEW YORK–(BUSINESS WIRE)–Tax inversion deals have effectively been repriced by the US Treasury signaling an end to “hop-scotch” loans and other tax structuring opportunities, according to Fitch Ratings. AbbVie’s purchase of Shire and the planned merger of Salix Pharmaceuticals and Cosmo Technologies, both pulled since the Treasury announcement, were scuttled… – Continue reading

Global Accord to Halt Tax Dodgers to Be Signed This Week

Finance ministers from at least 37 countries will take the biggest step yet in fighting tax evasion at a conference this week hosted by Germany’s Wolfgang Schaeuble, German officials said. Fifty states and jurisdictions are sending representatives to Berlin to sign an agreement on Oct. 29 on the automatic exchange… – Continue reading

Hiding Assets Under Pet Names Looks Willful, Even For Lionel Messi With 400 Goals

There is nothing illegal about tax planning. Yet some things are legal while others are not, and the lines can sometimes get fuzzy. Add to that the fact that some people go to extraordinary lengths to avoid paying taxes, and it can be a recipe for disaster. Increasingly, if you… – Continue reading

Fresh affidavit on black money in SC today: What the debate is all about

An informed, mature and realistic debate on black money is too much to ask for in a country where the issue attracts intense, almost emotional public reaction. It does not help when political games and systemic problems in the economy that aid tax evasion and stashing of illicit money in… – Continue reading

Bitter ex-partners and disgruntled neighbours among thousands paid out by HMRC for tipping them off on tax dodgers

Hundreds of people tip-off the authorities on suspected tax dodging a day HMRC pay up to £1,000 for useful information that leads to a ‘big win’ The taxman has paid out more than £400,000 in a year to informants Nearly 100,000 people phoned the tax dodging hotline in the last… – Continue reading

EAC needs tax harmony

KIGALI, Rwanda – The need of a tax law on reverse VAT to be harmonized among EAC states was highlighted during the recently concluded East African Business Summit that took place in Kigali.  “Tax law on reverse VAT can be harmonized among EAC states,” Rwanda Revenue Authority Commissioner General Richard… – Continue reading

Blackmoney: Govrnment to move Swiss with new hope in Hasan Ali case

NEW DELHI: The renewed vigour to unearth suspected blackmoney of Indians in Swiss bank accounts after a recent meeting of top officials on both sides is expected to initiate final prosecution in one of the most prominent tax crime cases related to Pune-based stud farm-owner Hasan Ali Khan. Sources privy… – Continue reading

Assocham against government disclosing names of black money holders

NEW DELHI: Amid a growing clamour for naming of alleged black money holders, industry body Assocham today said the government should not prematurely disclose the names of such persons as it could hamper battle against this menace. “The double taxation avoidance treaties are important for the Indian residents and corporates… – Continue reading

‘Genuine tax planning will remain legitimate despite avoidance crackdown’ says Eamonn Daly of Lodders Solicitors in Cheltenham

Genuine tax planning will remain legitimate despite a new anti-avoidance crackdown relating to inheritance tax, says a tax partner at Lodders Solicitors in Cheltenham. Eamonn Daly said HM Revenue & Customs was only after those who constantly tried to push the boundaries, coming up with ruse after ruse. He explained:… – Continue reading

Russian government approves law to clamp down on offshore tax sheltering

(Reuters) – Russia’s government has approved a new tax law to clamp down on Russian companies and individuals using offshore tax shelters. The law is part of a range of measures initiated by President Vladimir Putin, and collectively known as “deoffshorisation”, which are aimed at bringing Russian businesses and money… – Continue reading

Offshore firms still get government contracts

The Treasury Department has spent millions of dollars on federal contracts for companies that have shifted their legal address abroad, even as the Obama administration pushes to rein in the practice. Just last month, Treasury Secretary Jack Lew moved to limit the appeal of those tax deals, known as inversions,… – Continue reading

RLPC-Taiwan’s FSC examines Taiwanese banks’ China exposure

Oct 24 (Reuters) – Taiwan’s Financial Supervisory Commission (FSC) has launched an enquiry into 10 Taiwanese banks with the largest exposure to Chinese companies, following a similar investigation by the country’s Ministry of Finance (MoF), bankers said on Wednesday. As a major shareholder, Taiwan’s MoF asked eight Taiwanese state-owned banks… – Continue reading

WHO Meets Behind Closed Doors, Threatens A Global Tax Hike

The sovereignty of individual nations is increasingly under threat from international governance bodies that want to force a range of new regional and international taxes on states. The latest attempt to bypass state sovereignty occurred when the World Health Organization (WHO) met behind closed doors in Moscow last week. In… – Continue reading

FACT CHECKER: Loebsack attacks Miller-Meeks on outsourcing jobs

Introduction The economy has come to the forefront of the Second U.S. House District race between incumbent Democrat Dave Loebsack and Republican challenger Dr. Mariannette Miller-Meeks. Loebsack’s campaign accuses Miller-Meeks of being in favor of “special tax breaks to outsourcing corporations” and claims she partnered with a company that sent… – Continue reading

Mining Firms Urge Cuts In Zambia’s New Royalty Rates

The increased mining tax framework included in Zambia’s 2015 Budget earlier this month has been subject to criticism as, according to the Chamber of Mines of Zambia (CMZ), it will reduce the country’s attraction for mining investment and reduce employment. In his budget speech, Zambian Finance Minister Alexander Chikwanda proposed… – Continue reading

Switzerland To Add Info Exchange Provisions To All DTAs

The Swiss Federal Council has launched a consultation on legislation for the unilateral application of the Organisation for Economic Cooperation and Development’s (OECD’s) Standard on the Exchange of Information to all double tax agreements that are not already in line with this model. The legislation would only involve the exchange… – Continue reading

CNH Tracker- China’s overseas investment schemes set to freshen offshore yuan pool

Oct 24 (Reuters) – China is studying pilot schemes that will allow domestic investors to make overseas investments using the Chinese currency, a move that could pump fresh oxygen into the stagnant offshore yuan pool. “The central bank is designing RQDII (Renminbi Qualified Domestic Institutional Investor) and QDII2 schemes to… – Continue reading

Italy court clears designers Dolce and Gabbana in tax evasion case

(Reuters) – Italy’s top court cleared fashion designers Domenico Dolce and Stefano Gabbana on Friday over charges of hiding hundreds of millions of euros from Italian tax authorities. Two lower courts had previously convicted the pair, who are as famous as the stars they dress, on allegations that they used… – Continue reading

EIS industry rejects tax status risks

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/75090936-5aa2-11e4-b449-00144feab7de.html#ixzz3HLsJSGv7 Fears have been raised that the government may clamp down on a popular means… – Continue reading

Luxembourg: Family Wealth Management In Luxembourg: We Are Not Done Yet, Despite The Changes To The Information Exchange

With the announced end of banking secrecy for non-residents, the time has come to make use of favourable repatriation schemes, such as the voluntary disclosure regime in Italy. Despite increasing pressure for fiscal transparency and exchange of information, beneficial owners still have a choice: move the capital out (of Luxembourg),… – Continue reading

Canada Shows How to Eliminate the Tax Bias against Saving

Since all economic theories – even Marxism and socialism – recognize that capital formation is a key to long-run growth, higher wages, and improved living standards, it obviously doesn’t make sense to penalize saving and investment. Yet that’s exactly what happens because of double taxation in the United States, as… – Continue reading