Category: Jersey

The major Irish firms in tax haven territory

Some of the biggest listed Irish firms have subsidiaries in so-called ‘tax havens’, like the British Virgin Islands, Jersey or Luxembourg. They say it’s not to reduce their tax bills – so why are they there? The subsidiaries are registered in well-known offshore tax havens, such as the British Virgin… – Continue reading

Key Miliband backer in offshore tax row: Labour donor transferred shares to Liechtenstein and Jersey and later sold some for reported £37 million

Sir David Garrard transferred shares offshore before some were later sold The tycoon has given the Labour Party more than £1.2million Ed Miliband attacked ‘dodgy Tory donors’ for having off-shore accounts Sir David held accounts in Liechtenstein and Jersey according to reports By GLEN OWEN FOR THE MAIL ON SUNDAY… – Continue reading

Tancred Tabone had deposited $1 million in Jersey offshore trust set up by HSBC Switzerland

Former Enemalta chairman Tancred Tabone had set up a Jersey offshore trust into which he deposited $1 million, according to the HSBC data revealed in Swiss leaks. Reporting on the matter today, The Guardian said Mr Tabone planned to transfer more funds, with the bank noting “the potential is evaluated… – Continue reading

seminar highlights FATCA and CRS challenges for 2015

Local businesses still have a lot to consider for the next stages of the Foreign Account Tax Compliance Act (FATCA) implementation, delegates heard at a recent breakfast seminar hosted by EY. The event, led by Wendy Martin, EY’s Tax Executive Director, highlighted the recent updates made to the FATCA guidance… – Continue reading

BDA boss Webber responds to Miliband threat

Bermuda’s well-documented financial services regulation, international partnership treaties, and lack of bank secrecy legislation ought to be recognised by the UK Labour Party, the Bermuda Business Development Agency (BDA) said today. The BDA echoed the Bermuda Government’s weekend response to UK Opposition Leader Ed Miliband following a warning letter issued… – Continue reading

Ed Miliband issues warning to UK-controlled ‘tax havens’

A Labour government would push for UK overseas territories to be put on an international blacklist if they refuse to co-operate with a drive against tax avoidance, Ed Miliband has told them. In a letter to their leaders, he said they would have six months to compile a public register… – Continue reading

EY hosts FATCA breakfast seminars

EY is hosting two breakfast seminars this week to discuss how local businesses should be preparing for the next stages of FATCA (Foreign Account Tax Compliance Act) implementation – the identification of reportable accounts and the reporting process itself. Led by Wendy Martin, Executive Tax Director at EY in the… – Continue reading

Ireland More Attractive For Multinationals, Says Study

Ireland has been ranked among the least complex business destinations for multinationals, and its appeal has improved as a result of recent international tax policy changes, according to a new study. The study from the TMF Group ranked 81 jurisdictions across Europe, the Middle East, Africa, Asia-Pacific, and the Americas… – Continue reading

London offers world stage and war chest for Republican 2016 hopefuls

Potential candidates can gain foreign experience and donations in the British capital but expatriate supporters want action on Obama’s onerous tax demands Republican donors in the UK are lobbying the presidential hopefuls visiting London in search of foreign policy credentials and wealthy corporate allies to abandon President Barack Obama’s aggressive… – Continue reading

Lionel Messi representative admits depositing cash in Caribbean tax haven

Money from charity games featuring Barça star was sent to Curaçao, Civil Guard says Messi charity games investigated for link to drug traffickers Charity soccer matches organized under the name of Argentinean star Lionel Messi in four countries in 2012 and 2013 raked in hundreds of thousands of euros that… – Continue reading

Malta: Taxation Of Private Pensions

Introduction Malta is increasingly becoming a financial services centre of repute looked at by a number of financial services operators as the ideal platform to set up their private pension schemes. Malta’s success is attributable to the flexible and prudent manner in which the industry is regulated, providing the desired… – Continue reading

Ingersoll-Rand Cleared for U.S. Contracts Despite Inversion

In August, President Barack Obama pledged to use the powers of his office to discourage the corporate tax-avoidance technique known as inversion, in which U.S. companies claim foreign tax addresses. Four months earlier, according to a previously unreported legal document, his Department of Homeland Security did just the opposite. It… – Continue reading

Offshore incorporations up 4% in the first half of 2014, Appleby reports

The total number of new company registrations increased across offshore jurisdictions in the first half of 2014, according to Appleby, a provider of offshore legal, fiduciary and administration services. In the first half of 2014, there were 46,455 new offshore company incorporations, representing a 4% increase on the preceding six… – Continue reading

Jersey: The Shifting Position Between Lawful Tax Avoidance & Unlawful Tax Evasion

1. The traditional attitude to tax avoidance is encapsulated in the judgment of Lord Tomlin in the English case of IRC v Duke of Westminster (1936): “Every man is entitled if he can to arrange his affairs so that the tax attaching under the appropriate Acts is less than it… – Continue reading

Jersey: Chancellor Must Address Root Causes Of Tax Evasion

In advance of the UK Chancellor’s Autumn Statement, Geoff Cook, CEO of Jersey Finance said: “The Chancellor has shown a strong commitment to tackling tax evasion and I look forward to hearing more detail behind his future plans in this regard in the Autumn Statement. It is vital that the… – Continue reading

PwC charged with “selling tax avoidance on an industrial scale”; indulging in “scams”

The House of Commons Public Accounts Committee on Monday held a hearing on the role of accountancy firms in tax avoidance and PwC (PricewaterhouseCoopers), the Big 4 accounting firm, was represented by Kevin Nicholson, PwC head of tax in the UK and former HMRC (HM Revenue & Customs) tax inspector,… – Continue reading

Jersey: Chancellor Must Address Root Causes Of Tax Evasion

In advance of the UK Chancellor’s Autumn Statement, Geoff Cook, CEO of Jersey Finance said: “The Chancellor has shown a strong commitment to tackling tax evasion and I look forward to hearing more detail behind his future plans in this regard in the Autumn Statement. It is vital that the… – Continue reading

Jersey: Jersey Finance Welcomes Tax Agreement With Romania

Jersey Finance has welcomed the signing of a Tax Information Exchange Agreement (TIEA) between Jersey and Romania this week. The agreement, which was signed by the Minister for External Relations, Senator Sir Philip Bailhache, and the Romanian Ambassador, His Excellency Ion Jinga, at the Romanian Embassy in London on Monday… – Continue reading

Jersey signs TIEA with Romania

Jersey Romania TIEAJersey and Romania signed a tax information exchange agreement (TIEA) at the Romanian Embassy in London on 1 December. The agreement was signed by the Minister for External Relations, Senator Sir Philip Bailhache, and the Romanian Ambassador, His Excellency Ion Jinga. Senator Bailhache said: “We attach great importance… – Continue reading

Jersey signs TIEA with Romania

Jersey Romania TIEAJersey and Romania signed a tax information exchange agreement (TIEA) at the Romanian Embassy in London on 1 December. The agreement was signed by the Minister for External Relations, Senator Sir Philip Bailhache, and the Romanian Ambassador, His Excellency Ion Jinga. Senator Bailhache said: “We attach great importance… – Continue reading

FATCA ticks on

It feels like FATCA has been around for years already, yet some companies are still coming to terms with its implications. However, as Kirsten Morel explains, impending deadlines are now creating a real sense of urgency It’s four years since US Congress enacted the Foreign Account Tax Compliance Act (FATCA),… – Continue reading

Jersey eyes liquidity in Asian, Middle Eastern banks

* Asian, Gulf banks in talks about obtaining Jersey licence * 18 percent of Jersey banking deposits from Asia, Mideast * Jersey Finance custodian of 1.2 trillion pounds DUBAI, Nov 23 (Reuters) – Jersey Finance, the island’s financial centre which acts as custodian of 1.2 trillion pounds ($1.88 trillion), is… – Continue reading

Many companies seen as unprepared for Fatca

Small- and medium-sized firms are unprepared for tough new US tax reporting legislation, a survey has found. Software firm Blue Bison, part of the Ignition group of companies, found that more than half of respondents to its readiness survey admitted that understanding the requirements of the Foreign Account Tax Compliance… – Continue reading

Which offshore financial centre is the best?

Expats have a range of choices – so how do they find a safe home for their assets? The traditional use of offshore centres as a way of enabling better tax planning – and even tax evasion – has all but fallen away. An increasing desire for countries to share… – Continue reading

N. Y. judge to Wylys: You can’t keep SEC away by declaring bankruptcy

Onetime Texas billionaire Sam Wyly and the estate of his late brother Charles just can’t seem to outsmart the Securities and Exchange Commission. Their latest attempt to evade the consequences of their allegedly fraudulent offshore trust scheme failed Monday, when U.S. District Judge Shira Scheindlin of Manhattan, in a ruling… – Continue reading

Switzerland’s First Tax Info Exchange Pacts To Take Effect

Switzerland’s tax information exchange agreements (TIEAs) with Jersey, Guernsey, and the Isle of Man have entered into force and will be effective from January 1, 2015. The Swiss Federal Council announced on November 3 that the treaties entered into force on October 14, 2014. They are the first of Switzerland’s… – Continue reading

Why it’s difficult to bring black money back

The government may have revealed the names of three black money account holders, but will it be able to get the money back or catch big fishes who have stashed the illegal money in tax havens across the globe. As of now it seems impossible. With at least three different… – Continue reading

Isle of Man: Crypto-Currencies And The Isle Of Man

The Isle of Man is showing great enthusiasm for crypto-currencies – from the landlord at a popular Douglas drinking hole to the Lieutenant Governor, everyone is talking about digital currency and the potentially huge benefits to the Island. The Isle of Man Financial Supervision Commission (FSC) has announced plans to… – Continue reading

We need clarity, we need fairness. The taxman has a case to answer

It is time for an inquiry into HMRC’s competence, policy, decision-making processes and duty to provide transparency Thomas Paine’s observation that what first was plunder later assumed the name of revenue is well-understood by those who have chosen to make their living abroad. Individuals move for various reasons: career development,… – Continue reading

Lobby sues Treasury CS over ‘illegal’ tax deal with Mauritius

A tax civil society has sued National Treasury Secretary Henry Rotich over an ‘illegal’ agreement signed with Mauritius, in a major litigation that could affect thousands of companies operating in Kenya. The suit filed at the High Court by Tax Justice Network-Africa (TJN-A) demands that Rotich withdraws a taxation treaty… – Continue reading

MiFID 2: implications for BVI, Cayman Islands, Guernsey and Jersey firms

The Markets in Financial Instruments Directive (“MiFID”) is a European Union law that aims to harmonise the regulation of investment services across the member states of the European Economic Area and came into effect from 1 November 2007. Following the 2008 financial crisis, amendments to MiFID became the focus of… – Continue reading

British Virgin Islands suffers amid push against money laundering

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/3fbed922-3d51-11e4-871d-00144feabdc0.html#ixzz3Eo63WbfR The British Virgin Islands has long attracted Chinese companies looking to… – Continue reading

Minister’s offshore business to be re-investigated

The offshore tax affairs of a company previously headed by the economics minister are to be re-examined by the finance department of canton Bern. The move comes after Swiss Public Television, SRF, published a memo written by the Federal Tax Authorities (FTA) which raised questions about the previous investigation. The… – Continue reading

‘Vaccine’ tax avoidance scheme loses in court

A cynical tax avoidance scheme which “abused the reliefs” offered for research into life-saving vaccines to claim back £77m, has been rejected at a second tribunal. HMRC said investors in the scheme used a Jersey registered limited partnership which claimed to be involved in creating and exploiting intellectual property from… – Continue reading

Most Dutch banks are ‘vague’ about tax avoidance: fair banking report

Seven Dutch financial institutions may be involved in evading taxes and are ‘extremely vague’ about what they do to ensure this does not happen, the Dutch Fair Bank Guide said on Wednesday. ABN Amro, Aegon, Delta Lloyd, ING, NIBC, Rabobank and Van Lanschot emerge as potential tax avoiders in research… – Continue reading

Facing up to Fatca

This article was first published in the 2nd quarter 2014 edition of Personal Finance magazine. Most people accept that they have to pay taxes in their country of residence. But citizens of the United States and green card holders who live outside that country – even if they have never… – Continue reading

Protecting Expat Cash In Offshore Savings Accounts

Expat savers dealing with unfamiliar banks are unlikely to know how much of their cash is protected if the foreign bank goes bust. In Britain, the Financial Services Compensation Scheme (FSCS) safeguards up to £85,000 held by each person in accounts under a single banking licence. Each building society has… – Continue reading

The Biggest Tax Scam Ever

I n July, the American pharmaceutical giant AbbVie, maker of the world’s top-selling drug – the arthritis treatment Humira – reached a blockbuster deal to acquire European rival Shire, best known for the attention-deficit medication Adderall. The merger was cheered by Wall Street, not for what the deal will do… – Continue reading

101 Countries Sign Up For FATCA Network

Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading

Billionaire Eugene Melnyk: I’m a ‘whistleblower’ on tax allegations against Valeant

MONTREAL • Eugene Melnyk, the billionaire owner of the Ottawa Senators and founder of drug maker Biovail Corp., is waging war against the company that now controls his one-time business. Mr. Melnyk alleges that Valeant Pharmaceuticals International Inc. is masquerading as a Canadian company to make use of this country’s… – Continue reading

First landmark ruling on Indian indirect transfer taxes! Delhi High Court restricts their applicability

The Delhi High Court upholds the non-taxability of gains from sale of shares of overseas entities by the Copal Group to the Moody’s Group. Interpretation of the indirect transfer tax provisions in a restrictive manner. 50% threshold for substantiality based on guidance by OECD/ UN material and Shome Committee Report… – Continue reading