The decision by Luxembourg and Austria to automatically exchange tax data with other European Union countries has isolated Switzerland in the global crusade against banking secrecy, a Tax Justice Network (TJN) expert tells swissinfo.ch. The two European Union states caved in to demands last month by signing up to the revised… – Continue reading
Expats should put their financial affairs in order while they have the chance as governments around the world prepare a global tax net aimed at wiping out avoidance. The operation is headed by the Organisation of Economic Co-Operation and Development (OECD) and closely follows the lines of the controversial US… – Continue reading
Luxembourg’s Prime Minister Xavier Bettel said the conclusions adopted at the recent European Council meeting on the revised Savings Tax Directive have enabled “a green light from the Grand Duchy of Luxembourg.” He expressed his satisfaction that all 28 European Union (EU) member states reached an agreement at the latest… – Continue reading
The European Council this week adopted a directive strengthening EU rules on the exchange of information on savings incomes, aimed at enabling the member states to better clamp down on tax fraud and tax evasion. The EU Directive requires the member states to exchange information automatically so as to enable… – 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
OECD plan to make practice of shifting locations ineffective New rules aimed at preventing the type of aggressive tax avoidance schemes run by some of the largest multinational employers here will begin to be introduced in September, according to a draft report seen by The Irish Times . Structures that artificially shift… – Continue reading
As part of a plea agreement, an ex-Credit Suisse banker recently disclosed how U.S. customers avoided offshore account disclosure requirements. In an effort to crack down on offshore accounts, federal prosecutors have stepped up investigations of the largest Swiss banks, their bankers and account holders. The most recent bank to… – Continue reading
LONDON — They are the most expensive and luxurious flats in the whole of London. Their ultramodern bay windows offer an unobstructed view onto Hyde Park. An underground corridor connects them to the Mandarin Oriental, the palace where Michelin-starred chef Heston Blumenthal has one of his prized restaurants. In total, the… – Continue reading
The European Union has formally adopted the Savings Tax Directive after six years of negotiations. The directive is intended to bolster the power of the EU to crackdown on tax evasion. The measure was adopted shortly after Luxembourg and Austria abandoned their opposition to the plan. EU tax commissioner Algirdas Semeta, commenting… – Continue reading
European Union competition watchdogs ordered Luxembourg to hand over details of tax breaks for businesses after they said the Grand Duchy was hindering a state-aid probe spanning several EU nations. Luxembourg refused to deliver details concerning the 100 largest companies benefiting from a special program for companies whose profits stem… – Continue reading
European Union antitrust regulators ordered Luxembourg on Monday to hand over information on its corporate tax practices as part of their investigation into tax loopholes which have allowed companies such as Starbucks and Apple to cut their tax bills. The move by the European Commission came after Luxembourg failed to… – Continue reading
The European Council has adopted a directive over exchanging information on savings incomes in a bid to clamp down on tax fraud and evasion The directive will strengthen EU rules over the exchange of information on savings incomes and help member states to share details and information more easily. Directive 2003/48/EC… – Continue reading
An inability to open a bank account is not news for everyone in Hong Kong. Just ask the long-suffering American residents. “Nobody wants to deal with the US citizen account signatory, whether it is a company account or an account for my own financial needs,” said Ross Feingold, a director… – Continue reading
EU AGREES ON SYSTEM TO TACKLE TAX EVASION. The Associated Press has the story, “European Union nations on Thursday agreed on a sweeping policy to fight tax evasion after tiny Luxembourg dropped its reservations to new rules which render its secretive banking culture more transparent. Luxembourg Prime Minister Xavier Bettel… – Continue reading
States agree to automatic exchange of non-EU citizens’ savings account details After years of opposition, Luxembourg and Austria have agreed to back automatic exchange of savings account information on non-citizens to tackle tax fraud in the EU. Their shift was welcomed by other EU leaders meeting in Brussels and allows ministers to sign off… – Continue reading
Leaders of the European Union (EU) member states on Thursday reached an agreement on strengthening EU rules on taxation of savings income. “This is indispensable for enabling the member states to better clamp down on tax fraud and tax evasion,” said European Council President Herman Van Rompuy in his statement… – 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
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
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
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
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
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
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 European Union says it is freezing the financial assets in Europe of 18 Ukrainians it says misused the Kyiv government’s state funds. The EU’s foreign ministers approved the list Wednesday but withheld the names for a day before their official publication in the EU’s legal journal, so the Ukrainians… – Continue reading
Ireland’s Fianna Fáil party has expressed its concern over the “seemingly snail’s pace” progress being made by the European Commission in its preliminary probe of the country’s corporate tax regime. Fianna Fáil finance spokesperson Michael McGrath said: “News of the preliminary probe by the European Commission into the corporation tax… – Continue reading
(Reuters) – Plans to make companies reveal how much tax they pay country by country were abandoned on Wednesday, knocking back the efforts of lawmakers who had pushed to curb tax avoidance by multinational businesses. Schemes used by Starbucks (SBUX.O), Apple (AAPL.O), Amazon (AMZN.O) and other corporations operating within the… – 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
Finance Minister Michael Spindelegger had hinted that Austria might be happy to exchange data on bank account holders with EU countries even is similar agreements have not been finalised with Switzerland and Liechtenstein. Austria and Luxembourg had come under criticism in December after they previously said they will block EU… – Continue reading
Feb 11 (Reuters) – Austria signalled on Tuesday flexibility on exchanging cross-border bank account data with fellow European Union members even absent a final EU accord with Switzerland. “As far as banking secrecy for foreigners goes, it is important for us that there are similar accords with neighbours like Switzerland… – Continue reading
