The AFIP conducted 14 simultaneous raids in Mar del Plata, Buenos Aires and Misiones, to disrupt a complex organization that sold onions to Brazil, which evaded nearly 500 million pesos in taxes. Marketing was performed marginally for some 1,000 million pesos, which would mean an avoidance of 500 million pesos… – Continue reading
CARACAS, May 17, 2014 – (WAFA) – President Mamhoud Abbas signed Saturday energy and double taxation avoidance agreements with his Venezuelan counterpart Nicolas Maduro at Miraflores presidential palace in Caracas. Abbas started Friday a three-day official visit to the Caracas, where he was received by Maduro. They exchanged views on the peace process as well… – Continue reading
May 7th, 2014 (InsideCostaRica.com) Tax evaders and privacy advocates beware – Costa Rica and 46 other countries signed up yesterday to automatically share banking, financial, and tax information in what the OECD is touting as a major step towards cracking down on global tax evasion. The Declaration on Automatic Exchange… – Continue reading
A Provisional Measure passed by the Senate allows tax to be levied on profit earned abroad by domestic companies, even if the earnings are not nationalized. Attorney Luiz Felipe Ferraz says the rule renders treaties void. São Paulo – Provisional Measure 627, from 2013, which alters the taxation regime for… – Continue reading
Deadlines are fast approaching for funds to comply with FATCA, the IRS announced an April 25 deadline for fund managers to register their offshore funds and offshore master funds with the IRS. Funds have until May 5 2014 to get their Global Intermediary Identification Numbers. Notably, the IRS has also… – Continue reading
April 2 — The Treasury Department and the Internal Revenue Service announced that countries that have reached intergovernmental agreements (IGAs) in substance under the Foreign Account Tax Compliance Act before July 1 will be treated as having signed agreements through Dec. 31, 2014, winning praise from practitioners. The government also said… – Continue reading
The Treasury Department added 19 nations to its list of countries that have reached agreements with the U.S. on carrying out a far-reaching law aimed at preventing offshore tax dodging by American citizens. The Treasury and the Internal Revenue Service said the 19 nations – including Australia, Brazil, South Africa… – Continue reading
Recent discussions about the movement of capital and offshore accounts have to be a major cause for concern. During a Central Bank seminar recently, Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss, sounded the warning that compliance with the recently passed Foreign Account Tax Compliance Act… – Continue reading
Argentina’s tax agency head is meeting FIFA President Sepp Blatter today to tell him how soccer teams are evading taxes in the $3.7 billion player trading market. Ricardo Echegaray has traveled to the soccer ruling bodyâs headquarters in Zurich to inform Blatter that his agency has detected techniques used by… – Continue reading
Switzerland and Argentina have recently signed a new agreement for the avoidance of double taxation with respect to taxes on income and on capital. The treaty replaces the provisional agreement of 1997 and provides for the exchange of information upon request, in line with the current international standard. This is… – Continue reading
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. The British Virgin Islands, Liechtenstein and Jersey are among 44 countries that have set… – Continue reading
The benefits of the New Zealand Government’s desire to push export led growth, as part of its overall economic strategy, could be stymied by a lack of clarity over proposed cross-border tax changes. New research from the Grant Thornton International Business Report survey (IBR) reveals that New Zealand business leaders… – 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 Brazilian government has been trying to catch up on a number of areas of the digital economy, one of them being online cross-border taxation – but not without controversy. During the Mobile World Congress (MWC) last month, the Brazilian communications minister Paulo Bernardo said Brazil is a “tax haven”… – Continue reading
The Bermuda Court of Appeal has ruled that the target of an intergovernmental request for information under a Tax Information Exchange Agreement (TIEA) may require the Attorney General to produce the terms of the request in order to confirm that the request meets the statutory requirements under the International Co-operation… – Continue reading
When a bipartisan Senate panel last week lambasted Swiss bank Credit Suisse for helping rich Americans evade billions in taxes, some watching the high-profile hearing couldn’t help but notice an elephant in the room. That is, Sen. Rand Paul. The connection? Paul for years has single-handedly blocked an obscure U.S.-Swiss… – Continue reading
Feb 24 (Reuters) – U.S. prosecutors are widening their probe of how Swiss banks helped wealthy Americans avoid taxes to look at insurers as well, the Wall Street Journal reported on Monday, citing unnamed sources. Insurers in Switzerland have been preparing for months for U.S. officials to investigate products known as insurance… – Continue reading
Back in April 2013, the G5 Governments agreed to work together on a pilot scheme on multilateral and standardized exchange of tax information, with a new initiative on information exchange, based on the so-called FATCA (Foreign Account Tax Compliance Act) exchange model. Luxembourg, Liechtenstein, Malta, Greece, Iceland and Colombia have… – Continue reading
Barbados’ financial-services sector is rated as the second-largest source of foreign exchange earnings, behind tourism, for which new markets are being sought outside of Canada. On Thursday, central bank governor, Dr DeLisle Worrell, said the country has been losing business in its International Business and Financial Services Sector (IBFS), which… – Continue reading
The days of multinational companies being able to use the Double Irish Dutch Sandwich to avoid taxation may soon be coming to an end, with the G20 group of nations looking to create a reporting standard to allow for automatic exchange of tax information. In the official communique coming at the end… – Continue reading
Seven companies, chiefly American-based, including Fortune 500 companies in the automotive, mining and retail industries are now under investigation for alleged tax evasion in Mexico. Oscar Molina, who lead audits of big companies at Mexico\’s tax collection agency SAT, says the firms cannot be identified for legal reasons. All seven… – Continue reading
