Javier Mascherano appeared in court on Thursday and the Barcelona star has admitted to tax evasion. Barcelona midfielder Javier Mascherano has pleaded guilty to tax evasion after appearing at a Spanish court on Thursday. The Argentina star was accused of failing to alert Spanish authorities to earnings totalling more than… – Continue reading
Meeting in Barbados, members of the Global Forum will vote Friday night on Luxembourg on the report examining the country in line with international standards of fiscal transparency. This vote will be a mere formality since experts have already been doing an inventory of business reforms by the government for… – Continue reading
NEW DELHI: Often accused of being an offshore financial centre misused for round tripping, Mauritius today assured India that it will “walk the extra mile” to ensure that its reputations as clean and trusted jurisdiction is upheld at all costs. “We will put in all the necessary efforts and walk… – Continue reading
Blast waves: smoke billows from the site of an explosion that reduced a parking lot filled with new cars to charred remains at a warehouse in northeastern China’s Tianjin municipality. Most of Bermuda’s major insurers and reinsurers had significant exposures to this disaster. (Photograph by Ng Han Guan/AP Photo) Tianjin… – Continue reading
The Department of Justice announced today that Luzerner Kantonalbank AG (Luzerner), Habib Bank AG Zurich (HBZ), Banque Heritage S.A. and Hyposwiss Private Bank Genève S.A. (Hyposwiss Geneva) have reached resolutions under the department’s Swiss Bank Program. These banks will collectively pay penalties totaling more than $25 million and continue to… – Continue reading
HSBC is moving its derivative trading book from London to Hong Kong in a bid to cut costs arising from tight regulations in the UK and EU, The Telegraph reports. Trading staff will stay put in London, but interest rate swap trades will be increasingly booked in Hong Kong. It… – Continue reading
The European Commission (Commission) has adopted a decision on 21 October 2015 on the tax rulings – also referred to as “comfort letters” – granted by Luxembourg to Fiat Finance and Trade (FFT) and by The Netherlands to Starbucks. Rejecting the decisions of domestic authorities in Luxembourg and The Netherlands,… – Continue reading
Switzerland stands on a provisional Russian tax havens list: The document lists 119 countries and territories which do not ensure the exchange of tax information with Russia Russian authorities consider. If the document actually come into force as planned in the form of a regulation, threaten Russian investors in Switzerland… – Continue reading
Case involving Dr Brian Mulrean and firm Keveney Monahan settled confidentially An accountant who sued a Dublin dentist for just under €50,000 in professional fees told a judge he had to navigate his way through 41 offshore and local bank accounts. Barrister Jeananne McGovern said in the Circuit Civil Court… – Continue reading
Bern, 10.29.2015 – The double taxation agreement (DTA) in the area of taxes on income and on capital between Switzerland and Argentina is on 27 November 2015 to enter into force after the ratification procedures in Switzerland has been completed. It will replace the agreement of 1997 and corresponds to… – Continue reading
Most double tax avoidance treaties between two countries attempt to repel probable abuse of benefits under the pacts. Incorporating a clause for limitation of benefits (LOB) in the treaty is the usual practice adopted for checking such abuses. LOB provisions are for denying benefits of the tax treaty to those… – Continue reading
HM Treasury has published a consultation on the tax deductibility of corporate interest expense in the UK. The consultation has been prompted by the recent publication by the Organisation for Economic Co-operation and Development (“OECD”) of its final Base Erosion and Profit Shifting (“BEPS”) reports, in particular BEPS Action 4,… – Continue reading
KINGSTON, Jamaica – Externally imposed requirements have had unintended and undesired consequences on Jamaica’s financial institutions, says Tasha Manley, Executive in charge of Compliance for Jamaica National Building Society (JNBS). Miss Manley was addressing this year’s annual conference co-hosted by the Jamaica Bankers’ Association (JBA) and the Jamaica Institute of… – Continue reading
Republican and Democratic lawmakers vowed on Thursday to push for the ratification of eight tax treaties which have been held up for years because of one Republican senator’s objections, despite support from companies that want consistency in rules for how to do international business. U.S. Senator Rand Paul of Kentucky… – Continue reading
Barcelona defender Javier Mascherano has reportedly pleaded guilty to a charge of tax evasion after appearing in court on Thursday. AS says that the Argentine was accused of using tax havens to funnel money from image rights and defrauding the Spanish authorities of around €1.5m in 2011 and 2012. Mascherano… – Continue reading
A new report by Allen & Overy has revealed that corporate clients’ tax functions are now more concerned about risk management than tax minimisation. ATO sophistication, combined with heightened media interest, has forced tax directors to focus on compliance instead of dedicating their efforts to achieving the low tax rates… – Continue reading
RIO DE JANEIRO, Oct. 28 (Xinhua) — Brazil’s Secretariat of Federal Revenue is carrying out an official investigation of Eduardo Cunha, head of House of Representatives, for tax evasion and other fiscal crimes, local daily O Globo said on Wednesday. Started in August, the investigation was based on information which… – Continue reading
With the starting line for implementation only two months away, Justin Hayes, product manager at Linedata, the leading international software and technology provider, says fund administrators and investment managers need to get to grips with the OECD’s Common Reporting Standards, dubbed ‘Global FATCA’, before it’s too late. “Financial institutions in… – Continue reading
Parliament’s Special Committee on Tax Rulings recommended measures to make corporate taxes in the EU fairer and more transparent, after eight months of fact finding, in a vote Monday evening in Strasbourg, EU News reports. The report – prepared by co-rapporteurs Elisa Ferreira and Michael Theurer – was approved by… – Continue reading
An income tax treaty between Italy and Hong Kong has entered into force, with the exchange of instruments of ratification. The official communication of the Italian Ministry of Foreign Affairs announcing this exchange was published in the official journal on 26 October 2015. BLACK LIST, WHITE LIST Italy’s “black list”… – Continue reading
Australia’s corporate tax rate is higher than the global average, according to KPMG’s 2015 global tax rate survey, SmartCompany reports. While Australia’s corporate tax rate currently sits at 30 per cent, the global average sits at 23.68 per cent. The United States has the highest corporate tax rate at 40… – Continue reading
Eveline Widmer-Schlumpf, who played a key role in the bailout of UBS Group and in the U.S. dispute over offshore bank accounts, announced she won’t run for re-election to Switzerland’s government. Speaking at a press conference in Bern on Wednesday, she said she has told her government colleagues that she… – Continue reading
MPs have proposed that the basic rate of profit tax should be reduced to 15% from the current of 18%, and taxation of distributed profit and payments equaled to it should be introduced, according to a draft bill on tax reform registered in the parliament by 114 lawmakers on Monday…. – Continue reading
Investment managers and fund administrators should act now in order to be prepared for the Organisation for Co-operation and Development (OECD) Common Reporting Standard (CRS) ahead of the start of the first reporting period, according to Justin Hayes, product manager for Linedata. The CRS, sometimes called a global version of… – Continue reading
Under the new agreement, Liechtenstein and EU Member States will automatically exchange information on the financial accounts of each other’s residents from 2017. Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said: “Today the EU and Liechtenstein are sending out a clear message: we are partners in… – Continue reading
UK tax authority HM Revenue and Customs (HMRC) has published guidance on who will be considered a Scottish taxpayer when the Scottish Rate of Income Tax (SRIT) enters into effect in April 2016. From April 1, 2016, the Scottish Parliament will have responsibility for a SRIT. Parliament will be able… – Continue reading
In a BEPS seminar organised by the Federation of Enterprises in Belgium this week, with a special focus on the practical consequences for Belgian enterprises, a representative of the Belgian Ministry of Finance, Steven Van Elsuwe;, provided more details on the new legislative proposals that have been prepared so far,… – Continue reading
Multinationals have generated big-time revenues with its subsidiaries spread all over the world, which means huge profits and that’s taxable income. In recent years, a number of conglomerates – Amazon, Apple, Google and Starbucks – have engaged in so-called profit-shifting (profit allocation) via transfer pricing methods to pay minuscule taxes…. – Continue reading
Sunday 1st November will mark two months until the start of the first reporting period under the OECD’s Common Reporting Standards (‘Global FATCA’). Justin Hayes, product manager at Linedata, comments on why there is now no time to waste for investment managers and fund administrators to prepare for the burdensome… – Continue reading
For many years, policymakers have criticized the strategies that American corporations use to reduce their taxes by shifting income and capital offshore. The impetus behind these strategies is the U.S. corporate income-tax rate — at 35 percent, the highest of any industrialized nation, easily surpassing countries such as the U.K…. – Continue reading
The long-running saga of the Sheriff Gaming / Bubble Group online-casino fraud has moved nearer to its conclusion following the release by a Dutch court of its ruling in a tax-evasion case brought against three of the company’s primary owners in late 2013. The tax-evasion charges were just one part… – Continue reading
The Ambassador of the United States of America, John R. Phillips, today in the Republic for the signing of the intergovernmental FATCA, met this morning at Palazzo Begni, the Secretary of State for Foreign Affairs, Pasquale Valentini. A bilateral especially focused on the issues – all current – which has… – Continue reading
Nearly three quarters of companies surveyed by legal practice Allen & Overy said that their approach to tax planning either sometimes or often conflicts with the domestic tax authority’s expectations. 350 senior-level executives operating in a range of jurisdictions were questioned by FT Remark on behalf of Allen & Overy… – Continue reading
A DOUBLE TAXATION agreement was signed between Barbados and the Slovak Republic this afternoon. Minister of International Business Donville Inniss signed on Barbados’ behalf at a ceremony at Hilton Barbados. It is the 37th treaty signed between Barbados and another territory while Barbados became the 74th country to sign an… – Continue reading
With new UK domicile rules coming into force in April 2017, Luca should consider an offshore bond to protect his assets from income tax and CGT, writes Gordon Andrews of Old Mutual Wealth. THE CASE Luca is 52. He is Italian, but he has been living in the UK for… – Continue reading
(CNS Business): The use of Cayman Islands funds as a wealth management tool for high net worth Latin American families was debated last week at the STEP LatAm Conference in Brazil, where kidnapping is a constant worry for the wealthy and demand for outbound investments is fuelled by privacy and… – Continue reading
National Bank of Abu Dhabi (NBAD), the largest lender by assets in the United Arab Emirates, bought Royal Bank of Scotland’s offshore loan book in India for 3 billion dirhams ($816.8 million) in October, the bank’s chief executive Alex Thursby said in a conference call on Wednesday. The bank is… – Continue reading
Herve Falciani, the Frenchman wanted on charges of industrial espionage in Switzerland, has opted to skip his trial at the country’s top court and instead plead his case before a jury of journalists at a French hotel, less than a mile from the Swiss border. The Frenchman was the star… – Continue reading
Austria is on the preliminary list of 119 countries and territories which from the point of view of Russian authorities don’t guarantee the exchange of tax information with Russia. If the document is implemented, as planned, in form of a resolution, Russian investors in Austria will face massive tax disadvantages… – Continue reading
Action 13 of the final package of reports issued by the Organisation for Economic Cooperation and Development (OECD) under the base erosion and profit shifting (BEPS) project focuses on a company group’s global value chain and transfer pricing policy, and introduces a standardized three-tiered approach to transfer pricing documentation—core documentation… – Continue reading
The European Commission recently published new rulings, the OECD published its base erosion and profit shifting (BEPS) final reports, and many countries are reviewing and reinforcing their transfer pricing rules—and France is no exception. Tax professionals in France have observed certain recent trends with regards to transfer pricing. The current… – Continue reading
Following the recent Irish budget statement (the “Budget”), the Finance Bill 2015 (the “Bill”) has been published and it implements the changes announced by the Irish Minister for Finance (the “Minister”). The Bill includes additional detail on: the new knowledge development box (“KDB”); and Ireland’s implementation of country by country… – Continue reading
The Netherlands has completed its ratification procedures for the entry into force of a new income tax treaty between the Netherlands and Germany. Therefore, the treaty will be effective beginning 1 January 2016. The Netherlands-Germany income tax treaty was signed in April 2012. The ratification process in the Netherlands took… – Continue reading
After teasing the UK financial community — and the government — with a thinly-veiled threat to decamp from Britain, HSBC has continued to stoke speculation that it’s looking for more hospitable headquarters. Back in April, HSBC announced a review of whether to quit the UK, a somewhat provocative statement, coming,… – Continue reading
French online gambling is overseen by the Regulatory Authority for Online Gaming (ARJEL), the ruling organization responsible for imposing a series of strict and sometimes puzzling regulations that often limit the market’s full potential. ARJEL President Charles Coppolani attempted to clear some of the confusion earlier this month at the… – Continue reading
LONDON (Alliance News) – The Renewables Infrastructure Group Ltd on Tuesday said it is planning to raise further funding from its equity placing programme. The company, which invests in renewable energy infrastructure projects, said the fundraising will likely take the form of placing of shares and will be closed in… – Continue reading
The Bank of Butterfield has agreed to buy the multibillion dollar private banking trust and investment arm of rivals HSBC Bermuda. The move means Butterfield will acquire the Bermuda Trust Company Ltd as well as the trust and investment business of HSBC. At the end of last year, HSBC’s trust… – Continue reading
On October 22, 2015, the UK launched a consultation on the design of the country’s new “patent box” regime. The UK is developing a new patent box regime that would comply with the recommendations of the OECD on harmful tax practices. It was agreed at international level that, from July… – Continue reading
Ireland has announced a new 6.25 per cent corporate tax rate for intellectual property research Ireland’s 12.5 per cent corporate tax rate is already one of the lowest in Europe, Economia reports. Now, companies investing in research and development (R&D) will be able to avail of the even lower rate… – Continue reading
BRUSSELS, Oct 27 (KUNA) — The European Parliament adopted a resolution Tuesday by 593 votes to 37 on a deal with Switzerland to make it harder for EU citizens to hide cash from the taxman in Swiss bank accounts. Under the deal, the EU and Switzerland will automatically exchange information… – Continue reading
