The Western world needs to tackle multi-national tax avoidance a “bit like” it has tackled the Islamic State terrorist group, maverick Liberal senator Bill Heffernan says. Senator Heffernan has for years argued tax avoidance is a threat to sovereignty and thinks it will take a coalition of Western countries to… – Continue reading
Executives tell Senate inquiry paying tax overseas for Australian sales is how the global tax system works, while News Corp Australia demands Netflix pays GST Senior executives from three major tech firms have defended corporate structures which allow most of the revenue from their Australian operations to be taxed in… – Continue reading
Vanoli, account holders will be called to testify Central Bank Governor Alejandro Vanoli and the first 10 businesses to appear on the list of undeclared HSBC bank accounts in Switzerland are set to be the next to appear before the Bicameral Commission examining systematic tax evasion and capital flight, its… – Continue reading
Tax breaks for research and development should be targeted to smaller technology start-ups, rather than big companies that will most likely make the investments regardless of incentives, Google Australia will tell the senate inquiry into corporate tax avoidance. Google Australia’s managing director, Maile Carnegie, will be appearing before the inquiry… – Continue reading
Labor Senator Sam Dastyari has accused the Tax Commissioner of protecting some of the nation’s worst tax dodgers after the commissioner denied access to documents which could embarrass some of the world’s biggest mining companies. On the eve of the corporate tax avoidance inquiry by a parliamentary committee led by… – Continue reading
The financial arrangements of some of Australia’s biggest companies will be in the spotlight this week with a Senate inquiry taking evidence on corporate tax avoidance. The inquiry was initiated by the Greens leader Christine Milne and supported by the Federal Opposition. “We have to actually start really pushing on… – Continue reading
Suspicions rising that ‘hot money’ is being washed through Vancouver real estate As affluent Chinese buyers – spurred by relaxed regulations and a lower Canadian dollar – flood into British Columbia’s real estate market, warnings are rising that some cash deals may contravene federal money laundering rules. A 2015 report… – Continue reading
An arrest over allegations of price fixing has increased calls for tighter regulation of the booming sector On a late February morning, Yves Bouvier arrived at the Monaco home of one of his best clients. He expected Dmitry Rybolovlev, the Russian billionaire owner of AS Monaco football club, to pay… – Continue reading
A GROUP of Cypriot businesses with strong presence in Greek markets have engaged the Cyprus Chamber of Commerce and Industry, and will meet on Monday in a concerted effort to decide on a response to the Greek government’s decision to impose a 26 per cent punitive tax on imports from… – Continue reading
An energy company operating in Australia transferred more than $11 billion to the low-tax jurisdiction of Singapore in a single year, heightening concerns that Australia is being duped by tax-minimising multinationals. The extraordinary scale of funds being moved out of the country by individual companies is revealed in an internal… – Continue reading
Law360, New York (April 03, 2015, 8:10 PM ET) — Three limited liability companies have urged the U.S. Supreme Court to review a Third Circuit decision finding that the Internal Revenue Service could require them to pay the full tax burden for a technology company transaction despite transfers of interest… – Continue reading
Inquiry sparked by leaked Luxembourg files naming the sovereign wealth fund among dozens of Australian companies using elaborate structures to cut tax bills The $100bn Future Fund has refused to give evidence to a Senate inquiry into corporate tax avoidance despite being named in leaked documents last year among scores… – Continue reading
The US and Canada are fuelling a record influx of foreign investment in the Netherlands; our local expert looks at why Despite a fair bit of doom and gloom over global economy figures, foreign companies continue to grow – and they continue to look at the Netherlands to help fuel… – Continue reading
LONDON – Offshore companies may soon have to reveal the identities of their ultimate beneficial owners, with the information to be recorded on a central register. Late last week the UK government instructed the British Virgin Islands and the Cayman Islands to set out a timetable for the implementation of… – Continue reading
China will strengthen cooperation with the United States on major legal cases aimed at repatriating corrupt Chinese officials hiding in the US, as well as confiscating their ill-gotten assets, a senior official of the Supreme People’s Procuratorate said. The remarks followed news that one of China’s most wanted fugitives is… – Continue reading
Except for a few family members and a dwindling number of those who consider him a dissident, most people who have followed the Mukhtar Ablyazov story have nothing good to say about him. They see him as an embezzler, swindler and con man par excellence – a guy whose theft… – Continue reading
(CNS Business): Cayman’s leader, Premier Alden McLaughlin, was joined by the COO of Dart Enterprises at the House of Lords this week in promoting Cayman when he delivered a key-note address at the Caribbean Council reception. As McLaughlin sold the crowd on the benefits of investing in Cayman and the… – Continue reading
It has been said taxes are the price we pay for a civilized society. So what happens when some of the wealthiest companies in the world don’t pay toward the upkeep of the societies they operate in? No one likes paying taxes. In my opinion taxes should be as low… – Continue reading
According to Offshore Alert, CWM World is linked to a $16 billion Ponzi scheme run by the Mauritius-based Belvedere Management Limited, as sources close to the firm have dismissed the report as inaccurate. Offshore Alert, an investigative research publication, is claiming that CWM Group is part of a massive $16… – Continue reading
Law firm boss Tom Maher has been invited to be a speaker at a prestigious conference alongside the FBI special agent who caught the notorious ‘Wolf of Wall Street.’ He will also share the platform with a host of other newsworthy people in the business world including the whistleblower who… – Continue reading
Cobus Kellermann, Stellenbosch University graduate now in his late 30s who runs Cape-based money manager Clarus Capital, has been fingered as a mastermind behind a massive global Ponzi scheme run out of Mauritius. Kellermann’s company also manages eight South African unit trusts under the Met Collective Investments banner. They have… – Continue reading
Virgin Care, which has been handed contracts worth hundreds of millions of pounds to run more than 230 NHS and social care services, is one of at least 10 private health firms seeking state-funded contracts whose company structures include tax havens, it can be revealed. An analysis by Richard Murphy,… – Continue reading
The China State Administration of Taxation recently issued a notice extending the taxation of capital gains by non-Chinese tax residents arising from indirect transfers of Chinese assets. Where indirect transfers of equity in Chinese entities were already subject to capital gains tax based on Circular 698, Notice 7 now extends… – Continue reading
While the problems with our international tax system are complex, the solution is relatively simple: U.S. corporations should pay the same tax rate, at the same time, on their domestic and foreign profits. The ranking member of the Senate Finance Committee, Sen. Ron Wyden, made the case for this reform… – Continue reading
Opposition firebrand Alexey Navalny called Tuesday for the dismissal of hockey legend Slava Fetisov from Russia’s Federation Council, alleging that the senator owns offshore assets in Cyprus in violation of Russian law. Navalny, the head of the Anti-Corruption Foundation, uploaded to his blog a series of documents allegedly evidencing Fetisov’s… – Continue reading
The measure The Chancellor confirmed that the new diverted profits tax (DPT) will be introduced from 1 April 2015. DPT will apply in two distinct situations, being: Where a foreign company has artificially avoided having a taxable presence in the UK; and Where a UK company (or a UK permanent… – Continue reading
New Delhi : The Delhi High Court has held that money spent by Indian subsidiaries of foreign companies on advertising, marketing and promotion (AMP) of their global brand here are international transactions and fall under the purview of transfer pricing rules, reports PTI. A bench of justices Sanjiv Khanna and… – Continue reading
Towards the end of last December, the cabinet passed resolutions representing the latest attempt to turn Thailand into an attractive location in which to establish an international headquarters (IHQ). This is the third attempt in a little over a decade to lure multinational companies to Thailand. The first regional operating… – Continue reading
In 2013, STHL and its subsidiaries generated $38.6 billion in sales of crude oil, after purchasing $38.5 billion in crude and fuel products from third party and other companies from the SOCAR group. Malta has been hosting Azerbaijan’s state oil company (SOCAR) since 2007 thanks to its favourable tax regime… – Continue reading
KUWAIT CITY: Kuwait has sought help from the International Monetary Fund (IMF) to introduce corporate taxes in a bid to diversify revenue in the face of falling oil prices, a minister said yesterday. ‘The IMF will prepare a preliminary report on how to impose taxes on companies in Kuwait,’ Commerce… – Continue reading
When the Obama administration changed the rules to make it harder for US companies to move their headquarters—and their taxable profits—overseas through the reverse mergers called tax inversions, it put the kibosh on at least one such deal. But now critics of the move say rules have made it easier… – Continue reading
Center City-based Morgan Lewis, the largest law firm in the U.S. in terms of lawyers based domestically, is growing again, this time overseas. The firm said Sunday it was combining with the Stamford Law Corp., an 80-lawyer firm based in Singapore, a booming commercial hub and island nation with a… – Continue reading
Martin McNamara had his suspicions. An OPP officer and executive officer of the provincial force’s union, McNamara was the first to complain to authorities about unusual financial transactions involving the union’s top brass. When McNamara, who had signing authority for the 6,000-member union, was asked to authorize a $5,000 cheque… – Continue reading
Ras Al Khaimah, close to Dubai, is one of the fastest growing emirates in the United Arab Emirates. The emirate has also gained a reputation for being a transparent, tax free, corruption free, no red tape and inexpensive to do business jurisdiction. Ras Al Khaimah is the most popular offshore… – Continue reading
Under a plan baked into the White House’s budget for 2016, U.S. corporations would theoretically be forced to pay hundreds of billions in new taxes on money kept abroad. Levying fees on the $2.1 trillion in funds largely held by shell companies through an accounting trick called deferral, the move,… – Continue reading
The call for tax transparency is being echoed around the globe, with ‘midshore’ centres like Bahrain and the UAE emerging as reputable, regulated and tax efficient jurisdictions A 2012 book entitled Offshore Apocalypse – The Collapse of the Tax Haven Industry, written by a team of tax-law academics, auditors, compliance… – Continue reading
The BVI is a tax haven that has been used to stash away laundered money and capital siphoned out of countries through tax evasion. “It has never been clear why the board led by Moxon decided to set up parallel investment vehicles in the BVI. That was never fully explained… – Continue reading
The Australian Taxation Office should be given the power to ignore multinational transactions that fail to pass the “common sense test” and ensure that technology company profits are taxed where they are earned, the Australia Institute submission to the inquiry into corporate tax avoidance says. The submission takes a swipe… – Continue reading
The main legal weapon used by the tax office to hunt down multinationals trying to avoid paying tax often doesn’t work, a problem that could cost the federal government billions a year. A Tax Office internal document, Offshore hubs mitigation strategy overview, said that Australia’s general anti-avoidance rule, Part IVA,… – Continue reading
Seychelles is one of the most popular offshore jurisdiction, with favourable business regulations, a prosperous economy and a stable political situation. Seychelles IBC, is a limited liability company which conducts its trading and business outside the Seychelles and is intended for offshore activities. It takes up to 2 days to… – Continue reading
NEIL CHENOWETH The raids unfolded across the city at 8.40 on a Tuesday evening. Squads of federal police descended on Point Piper, Chatswood, city offices and the departure lounge of Sydney International Airport. Accountant Vanda Gould was up when police arrived to arrest him. Across town officers scooped up his… – Continue reading
The Finance Bill 2015 (the Bill) has quietly slipped in an amendment that could engender a fresh set of disputes with foreign companies away from the hitherto transfer pricing hair-splitting. Hitherto, all Indian companies were residents and all foreign companies were non-resident, period. Of course foreign companies would have become… – Continue reading
Businesses are looking to increase exports and absorb the higher cost of imported inputs to make the most of a “sweet spot” for the Aussie dollar, executives said. Seafolly’s chief executive Anthony Halas said he had “mixed feelings” about the drop in the Australian dollar on Wednesday, but believed expanding… – Continue reading
Frank R. Suess writes: Every time you think the US establishment can do no more to threaten the freedom and livelihood of the very Americans who contribute the most to the prosperity of the country, they increase the heat in the furnace by a notch with more cheap money and… – Continue reading
The regional operating headquarters (ROH) provisions that Thai tax authorities introduced in 2002 have never been popular, as they are difficult to understand and comply with. As a result, many businesses have bypassed Thailand and chosen Kuala Lumpur for their regional offices. Even a major revamp of ROH regulations in… – Continue reading
Like many Indian IT consultancies in the early 2000’s, Icreon Tech relied heavily on selling highly skilled, English-speaking engineering talent to the West at a cheap rate. According to the Economist, in 2008, India claimed 65% of all offshored IT work. But as the gap in pay between developing and… – Continue reading
Tax avoidance is being documented across the world, with Australia no exception. The government is now looking at how to clamp down on the billions of dollars being lost as top Australian firms are succeeding in dodging taxation. Last year saw the release of multiple reports highlighting the worrying number… – Continue reading
Skip to content Using Gmail with screen readers Click here to enable desktop notifications for Gmail. Learn more Hide 34 of 34 Web Clip Forbes.com: Most popular stories – Volt Vs. Tesla: The Dealership Experience – 7 hours ago ready to post 9 mar 2015 D Ready to post –… – Continue reading
MUMBAI: Next time, you will think twice before opening a bank account in Jersey or buying a property in London — even if the transaction is legitimate. Everyone having accounts with offshore banks, or owning properties or stocks abroad will be soon asked a string of questions by the tax… – Continue reading
Vivienne Westwood’s donation of £300,000 to the Green Party sparks controversy over her company’s use of off-shore account She is probably Britain’s most influential — and definitely most controversial — fashion designer. So perhaps it was inevitable that when Dame Vivienne Westwood became the Green Party’s biggest supporter with a… – Continue reading
