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
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
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
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
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
The US tax authorities are set to make the amnesty programme aimed at encouraging US citizens to declare any offshore bank accounts less tough. Recently appointed head of the US Internal Revenue Service (IRS), John Koskinen, said at a tax conference in Washington D.C. that re-striking the balance between enforcement… – Continue reading
While Perrigo Co. plc has already cut its tax burden by moving offshore in the $8.6 billion blockbuster deal with Irish pharmaceutical maker Elan Corp. that it says will allow it to expand globally, other U.S. corporations could have a hard time pulling off similar deals. New federal legislation aims to change… – Continue reading
The U.S. has given Swiss banks more time to show some Americans’ accounts were not used to evade taxes in a program that has banks deliver account data to avoid criminal prosecution. The Department of Justice has given as many as 106 banks until July 31 to demonstrate that an… – Continue reading
Treasury is taking submissions on a revised tax treaty with Switzerland, which will lead to Swiss banks handing over secretive bank account information to Australian authorities on request. The new treaty means Australian tax evaders with undisclosed Swiss bank accounts will now rely on limited bank secrecy protection from the… – Continue reading
The U.S. has given Swiss banks more time to show some Americans’ accounts were not used to evade taxes in a program that has banks deliver account data to avoid criminal prosecution. The Department of Justice has given as many as 106 banks until July 31 to demonstrate that an… – Continue reading
Thousands of investors worldwide are finding out that controversial new US tax avoidance laws have a much wider reach than just American taxpayers with offshore accounts. This is because an unforeseen consequence of the new Foreign Account Tax Compliance Act (FATCA) is international customers of US financial institutions must reveal… – Continue reading
All financial institutions in the UAE must comply with the agreement signed with the US Financial institutions in the UAE will start sharing extensive data of account holders with a US nationality from July 1st with the Internal Revenue Services (IRS), or the American tax collecting authority. On May 23rd… – Continue reading
New Delhi: Tasked with the job of recovering illicit wealth stashed away by Indians, the SIT on black money has decided to look into the contentious issue of secrecy clauses in India’s tax treaties with Switzerland and other countries. India has signed tax information exchange treaties with many countries, but… – Continue reading
The Trans-Pacific Partnership Agreement, Five Eyes intelligence sharing and the American Foreign Account Tax Compliance Act have put New Zealand’s sovereignty and independence at risk and must be immediately reviewed, says the Internet Party. In its draft Independence policy released today, the Internet Party said New Zealand’s sovereignty was being… – Continue reading
NICOSIA and New Delhi are inching closer to putting their double taxation avoidance agreement (DTAA) back on track, financial sources said yesterday. The sources, familiar with the subject but speaking on condition of anonymity, played down reports from India that Cyprus was unlikely to get off the ‘blacklist’ any time… – Continue reading
The European Union may open a formal probe as soon as next week into tax breaks that Ireland and the Netherlands use to attract international companies, according to people familiar with the case. The European Commission is scheduled to discuss the issue at a meeting June 11, said two people,… – Continue reading
As many as 13 Swiss banks are facing an increasing stake related to criminal tax avoidance probes after another Swiss bank, Credit Suisse Group AG (NYSE: CS), put new standards for punishment in US crackdown on evasion of offshore taxes. Punishment to fit crime Zuercher Kantonalbank, Julius Baer Group Ltd. and… – Continue reading
The regulatory landscape for the Australian funds management industry continues to change. This article provides an overview of five key matters that should be on the radar of fund managers. FATCA The US Foreign Account Tax Compliance Act (FATCA) allows the US Internal Revenue Service (IRS) to identify and collect… – Continue reading
The United States government has actively been pursuing NRIs who have undisclosed offshore assets and income. The United States law requires citizens and residents (i.e., green card holders, H1-B visa holders, and other tax residents) to report their worldwide income and complete a Report of Foreign Bank and Financial Accounts… – Continue reading
Muscat: Oman and Bulgaria expect to sign a double taxation avoidance treaty in September this year, as both countries are in negotiations to finalise the treaty, said Antoaneta Petrova of Bulexpo AA & Co. She noted that once the agreement is in place, Bulgarian companies operating in Oman will need… – Continue reading
At present, it is unclear how the rules surrounding Private Residence relief (PPR) will exempt individuals from these new CGT rules. In his 2013 Autumn Statement, Chancellor George Osborne announced an important change to the UK tax system – namely, the extension of capital gains tax (CGT) to non-residents selling their… – Continue reading
FATCA Update As the Foreign Account Tax Compliance Act (FATCA) is implemented, more countries have entered into intergovernmental agreements (IGAs) with the U.S. which should ease burdens on offshore funds and investment managers that qualify as foreign financial institutions. FATCA is aimed at ensuring that U.S. taxpayers do not avoid paying… – Continue reading
In brief On 28 March 2014, China and Germany entered into a new double taxation agreement (DTA) and protocol (together referred to as ‘the new DTA’). The new DTA results in an extensive revision of the currently applicable treaty signed in 1985 (1985 DTA). The key changes include extending the… – Continue reading
There has been remarkable progress in the fight against tax evasion and corporate avoidance in the past eighteen months. This month it was announced that 47 countries had agreed to an Organisation for Economic Co-operation and Development (OECD) framework that commits them to “swiftly” pass new domestic laws that will… – Continue reading
Having spent the past eighteen months claiming that Ireland does not facilitate international corporate tax avoidance despite overwhelming evidence to the contrary, the Irish Government has done a U-turn and has signalled that it is ready to prepare for the reality of reform. On Tuesday the Department of Finance published… – Continue reading
NEW DELHI: Mauritius has said that it will address India’s concerns over the abuse of the lucrative tax treaty between the two countries, promising measures to ensure that benefits are available only to genuine investors. The island nation has proposed a stringent limitation of benefit clause in the Double Taxation… – Continue reading
Navin Ramgoolam discussed issue of long-pending treaty re-negotiation with his Indian counterpart Narendra Modi in their bilateral meeting today Mauritus on Tuesday said it was determined to allay India’s fears on round tripping of funds, by incorporating adequate safeguards in the India-Mauritius tax treaty. The island nation said it had… – Continue reading
European Union member states should adopt a common position on corporation tax in the current debate on changing global tax rules, according to a high level European Commission report on the digital economy. The report says that the OECD’s Base Erosion and Profit Shifting project (Beps), which is examining how… – Continue reading
Mauritius on 27 May 2014 decided to provide automatic tax information exchange to India. The decision was announced by the Prime Minister of Mauritius Navin Ramgoolam after his meeting with Prime Minister of India Narendra Modi. Navin Ramgoolam was in India to attend the swearing-in ceremony of Narendra Modi as… – Continue reading
We are living in the golden age of global tax reform. At no point in history have there been so many initiatives coordinated by such a dizzying array of tax authorities, all focused on one thing: replenishing municipal budgets that have been depleted over the last five years of global… – Continue reading
Republican tax law writers in the U.S. Congress and multinational businesses on Monday said international talks aimed at preventing companies from moving profits to low-tax countries could hurt the United States. Representative Dave Camp and Senator Orrin Hatch of Utah warned of the effect on U.S. taxpayers from the Organisation… – Continue reading
Georgian Finance Minister Nodar Khaduri held the bilateral meetings in the Hague as part of the annual meeting of member-states of the Holland-Belgium group of the International Monetary Fund and World Bank. In particular, he met with Moldovan Minister of Finance Anatoly Arapu and manager of the Moldovan National Bank… – Continue reading
Nearly 6 million Americans living abroad are facing a June 16 deadline to file their taxes this year. Regardless of the confusion that U.S. citizens abroad have over what will ultimately be required of them under the Affordable Care Act and other laws, all taxpayers whose income exceeds $10,000 are… – Continue reading
The best way to deal with B.C.’s socially and economically harmful Property Transfer Tax would be to scrap it. However, the B.C. Chamber of Commerce is promoting a second-best solution that has a far better chance of winning support from provincial politicians hooked on spending our money. The Chamber’s approach,… – Continue reading
…as FATCA comes into force in JulyGovernment is to broaden the current tax net to include Ghanaians engaged in economic activities or hold investments in the United States, Dr. Larbi Siaw, Tax Policy Adviser at the Ministry of Finance (MOFEP) has saidDr. Larbi said that implementation of the Foreign Account… – Continue reading
The hunt for money hidden in Swiss bank accounts by U.S. citizens has become a global chase, with prosecutors tracing records to Singapore, the Cook Islands and elsewhere as U.S. authorities increase the pressure on Swiss lenders to turn over evidence, according to officials. Kathryn Keneally, head of the Justice… – Continue reading
Liechtenstein and the US have signed an intergovernmental agreement (IGA) for the implementation of the US Foreign Account Tax Compliance Act (FATCA), the Liechtenstein Government has announced. The IGA requires the Liechtenstein Tax Administration and the US Internal Revenue Service (IRS) to exchange information automatically on accounts held by US… – Continue reading
I am not a financial advisor or consultant and this column is presented only to help explain to many senior citizens what appears to be a warning currently making the rounds on the Internet. In my research of the notice the online truth digging site of “TruthorFiction.com” has provided their… – Continue reading
Bulgaria and the USA reached an agreement in substance regarding the implementation of the FATCA legislation in Bulgaria. You will find below a brief overview of this specific legislation, its application in Bulgaria and the main responsibilities arising for the Bulgarian business in this regard. What is FATCA? On 18… – Continue reading
Azerbaijan and the U.S. intend to sign a double taxation evasion agreement in the near future, Azerbaijan’s Deputy Minister of Taxes, Sahib Alakbarov told journalists on May 26. The minister said that among other things, this document will allow the Ministry of Taxes to actively fight against the Azerbaijani residents… – Continue reading
Revenue Minister Todd McClay must release the text of the Inter-Governmental Agreement which affects tens of thousands of Kiwis who were born or have worked in the United States, Labour’s Revenue spokesperson David Clark says. National is about to introduce legislation to ratify an agreement between the US and New… – Continue reading
India amended its domestic tax law for transactions with taxpayers of certain tax jurisdictions, as an anti-avoidance measure. The amendments involving transactions made in Cyprus include a temporary 30% withholding tax for all transactions between India and Cyprus in place since March. Under the double tax treaty between India and… – Continue reading
CALGARY – A Calgary-based United States tax expert has recommended to the federal government that Canada follow the lead of other countries and include certain Canadian trusts within the definition of organizations subject to reporting under the recent Intergovernmental Agreement between the Canada and the U.S. “This would eliminate the… – Continue reading
TEHRAN (FNA)- A senior trade official termed the recent memorandum of understanding (MoU) signed by Turkey and Iran on avoiding double-taxation as an important development with major positive impacts on the two countries’ trade relations. “The MoU signed between Iran and Turkey has been a wide stride in the (two… – Continue reading
The Inland Revenue Department of Cyprus (“IRD”) will proceed with the signing of Model 1 IGA (Inter Governmental Agreement) with the US Treasury, following the Foreign Account Tax Compliance Act (FATCA). The Model 1 IGA requires Foreign Financial Institutions (FFIs) to report all FATCA-related information to their own governmental agencies,… – Continue reading
New Delhi: Keen to further boost bilateral ties with India under the incoming government led by Narendra Modi, Cyprus is looking to bolster tourism activities as well as make the island nation a shooting destination for Indian film makers. Cyprus, the seventh largest source of FDI (foreign direct investment) into… – Continue reading
During the last financial year, India attracted $5.98 billion in FDI from Singapore, whereas it was $4.85 billion from Mauritius Press Trust of India | New Delhi May 26, 2014 Last Updated at 00:45 IST Singapore has replaced Mauritius as the top source of foreign direct investment o India, accounting… – Continue reading
There’s a bill that will go into effect on July 1. It’s known as H.R. 2847 which contains FATCA (the Foreign Account Tax Compliance Act of 2010). H.R. 2847 also known as HIRE (the Hiring Incentives to Restore Employment Act) was a law passed in March 2010 which will go into… – Continue reading
