Category: Privacy

FBR wants powers to access bank accounts, seek private information

ISLAMABAD: The FBR is seeking extraordinary powers to access private bank accounts of citizens, apparently to catch tax dodgers, locate assets beyond means, sources of funds, detect foreign travels and raise revenue for the government. For the purpose, the FBR has recommended that its intelligence wing be allowed to perform… – Continue reading

FATCA Poses Grave Danger for Human Rights Activists

BEIJING: China and the United States of America have recently signed the Federal Account Tax Compliant Act (FATCA), which requires the Internal Revenues Service (IRS) to disclose to China, the bank account information of Chinese-born pro-democracy activists, who fled their homeland to live in America. According to Forbes, “One of the most insidious… – Continue reading

Tax deal needs framework

The 2010 Foreign account tax compliance act represents a significant initiative by the United States to tackle offshore tax evasion. But it has not been popular with Chinese authorities, especially the banking sector, in part because it was considered an extra burden. Why should it obligate itself to do such… – Continue reading

Canadian industry claims win in long fight over U.S. crackdown on tax evasion

Canada’s investment and banking industries hailed a key victory Tuesday in five-year fight to dull the impact of onerous new U.S. tax rules expected to affect about a million Canadian residents and dual citizens. A newly ratified inter-governmental agreement with the United States excludes registered accounts for education, retirement, and… – Continue reading

FATCA Hurts Law-Abiding Americans Abroad: Heritage

The Heritage Foundation has issued a report to demonstrate how the United States Foreign Account Tax Compliance Act (FATCA) is hurting Americans living abroad, and has recommended that it should be reformed. In particular, Heritage noted that FATCA is burdening Americans living overseas with “enormous financial and legal burdens” through… – Continue reading

NZ’s independence not for sale, says Internet Party

The Trans-Pacific Partnership Agreement, Five Eyes intelligence sharing and the American Foreign Account Tax Compliance Act have put New Zealand’s sovereignty and independence at risk and must be immediately reviewed, says the Internet Party. In its draft Independence policy released today, the Internet Party said New Zealand’s sovereignty was being… – Continue reading

Developing countries not ready to join tax evasion crackdown – OECD

LONDON (Thomson Reuters Foundation) – Most developing countries do not have tax systems sophisticated enough for them to join a new OECD-led transnational project for countries to automatically exchange tax information in an effort to tackle evasion and offshore financial havens, said an official from the OECD. The Paris-based Organisation… – Continue reading

Swiss banking giant pleads guilty to aiding tax evasion

WASHINGTON — European bank Credit Suisse AG pleaded guilty Monday to helping wealthy Amer­icans avoid paying taxes through secret offshore accounts and agreed to pay about $2.6 billion. The Justice Department said it was the largest penalty imposed in any criminal tax case. It is also the largest bank to… – Continue reading

‘Sustainable’ companies hide behind subsidiaries in secretive tax havens

The UK’s 100 largest public companies have nearly 30,000 subsidiaries, according to new research by Christian Aid Christian Aid has accused many of the largest companies that claim to be driving corporate responsibility of operating behind a veil of secrecy by creating thousands of subsidiaries in tax havens. The UK’s… – Continue reading

Wealthy in China need new tax haven as Switzerland U-turns on banking privacy

The agreement of Switzerland to disclose information on banking accounts in its territory, at the risk of its time-honored status as the world’s foremost tax haven, may prompt the wealthy worldwide, including Chinese nationals, to search for new shelters for their fortunes. Switzerland, the world’s largest offshore financial center, announced… – Continue reading

A New World Tax Regime

To anyone who even casually monitors international agencies — such as the UN, the OECD, and the IMF — it will come as no surprise that those agencies have long wanted stable sources of funding that they could count on, rather than relying on handouts from governments around the world…. – Continue reading

A changing world

Recent discussions about the movement of capital and offshore accounts have to be a major cause for concern. During a Central Bank seminar recently, Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss, sounded the warning that compliance with the recently passed Foreign Account Tax Compliance Act… – Continue reading

Worldwide: Canada-U.S. FATCA Intergovernmental Agreement

On February 5th, 2014, the Canada signed an intergovernmental agreement (“IGA”) with the U.S. regarding the U.S. Foreign Account Tax Compliance Act (“FATCA”). Under the terms of FATCA, Canadian financial institutions need to report directly to the U.S. Internal Revenue Service (“IRS”) any information regarding bank accounts held by U.S…. – Continue reading

Bermuda: UK FATCA: Reporting Requirements For Bermuda Trusts

Financial institutions in Bermuda, such as banks and trust companies, will soon be obliged to provide information to foreign tax authorities relating to the financial affairs of United States (US) and United Kingdom (UK) resident clients. The Foreign Account Tax Compliance Act 2009 (US FATCA) is a US law designed… – Continue reading

Legislation enabling FATCA overrides Privacy Act

The Taxation (Annual Rates, Employee Allowances, and Remedial Matters) Bill contains proposed legislative amendments to give effect to the intergovernmental agreement (IGA) New Zealand is currently negotiating with the United States in respect of the United States’s Foreign Account Tax Compliance Act (FATCA). The Commentary to the Bill states that… – Continue reading

Luxembourg stalls agreement on EU tax evasion law

The Grand Duchy of Luxembourg, a city state of just over a half million inhabitants, on Tuesday refused to agree on a proposed key EU tax evasion law at the monthly Ecofin meeting of European Union finance ministers. Algirdas Šemeta, EU taxation Commissioner, said Tuesday’s failure was “disappointing” because the legislation… – Continue reading

Canada: Businesses Face More Onerous Transfer Pricing Documentation And Country-By-Country Tax Reporting

The OECD proposes to reform transfer pricing documentation for multinational enterprises and to impose onerous country-by-country (CbC) reporting obligations, including disclosure of taxes paid in each country in which a business operates, in a bid to enhance revenue authorities’ abilities to identify high risk transfer pricing situations and to make… – Continue reading