Leaders of the Organisation of Eastern Caribbean States (OECS) have ended a meeting in Grenada criticising the European Union over its decision to blacklist several Caribbean countries as tax havens. In addition, the leaders of Antigua and Barbuda, Dominica, Grenada, St Lucia, St Vincent and the Grenadines, Montserrat, St Kitts… – Continue reading
The British Virgin Islands (BVI) maintains its popularity as the jurisdiction of choice for international business companies by ensuring it is at the forefront of corporate legislation and international cooperation. The popularity of BVI companies continued unabated in 2014, with incorporations of approximately 60,000 new business companies during the year;… – Continue reading
Mara could have set up an Australian subsidiary but instead chose to construct an elaborate network in several countries. KUALA LUMPUR: National Oversight & Whistleblowers (NOW), an NGO headed by Pandan MP Rafizi Ramli, has alleged that the nature of Mara property purchases overseas was camouflaged through various offshore companies… – Continue reading
PETALING JAYA: Bukit Aman is ready to help in investigations into the controversial purchase of property in Melbourne involving Majlis Amanah Rakyat (Mara) senior officers but there has been no request from Australia yet. Federal Commercial Crime Investigation Department Comm Datuk Seri Mortadza Nazarene said police were aware of the… – Continue reading
(Seychelles News Agency) – Seychelles’ Finance Minister says his ministry remains committed and on track towards complying with the widely-recognised Organisation for Economic Co-operation and Development (OECD)’s regulations on the sharing of tax information. “Seychelles is making considerable and steady progress in achieving the OECD standard in relation to the… – Continue reading
The Caribbean Community (CARICOM) issued a statement on Thursday to “strongly” oppose a recent blacklisting of its members as “non-cooperative” tax jurisdictions by the European Union (EU). The list published last week named 14 Caribbean states and territories, including Antigua and Barbuda, Bahamas, Barbados, Belize, Bermuda, Grenada, St. Vincent and… – Continue reading
The government should probe Majlis Amanah Rakyat (Mara)’s three other property purchases in Australia if allegations of kickbacks in its purchase of Dudley Intenational House apartments has basis, the National Oversight and Whistleblowers (NOW) said today. Its directors Rafizi Ramli and Akmal Nasir, in a joint statement, questioned if Mara,… – Continue reading
The governments of Grenada and St Vincent and the Grenadines have complained about the European Union’s decision to include them on a list of 30 international tax havens, reports the Latin American Herald. “Grenada’s inclusion implies that Grenada is not doing sufficient to guard against harmful tax practices,” Prime Minister… – Continue reading
Channel island claims inclusion is in error because Brussels miscounted the required 10 nominations by wrongly including one for neighbouring Sark Guernsey has written to the European commission demanding to be removed from a blacklist of the worst international tax havens – as nominated by EU member states. Chief minister… – Continue reading
The Bahamas was yesterday “dumped on” through its inclusion on another so-called financial services ‘blacklist’, although an ex-Attorney General and others suggested the development should be taken “with a big grain of salt”, reports the Bahamas Tribune. John Delaney told Tribune Business that the European Union’s (EU) decision to ‘blacklist’… – Continue reading
FATCA – Which Countries Are In And Out The controversial US Foreign Account Tax Compliance Act (FATCA) law is set to start from July 1, 2014, so with less than 21 days to go, here’s a look at which countries are in and who is outside of the tax network…. – Continue reading
St. Kitts and Nevis is one of 30 countries placed on the European Union’s black list for not doing enough to fight tax evasion. The EU’s executive Commission published the list Wednesday (June 17). The blacklisted countries figure on at least ten of the EU’s 28 member nations’ lists of… – Continue reading
Critics of an EU tax-haven blacklist say the organisation is playing dice with small states’ reputations, while ignoring European tax avoidance hubs BRIDGETOWN, Barbados, June 19, 2015 (AMG) — Doubts have been cast over the methodology and motives behind the naming of fourteen Caribbean countries among a list of thirty… – Continue reading
Government appeared to brush off the latest blacklisting of the Cayman Islands when it released a short statement on Wednesday at around 5pm following revelations by the EU that the jurisdiction had been cited as facilitating tax evasion, reports the Cayman News Service. “It is unfortunate that the EU black… – Continue reading
Introduction The Foreign Account Tax Compliance Act (FATCA) requires entity account holders to document their status for US withholding tax purposes (Chapter 3 status) and their status for FATCA due diligence purposes (Chapter 4 status). In the case of a non-US entity account holder that has made an entity classification… – Continue reading
The European Union: Labelled Bermuda as a tax haven Bermuda has been named by the European Union as a country that is not doing enough to crack down on tax avoidance. The Island was one of 30 countries on the list published by the EU’s executive Commission today. “These tax… – Continue reading
The European Union has published its first list of international tax havens as part of a crackdown on multinational companies trying to avoid paying tax in the 28-nation bloc. The list of 30 territories includes Hong Kong and Brunei in Asia, Monaco, Andorra and Guernsey in Europe, and a series… – Continue reading
The European Commission is set to adopt an Action Plan to tackle corporate tax avoidance and promote growth-friendly taxation in the Single Market despite an uphill battle against global giants such as Apple and Starbucks, as well as some hypocritical member states. The European Commission’s plans unveiled Wednesday include a… – Continue reading
Wal-Mart Stores Inc. owns more than $76 billion of assets through a web of units in offshore tax havens around the world, though you wouldn’t know it from reading the giant retailer’s annual report. A new study has found Wal-Mart has at least 78 offshore subsidiaries and branches, more than… – Continue reading
Following the implementation of the EU Alternative Investment Fund Managers (AIFM) Directive (2011/61/EC) and associated legislation, Cyprus now lays claim to being a growth jurisdiction within the European Union for the establishment and servicing of boutique and low cost alternative investment funds based locally or offshore. The choice of fund… – Continue reading
The Cayman Islands saw a 17 percent increase in new company registrations in 2014 over the previous year, according to a report released today by offshore law and fiduciary firm Appleby. In 2014, 11,010 new companies registered in Cayman, noted the firm’s latest ‘On the Register’ report, which provides insight… – Continue reading
NEW DELHI: Several countries, including tax havens like British Virgin Islands, Cyprus and Jersey, have begun sharing information with Indian authorities, in a development that is expected to boost the government’s efforts in tracking black money stashed abroad. Sources said some of the information had already been verified, adding that… – Continue reading
On 1 April 2015 the Italian Minister of Economy and Finance issued a ministerial decree removing the Cayman Islands, the British Virgin Islands and 19 other jurisdictions from Italy’s ‘blacklist’ on the nondeductibility of costs and expenses, established in January 2002. As a result, expenses and costs incurred by Italian… – Continue reading
As Cayman finds itself at the heart of what may be the world’s biggest ever corruption scandal, following the arrest of local football boss, Jeffrey Webb, the premier has defended the jurisdiction in a statement from his office about the FIFA probe. Alden McLaughlin said that local law enforcement agencies… – Continue reading
BVI, 1 June 2015 – The Government of the Virgin Islands is advising all British Virgin Islands Reporting Financial Institutions that the FATCA deadlines for the United Kingdom and United States of America have been extended. Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE made an Order under… – Continue reading
Since the beginning of the global financial crisis, politicians, the media and people on the street have engaged in a series of “blame games” to point fingers and punish those responsible for their own economic ills. For the past few years, one “culprit” has been firmly in the spotlight –… – Continue reading
The British Virgin Islands and the Cayman Islands have entered into agreements with the UK for automatic disclosure of information in respect of interests in financial accounts held by UK residents. Most UK residents are taxed on the “arising” basis meaning they are liable to pay UK tax on worldwide… – Continue reading
British Virgin Islands, Caymans and Turks & Caicos feature heavily in justice department indictment of senior football officials British overseas tax havens play a key role in what US authorities have called “rampant, systemic and deep-rooted” corruption in the world of football, analysis by the Observer reveals. The 164-page US… – Continue reading
In November 2013 the governments of the Cayman Islands and the British Virgin Islands (“BVI”) entered into intergovernmental agreements with the United Kingdom (“UK IGAs”) which contained provisions for the establishment of a framework for the reporting of financial account information. That framework is similar in scope to the framework… – Continue reading
It is quite clear that the more recent past has seen a notable shift in the debate from various supranational initiatives implemented over the years, designed to curtail the activities of smaller offshore financial centres, towards the real issues of tax transparency, regulatory cooperation and managing systemic risk in the… – Continue reading
AUDITED ACCOUNTS – 30 JUNE 2015 FUND ANNUAL RETURN – 30 JUNE 2015 US FATCA – 30 JUNE 2015 RECORD KEEPING – IMMEDIATE TIGHTENING ATTITUDE OF THE COMMISSION TO LATE FILINGS Over the last six months we have seen that the British Virgin Islands (“BVI”) Financial Services Commission (the “Commission”)… – Continue reading
On 1 April 2015 the British Virgin Islands (BVI), Cayman Islands and 19 other jurisdictions were removed from Italy’s blacklist of jurisdictions. As a result it will now be easier for Italian individuals and companies to engage in business with those based in the Cayman Islands and the BVI. The… – Continue reading
Money makes the mare go, and it seems to have gone. From 2012 through 2014, overseas investment by Indians grew by an astonishing 700 per cent in the British Virgin Islands, a favourite tax haven for the biz pashas with the big bucks. Inexplicable, after Narendra Modi—whose war was to… – Continue reading
NEW DELHI:Investment made by individuals or other entities may not have broken the law or acted improperly to hide details, details of investments made in famous tax haven countries or countries with little to offer besides registration of mail box entities are indeed intriguing. For example, total investment to Switzerland… – Continue reading
The British Virgin Islands Government has received a report that it commissioned on finding a new direction for the financial services industry, the recommendations from which will now be implemented, reports Tax News. The BVI engaged consulting firm McKinsey and Company to develop a pragmatic new strategy and implementation plan… – Continue reading
British Virgin Islands through its International Tax Authority (BVI ITA), went live last week with the Vizor for FATCA & AEOI solution, the “BVI Financial Account Reporting System”. Today, Vizor Ltd. announced that BVI went live with the Vizor for FATCA & AEOI solution. The British Virgin Islands Government (BVIG)… – Continue reading
International finance centres (IFCs) are frequently used to structure Russian inward and outward investment and it has been observed that in 2012, 11 of the 40 main recipients of Russian FDI were IFCs1. The BVI is at the forefront of offshore investment into Russia, and the share of outward FDI… – Continue reading
On 20 March 2015, the British Virgin Islands Government issued revised guidance notes regarding the Intergovernmental Agreements between the British Virgin Islands (“BVI”) and the United States of America (the “US”) and the United Kingdom (the “UK”) to improve international tax compliance (the “Guidance Notes”). The Guidance Notes confirm that… – Continue reading
In This Issue: • It’s Stifling in Here! SEC Rules That Companies Can’t Put Restrictive Language in Confidentiality Agreements That Could Potentially Stifle Whistleblowers • An Opinion on Opinions: U.S. Supreme Court Decision in Omnicare • Is OFAC the New Black? Schlumberger and PayPal—The Rise in the Enforcement of Sanctions… – Continue reading
The European Investment Bank (EIB) must tighten up its lending rules to prevent its money being funnelled through tax havens, NGOs have warned in a new report, reports EU Observer. The report ‘Towards a Responsible Taxation Policy for the EIB’, published on Tuesday (21 April) by transparency NGOs Re-Common and… – Continue reading
Like many other public banks, the European Investment Bank (EIB) leverages its own means by acting as a catalyst for private investment through various financial mechanisms. Too often, though, attempts to attract private capital result in unpredictable risks and higher-than projected costs for the public coffer, write Xavier Sol and… – Continue reading
UK’s biggest coffee shop brands Costa, Caffè Nero and Starbucks perform poorly in new ethical scorecard ranking companies on treatment of staff and suppliers, environmental policies and tax avoidance Consumers have been urged to switch to independent coffee shops after major brands including Costa, Caffè Nero and Starbucks scored poorly… – Continue reading
The Communist Party has launched its manifesto under the slogan “Tax The Rich”, with pledges to end austerity and renationalise the railways. The 22-page document promises policies for the “millions, not millionaires” and to plug tax-avoidance loopholes. The party, formed in 1920, is fielding nine candidates, including six who are… – Continue reading
Rato’s dealings include misappropriation of funds through a Visa card totaling 6 Million Euro, income from serving on the international advisory board of a Turkish bank in violation of Spanish banking laws, and a series of shell corporation divestments. UPDATE: Spanish prosecutors have arrested Rato, charging him with fraud, money-laundering… – Continue reading
A British company run by the Conservative’s election guru Lynton Crosby lost more than £1 million in two years, public records show. Accounts filed by Crosby Textor Ltd reveal that the firm, owned by Mr Crosby and his business partner Mark Textor made losses of £511,000 in 2014 and £510,000… – Continue reading
The British Virgin Islands International Tax Authority (ITA) has launched its BVI Financial Account Reporting System (BVIFARS). The portal was opened yesterday and is ready to accept enrolment applications from BVI Reporting Financial Institutions (FI) which are required to submit information under the Intergovernmental Agreement (IGA) between the BVI and… – Continue reading
During the multi-year build-up to FATCA,1 the primary focus was on entity classification and registration, and less attention was paid to the compliance obligations of U.S. and non-U.S. entities affected by FATCA. Withholding and information reporting responsibilities under FATCA were generally known, but with the numerous deadline postponements and references… – Continue reading
Small businesses in Connecticut pay about $7,000 apiece in additional taxes to make up for lost state revenue due to loopholes allowing big corporations to forego paying taxes on profits earned in other countries, such as the Cayman Islands, according to a new report issued by ConnPIRG this week. “The… – Continue reading
All of the firms have established funds based in offshore tax havens such as Cayman Islands and Jersey, analysis reveals Sixteen of the top 50 European hedge funds or their executives have donated more than £6.5m to the Conservatives, according to a new analysis of data. All of the firms… – Continue reading
Voters in November could determine whether corporations doing business in Colorado must report and pay state taxes on profits funneled into offshore tax havens. Doing that would create a tax windfall of up to $150 million a year, according to a legislative analysis. Rep. Brittany Pettersen, D-Lakewood, and Rep. Mike… – Continue reading
