London: At least £122 billion (Dh755 billion) of property in England and Wales is held through companies in offshore tax havens where ownership is difficult to trace, a Financial Times analysis of Land Registry data has found. The figure — more than the total value of all housing stock in… – Continue reading
YEREVAN, July 17. /ARKA/. Russia’s government has approved the package of legislative changes which make offshore companies’ access to the state’s money more complicated. They no longer will be provided by guarantees and they will be obliged to reveal beneficial owners in government procurement auctions. The demands turned out to… – Continue reading
As property values around the country continue to recover, many families now list their primary residence and vacation homes among their most valuable assets. As such, these homes may be excellent candidates for beneficial estate planning techniques. One of the more straightforward of these techniques is the use of a… – Continue reading
The Dutch public prosecution department is investigating hundreds of transactions in which residents of other EU countries have used the Netherlands to avoid paying tax, the Financieele Dagblad says on Tuesday. The Financieele Dagblad bases its claims on confidential legal documents and an interview with a main suspect – a Dutch… – Continue reading
A fool will receive praise and a rich man will receive blame,” is an old Manx saying. Fitting perhaps for the Isle of Man, a state regarded as a tax haven where much-criticised wealthy companies and individuals shelter their money while the rest of us self-congratulatory fools hand over chunks… – Continue reading
On April 9, 2014, the Finance Ministry issued guidelines on the application of agreements on the avoidance of double taxation (DTAs), which requires tax agents and tax authorities to conduct an assessment of whether foreign recipients of income in Russia have the right to apply a tax exemption in Russia… – Continue reading
Calls for crackdown as investigation finds huge Indonesian corporations evading tax through network of secret shell companies in British Virgin Islands and other tax havens Giant Asian logging companies that make billions from destroying rainforests use a labyrinth of secret shell companies based in a UK overseas territory, the British Virgin… – Continue reading
LONDON (Thomson Reuters Foundation) – British Prime Minister David Cameron has written to the leaders of the UK’s overseas territories and crown dependencies to encourage them to create public registries that would reveal the true owners of companies registered in their jurisdictions. “I believe that beneficial ownership and public access… – Continue reading
Ghana and Denmark have signed a Double Taxation Agreement, moving the bilateral cooperation between the two countries to another level. A Double Taxation Agreement regulates the tax treatment of income or capital gains in situations where the same taxpayer is subject to tax in two states with respect to the… – 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
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
George Town, Grand Cayman – For persons who want to let Government know their thoughts on beneficial ownership of companies – including if Cayman effectively maintains information on who owns the companies, and if that information is readily available to appropriate authorities – the deadline to respond is this Friday,… – Continue reading
The Russian Finance Ministry will offer companies based offshore but with operations in Russia a choice: either disclose their ultimate beneficiaries and maintain their zero tax rate, or pay taxes at the higher Russian rate. Under Russia’s current corporate tax structure, offshore beneficiaries of Russian companies are treated as de-facto… – Continue reading
In a world of widening inequality, it is perhaps the most pernicious injustice of them all. Multinational corporations and wealthy individuals avoiding tax on an unprecedented scale, shuffling assets, income and debt to the most favourable tax jurisdictions and confounding hapless authorities. It is impossible to identify exactly how much… – Continue reading
On 20 November, 2013 the Caribbean Financial Action Task Force (CFATF) issued a public statement identifying jurisdictions in the Caribbean Basin region with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies that have not made sufficient progress in addressing such deficiencies. Those jurisdictions are identified as Belize… – Continue reading
