About 30 percent of foreign investors in Korea are from overseas tax havens, a lawmaker said Tuesday. Citing data from the Financial Services Commission and the Korea Customs Service, Rep. Park Kwang-on of the main opposition New Politics Alliance for Democracy (NPAD) said that the number of corporate or individual… – Continue reading
Chevron’s tax filings face repeated challenges from the United States and other global tax authorities, according to a new union-backed report that calls on world governments to crack down on the energy giant’s alleged profit-shifting tactics. The world’s largest trade union body, the International Trade Union Confederation (ITUC), has called… – Continue reading
A wave of wealthy Asians is hurriedly moving assets to the United States – to school their children, invest in property or even avoid political uncertainty in China. But few of those immigrants know just how much of their money will eventually end up in the hands of the feds…. – Continue reading
On 1 July 2015, the Supreme Court (in Anson v HMRC4) held that a taxpayer was entitled to treaty relief on his share of a Delaware LLC’s profits. This casts doubt on HMRC’s published position (though each case must be judged on its own facts). The taxpayer, a UK “non-domiciled”… – Continue reading
Almost all estate planning clients own real estate in one form or another – a residence, a vacation home, or rental property. Real estate presents unique challenges in estate planning because debt is often associated with the property and because it may be difficult (or not desirable) to sell the… – Continue reading
When should the beneficiaries of an IRS-targeted tax shelter be allowed to sue their enablers? That’s the question the federal appellate court in Atlanta posed to the Florida Supreme Court April 17 in an ongoing bankruptcy-related case. The answer, which turns on statutes of limitations, probably will boil down to… – Continue reading
BUFFALO, N.Y. — M&T Bank Corp. (NYSE: MTB) and Paramus, N.J.–based Hudson City Bancorp. Inc. (NASDAQ: HCBK) have again extended the deadline for finalizing their merger that they first announced in late August 2012. The banking companies said in a news release last Friday that they have pushed the deadline… – 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
Conservative Party candidates are bankrolled by hedge fund donations siphoned to Westminster from lucrative tax havens including the Cayman Islands, new analysis suggests. Figures released on Thursday by the Electoral Commission detail donations received by Britain’s political parties since the general election campaign began. Sixteen of Europe’s 50 most prolific… – Continue reading
– Rising Cost of Compliance Within The Tax And Financial Regulatory Environment Creates Opportunities For Increased Efficiency – CHICAGO–(BUSINESS WIRE)–As the economy continues to accelerate, many organizations plan to grow by entering into new markets in the years ahead, reveals the first ever BDO USA, LLP Tax Outlook Survey. Fifty… – Continue reading
Maryland officials are bracing for a Supreme Court decision this spring that could find a provision of the state’s income tax law unconstitutional, leaving the state and its counties on the hook for as much as $200 million in refunds and facing significant cuts in revenue. Montgomery County stands to… – Continue reading
Rather than installing a territorial tax system, the federal government should change U.S. securities rules, a law professor contends. Changing to a “territorial” tax system in the United States won’t ultimately stem the exodus of U.S.-based multinationals to lower-tax countries and could come at a significant cost in terms of… – Continue reading
MCC interviews three attorneys from Mourant Ozannes. Hayden Isbister is a partner and head of the Corporate practice in the Cayman firm. He specializes in investment funds, general corporate and commercial work. James Burch is a partner and leads the Structured Finance/Banks practice in the Cayman Islands, and Tim Dawson… – Continue reading
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
They say Wolf is dodging taxes by shifting money to income-tax-free Delaware. Bringing business inside Delaware’s borders is big. Sixty percent of all public companies are incorporated there – just miles from Pennsylvania. It’s also home to Weidner University’s Institute of Delaware Corporate and Business Law. Professor Lawarence Hamermesh is… – Continue reading
Some states are going after multinational corporations which avoid state taxes by stashing some of their earnings in offshore tax havens, an effort aimed at recouping some of the more than $20 billion states lose to such gimmicks each year. Shifting income to subsidiaries in places like the Cayman Islands… – Continue reading
