Residents want to share their tax avoidance plan with other towns to force the treasury into closing tax loopholes A small town in Wales is attempting to register its independent businesses as offshore companies to demonstrate how flawed they believe the British and international tax systems are. By mimicking the… – Continue reading
When it comes to planning for tax season, corporate tax reporting should be considered as part of Enterprise Performance Management. As Margaret Mitchell exclaimed in the classic novel, Gone with the Wind: ‘Death, taxes and childbirth! There’s never any convenient time for any of them.’ And while I hope that… – Continue reading
MUMBAI: Formula One is seeking to encash a $15.45-million guarantee by debt-laden Jaiprakash Associates BSE 1.18 % on the ground that it hadn’t paid the sport’s organiser money that had been contractually agreed upon. The company said the amount is caught up in tax litigation and hence can’t be given…. – Continue reading
City watchdogs say Barclays adopted a no-questions-asked policy Bank did not check where ultra-wealthy clients’ money came from £72million fine has been imposed on the bank for turning a blind eye Barclays has been shamed over a murky £1.9billion deal with ultra-wealthy clients which left the country vulnerable to financial… – Continue reading
In response to the announcement that pharmaceutical firms Pfizer and Allergan would merge, Hillary Clinton released a statement that completely missed the real issue behind these inversions – they are a symptom of the greedy, complex, and inefficient U.S. tax code. “Inversion is a symptom, not a disease,” said Grover… – Continue reading
Sum of Us has said it wants to hit Amazon where it hurts – its sales – by posting ads alerting customers of Amazon’s tax practices An online activism group has plans to hit Amazon with a massive anti-tax avoidance ad campaign come Black Friday. Sum of Us has said… – Continue reading
Irish Finance Minister Michael Noonan has said that he no longer expects that the European Commission will release its decision on the legality of a tax ruling provided to Apple before Christmas. Noonan confirmed that the Commission had requested additional information on the ruling. He said it will take the… – Continue reading
Bermuda has been in the spotlight in Australia as senators examine the tax affairs of big business. An Australian senate committee set up to look at the tax affairs of major companies heard that oil giants Chevron had 200 companies registered in Bermuda and a further 200 registered in the… – Continue reading
Hong Kong is tipped to become the world’s largest offshore corporate services centre by 2020, helped ironically, by the industry’s own struggles against reform demands coming from western governments and pressure groups. On notice after high profile money laundering and tax avoidance scandals, traditional offshore havens like the British Virgin… – Continue reading
Transfer pricing adjustment cannot be made in a case where the tax rate in the country of the Associated Enterprise is higher than the Indian rate and where, accordingly, establishment of tax avoidance or manipulation of prices or establishment of shifting of profits is not possible. Only after proper application… – Continue reading
On September 16, 2015, the United States District Court for the Southern District of Florida entered an order allowing the IRS to proceed with “John Doe” Summonses seeking information regarding US persons who hold offshore accounts at Belize Bank International Limited and Belize Bank Limited (the “Belize Banks”).1 These summonses… – Continue reading
On Tuesday, Deutsche Bank Suisse, a unit of German lender – Deutsche Bank AG DB entered into an agreement with the Department of Justice (DOJ) under which the bank will pay a penalty of around $31 million. The non-prosecution deal entered under the Swiss Bank Program will help the bank… – Continue reading
The offshore yuan strengthened the most this month on speculation traders are paring bets the currency will weaken after a surprise drop in U.S. consumer confidence pushed down the greenback. A gauge of the dollar’s strength fell for a second day as an index of consumer sentiment slumped to the… – Continue reading
Deutsche Bank AG’s Swiss unit agreed to pay $31 million to receive a non-prosecution agreement in a U.S. probe of banks in Switzerland that helped Americans evade taxes. The accord announced Tuesday by the Justice Department is the third-largest of 57 reached this year with Swiss banks. The firms, which… – Continue reading
Veteran banker says India purchase reflects client demand for onshore private banking advice. Julius Baer’s Asia Pacific head Thomas Meier is preparing to leave Asia after 20 years, but he isn’t leaving Asia behind. The veteran banker, who also worked at Credit Suisse and Deutsche Bank, will continue to oversee… – Continue reading
Multinationals should pay their taxes where they make their profits, according to one of the recommendations by the tax rulings committee, which were adopted by MEPs on 25 November. Report authors Elisa Ferreira (S&D, Portugal) and Michael Theurer (ALDE, Germany) told us it had been difficult for the committee to… – Continue reading
Expats savers will have some fixed feelings at the changes in interest rates on offshore fixed and instant access accounts. Conister Bank has notched up a couple of rate increases on fixed rate accounts – the three year fix rising 0.5% to 2.30% and the one year fix up 0.10%… – Continue reading
Pharmaceuticals manufacturer Pfizer is set to move its tax address to Ireland following a major merger A Government minister has said that Ireland is not a tax haven, and that companies choose to locate here for ‘lots of reasons’. It comes in the wake of the decision by the pharmaceuticals… – Continue reading
Corporation tax in Northern Ireland is on its way ‘The future depends on what you do today’. It’s a very simple mantra but it rings so true when you consider the author and what he achieved, Mahatma Gandhi truly was a man of iconic vision and wisdom. As details of… – Continue reading
The Italian Supreme Court overturned decisions of lower courts to conclude that two renowned Italian fashion designers were not guilty of tax evasion. The designers, however, could still be subject to civil penalties of about €343.3 million. BACKGROUND The designers had set up Luxembourg companies, to which they had transferred… – Continue reading
QCOSTARICA via Tax-news.com – The inclusion of a passport revocation provision to fund part of the proposed US highway bill would “disproportionately” affect American citizens living overseas, like in Costa Rica, according to a recent release from the deVere Group, a financial consultancy. The provision, which would be effective from… – Continue reading
Pfizer $160bn purchase of Allergan will see firm move HQ to Dublin Ireland’s exchequer is in line for an annual boost of up to €620 million following the announcement that Pfizer is buying rival Allergan in a $160 billion (€151 billion) deal. The takeover will see Pfizer move its corporate… – Continue reading
The latest Tax Reform Business Barometer survey, issued by The Tax Council and Ernst & Young, found that tax professionals expect Congress to approve tax reform legislation no earlier than 2017, with most congressional leaders having all but given up hope that tax reform is achievable in the remainder of… – Continue reading
Of these, one advance pricing agreement has a ‘rollback provision’ The government has concluded 11 agreements to tax multi-national companies via the transfer-pricing mode. Of these, one advance pricing agreement (APA) has a ‘rollback provision’, which means those relating to previous years. The government has signed 22 APAs so far… – Continue reading
NEW DELHI: India proposes a major clean-up of decade-and-a-halfold rules that govern the prices of imports by related parties – such as arms of multinationals from their parent – in an attempt to reduce delays and disputes and make it easier to do business. The finance ministry is not just… – Continue reading
Wealth inequality is a scourge of many countries. Last year, Credit Suisse reported that the richest 0.7% of adults in the world owned 44% of global wealth. Closer to home, earlier this year, the Lien Centre for Social Innovation’s ‘A Handbook on Inequality, Poverty and Unmet Social Needs in Singapore‘… – Continue reading
Following a ruling by the Swiss Federal Tax Administration, payments of interest under the DDM Treasury SEK 300 million Senior Secured Notes with ISIN SE0005280831 (the “Notes”) are subject to Swiss withholding tax since the refinancing executed in June 2015. On 23 June 2015 certain amendments to the documentation in… – Continue reading
Through tweaks to the Model Tax Convention, the OECD believes its work on profit shifting will stem elaborate structures, such as commissionaire arrangements, used by large multinationals to avoid the creation of a permanent establishment. The Organization for Economic Cooperation and Development, however, responded to concerns from taxpayers by narrowing… – Continue reading
Big name companies have faced a lot of criticism from the media about the low taxes they pay in some countries. Lately, the Organisation of Economic Cooperation and Development (OECD) has finalised a set of recommendations to stop base erosion and profit shifting (BEPS). The rules are aimed at curbing… – Continue reading
Proposed measure would allow US to revoke passport if individual has over $50,000 unpaid taxes The 8 million Americans living overseas should “ensure their financial affairs are in order and compliant” before the New Year, or face having their passports revoked, warns a financial advisory organisation. The company – deVere… – Continue reading
The eight million Americans living overseas, including In Hong Kong and the rest of Asia, should “ensure their financial affairs are in order and compliant” before the New Year, or face having their passports revoked, warns the boss of one of the world’s largest independent financial advisory organizations. Nigel Green,… – Continue reading
The OECD’s final report on Action 13 under the base erosion and profit shifting project—which calls for countries to adopt a country-by-country reporting template, master file and local file—has the potential to be one of its “greatest legacies.” Marlies de Ruiter, head of the Organization for Economic Cooperation and Development’s… – Continue reading
VietNamNet Bridge – Apple Operations International (AOI), the owner of Apple Vietnam, has been involved in in the past in tax evasion scandals in the US and Ireland. Vietnamese newspapers reported that Apple has ‘quietly established a subsidiary in Vietnam called Apple Vietnam Limited Liability Company as written in the… – Continue reading
Tax Commissioner Chris Jordan has become more picky about entering agreements with multinationals aimed at giving companies certainty about their tax payment requirements in Australia in future years. Taxpayers can lock in their tax payment for a period of about three years via an “advanced pricing agreement”, or APA. Technology… – Continue reading
Company used actresses including former Alan Partridge star to bombard financial sector workers with cold calls The grey Basinghall Street office building, in the heart of London’s City financial district, gives few clues about the frenzy of activity that was going on inside. But for years, this was the home… – Continue reading
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… – Continue reading
Wrap platforms are increasingly evolving to meet the needs of investors looking offshore for growth, with the addition of managed funds, ETFs and SMAs, Cameron Garrett writes. Traditionally, the investment portfolios of Australians have been heavily weighted towards investing in Australian equities. This is an interesting statistic, especially as the… – Continue reading
Three Swiss banks will pay a total of more than $81 million to the U.S. Justice Department to avoid possible prosecution for helping Americans to evade taxes, the department said on Thursday. The three banks, the Swiss unit of BNP Paribas SA (BNPP.PA); KBL (Switzerland) Ltd (LU0092281103.BR); and Bank CIC,… – Continue reading
The clock is ticking for American tax dodgers around the world after BNP Paribas SA’s Swiss unit and two other banks joined a U.S. program to avoid prosecution, revealing the exact methods of Swiss bankers’ legendary discretion. BNP agreed to pay $59.8 million in a program that has brought in… – Continue reading
MUMBAI: India’s forthcoming budget may draw from some of the recommendations, especially in the realm of transfer pricing, contained in the final package of ‘Base Erosion and Profit Shifting’ (BEPS) measures, rolled out in October. Certain anti-abuse measures, such as thin capitalization, which for tax purposes disallows interest payments beyond… – Continue reading
Ownership of Kildrummy Estate creates legal block for police investigators POLICE INVESTIGATIONS into wildlife crime failed in the face of a bureaucratic nightmare identifying the landowner behind a complex structure of offshore land secrecy. The conviction of gamekeeper George Mutch for wildlife crimes committed in 2012 on Kildrummy Estate opened… – Continue reading
Now that’s what I call a Big Tax Case A long running court case that has become known as the ‘Big Tax Case’ appears to be reaching a conclusion. It involves Scottish football club Rangers, who went bust in 2012. After it failed, a new company was created. It bought… – Continue reading
David Cameron’s party reported fresh donations of £217,500 from Lycamobile weeks after BuzzFeed News revealed the telecoms giant’s “deeply suspicious” business practices. The Tories have accepted a fresh donation of £217,500 from Lycamobile in defiance of calls on the party to sever its ties with the controversial telecoms group. The… – Continue reading
CANBERRA – Several multinational companies have approached the Australian Taxation Office to negotiate before the Coalition Government’s tougher anti-avoidance laws take effect in January, tax commissioner Chris Jordan has said in opening remarks to the Senate inquiry into corporate tax avoidance. While not naming the companies, Jordan said he expects… – Continue reading
From FDI relaxations to gas pricing and now disinvestment and Vodafone talks, it is refreshing that the NDA government has gone on an overdrive to push measures to attain a high growth trajectory. The pace at which the NDA government is taking decisions after Bihar assembly election results is commendable… – Continue reading
Hong Kong is tipped to become the world’s largest offshore corporate services centre by 2020, helped ironically, by the industry’s own struggles against reform demands coming from western governments and pressure groups. On notice after high profile money laundering and tax avoidance scandals, traditional offshore havens like the British Virgin… – Continue reading
Fed decision due after December 15-16 meeting Hong Kong and mainland Chinese stocks both closed significantly higher on Thursday, adding to a global stock rally after minutes from the US Federal Reserve’s October meeting sent a stronger signal about a possible December rate increase. The Hang Seng Index advanced 1.4… – Continue reading
If statistics are anything to go by, today India is the world’s fastest growing economy at 7.3% in 2015, outstripping the global average of 3.1%. With a new government in the centre, we do seem to be riding high on the growth trajectory. The Modi government has certainly done its… – Continue reading
Online accommodation platform, Airbnb, appeared before the Senate Inqury into the tax avoidance of multinational companies on Wednesday, with the ANZ manager arguing the startup brings a significant amount of money into the economy. Airbnb has found itself in the spotlight on Wednesday, when a Senate inquiry into the tax… – Continue reading
Uber ANZ director of public policy appeared before the Senate inquiry into the tax avoidance of multinational companies on Wednesday, focusing on tax requirements of an individual driver, rather than the company. A Senate inquiry into the tax avoidance of multinational companies continued in Sydney on Wednesday, when Uber appeared… – Continue reading
