Austrian Finance Minister Michael Spindelegger said a deal on extending a European Union savings tax is in Luxembourg’s hands. Austria “can agree to this tomorrow — it’s not up to us if there isn’t agreement,” Spindelegger told reporters before a two-day meeting with his European Union counterparts in Brussels today…. – Continue reading
A visit to China by twelve Isle of Man delegates could soon produce “tangible results” for the Manx economy, according to the chief minister. On Wednesday Allan Bell signed a memorandum of understanding (MOU) in the northern Chinese port of Tianjin. The agreement concretes an alliance aiming to provide “mutually… – Continue reading
From “Tiger of the Indian Ocean” to “Cyber island”, Mauritius has turned now into a “Safe and Reliable Investment Hub” in terms of good governance as well as ethical, economic, political and social stability. Ranked 1st in Sub-Saharan Africa in the World Bank‘s Doing Business Report 2013, Mauritius offers a particularly favorable setting for doing business…. – Continue reading
Jersey Finance has welcomed the signing of the Tax Information Exchange Agreement (TIEA) with Belgium which took place in London on Thursday (March 13, 2014). The new agreement brings the total number of tax agreements Jersey has now signed with EU Member States to 20, which includes both TIEAs and… – Continue reading
Celebrities and major companies locked in legal battles over tax-avoidance schemes will be forced to pay up before their cases are resolved, under new rules to be introduced in this week’s Budget. The rules will hit 65,000 companies and individuals in dispute with the taxman over their use of complex… – Continue reading
BERLIN — When all of his cards were played and Uli Hoeness, the Bayern Munich president and German soccer legend, faced the prospect of a protracted and high-profile appeal of his conviction on charges of tax evasion, he chose to take his punishment. In a surprise move that came hours… – Continue reading
SEJONG, March 13 (Yonhap) — South Korea is expected to gain access to financial information on its nationals from the U.S. as the two countries are close to an agreement on sharing related data, finance ministry officials said Thursday, a move expected to help Seoul’s crackdown on offshore tax evasion…. – Continue reading
The largest U.S.-based companies added $206 billion to their offshore profit stockpiles last year in order to put earnings in low-tax countries, Bloomberg reported. Multinational companies accumulated $1.95 trillion outside the U.S., which was up 11.8 percent from a year earlier, according to securities filings from 307 corporations reviewed by Bloomberg. Governments… – Continue reading
Inland Revenue today released its interpretation of what it means to be tax resident. “This is a particularly important document for New Zealanders living and working overseas. For these people, remaining tax resident in New Zealand can have significant financial implications.” says Rebecca Armour, Tax Director and Head of International… – Continue reading
12 March 2014: In its 2013 Annual Report, the Luxembourg Direct Tax Authorities reported that they have negotiated new tax treaties with Hungary, New Zealand, the UK and Uruguay. It is also reported that 659 exchanges of information upon request, spontaneous information exchanges and automatic exchanges of information have been… – Continue reading
THE INTRODUCTION of changes to the taxation of limited liability partnerships will go ahead on 6 April 2014 despite calls from the House of Lords Economic Affairs Committee and practitioners for 12 months’ delay to the measures. The lords recommended the easement to be put in place until 2015 in order… – Continue reading
France’s disgraced former budget minister Jerôme Cahuzac, who was sacked after admitting he hid funds in a Swiss account, also had a €2.5 million stashed in a secret bank account in the Isle of Man, a British tax haven, it was claimed on Thursday. Cahuzac’s estranged wife Patricia admitted the… – Continue reading
OECD tax director Pascal Saint-Amans has played down concerns that the United States might resist plans to make multinational companies such as Apple and Starbucks pay more tax, arguing that governments must move quickly to close multibillion-dollar loopholes or risk ordinary citizens losing faith in their taxation systems. Mr Saint-Amans… – Continue reading
A new bill before the state Assembly aims to ensure businesses in Wisconsin must pay the appropriate state taxes. State Rep. Cory Mason, D-Racine, introduced the “End Tax Havens Abuse Act” and said in a statement Thursday the bill would require Wisconsin businesses to pay taxes in the state could… – Continue reading
KUALA LUMPUR: Small and medium enterprises (SMEs) should tap Hong Kong’s access to the markets in China, Japan and South Korea to gain tax advantages under the double-taxation deduction pact signed between Malaysia and HK. Hong Kong Trade Development Council deputy executive director, Margaret Fong, said HK SMEs paid five… – Continue reading
MoUs on joint committee and cooperation in higher education Tirana: UAE Foreign Minister Shaikh Abdullah Bin Zayed Al Nahyan met in Albanian capital Tirana Ditmir Bushati, Albania’s Foreign Minister, and discussed with him avenues of joint cooperation between the two friendly countries. The two ministers signed an agreement on avoidance… – Continue reading
The largest US-based companies added $206 billion to their stockpiles of offshore profits last year, parking earnings in low-tax countries until Congress gives them a reason not to. The multinational companies have accumulated $1.95 trillion outside the US, up 11.8 per cent from a year earlier, according to securities filings… – Continue reading
LONDON — Four of the biggest U.S. technology groups collectively hold an estimated $124 billion in U.S. Treasury debt, much of it offshore, earning them tax-free interest, the UK’s Bureau of Investigative Journalism (BIJ) said on Thursday. The finding means Apple Inc, Microsoft Corp, Google Inc and Cisco Systems Inc… – Continue reading
Andreas Bachmann of Credit Suisse helped Americans hide $3 billion from Uncle Sam A former Swiss banker pleaded guilty Wednesday to his role in a fraud scheme that prosecutors say helped U.S. taxpayers hide as much as $3 billion in assets from the IRS. Andreas Bachmann, 56, a Swiss citizen,… – Continue reading
The young Ukrainian ex-billionaire Serhiy Kurchenko, now widely suspected of being a front man for overthrown President Viktor Yanukovych’s family, clearly liked offshore destinations. His companies registered in offshore zones are now accused of trading in oil products using a tax evasion scheme that cost Ukraine’s government an estimated $1… – Continue reading
The rich are not like the rest of us, and neither are their offshore bankers. Court documents filed in a big tax evasion case in Northern Virginia provide just a glimpse of the extra services available if you have the means and will to maintain secret accounts with large banks in Switzerland… – Continue reading
The Taxation (Annual Rates, Employee Allowances, and Remedial Matters) Bill contains proposed legislative amendments to give effect to the intergovernmental agreement (IGA) New Zealand is currently negotiating with the United States in respect of the United States’s Foreign Account Tax Compliance Act (FATCA). The Commentary to the Bill states that… – Continue reading
FATCA drives up demand for overseas pension schemes Dubai: The looming implementation of the Foreign Account Tax Compliance Act (FATCA), a law designed as a tool to counteract tax evasion, is prompting a growing number US expatriates to look for tax efficient investment options. An estimated 7.2 million American expatriates… – Continue reading
Dubai: The US and UAE governments are in the process of signing the FATCA Intergovernmental Agreement (IGA). Under this agreement, banks and financial institutions in the UAE will be required to annually compile data for submission to the UAE regulatory authorities. The UAE Ministry of Finance would then send this… – Continue reading
Many UK advisers believe that the Foreign Account Tax Compliance Act (FATCA) only applies to UK trusts if there are US beneficiaries, settlors or investments. This is not true. FATCA will apply to all financial institutions (banks, brokerage firms, trust companies and all financial accounts) in the UK and will… – Continue reading
Jersey and the Kingdom of Belgium signed a tax information exchange agreement (TIEA) at the Residence of the Ambassador for the Kingdom in London today (13 March 2014). The TIEA was signed for Jersey by the Minister for External Relations, Senator Sir Philip Bailhache. The Belgian Deputy Prime Minister and… – Continue reading
United States taxpayers make large interest payments to the top four technology firmsfor the $163 billion in US government debt the companies own and shelter in tax-freeoffshore accounts. Apple, Cisco Systems, Google, and Microsoft legally hold $124 billion in US Treasury securities and $39 billion in US government agencydebt in accounts overseas, allowing them to avoid the 35… – Continue reading
Apple Inc., IBM Corp. and Microsoft Corp. have been picked out as some of the main culprits of stockpiling profits abroad in order to avoid huge tax bills, according to Bloomberg. Last year, the largest U.S. firms collectively added an extra $206 billion to their offshore profit stockpiles based in low-tax countries. Together the… – Continue reading
The draft double taxation agreement between Cyprus and Latvia has been published by the Latvian authorities, allowing practitioners a “sneak preview” of its provisions. The draft agreement requires the approval of the Latvian Cabinet of Ministers before signature. After signature it will need to be ratified by both countries before… – Continue reading
In order to encourage the growth of international trade including that of financial services, successive Maltese governments have sought to conclude double tax treaties with important trading partners as well as with emerging countries. This policy is expected to continue in the future. To date, treaties are in force with… – Continue reading
Georgian Finance Minister Nodar Khaduri and Ambassador of the Federal Republic of Germany to Georgia Ortwin Hennig will sign a protocol to amend the Agreement on liquidation of double taxation between Germany and Georgia on March 10. Khaduri and Hennig will also sign an agreement on financial cooperation and specific… – Continue reading
With 5 April only a few weeks away, it is time for long-term UK residents to think about whether they are coming up to their deemed domicile date for UK inheritance tax purposes. Those who arrived between 6 April 1998 and 5 April 1999 will become deemed domiciled on 6… – Continue reading
There has been considerable publicity in recent months on the alleged tax avoidance perpetrated by multinationals that has resulted in the Organisation of Economic Cooperation and Development (OECD) publishing its action plan on base erosion and profit shifting (BEPS). The action plan, consisting of 15 proposals to counter the perceived… – Continue reading
Country’s corporate tax rate sits at about 25 per cent As Canadians dutifully file personal income tax returns during the coming weeks, consider this: many profitable companies pay little or no tax. In an interview this week on The Sunday Edition, Dennis Howlett, executive director of Canadians for Tax Fairness,… – Continue reading
KOLKATA, MARCH 11: Aapo Polho, Ambassador of Finland to India, has said that taxation issues have diminished India’s attractiveness to global investors, including Finnish companies. Referring to mobile handset-maker Nokia’s conflict with the Indian Government over double taxation, he said, “The company (Nokia) played by the book”. “Over the past… – Continue reading
As of January 1st 2014, Cyprus entered into five new Double Tax Treaties (DTT’s) with Estonia, Finland, Portugal, Spain and Ukraine expanding its already rich list of DTTs. All the agreements aim to avoid double taxation between the mentioned countries and follow the OECD conventional model on income and capital. The… – Continue reading
NEW DELHI: The finance ministry will soon write to British telecom major Vodafone to press the company to seek an early decision from the Income-tax Appellate Tribunal (ITAT) in the Rs 8,500-crore transfer pricing case. The Union Cabinet had, on February 28, directed the finance ministry to wait for the… – Continue reading
The British Virgin Islands and the United States are close to signing an agreement on implementing the US’ Foreign Account Tax Compliance Act financial law (FATCA). Last week, the two sides concluded their talks on the agreement, initialing the final text of an agreement. In a statement, the British Virgin… – Continue reading
Apple, famous for its innovative products, is equally creative in its tax structure. From 2009 to 2012, it successfully sheltered US$44 billion from being taxed anywhere in the world, including sales generated in Australia. While there are probably some sound reasons for Apple’s CEO, Tim Cook, to claim in a US congressional… – Continue reading
The US Foreign Account Tax Compliance Act (FATCA) will be implemented on July 1 this year, and it would be better for Taiwan’s financial institutions not to speculate any more, a prominent accountant has said in an interview our sister paper Commercial Times. Chou Sih-ci said several financial operators still… – Continue reading
Last summer, HM Revenue & Customs (HMRC) published proposals for major changes to the UK’s rules on the taxation of partnerships. The primary aim of the proposals was to counter arrangements which HMRC regarded as tax avoidance—in particular: disguised employment – the appointment of an individual as a member of a UK Limited… – Continue reading
New anti-avoidance legislation introduced by HMRC aimed at combating perceived tax evasion in partnerships (including LLPs) takes effect on 6 April 2014. Many property owners could be caught out by these new rules. Including a company in a partnership has become an increasingly popular structure for holding properties, which is… – Continue reading
The Revenue (Reduction of Business Registration Fees) Order 2013, which reduces the prescribed business registration fee by a sum of $2,000 at present, will expire on 1 April 2014. Please refer to the website of the Inland Revenue Department and the business registration fee & levy table for details. With effect from 1 April… – Continue reading
European Union finance ministers failed once again Tuesday to agree on a sweeping new policy to fight tax evasion because of resistance from Luxembourg, a tiny country that long has prospered from a secretive banking culture. EU Taxation Commissioner Algirdas Semeta said their failure was disappointing because, if approved, the… – Continue reading
The Grand Duchy of Luxembourg, a city state of just over a half million inhabitants, on Tuesday refused to agree on a proposed key EU tax evasion law at the monthly Ecofin meeting of European Union finance ministers. Algirdas Šemeta, EU taxation Commissioner, said Tuesday’s failure was “disappointing” because the legislation… – Continue reading
The Department of Registrar of Companies and Official Receiver announces that as from 2nd April 2014 the payment of the annual fee of three hundred and fifty euros (€350) for the years 2011 and 2014 will be done only through the Department’s website www.mcit.gov.cy/drcor and through JCCsmart. NO payment of the annual… – Continue reading
The 92 forms newly specified by the Registrar of Companies for use after the commencement of the new Companies Ordinance (Chapter 622) on 3 March 2014 have been uploaded onto the dedicated thematic section New Companies Ordinance. A CD-ROM containing a full set of the new forms and hard copies of… – Continue reading
As of 12 February 2014, The Korean Intellectual Property Office (KIPO) has made its trade mark data available to the TMview search tool. The integration of KIPO is a concrete result of the International Cooperation programme managed by OHIM in collaboration with its international partners. This last extension brings the… – Continue reading
The Department of the Registrar of Companies and Official Receiver announces that as from 2nd April 2014 the documents for registration of private companies with share capital will be filed only electronically through the Department’s website www.mcit.gov.cy/drcor. The Departments’ Cashier Office WILL NOT receive documents relating to the registration of private… – Continue reading
Peers have attacked the taxman for being “unaware” of the scale of company profit shifting and raised concerns about the amount of tax that has been lost as a result. HM Revenue and Customs allowed the tax minimising practice to become “embedded as acceptable tax planning”, according to the House… – Continue reading
