In the five years since the eurozone crisis exploded, the European Union has adopted a great number of measures to improve its fiscal governance. Yet amazingly, it still does not have a robust, harmonized way of measuring and monitoring the financial activities of its member states, reports the Wall Street… – Continue reading
A new watchdog team of the revenue authority is ready to start operation to check transfer mispricing by the multinational companies (MNCs) on their tax returns as such trick is allegedly used in underhand cross-border transactions. The revenue board recently completed appointment of officials for enforcing the measure. It was… – Continue reading
Listed companies in developed market could be avoiding as much as $82b annually London: Listed companies in developed markets are avoiding at least $82 billion (Dh301 billion) of tax a year by using tax havens and other minimisation strategies, according to detailed analysis of more than 1,000 businesses. The revelation… – Continue reading
SINGAPORE, April 12 (Reuters) – The Singapore trading hubs of the world’s largest commodity companies are coming under scrutiny from the governments of some resource-producing countries who say they suspect they are using units in the Southeast Asian financial centre to avoid tax. Some of the world’s largest oil, mining… – Continue reading
The key is to arrive at a Goldilocks mean — rolling out tax-friendly policies while being firm with incorrigible offenders A phrase first used by Prime Minister Narendra Modi while addressing a group of businessmen in the run-up to the elections last year has now come back to haunt his… – Continue reading
BENGALURU: Commissioner of commercial taxes Ritvik Pandey said there is no request for VAT exemption from Amazon, nor is there a tax evasion issue that concerns the e-commerce major. He said Amazon pays VAT on packaging and labelling. The merchant pays VAT on the product. Pandey said the problem was… – Continue reading
There was a moment on Tuesday evening – hours before the first public hearing of the Senate inquiry into corporate tax evasion – when Treasurer Joe Hockey and his advisers should have sensed a firestorm approaching. Sandwiched between a story on a Gold Coast diet blogger accused of pinching other… – Continue reading
Australia’s biggest miners, BHP Billiton and Rio Tinto, have told the Senate inquiry into corporate tax avoidance that they are under audit by the Australian Taxation Office for allegedly shifting profits through marketing hubs in Singapore. The Singaporean hubs are used by multinationals including the tech giants and miners to… – Continue reading
Legal problems have caused a serious strain on the credibility of Europe’s biggest bank HSBC Holdings plc (ADR) (NYSE:HSBC), which is currently up by 0.34% and trading at $44.69, has found itself at the center of a series of serious legal and possibly criminal tangles in recent years. Tax evasion,… – Continue reading
An Australian Senate parliamentary committee hearing on Wednesday was dominated by the fire and brimstone of Labor and Greens politicians directed against tax avoidance by major corporations. Labor Senator Sam Dastyari called on Australian Tax Commissioner Chris Jordan to “name some of Australia’s worst corporate offenders,” declaring that they “should… – Continue reading
The U.K. is taking aim at the super rich with a plan to scrap a 200-year-old tax loophole that shelters offshore earnings. The rule allows wealthy people living in Britain to avoid paying tax on their overseas income. All they have to do is declare that their home, or so-called… – Continue reading
Apple Australia follows Australian transfer pricing law and pays all of its taxes due in the Australian market in accordance with the law, Tony King, the Managing Director of Apple Australia, told the Senate Inquiry on corporate tax avoidance and minimization on April 8, 2015. In his opening remarks before… – Continue reading
Australia is well placed to leverage international work to tackle base erosion and profit shifting (BEPS), but cannot act unilaterally, Rosheen Garnon, KPMG’s National Managing Partner, Tax, has told the Senate inquiry on corporate tax avoidance. “Our view is that there are fundamental changes that are going on with the… – Continue reading
Representatives from “Big Four” accounting firm Deloitte were up before the Senate tax inquiry on Friday morning. They were keen to dispel any notion that their firm would have any involvement in tax avoidance. Senator Christine Milne asked if they were aware of the Deloitte document “Investing in Africa though… – Continue reading
The Wall Street Journal reports that Swiss bank whistleblowers Bradley Birkenfeld and Hervé Falciani are schedule to take part in a panel discussion at the OffshoreAlert Conference in Miami Beach May 3-5. The panel entitled “Inside the UBS & HSBC Leaks,” will take participants “inside the UBS and HSBC leaks… – Continue reading
* Australia pursuing multibillion-dollar claims on BHP, Rio -AFR * Singapore marketing hubs save the two A$750 mln/year -AFR * Rio, BHP say the Singapore hubs not set up to save tax * BHP says uses the hub as it is close to customers and markets (Adds tax office, Rio,… – Continue reading
Treasurer Joe Hockey is working on new laws to counter tax avoidance by global companies, but the OECD is urging countries not to go it alone. The Paris-based institution has been working on a so-called base erosion and profit-shifting action plan through the G20 since 2013 and is aiming to… – Continue reading
NEWS Corp Australia CEO Julian Clarke has dismissed claims the company is avoiding tax and has called for video streaming service Netflix to be subject to GST payments. Fronting the Senate ¬inquiry into tax avoidance in Sydney yesterday, Mr Clarke refuted Fairfax reports News Corp was channelling billions in revenue… – Continue reading
Major accounting firms say they are not doing anything illegal in helping corporations to minimise tax liabilities. KPMG’s managing partner Rosheen Garnon faced the second day of the Senate inquiry into tax avoidance, which has so far heard Australia is missing out on billions of dollars in tax every year… – Continue reading
One of the most senior judges in the United Kingdom, speaking to Cayman’s judiciary and legal fraternities last week, said the jurisdiction chosen for a legal dispute can often be the deciding factor for many cases. Lord Mance, a justice for the Supreme Court of England and Wales, sits on… – Continue reading
A recently-announced joint initiative between the government, banks and law enforcement agencies could give those investigating suspected money laundering offences better oversight of suspicious accounts, an expert has said. However, regulatory law expert Anne-Marie Ottaway of Pinsent Masons, the law firm behind Out-Law.com, said that the new intelligence-sharing initiative could… – Continue reading
Companies appearing before a senate inquiry into tax avoidance are on notice that any false evidence they give will be corrected by the Tax Office. Tax Commissioner Chris Jordan urged the committee to ask individual companies to disclose their own tax positions. He would correct the record if they provided… – Continue reading
Tax and business consultants KPMG are warning the government to be cautious in reforming corporate tax law in its moves to target offshoring of corporate profits. In its submission to the Senate inquiry examining corporate tax avoidance, KPMG said while governments need to ensure they are receiving appropriate amounts of… – Continue reading
Changes are in the pipeline which will have a dramatic impact on the way that auditing firms handle public-interest entities (PIEs) as from December 2016 – but Deloitte CEO Malcolm Booker is very wary about how this could work in practice. According to the legislation, auditors would have to enter… – Continue reading
The U.S. Congress must find a way to tax offshore profits stored by some of the world’s largest corporations. Currently letting their earnings safely mount up abroad, lawmakers are considering a special “deluxe” tax rate to get money from the companies. A recent study from the Center for Effective Government… – Continue reading
Executives tell Senate inquiry paying tax overseas for Australian sales is how the global tax system works, while News Corp Australia demands Netflix pays GST Senior executives from three major tech firms have defended corporate structures which allow most of the revenue from their Australian operations to be taxed in… – Continue reading
Expats face special challenges in filing taxes Doha, 8 April 2015: With the US tax season in full swing, PwC’s US compliance tax and advisory team are helping Qatar residents with US interests to navigate the complex intricacies of US tax law. For those living in Qatar, the need to… – Continue reading
Labour Party leader Ed Miliband’s vow to close a tax loophole sparked fresh scrutiny on wealthy residents and drew warnings the plan could threaten London as one of the world’s major financial centers. Miliband pledged on Wednesday to abolish the non-domicile status if he’s elected on May 7, allowing some… – Continue reading
Corporations like Apple shouldn’t get a sweetheart deal to “onshore” profits, tax expert Scott Klinger tells Salon One of the more consequential paradoxes of American politics concerns the myth and the reality of bipartisan legislation. The myth is that American voters want it, and they want it bad. In fact,… – Continue reading
New York, NY, April 08, 2015 –(PR.com)– The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Conor Crowley, Managing Director, Vizor Software will speak at a 2-hour webcast entitled “FATCA for Government Agencies: What You Need to Know in 2015… – Continue reading
As tax filing season approaches, Canadians should watch their back in light of the new whistleblower initiatives of the Canada Revenue Agency (CRA), which will reward those who snoop into other people’s affairs and invade their privacy. Frustrated by cutbacks in staffing levels, the CRA has instead set up an… – Continue reading
Vanoli, account holders will be called to testify Central Bank Governor Alejandro Vanoli and the first 10 businesses to appear on the list of undeclared HSBC bank accounts in Switzerland are set to be the next to appear before the Bicameral Commission examining systematic tax evasion and capital flight, its… – Continue reading
Since entering the Illinois Senate race last week, Democratic Rep. Tammy Duckworth has been running a protectionist campaign, railing against her Republican opponent’s alleged support for outsourcing jobs and overseas tax havens. But financial records obtained by The Daily Caller show that Duckworth has investments in companies that use offshore… – Continue reading
Luxembourg has been accused of hypocrisy after announcing that it will contribute $87 million towards an EU investment fund, with tax campaigners instead calling for the country to scrap its special tax rules, which analysts say is costing the EU “hundreds of billions every year.” The small European Duchy has… – Continue reading
The Obama administration is gaining ground in its war against tax cheats, racking up victories in a global crackdown that has made it harder to escape the Internal Revenue Service. President Obama’s battle against offshore tax evaders hasn’t gotten the publicity of some of his other priorities but under his… – Continue reading
MUMBAI, APRIL 8: The Reserve Bank of India’s proposal to allow Indian companies to issue rupee-denominated bonds overseas will open up an important funding avenue, say industry experts. Permitting companies to issue such bonds abroad will address both pricing and currency risks and also opens a window for rupee-denominated instruments… – Continue reading
(Reuters) – More Swiss banks that helped wealthy Americans evade taxes will soon strike agreements with the U.S. Department of Justice to avoid prosecution, an official overseeing the U.S. government program told Reuters. “I would stay tuned,” Acting Assistant Attorney General Caroline Ciraolo of the Justice Department’s Tax Division said… – Continue reading
Taxation experts have warned against unilateral action on corporate tax avoidance, telling a Senate Economics Committee Australia should be proactive and show leadership in the OECD and G20 tax processes already underway. The inquiry, initiated by Greens leader Christine Milne, is exploring tax avoidance and aggressive minimisation by corporations registered… – Continue reading
Mary Lou McDonald named six former politicians last December The Dáil disciplinary committee says Mary Lou McDonald abused her parliamentary privilege in remarks about alleged tax evasion. The Committee on Procedures and Privileges says the Sinn Féin deputy leader should not have named six former politicians – who were alleged… – Continue reading
Singapore does not condone any abuse of its tax system, a Ministry of Finance (MOF) spokesman said on Tuesday, in response to a Straits Times query following media reports that the Australian government is pursuing global miners BHP Billiton and Rio Tinto for channelling billions of dollars in iron ore… – Continue reading
Tax breaks for research and development should be targeted to smaller technology start-ups, rather than big companies that will most likely make the investments regardless of incentives, Google Australia will tell the senate inquiry into corporate tax avoidance. Google Australia’s managing director, Maile Carnegie, will be appearing before the inquiry… – Continue reading
Mylan-Perrigo deal would combine two generic drugmakers that recently left the U.S. for Europe. NEW YORK — In a deal that would combine two generic drugmakers that recently left the U.S. for Europe, Mylan says it wants to buy Perrigo for $205 per share, or $28.86 billion. Shares of both… – Continue reading
Says India not a tax haven, dues have to be paid if demands are right Finance Minister Arun Jaitley on Monday said India’s tax regime wasn’t confrontational, but added legitimate demands by the Income Tax Department had to be paid. He said there were challenges on the road towards reforms… – Continue reading
Suspicions rising that ‘hot money’ is being washed through Vancouver real estate As affluent Chinese buyers – spurred by relaxed regulations and a lower Canadian dollar – flood into British Columbia’s real estate market, warnings are rising that some cash deals may contravene federal money laundering rules. A 2015 report… – Continue reading
An arrest over allegations of price fixing has increased calls for tighter regulation of the booming sector On a late February morning, Yves Bouvier arrived at the Monaco home of one of his best clients. He expected Dmitry Rybolovlev, the Russian billionaire owner of AS Monaco football club, to pay… – Continue reading
Apple, Google and Microsoft have faced an Australian Senate inquiry into corporate tax avoidance on Wednesday. The tech giants have given evidence to a committee regarding the low amounts of tax paid locally in comparison to their profits. From the coy responses of the big three, one may come to… – Continue reading
HELSINKI–(BUSINESS WIRE)–Regulatory News: Nokian Tyres plc (HEX:NRE1V) Stock Exchange Release 7 April 2015 3:15 p.m. Board of Adjustment annulled the reassessment decision against Nokian Tyres plc concerning tax years 2007-2010 The Board of Adjustment annulled the reassessment decision from the Tax Administration, according to which the Company was obliged to… – Continue reading
New freedoms mean you can move your pension abroad. We show you where you’ll pay the least tax It is the ultimate dream for many people – to work hard, build up a nest egg and retire abroad to a climate with year-round sunshine. Now there is an added financial… – Continue reading
Shenzhen authorities have started to lift the sales ban against projects by Kaisa Group Holdings, but troubles are far from over for the developer. The city restricted Kaisa from selling thousands of flats four months ago, which quickly pushed the developer to the brink of bankruptcy as its cash flow… – Continue reading
Kellogg has insisted there is “no link” between its tax situation in the UK and a warning in its annual report changes to tax regulations in international markets could hit profits. A spokesperson for the company told just-food: “The comment in our annual report about potential changes in US tax… – Continue reading
