Category: Statutory

Activision buys King with foreign cash

Video game publisher Activision Blizzard (NASDAQ:ATVI) is satisfying its sweet tooth for acquisitions by buying mobile game maker King Digital Entertainment (NYSE:KING), best known for “Candy Crush Saga.” Activision announced late Monday that it has agreed to pay $18 in cash per share for London-based King, in a deal worth… – Continue reading

NZ needs to act on cash laundering

New Zealand would do worse than Australia if it was audited right now by the body that sets standards for combating money laundering and the financing of terrorism, says the organisation’s former boss. Roger Wilkins, immediate past-president of the Financial Action Task Force (FATF), said criticisms of Australia after an… – Continue reading

Belgium seeks more Korean investment

Biz-friendly tax regime is one of incentives Belgium, a global hub for international government institutions, wants to attract more Korean investment with its business-friendly tax regime. At the “Belgium: Gateway to Europe” seminar at the Koreana Hotel on Oct. 27, the event host, the Embassy of Belgium, invited Bart Adams,… – Continue reading

Critical Guidelines for Taxpayers with Foreign Bank Accounts & Amnesty Program Information

Ayar Law Group speaks about amnesty programs expiring as foreign banks comply with FATCA. Read more: http://www.digitaljournal.com/pr/2728314#ixzz3qQF5Tmeq Nov. 2, 2015 / PRZen / VANCOUVER, British Columbia — The unofficial period of grace to reveal foreign bank accounts to the IRS is ending for U.S. taxpayers. Those who don’t comply with… – Continue reading

Reports finds U.S. financial secrecy worsening

WASHINGTON—The United States is one of the world’s most secret financial jurisdictions, according to a watchdog group’s new global ranking. The Tax Justice Network, an international think tank based in the United Kingdom, on Monday unveiled the 2015 Tax Secrecy Index, which lists the countries that most allow financial secrecy… – Continue reading

Tax amnesty deadline approaches – use it or lose it

At the end of this year an amnesty for UK tax resident persons whose offshore income and gains have not been disclosed to HMRC closes, and it is important the implications are understood according to Michael Crowe, a director at Grant Thornton in the Isle of Man. In the UK’s… – Continue reading

India: Procurement Services By Chinese Company Taxable As Fees For Technical Services Under India-China Tax Treaty: AAR

There can be no straight jacket formula to determine what is meant by “provision of service,” which may include where services are i) provided; ii) rendered; or iii) utilized. The expression ‘provision of services’ is much wider than ‘provision of rendering of services,’ and covers the services even if they… – Continue reading

Reform of the U.S. tax code still needed for the nation’s economy

As the 2016 Presidential campaign heats up with debates and public appearances replete with the candidate’s opinions on the economy, ISIS, and education, among others, few candidates have mentioned the issue of corporate tax reform, especially as it relates to a level playing field between the U.S. and foreign markets,… – Continue reading

Israel looks to join int’l anti-money laundering task force

A Financial Action Task Force (FATF) delegation visits Israel this week to consider Israel’s application for membership. “Israel is working tirelessly to upgrade its standing as a regional leader in the struggle against money laundering and financing of terrorism through persistent regulatory changes and a more effective regime. Up until… – Continue reading

The IRS’s intensifying fight over income taxes

The Internal Revenue Service says some of America’s most successful companies have been shuttling money to avoid paying their share of federal income taxes. Microsoft is fighting IRS attempts to collect more than $2 billion from profit the software giant transferred between foreign affiliates. Amazon.com is fighting to keep $1.5… – Continue reading

IRS Offshore Programs Produce Billions – Come In And Participate Or Else …

BACKGROUND The IRS recently released IR-2015-116 announcing its offshore compliance programs have generated $8 Billion. More than 54,000 taxpayers subject to U.S. worldwide income and disclosure requirements have come in from the cold to participate in IRS offshore remediation disclosure programs since 2009. The IRS also urged taxpayers with non-compliant… – Continue reading

US ‘tax inversion’ deals skew Ireland’s FDI numbers

A spate of so-called “tax inversion” deals involving companies based in Ireland appears to be distorting the country’s foreign direct investment (FDI) numbers, The Irish Times reports. An OECD report suggests investment by Irish firms abroad more than doubled to US$75 billion in the first half of 2015. The study… – Continue reading

FATCA fact: Under new US tax law, Indian Trusts will now have to disclose details to Internal Revenue Service

Over the past decade, many Indian business families have organised themselves under trusts — a bankruptcy remote structure — to preserve wealth, protect the rights of various members, and plan for the next generation. Now, this arrangement is coming under strain for families with members staying in the US, the… – Continue reading

South Africa: South African Tax Legislation: Proposed Amendments In An International Tax Context

South African Tax Legislation: Proposed Amendments in an International Tax Context[1] This article sets out a brief summary of some of the proposed amendments introduced by recent South African draft Tax Bills. The article focuses on amendments in the context of international taxation. The draft Taxation Laws Amendment Bill, 2015… – Continue reading

FATCA fact: Under new US tax law, Indian Trusts will now have to disclose details to Internal Revenue Service

MUMBAI: Over the past decade, many Indian business families have organised themselves under trusts — a bankruptcy remote structure — to preserve wealth, protect the rights of various members, and plan for the next generation. Now, this arrangement is coming under strain for families with members staying in the US…. – Continue reading

Mauritius promises India clean and trusted jurisdiction

NEW DELHI: Often accused of being an offshore financial centre misused for round tripping, Mauritius today assured India that it will “walk the extra mile” to ensure that its reputations as clean and trusted jurisdiction is upheld at all costs. “We will put in all the necessary efforts and walk… – Continue reading

Tianjin tragedy is very much our business

Blast waves: smoke billows from the site of an explosion that reduced a parking lot filled with new cars to charred remains at a warehouse in northeastern China’s Tianjin municipality. Most of Bermuda’s major insurers and reinsurers had significant exposures to this disaster. (Photograph by Ng Han Guan/AP Photo) Tianjin… – Continue reading

Allergan Deal Could Take Pfizer Closer to Split, Move Abroad

Pfizer Inc. may be getting closer to breaking up and moving out. The largest U.S. drugmaker and Allergan Plc are considering combining operations, according to the Wall Street Journal. A deal would give Pfizer a way to move to a low-tax legal address abroad and gain valuable specialty drugs like… – Continue reading

Renounce Citizenship: U.S. Government Makes Record $7.5 Million On Mandatory Citizenship Renouncement Fees

Applying to renounce U.S. citizenship costs $2,350, up from the $450 it cost just last year. The U.S. government made more than $7.5 million from the record number of people who decided to officially renounce their citizenship in the first nine months of 2015. Simply applying to renounce U.S. citizenship… – Continue reading

Accountant says dentist had 41 local and offshore bank accounts

Case involving Dr Brian Mulrean and firm Keveney Monahan settled confidentially An accountant who sued a Dublin dentist for just under €50,000 in professional fees told a judge he had to navigate his way through 41 offshore and local bank accounts. Barrister Jeananne McGovern said in the Circuit Civil Court… – Continue reading

Despite safeguards in tax treaties disputes recur

Most double tax avoidance treaties between two countries attempt to repel probable abuse of benefits under the pacts. Incorporating a clause for limitation of benefits (LOB) in the treaty is the usual practice adopted for checking such abuses. LOB provisions are for denying benefits of the tax treaty to those… – Continue reading

OECD Issues Final BEPS Proposal; No Response from Congress Yet

Final recommendations about how multinational companies should be allowed to shift profits among different tax jurisdictions were issued this month, and the U.S. Congress has not yet indicated whether it will consider legislation in response to the proposals. Issued by the Organisation for Economic Cooperation and Development (OECD) on October… – Continue reading

Mexico: Latin American Tax: Special Report

Mexico is experiencing a rough time, economically speaking at the moment, but hopes are high for better times ahead. With new tax laws and a relatively young government, these are interesting times for this country. To find out more about how the recent tax reforms will affect Mexico and the… – Continue reading

Thousands of Defiant Foreign Investment Companies Probed

TEMPO.CO, Jakarta – Finance Minister Bambang Brodjonegoro said that a total of 4,000 foreign investment (PMA) companies were under scrutiny over tax evasions. “Mostly, [the companies] practiced transfer pricing,” Bambang said at his office on Tuesday, October 27, 2015. Bambang explained that the probe was not about the potential of… – Continue reading

More paper work for MF investors from Nov 1

With effect from November 1, mutual fund investors will have to make additional declaration pertaining to foreign account tax compliance act (FATCA) and common reporting standards (CRS) for all new accounts opened, failing which their applications will get rejected. Under FATCA and CRS, Indian financial institutions will be required to… – Continue reading

U.S. corporate income tax is self-defeating

For many years, policymakers have criticized the strategies that American corporations use to reduce their taxes by shifting income and capital offshore. The impetus behind these strategies is the U.S. corporate income-tax rate — at 35 percent, the highest of any industrialized nation, easily surpassing countries such as the U.K…. – Continue reading

Brazilian wealth seeks Cayman deals in complex environment

(CNS Business): The use of Cayman Islands funds as a wealth management tool for high net worth Latin American families was debated last week at the STEP LatAm Conference in Brazil, where kidnapping is a constant worry for the wealthy and demand for outbound investments is fuelled by privacy and… – Continue reading

Ireland’s Finance Bill 2015 – key changes for international companies and financial institutions

Following the recent Irish budget statement (the “Budget”), the Finance Bill 2015 (the “Bill”) has been published and it implements the changes announced by the Irish Minister for Finance (the “Minister”). The Bill includes additional detail on: the new knowledge development box (“KDB”); and Ireland’s implementation of country by country… – Continue reading

Renewables Infrastructure Group Planning Further Equity Placing (ALLISS)

LONDON (Alliance News) – The Renewables Infrastructure Group Ltd on Tuesday said it is planning to raise further funding from its equity placing programme. The company, which invests in renewable energy infrastructure projects, said the fundraising will likely take the form of placing of shares and will be closed in… – Continue reading

Ireland cuts tax for IP profits

Ireland has announced a new 6.25 per cent corporate tax rate for intellectual property research Ireland’s 12.5 per cent corporate tax rate is already one of the lowest in Europe, Economia reports. Now, companies investing in research and development (R&D) will be able to avail of the even lower rate… – Continue reading

Iranian ambassador takes office in Uzbekistan

Uzbekistan’s Foreign Minister Abdulaziz Kamilov received the copies of credentials of Iran’s new Extraordinary and Plenipotentiary Ambassador Bahman Agharazi Dormani, Uzbek Foreign Ministry said. During the meeting, the sides discussed the status and priority areas of Uzbek-Iranian cooperation in political, trade, economic, cultural, humanitarian and other spheres. They reiterated mutual… – Continue reading

Guernsey: A Guide To Guernsey’s New Non-Resident Capital Gains Tax Rules

The new non-resident capital gains tax came into force in Guernsey on 6 April 2015. The rules intend to capture disposals of residential property in the United Kingdom by all non-residents. These notes provide a summary of who and which property is affected, and describe how a new UK tax… – Continue reading

India to apply 5 pct withholding tax to offshore rupee bonds – official

India will apply a 5 percent withholding tax to offshore rupee bonds for foreign investors, in line with the rate applied to domestic debt, Manoj Joshi, joint secretary at the finance ministry, told reporters on Tuesday. The clarification comes amid some confusion about whether the withholding tax also applied to… – Continue reading

Japan will start using electronic ID card following the Estonia

Prime Minister of Estonia Taavi Rõivas met on Friday with Japanese Economy Minister Akira Amari who came to visit Estonia to study Estonia’s e-services and they discussed the two countries closer trade relations and the development of the digital society, the government’s communication unit reports BC. Japan is the first… – Continue reading

Singapore Yuan Hub Set to Grow Furthe

The offshore yuan market faced a rocky patch following Beijing’s shock devaluation in August, but the push to internationalise the currency has lost little momentum, according to The Strait Times. Similarly, Singapore’s role in the growth of the yuan is likely to continue unabated. The general manager of ICBC Singapore,… – Continue reading