Lord Sieff, then head of food at Marks and Spencer, returned from 1950s Israel having inked an agreement with horticulturalist Gordon Bickel to buy his gypsophila spray carnation. More than half a century later Bickel’s firm, Carmel Agrexco, has expanded from what he calls the ‘white gold’ that was behind… – Continue reading
A sweeping global reform of tax systems is under way and will have profound implications for the insurance industry, the London-based International Underwriting Association has warned. Responding to public concerns about tax evasion, the G20 major economies have ordered a major shift towards greater cooperation between tax authorities. This work… – Continue reading
PHILADELPHIA (CN) – Business owners cannot use privilege to shield offshore bank accounts that drew scrutiny from U.S. tax authorities, the Third Circuit ruled. The July 17 decision comes at a contentious time for HSBC, which reached a $1.9 billion settlement with the Department of Justice in December on charges… – Continue reading
HE Voluntary Disclosure Programme introduced in 2012 to encourage taxpayers to regularise their affairs has some flaws that need addressing to be able to expose the real amount of money that has left SA illegally. Tax experts warn that the process in SA is relatively expensive, there are uncertainties because… – Continue reading
The Economic Freedom Fighters condemns the undue police protection that the imperialist multinational corporation, British American Tobacco (BAT), enjoys. It has been reported that this cigarette company which controls 80% of the tobacco industry in South Africa has been given members of the police elite squad, the Tactical Response Team,… – Continue reading
The IRS’ investigation into Microsoft books centers on how the company uses its overseas subsidiaries for tax purposes. The company says the IRS audit has gone on long enough and the federal agency improperly hired an outside law firm to help in the investigation. Microsoft and the federal government have… – Continue reading
Swiss banks can more easily take on clients in neighbouring Germany, the Swiss government said on Thursday, after a deal that ends a lengthy standoff between the two countries over hidden offshore accounts, Reuters reports. Germany’s wealthy have traditionally been the largest client base for Swiss private banking services, but… – Continue reading
Swiss national Xavier Andre Justo will remain under Thai police custody for another 60 days, after investigators uncovered money laundering besides international corporate espionage-cum-extortion. Thai police have assured prosecutors Justo will be charged before his 85th day of detention, but sought further extension for his detention as more details are… – Continue reading
The British government said on Thursday it would step up efforts to boost competition in banking and rejected criticism that its tax changes would leave the sector worse off, Reuters reports. The government surprised banks earlier this month by announcing a new eight per cent surcharge on profits from January,… – Continue reading
The rising exchange of information between countries is also leading to the disclosure of more details about these taxpayers’ affairs. Along with other countries, SA is paying closer attention to its residents’ cross-border activities. But while compliance is necessary, industry experts warn that overly aggressive tax enforcement in SA could… – Continue reading
The Justice Department announced Thursday that its Swiss Bank Program snared another three financial institutions in its battle against offshore tax evasion. Mercantil Bank will pay a $1.2 million fine, Banque Cantonale Neuchâteloise (BCN) will pay $1.1 million and Nidwaldner Kantonalbank will fork over $856,000 the federal government. By joining… – Continue reading
1MDB scandal prompts regulator to outline S’pore’s anti-money laundering regime The financial regulator has outlined Singapore’s anti-money laundering regime after an unfolding scandal at 1Malaysia Development Bhd (1MDB) put the private banking industry here in the spotlight. The Monetary Authority of Singapore (MAS) said yesterday in a statement: “Singapore is… – Continue reading
The taxes of large French companies grew 1% in 2014 globally. Concerned about their reputation, they are more cautious on tax optimization. Total, BNP Paribas and Credit Agricole, the leading trio of CAC 40 companies who have scored more tax in 2014 globally, according to calculations by PwC Law Firm… – Continue reading
Hollywood-resident James Robert Shipman Jr. is one of three men arrested in a $2.6 million money laundering sting, the U.S. Attorney’s Office for the Eastern District of New York announced last week. Shipman and one of his co-conspirators, Kenneth Ardell Landgaard, were arrested after flying to an airport in New… – Continue reading
Tax avoidance by big companies costs Africa tens of billions of dollars in revenue every year, continent’s leaders say at big meeting in Addis. AS the world grapples to find the cash to end poverty and battle climate change, African leaders at a global development summit being held in Ethiopia… – Continue reading
Treasurer Joe Hockey has reaffirmed his commitment to addressing bracket creep in the upcoming tax review, but has refused to include changes to politically sensitive areas like superannuation concessions, negative gearing and GST, pushing back the onus on the states for GST reform. When it comes to the GST, Mr… – Continue reading
Over the past few months, several foreign portfolio investors registered in India have received notices from the Indian tax authorities demanding payment of Minimum Alternate Tax in respect of transactions which took place over the course of prior assessment years. The Indian Government has indicated that it could raise several… – Continue reading
Treasurer Joe Hockey has taken aim at the United States for dragging its feet on taxing multinationals such as Google, and says the Obama administration now wants to come after Australia’s tax base. Australia has been working with the United Kingdom on a local version of Britain’s ‘Google tax’ to… – Continue reading
WASHINGTON • The CEO of Monsanto met Tuesday with one of the chief critics of the company’s potential merger with Syngenta, and Sen. Dick Durbin says he told Monsanto’s Hugh Grant that he would do all he could to change federal law to make it more difficult for companies to… – Continue reading
Energy giants called to explain billions in tax havens To describe Gorgon as another super-sized resources project in Western Australia does not do justice to the scale and scope of the venture. When the taps are turned on later this year and liquefied natural gas begins to flow, Australia will… – Continue reading
Investors need to scrutinise the impact of new tax measures on the banking sector after the Budget created clear winners and losers, managers have claimed, the FT Advisor reports. Last week Chancellor George Osborne revealed in his first Conservative Budget that the annual levy UK banks must pay – based… – Continue reading
The Supreme Court has overturned a lower court’s ruling that the government’s comprehensive real estate taxation system is being run correctly, saying real estate owners have been double-taxed on some of their holdings. In a lawsuit filed by 25 Korean companies, including KT and the Korea Electric Power Corporation, against… – Continue reading
New Zealand China Council chairman Sir Don McKinnon says we need to have a national debate on housing that avoids sending mixed messages to valued overseas partners. New Zealand is far from alone in having a red hot property market. Headlines in Australia, Britain and Canada paint a strikingly similar… – Continue reading
The Government’s submission to the “Re:think” tax white paper process under way in Australia highlights the lack of mutual recognition of imputation credits as the most significant barrier to a seamless transtasman market and calls for visionary political leadership. Prime Minister John Key displays the very leadership he’s calling for,… – Continue reading
Banque Syz SA of Geneva is buying Royal Bank of Canada’s Swiss private bank as foreign financial firms retreat from Switzerland amid higher regulatory costs. The business, based in Geneva, had 10 billion Swiss francs ($10.5 billion) of client assets under management at the end of October, Royal Bank said… – Continue reading
HypoVereinsbank, the German arm of Italy’s UniCredit, is in talks with German prosecutors to pay a fine to put two tax probes behind it, two people familiar with the matter said. HypoVereinsbank and the Cologne prosecutors declined to comment on the development, which was first reported by German daily Sueddeutsche… – Continue reading
Anyone in Northern Ireland with an undeclared offshore bank account could be forgiven for feeling a little anxious. Not only have revelations about the sale of Nama’s former assets in the North shone a spotlight on a certain offshore account but a new taskforce has just been unleashed which is… – Continue reading
US authorities are investigating German banking giant Deutsche Bank over alleged money laundering in Russia, people familiar with the matter said Monday. The investigation centers on billions of dollars’ worth of transactions carried out by Deutsche Bank in Russia that New York state regulators believe may have been used to… – Continue reading
Lord Green has admitted more should have been done to uncover “industrial” tax avoidance practices at a Swiss arm of his former bank HSBC. The peer – who served as David Cameron’s trade minister for three years after stepping down as HSBC chairman in 2010 – said he did not… – Continue reading
Special Business News article by Rob Rotherham, KPMG tax division senior manager, on the effects of the UK Budget. With effect from April 1, 2015, the UK Government introduced a new tax: the Diverted Profits Tax. (DPT). The DPT is aimed at countering the use of aggressive tax planning techniques… – Continue reading
European Commission to issue decisions on four test cases, including Apple in Ireland, Until a few months ago, the medieval town of Athenry in County Galway owed its fame mainly to a song. Irish rugby and football fans often burst into stirring renditions of “The Fields of Athenry”, a ballad… – Continue reading
On Friday, the Seventh Circuit upheld what it determined to be a substantively reasonable sentence for billionaire Ty Warner, the creator of Beanie Babies. We previously blogged about Warner’s district court sentencing, during which Judge Kocoras found that Warner’s “very unique” circumstances warranted a non-incarceration sentence – well below the… – Continue reading
German supermarket chain Aldi has given the market a rare glimpse into its profitability in Australia, as part of its ongoing defence against claims it doesn’t pay its fair share of tax. Aldi is structured as a limited partnership in Australia and so is not required to provide detailed financial… – Continue reading
Portugal is an increasingly desirable destination, thanks to its tax-friendly stance. Portugal may not be top of everyone’s list in terms of tax-friendliness, particularly given the recent backdrop of the recession and bail-out, but it does have a history of running successful tax-friendly programmes, for example the Madeira and Azores… – Continue reading
TWO NEW SWISS BANKS REACH JUSTICE AGREEMENT On June 19th, 2015, the Department of Justice (DOJ) came to an agreement under the Swiss Bank Program with two new Swiss banks, Bank Linth LLB AG and Bank Sparhafen Zurich AG. BANK LINTH 126 U.S.-related accounts are attributed to Bank Linth Bank… – Continue reading
Former IT staff member says he and colleague ‘not comfortable’ with instruction A former member of the IT department at Anglo Irish Bank has told the trial of three of its former officers that one of them issued an instruction that certain accounts were to be removed from the bank’s… – Continue reading
The Union Government on 12 July 2015 appointed international lawyer Rodrigo Oreamuno to arbitrate with the UK telecom major Vodafone in the 20000 crore rupees tax case on its behalf. Oreamuno replaces former Chief Justice of India RC Lahoti, who recused himself in May 2015. Vodafone already named Yves Fortier… – Continue reading
In the midst of turmoil in the Chinese stock markets, one serious problem that may appear is increased currency outflows created by current and potential investors who would rather move their assets to foreign countries viewed as safer havens. Money laundering should be under close surveillance. Chinese involvement in money… – Continue reading
Private client banks such as Royal Bank of Scotland’s Coutts, HSBC and UBS have been sued by clients for wrongly advising them to invest in film investment specialist Ingenious as its schemes have since been labelled by tax authorities as tax-avoidance vehicles. Ingenious Media and around 50 other associated financial… – Continue reading
Over the past few months, several foreign portfolio investors registered in India have received notices from the Indian tax authorities demanding payment of Minimum Alternate Tax in respect of transactions which took place over the course of prior assessment years. The Indian Government has indicated that it could raise several… – Continue reading
The Supreme Court ruled on Sunday that the country’s tax authority may have imposed double taxation on real estate holders, a decision that could make the National Tax Service (NTS) responsible for handing back massive refunds to domestic businesses. On Sunday, the Supreme Court sent back to the Seoul High… – Continue reading
HONG KONG, July 13 (IFR) – Chinese property developers are wary about relying too heavily on onshore funding, even after regaining access to the cheaper domestic bond market. Evergrande Real Estate and Longfor Properties last week became the latest Chinese developers to cut their interest costs through the issuance of… – Continue reading
Multinationals were probably waiting for result of British referendum on EU before deciding where to locate, says head of Irish investment authority Global corporations will think twice about investing in the UK while uncertainty reigns over Britain’s European Union membership, according to the head of the Irish state body that… – Continue reading
Switzerland and the EU have signed a major accord to automatically exchange information on the financial accounts of each other’s residents. EU taxpayers will no longer be able to hide undeclared funds in Swiss banks. After coming up to increased international pressure in recent years, Switzerland has signed up to… – Continue reading
Wealthy City investors are suing finance firm Ingenious along with banks Coutts and HSBC over the billion-pound film production schemes that Revenue & Customs has labelled tax avoidance vehicles. More than 100 investors, including Ken Costa, former chairman of investment bank Lazard, and Christian Hess of investment bank Investec, have… – Continue reading
Given the way its corporation tax rate is going, Britain may soon be seen as the world’s the biggest offshore corporate tax haven. We might even have to rename Henley-on-Thames Zug-on-Thames after the Swiss City (and canton) that hedge funds, mining companies and other entities none to keen on paying… – Continue reading
Prices for smartphone applications sold in South Korea through Google and Apple platforms rose 10 percent starting this month, industry sources said Friday, as the government started imposing taxes on overseas-based open markets. According to the sources, U.S. tech giants Google Inc. and Apple Inc. rolled out new price policies… – Continue reading
HSBC Global Asset Management head of internationals Mark Newsam explains why he identifies Asia as potentially the strongest future growth opportunity for the group’s offshore business. How big is HSBC Global Asset Management within the inter-national space? HSBC Global Asset Management is the investment management business of the HSBC Group,… – Continue reading
Banque Pasche SA Will Pay $7.229 Million Penalty and ARVEST Privatbank AG Will Pay $1.044 Million Penalty; Both Continue to Cooperate With Department of Justice Washington, DC—(ENEWSPF)—July 9, 2015. The Department of Justice announced today that two banks, Banque Pasche SA and ARVEST Privatbank AG, have reached resolutions under the… – Continue reading
U.S. Department of Justice prosecutors are investigating former Deutsche Bank AG traders in connection with their participation in the interest rate-rigging scandal and could bring charges this year, Bloomberg reported, citing two people with knowledge of the situation. At least five former traders are under investigation for their role in… – Continue reading
