A Moscow City Hall official confronted with allegations of illegal business activity has sued his accuser, whistle-blowing blogger and opposition activist Alexei Navalny. Deputy Mayor Maxim Liksutov, who oversees transportation in Moscow, announced via Facebook on Thursday that he had sued Navalny for an unspecified sum. Data made publicly available… – Continue reading
Tens of thousands of Irish people and foreign nationals who have worked and lived in the UK or US and still have investments, property or pension funds there, are particularly vulnerable to those countries’ tax regulations. Soon, one group in particular – the nearly 12,000 American citizens living in Ireland… – Continue reading
While the UK government continues its battle against tax evasion and tax avoidance, the authorities have received welcome support from the High Court with a ruling backing last year’s bid to stop investors avoiding stamp duty. In simple terms, savvy investors were transferring ownership of property to an offshore company… – Continue reading
NIA CHARLESTOWN Nevis (June 13, 2014) — The Nevis International Banking Ordinance 2014,received safe passage in the Nevis Island Assembly on June 12, 2014, at a sitting which commenced just after 10 a.m. and concluded at 7:15 p.m. The Ordinance replaces the Nevis Offshore Banking Ordinance Cap. 7.05., a key… – Continue reading
On June 5, 2014, the Court of Justice of the European Union handed down a joint ruling concerning two Dutch companies’ objections to the imposition of withholding tax on dividends paid to their respective holding companies based in the former Netherlands Antilles. In X BV, TBG Limited vs Staatssecretaris van Financien (C-24/12… – Continue reading
Tax season is over for Canadians, but Americans living in Canada – even those with Canadian citizenship – still face complex filing obligations imposed by U.S. authorities. And it could be a punishing weekend for anyone who has not begun preparing for Monday’s deadline. “Americans living in Canada are required… – Continue reading
Botswana and Ireland have signed an agreement on double taxation avoidance to enable free tax income flowing between the two countries.Speaking at the signing agreement in Gaborone on Wednesday, finance and development planning minister, Kenneth Matambo said the agreement was a commendable move because it was only when there was… – Continue reading
New Zealand financial institutions’ FATCA obligations are clarified with today’s signing of a NZ/US intergovernmental agreement (IGA). The long-awaited agreement comes not a moment too soon, with the 1 July implementation date just over two weeks away. FATCA’s global reach FATCA (short for Foreign Account Tax Compliance Act) is a… – Continue reading
In 2010, Congress passed House Resolution (H.R.) 2847, the Hiring Incentives to Restore Employment Act, or HIRE Act. This legislation included a number of tax breaks meant to encourage businesses to put people on the payroll. This law also called for greater scrutiny of foreign accounts that U.S. citizens hold… – Continue reading
The UK Chancellor, George Osborne, announced new sanctions against offshore tax evasion, last month. The UK government intends to introduce a new “strict liability” criminal offence for not declaring untaxed offshore assets. Under the plans announced by the Chancellor, HM Revenue & Customs (HMRC) would no longer need to prove… – Continue reading
Ireland’s new double trade taxation agreement with Botswana is expected to boost two-way trade and investment between the two countries, which last year was worth almost €3.5m. The agreement was signed yesterday by Minister for Trade and Development Joe Costello and Botswana’s Minister of Finance and Development Planning Kenneth Matambo…. – Continue reading
The fight against aggressive tax planning by multinationals will be one of the “key issues” for the European Parliament over the next five years, EU economics and monetary affairs commissioner Olli Rehn has said. Speaking at an event hosted by European Movement Ireland and BDO in Brussels yesterday, Mr Rehn,… – Continue reading
One of America’s best-known stores may soon decide that it’s no longer American. If it does, you will pay the price and feel real sick about it. Walgreens pharmacy is in every way an American company. It was founded in Chicago in 1901 and maintains its headquarters in Illinois. It… – Continue reading
The European Commission raised pressure on Ireland, the Netherlands and Luxembourg over their corporate tax practices, saying it was investigating deals the countries have cut with Apple, Starbucks and Fiat. The Commission, the executive body of the European Union, is looking at whether the countries’ tax treatment of multinationals that… – Continue reading
Committee on Legal Affairs, Public Administration and Human Rights adopted today by consensus the draft law “On ratification of the Agreement between the Government of the Republic of Albania and the Government of the Republic of Kosovo for the avoidance of double taxation with respect to taxes on income and… – 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
The Heritage Foundation has issued a report to demonstrate how the United States Foreign Account Tax Compliance Act (FATCA) is hurting Americans living abroad, and has recommended that it should be reformed. In particular, Heritage noted that FATCA is burdening Americans living overseas with “enormous financial and legal burdens” through… – Continue reading
EC launches Apple tax investigation The European Commission has launched a formal investigation into Apple’s tax arrangements in Ireland The EC has announced three “in-depth investigations” into the transfer pricing arrangements on the corporate taxation of Apple, Starbucks in the Netherlands and Fiat in Luxembourg, as to whether they comply… – Continue reading
Apple Operations International, the principal Irish holding company for foreign subsidiaries, was not always stateless for tax purposes based on the last filed accounts in Ireland. It stopped paying tax in Ireland from 2006, based on US Senate Permanent Subcommittee on Investigations evidence. The most explosive revelation in the May… – Continue reading
India is said to be seeking a revision to its 1994 double tax agreement with Cyprus before the territory can be declassified as a notified jurisdictional area. In November of last year, the Indian Government invoked powers under Section 94A of the Indian Income Tax Act (ITA) 1961 to levy… – Continue reading
Google Australia and New Zealand managing director Maile Carnegie has urged governments across the world to address the inconsistencies of the global tax system rather than shaming individual companies for their profit-shifting activities, The Australian Financial Review reports. “I am actually incredibly empathetic to why people want to talk about this. I… – Continue reading
The European Commission is set to open formal investigations into Apple’s tax arrangements with Ireland. Last year, the US Senate accused the country of functioning as a “tax haven for Apple.” By funnelling profits into Irish subsidiaries that had no declared tax residency, the company was able to pay just… – Continue reading
The National Foreign Trade Council (NFTC) has joined with other leading business organizations in sending a letter to every United States Senator expressing support for and calling for expeditious action on the bilateral double taxation agreements (DTAs) and protocols currently pending before the Senate. The NFTC has emphasized that “adoption… – Continue reading
Ireland’s revenue agency has launched a dedicated Automatic Exchange of Information (AEOI) webpage containing information and links to documents on a range of initiatives. In unveiling the page, Revenue said that Ireland fully supports the global move towards AEOI. The page provides guidance on the Intergovernmental Agreement reached with the… – Continue reading
The UAE has reached an initial agreement with the US to carry out a financial data-sharing programme aimed at curbing offshore tax evasion by US citizens. The Ministry of Finance announced on Tuesday that the two countries had negotiated an Intergovernmental Agreement (IGA) in substance to implement the US’s Foreign… – Continue reading
On June 9, 2014, South African Finance Minister Nhlanhla Musa Nene and the US Ambassador to South Africa, Patrick H. Gaspard, signed an inter-governmental agreement (IGA) to support international efforts to improve tax compliance. The agreement includes provisions allowing the reciprocal exchange of information, which requires that financial institutions in… – Continue reading
Revenue Minister Todd McClay and United States Chargé d’Affaires a.i., Marie Damour, today signed an intergovernmental-agreement (IGA) which will minimise compliance costs to financial institutions in New Zealand while assist in the prevention of tax evasion. The IGA is in response to the Foreign Account Tax Compliance Act (FATCA) information-reporting… – Continue reading
Experience from Australia and New Zealand shows that these rules do not give a tax authority a carte blanche to attack tax arrangements that it does not like The Narendra Modi administration’s high-octane economic charge will be widely welcomed but, perhaps tax policy discretion will indeed be the better part… – Continue reading
Tax breaks for Apple Inc. (AAPL:US), Starbucks Corp. (SBUX:US) and Fiat Finance & Trade SA in three European Union countries are under investigation by EU competition regulators in a clampdown on special treatment for companies. The EU is checking whether the tax deals in Ireland, the Netherlands and Luxembourg are illegal state aid, according to… – Continue reading
Azerbaijan and the U.S. Internal Revenue Office (IRS) will sign an additional agreement on confidentiality under the intergovernmental agreement on implementing the Foreign Account Tax Compliance Act (FATCA) by Azerbaijani banks by September 30, 2015. The news was announced by Azerbaijani Taxes Ministry last week. “It is known that the… – Continue reading
With Russia unlikely to be able to conclude a Foreign Account Tax Compliance Act (FATCA) intergovernmental agreement (IGA) with the United States in the foreseeable future, and subject to the country’s current law on tax information exchange, VTB has become the first Russian bank to disclose that it is reducing… – Continue reading
Government’s recent initiative to allow unlisted companies to list on offshore markets through the depository receipt (DR) mechanism without the requirement of simultaneous listing in India is likely to be a major shot in the arm for many sectors, and also offer exits to private equity players looking to monetize… – Continue reading
SA and the US have signed an intergovernmental agreement aimed at improving international tax compliance Yesterday a reciprocal agreement was signed by Finance Minister Nhlanhla Nene and Patrick Gaspard, US Ambassador to SA that will force local financial institutions to report information about US account holders to the SA Revenue… – Continue reading
Cyprus and India will have a new double taxation avoidance agreement signed by September the latest, an insider in Nicosia told The Cyprus Daily on Thursday. He dismissed reports in The Indian Express newspaper saying that Cyprus would be off the blacklist only when it agrees for a complete revamp… – Continue reading
US federal and state tax may then be creditable against any Israeli tax on US-source income and gains, pursuant to comprehensive rules of the US-Israel tax treaty. But US penalties cannot be credited in Israel. irstly, for international businesses. We have often commented on the pressures facing growing international businesses…. – Continue reading
WASHINGTON (Reuters) – Cracking down on corporate tax avoidance sounds like a winner, and officials are working on it, but the practical challenges are formidable and they dominated discussion at an Organisation for Economic Co-operation and Development conference on Tuesday. The OECD, a Paris-based club of large economies, has an… – Continue reading
Reuters) – The European Commission raised pressure on Ireland, the Netherlands and Luxembourg over their corporate tax practices, saying it was investigating deals the countries have cut with Apple, Starbucks and Fiat. The EU is looking at whether the countries’ tax treatment of multinationals, which help to attract investment and… – Continue reading
Additional details on the allegedly impending investigation from the European Commission were not shared by the initial source, Ireland’s RTE, according to Reuters. A formal announcement of the investigation is expected to follow.It’s already been established through other investigations that Apple has not broken any laws in utilizing Ireland as a tax haven,… – Continue reading
Irish state broadcaster RTE reports that the European Commission had decided to launch a formal investigation into Apple (AAPL)’s tax arrangements in Ireland. An announcement is expected by EU’s Competition Commissioner to follow: “The European Commission is to open a formal investigation into Apple’s tax arrangements with Ireland. An announcement is expected to… – Continue reading
Tax deals involving Apple, Starbucks and are facing an EU probe over allegations they amounted to state aid worth billions of pounds. The development follows a move by the EU’s competition authorities last year to gather information on corporate tax arrangements from several member states. The European Commission said it… – Continue reading
Prime Minister Tony Abbott has given the US notice that he is serious about leading global efforts through the Group of 20 to stop tax evasion through profit shifting by multinationals, which would include some of America’s biggest companies. Mr Abbott said international tax rules should be structured to capture… – Continue reading
The probe, announced on Wednesday by Europe’s competition commissioner Joaquín Almunia, will look into whether the low rate of tax Apple pays in Ireland breaks European state aid rules. Apple pays less than two percent tax in the country — far less than the standard 12.5 percent corporation tax… – Continue reading
One hundred of Australia’s richest people have taken advantage of a rare amnesty from the Australian Taxation Office – issued in March this year – to reveal their use of secretive offshore tax havens without severe punishment. There has also been a ”large number of expressions of interest” in addition… – Continue reading
New agreement The new double tax agreement between Cyprus and the United Arab Emirates took effect from January 1 2014. For the most part, the agreement reproduces the corresponding provisions of the latest Organisation for Economic Cooperation and Development (OECD) Model Tax Convention verbatim. The principal departures from the OECD… – Continue reading
HANOI – On May 7th, New Zealand’s double tax agreement (DTA) with Vietnam went into effect. The DTA agreement was originally signed on August 5, 2013. New Zealand’s Revenue Minister, Todd McClay, stated that “the new double tax agreement which was signed in August 2013 brings our network of tax… – Continue reading
Kiev, Ukraine: On paper, the Ukrainian trading firm known as Mistral dealt in management consulting and research, doing millions of dollars’ worth of deals before going bust after Ukrainian President Viktor Yanukovych was chased out of office earlier this year.But when police recently tried to visit Mistral’s Kiev office at No…. – Continue reading
Johannesburg – South Africa and the US agreed on Monday to put into effect the Foreign Account Tax Compliance Act (Fatca), the SA Revenue Service (Sars) and US Embassy said. The agreement was signed in Pretoria by Finance Minister Nhlanhla Nene and United States ambassador to South Africa Patrick Gaspard…. – Continue reading
Following the ratification of the double tax treaty (“DTT”) between Cyprus and Spain on March 22nd, the new treaty will come into force three months after the exchange of official notifications and upon completion of the official exchange of the ratified documents between the governments of Spain and Cyprus. Accordingly,… – Continue reading
The U.S. Internal Revenue Service and manufacturer Illinois Tool Works Inc. are battling in U.S. Tax Court over a $356.8 million dispute that highlights a type of cross-border tax avoidance strategy facing increased scrutiny worldwide. As governments crack down on tax-driven profit-shifting, the IRS is asserting that a loan used… – Continue reading
Tax expert and member of the GSD executive Chris White has said that Daniel Feetham, the Leader of the Opposition, “was absolutely right in the statements he made. The Government of Gibraltar has signed 27 Tax Information Exchange Agreements.” In a recent statement the Gibraltar Government said that Mr Feetham… – Continue reading
