Category: Corporates

Bahamas / Banking / British Virgin Islands / Credit Suisse / Directors / EY / Forms / Hong Kong / Individuals / Israel / Jurisdiction / Liechtenstein / Monaco / Panama / Switzerland / UBS

Justice Department Announces Two Banks Reach Resolutions under Swiss Bank Program : 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

Posted On: July 10, 2015

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 department’s Swiss Bank Program. “Banque Pasche and ARVEST have provided detailed information regarding the ways in which Swiss banks helped U.S. taxpayers conceal foreign accounts… – Continue reading

Australia / Austria / Belgium / British Virgin Islands / Canada / Chile / Colombia / Czech Republic / Denmark / Estonia / EU / Europe / EY / FACT / Financial markets / Finland / France / Germany / Greece / Hungary / Iceland / Ireland / Israel / Italy / Japan / Korea / Latvia / Legislation / Lithuania / Luxembourg / Mexico / Netherlands / New Zealand / Norway / Poland / Portugal / Regulatory / Russia / Slovenia / Spain / Sweden / Switzerland / Turkey / United Kingdom

OECD establishes roadmap for membership with Lithuania

Posted On: July 10, 2015

10/07/2015 – The OECD set out a clear path for Lithuania’s accession to the Organisation, reinforcing the OECD’s commitment to further extend its global membership. On 8 July 2015 the 34 OECD Members adopted the Roadmap for the Accession of Lithuania to the OECD Convention setting out the terms, conditions… – Continue reading

Banking Secrecy / Double Taxation / EU / Greece / HSBC / Investments / Switzerland / Tax cheats / USA

Swiss Poised To Support Greek Tax Amnesty

Posted On: July 9, 2015

Swiss Poised To Support Greek Tax Amnesty by Matthew Allen, swissinfo.ch Struggling to pay off more than €300 billion (CHF313 billion) in debts, Greece is banking on Switzerland to help it recover a treasure trove of undeclared assets that tax cheats have stashed in alpine vaults. But anti-tax haven campaigners… – Continue reading

Audi / Australia / Toyota

Luxury Car Tax “unfair”, says Audi

Posted On: July 9, 2015

The Luxury Car Tax (LCT) is “absolutely an unfair tax”, says Audi general manager of corporate communications Anna Burgdorf. The LCT, which was implemented in Australia on July 1, 2000, was designed to protect the local car industry and slug buyers of ‘luxury cars’ with a 25.0 per cent tax… – Continue reading

AirAsia X / Hong Kong / Malaysia / Transfer pricing

AirAsia X wants SC action against GMT Research’s ‘misleading statements’

Posted On: July 9, 2015

SEPANG: AirAsia X Bhd (AAX) has lodged an official complaint with the Securities Commission (SC) against GMT Research and seeks the regulator’s appropriate action against the research house for various misleading statements and allegations. AAX said GMT had accused the long-haul budget carrier, among others, of practising or allowing profit… – Continue reading

AbbVie / Alexion Pharmaceuticals / Horizon Pharma / Hospira / Inversion / Ireland / Pfizer / Synageva / Vidara Therapeutics

Horizon launches $3bn hostile bid for Depomed

Posted On: July 8, 2015

Ireland’s Horizon Pharma has launched a hostile takeover bid for Depomed of the US after being frustrated in its efforts to enter negotiations about combining the two companies. Horizon was a US company until September 2014 when it closed a $660m takeover of Irish company Vidara Therapeutics just days before… – Continue reading

Australia / BHP Billiton / Capital gains / Controlled Foreign Companies / G20 / Google / Profit Shifting / Rio Tinto / Singapore / Switzerland / Tax Laws / Transfer pricing

ATO warns multinationals over use of Singapore, Swiss and other offshore hubs

Posted On: July 8, 2015

The Australian Taxation Office has warned companies it will be focusing on money attributed to offshore marketing hubs and will use its stronger transfer pricing powers to go after them, reports the Sydney Morning Herald. Australian companies sent more than AU$100 billion to related parties in the low-tax nation of… – Continue reading

Bermuda / Ingersoll-Rand / Inversion / USA

American Companies Dodge U.S. Taxes, Yet U.S. Government Still Awards Them Massive Contracts

Posted On: July 8, 2015

“American” corporations that “invert,” or establish offshore domiciles in order to avoid payment of U.S. taxes, are still feeding at the government trough. They have benefited from American laws, courts and infrastructure, becoming obscenely wealthy – yet refuse to return the favor to We The People. And who and what… – Continue reading

Apple / Bermuda / Cayman Islands / General Electric / Intellectual Property / Microsoft / Profit Shifting / USA

Bipartisan Senate Plan Confuses Real Tax Reform with Tax Cuts for Multinational Corporations

Posted On: July 8, 2015

Sens. Rob Portman (R-Ohio) and Chuck Schumer (D-NY) today released a long-awaited tax reform plan that reads like a wish list for multinational corporations. The Senate Finance Committee working group’s report provides recommendations for restructuring the federal government’s international corporation tax rules. The plan is long on misguided ideas and… – Continue reading

Amazon / EU / Google / Jean-Claude Juncker / Legislation / Luxembourg / Starbucks

Multinationals must publish tax payments, MEPs say

Posted On: July 8, 2015

MEPs have backed rules that would require multinationals to report their tax payments on a country-by-country basis. Deputies in Strasbourg voted by a 556 votes to 67 margin on Wednesday (8 July) to approve plans to re-write the EU’s eight-year old Shareholders’ Rights Directive that would require listed companies to… – Continue reading

Anti money laundering / Lukoil Petrotel / Romania / Tax evasion investigations

Romanian prosecutors seize Lukoil assets in probe: agency

Posted On: July 8, 2015

Romanian prosecutors seized assets of Russian oil firm Lukoil worth up to 2 billion euros ($2.22 billion) in an investigation on suspicion of money laundering, a local court was quoted as saying on Wednesday by state agency Agerpres. In October of last year Romanian prosecutors, police and customs inspectors raided… – Continue reading

Australia / Base Erosion & Profit Shifting / EU / FATCA / Legislation / Mexico / OECD / PWC / United Kingdom

Sixty-four per cent of Insurance CEOs see increasing tax burden as a threat to their growth prospects

Posted On: July 7, 2015

The FINANCIAL — Tax is firmly under the spotlight and in the global insurance industry, the ramifications for finance and tax teams will be felt in both a new set of business demands and an overhaul of how these functions interact and operate. However, a new report from PwC says… – Continue reading

George Osborne / HSBC / Standard Chartered / Tax evasion investigations / United Kingdom

UK BUDGET PREVIEW: Osborne Seen Addressing Banking Levy And Non-Doms

Posted On: July 7, 2015

LONDON (Alliance News) – The UK Budget to be outlined by Chancellor George Osborne on Wednesday is set to include a pledge to re-examine the banking levy, a crackdown on non-domiciles, and a relaxation of Sunday trading hours, along with controversial plans to slash around GBP12 billion from the UK’s… – Continue reading

Japan / Kinki Osaka Bank / Malaysia / Memorandum of Understanding (MoU) / Offshore Banking / Saitama Resona Bank

Public Bank ties up with Japanese banks

Posted On: July 7, 2015

PETALING JAYA: Public Bank Bhd yesterday signed a memorandum of understanding (MoU) with Saitama Resona Bank Ltd and Kinki Osaka Bank Ltd to cross-sell each other’s banking products in Malaysia and Japan. Saitama Resona Bank and Kinki Osaka Bank are wholly-owned subsidiaries of Resona Holdings Inc, which also owns Resona… – Continue reading

Canada / China / Global Relay / Greece / H2O Innovation / HSBC

Canadian companies looking to expand beyond borders for significant opportunities,’ HSBC exec says

Posted On: July 7, 2015

Against a backdrop of slowing economic growth at home, Canadian companies are actively looking to expand in markets such as the United States, China and Mexico, says Simon Cooper, chief executive of global commercial banking at HSBC Bank Plc. “In Canada, from the companies I’m talking to about how they’re… – Continue reading

Investments / Shares / Stellar Capital

Stellar Capital buys stake in Torr

Posted On: July 7, 2015

STELLAR Capital Partners, the newly constituted investment company aligned to retail tycoon Christo Wiese, will acquire an influential stake in industrial supplies and services business Torre for R690m. According to a Stock Exchange News Service (SENS) announcement released on Monday night, an unidentified vendor consortium will sell 133-million Torre shares… – Continue reading

Citizenship / EU / Malta / South Africa / Visa

700 people apply for Malta’s Citizenship scheme – Henley & Partners vice-chairman

Posted On: July 7, 2015

Around 700 people have applied for Malta’s ‘cash-for-passports’ scheme, described as on the most popular schemes run by Henley & Partners, their vice-chairman Andrew Taylor said during a radio interview on a South African radio station, reports the Maltese Independent. Extolling the virtues of the scheme, Mr Taylor said that… – Continue reading

Bank of America / Coca-Cola / General Electric / Google / Inversion / Nike / USA

Corporate group: WH tax proposals off base

Posted On: July 7, 2015

A corporate tax reform coalition blasted President Obama’s international tax proposals on Tuesday, saying they would accelerate the sort of offshore maneuvers that Democrats want to eliminate. The Alliance for Competitive Taxation said that the White House’s proposal to impose a minimum tax on multinational corporations’ foreign earnings would only… – Continue reading

Amazon / Apple / Bermuda / Google / Isle of Man / Offshore Trusts / Starbucks / Tax Planning / United Kingdom

Bridgepoint To Snap Up Offshore Trust Giant

Posted On: July 6, 2015

Booming demand for offshore tax services will trigger a £240m takeover deal involving a unit of Appleby Global, Sky News learns. The booming demand for offshore trust and fund administration services will be underlined in the coming days by a $370m (£238m) takeover deal involving Bridgepoint, the London-based buyout firm…. – Continue reading

Citigroup / Credit Suisse / Goldman Sachs / HSBC / ING / Nomura Holdings / Société Générale / Stanley Morgan / UBS / United Kingdom

UK bankers call for Budget rethink on levy

Posted On: July 6, 2015

Banks have intensified their calls for George Osborne, the UK chancellor, to give them a break on the bank levy in this week’s Budget by arguing that it has already caused a 13 per cent shrinkage of UK banking assets, reports the Financial Times. Optimism is growing among senior bankers… – Continue reading

Hargreaves Lansdown / Investments / United Kingdom

More cuts feared in next week’s Budget as Osborne lines up a law forcing the government to run a surplus in two years

Posted On: July 5, 2015

Experts expect restrictions to pensions tax relief for higher earners Some also predict Osborne may look to overhaul the bank levy Chancellor George Osborne could this week usher in deeper than expected spending cuts by forcing the Government to run a budget surplus within two years. Wednesday’s Budget, the first… – Continue reading

Apple / EU / Ireland / United Kingdom

Apple pays just £12m UK tax on £2bn profit: Miserly bill is almost £400million short of the figure tech giant should have paid

Posted On: July 4, 2015

Apple is most valuable company in the world – worth an estimated £500bn But it funnels sales though Ireland to whittle down its tax bills in the UK Company made £1.9bn profit in UK last year worth £400m incorporation tax But they paid just £11.8million – only £400,000 more than… – Continue reading

Anti money laundering / Austria / EU / HSBC / Mexico / Tax evasion investigations / United Kingdom / USA

London is now the global money-laundering centre for the drug trade, says crime expert

Posted On: July 4, 2015

The City of London is the money-laundering centre of the world’s drug trade, according to an internationally acclaimed crime expert. UK banks and financial services have ignored so-called “know your customer” rules designed to curb criminals’ abilities to launder the proceeds of crime, Roberto Saviano warned. Mr Saviano, author of… – Continue reading

Advance Pricing Agreement / BNP Paribas / India / Tax treaties / Transfer pricing

CBDT, BNP Paribas sign taxation rate agreement, eight more APAs with IT companies on the anvil

Posted On: July 4, 2015

MUMBAI: The Central Board of Direct Taxes has signed a taxation rate agreement with BNP Paribas India Solutions, the local arm of the European bank, as part of efforts to reduce disputes with foreign companies over tax-related issues. BNP Paribas Solutions is the first company in the information technology and… – Continue reading

Anti money laundering / Corruption / Investments / Portugal / Residency / Visa

Portuguese minister to be charged in money-laundering “golden” visa scandal

Posted On: July 3, 2015

Lisbon: Portuguese prosecutors said on Thursday they plan to charge former interior minister Miguel Macedo for his role in a money-laundering scandal linked to “golden” visas, which handed residency permits to wealthy foreigners. The announcement came shortly after Portugal’s National Assembly decided to lift the parliamentary immunity Macedo enjoyed as… – Continue reading

Anti money laundering / Australia / Fairfax Media / Malaysia / Offshore Companies / Tax evasion investigations

Whistleblower group will work with Aussies over Mara’s alleged tax evasion

Posted On: July 2, 2015

The National Oversight and Whistleblowers (NOW) will be lodging reports with Australian authorities to investigate Majlis Amanah Rakyat (Mara) for possible tax evasion and money laundering in its purchase of four Melbourne properties between late 2012 and early 2013. Its director Akmal Nasir will travel to Australia next week to… – Continue reading

Anti money laundering / Brazil / Corruption / Petrobras

Brazil police arrest another former Petrobras executive

Posted On: July 2, 2015

Brazil’s federal police have arrested another former Petrobras (PBR +1.8%) executive as part of an investigation into a broader corruption scandal surrounding the company. Police arrested Jorge Zelada, the company’s director of international operations during 2008-2012; he replaced Nestor Cerveró, who has been convicted of money laundering and sentenced to… – Continue reading

Tax evasion investigations / USA / Von Graffenried

Swiss Bank Von GrSwiss Bank Von Graffenried Reaches Deal in U.S. Tax Probeaffenried Reaches Deal in U.S. Tax Probe

Posted On: July 2, 2015

Swiss private bank Von Graffenried Holding AG agreed to pay $287,000 to resolve a probe into claims it helped American taxpayers hide assets from authorities, according to the U.S. Justice Department. The Bern-based bank is the 15th to reach an accord with the U.S. over tax evasion under a framework… – Continue reading

Credit Suisse / Double Taxation / Switzerland / UBS / USA

Another Swiss Bank Reaches Resolution under Justice Department’s Swiss Bank Program

Posted On: July 2, 2015

Washington, DC—(ENEWSPF)—July 2, 2015. The Department of Justice announced today that Privatbank Von Graffenried AG has reached a resolution under the department’s Swiss Bank The Swiss Bank Program, which was announced on Aug. 29, 2013, provides a path for Swiss banks to resolve potential criminal liabilities in the United States…. – Continue reading

Canada / Canada Life / Isle of Man / Legal & General / Offshore Companies / United Kingdom

Canada Life takes over L&G’s Dublin-based offshore business

Posted On: July 2, 2015

Legal and General has offloaded its Dublin-based offshore business, L&G International, to Canada Life Group for an undisclosed sum. Launched in 2007, the unit was a subsidiary of L&G, based in Dublin. It provides investment and tax planning solutions, primarily focused on the UK high net-worth market. The business has… – Continue reading

Anti money laundering / Banking Secrecy / Beneficial Ownership / Cayman Islands / Corruption / HSBC / Samoa / Switzerland / United Kingdom / USA

Switzerland Tops The Financial Secrecy Index

Posted On: July 2, 2015

When the HSBC Holdings plc (ADR) (NYSE:HSBC) (LON:HSBA) Swiss leaks story broke the big shock was that someone had produced evidence, not that one of Switzerland’s notoriously secretive banks had helped people evade taxes. We know that trillions are stashed away in tax havens around the world (the ICIJ estimates… – Continue reading

Anti money laundering / BancorpSouth / Banking Secrecy / Georgia

BancorpSouth delays acquisitions yet again; Renasant completes Heritage takeover

Posted On: July 2, 2015

Regulatory snags have once again delayed Tupelo’s BancorpSouth Inc. acquisitions of Ouachita Bancshares Corp. of Monrore, La., and Central Community Corp. of Temple, Tex. Meanwhile, Tupelo’s Renasant Bank has completed its takeover of Heritage Financial Group Inc., a bank holding company headquartered in Albany, Ga. and the parent of the… – Continue reading

Adani / Australia / India

Treasury doubts over Adani’s Carmichael coal mine: ‘It is unlikely to stack up’

Posted On: July 1, 2015

Australia’s largest new coal project will struggle for finance and amounts to a gamble on the future of India’s power supply Queensland Treasury warned the state’s government as it pondered pouring hundreds of millions of dollars into the development of the Galilee Basin. Documents released under Queensland’s freedom of information… – Continue reading

Amazon / Apple / Base Erosion & Profit Shifting / EU / Fiat / G20 / Intellectual Property / Ireland / Legislation / OECD / Starbucks / Tax competition

Coalition can find a tasty replacement for the Double Irish

Posted On: July 1, 2015

Ireland’s attractively low rate of corporate taxation is once again under pressure with the recent release of the European Commission’s new action plan to tackle tax avoidance. The commission has been prompted into this politically ambitious move by public outcry over big, usually American, companies avoiding tax in the EU…. – Continue reading

Barclays / Capital gains / Dividends / Facebook / Investments / Jeb Bush / Pfizer / USA

Jeb Bush Made $29 Million After Leaving Office, Tax Returns Show

Posted On: July 1, 2015

Florida governor releases 33 years of tax returns. Jeb Bush made $29 million in the first seven years after he left public office, dramatically increasing his wealth during a recession, a financial crisis and the Obama presidency he has criticized. Bush’s tax returns, released Tuesday, show how the former Florida… – Continue reading

AstraZeneca / Australia / Glaxosmithkline / Johnson & Johnson / OECD / Pfizer / Transfer pricing

Drug companies won’t deny Australia is being ‘ripped off’ on medicines

Posted On: July 1, 2015

Multinational pharmaceutical companies are unable to assure Australians they are not being “ripped off” on the price of medicines as a result of their complex global supply chains. The Australian heads of nine of the biggest global drug suppliers were forced into the embarrassing admission on Tuesday after backing themselves… – Continue reading

China / Deloitte / HSBC / Intellectual Property / New York / Stanley Morgan / Tax treaties / USA

State by State: China and New York State Trade

Posted On: July 1, 2015

New York State is increasingly reliant on China as a consumer of services and manufactured goods. In 2014, New York exported approximately US$4 billion to China, making it the state’s sixth largest export market. The top five exports to China are transportation equipment, waste & scrap, machinery (except electrical), primary… – Continue reading

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