More than AU$600 billion of assets could be managed under a multilateral framework for investment funds in Asia within 15 years, says a report by AT Kearney, but savers and fund managers might not fully benefit from trade liberalisation unless competing schemes in the region are consolidated, reports the Sydney… – Continue reading
Commitment fees are a common feature of many lending arrangements whereby a lender is given additional compensation above and beyond the stated interest rate for agreeing to provide funding to the borrower. Similar to interest payments, Canadian withholding tax may be applicable on such fees and must be carefully considered… – Continue reading
There is nothing in the Reliance Quant Plus Fund to attract an investor. The fund has consistently lagged its category and the benchmark Nifty in the past five years. Its past one year performance is ranked 141 out of 143 large-cap equity funds. Value Research has put it in the… – Continue reading
New Delhi, Aug 3: India has signed its first unilateral roll back Advance Pricing Agreement (APA), bringing certainty to tax liability of a US-headquartered multinational company for a nine year period. This is significant as this agreement between the central board of direct taxes (CBDT) and the taxpayer comes within… – Continue reading
On July 30, 2015, the Justice Department’s Tax Division announced that three more Swiss banks — PKB Privatbank AG, Falcon Private Bank AG and Credito Privato Commerciale in liquidazione SA (CPC) – have cut deals with the U.S. to resolve allegations that those institutions assisted their U.S. customers in hiding… – Continue reading
Tax enforcers are targeting people with big houses, private jets and yachts to make sure they are declaring all of their income. People living millionaire lifestyles and flaunting “badges of wealth” but only declaring a relatively small income will be hunted down by HM Revenue and Customs (HMRC). It has… – Continue reading
The Liechtenstein Disclosure Facility (LDF) has been with us for nearly six years. It now only has a limited shelf life as it is due come to an end at the end of 2015, which is earlier than was previously planned. The LDF allows those with undeclared income or gains… – Continue reading
Value added tax (VAT) is being actively considered in many GCC countries and Egypt, reports Gulf News. A number of governments in the Middle East and North Africa (Mena) region have undertaken various forms of subsidy reforms to boost government finances in the context of sharp decline in oil prices… – Continue reading
Maples and Calder and Maples Fund Services representatives explain how US and UK Fatca will impact Cayman-based funds. The implementation of the US Foreign Account Tax Compliance Act (US Fatca) and the less well-known but equally applicable UK equivalent (UK Fatca) have been a topical and core focus for Cayman… – Continue reading
India and the US recently signed a tax information sharing agreement that will facilitate exchange of information between the two countries, beginning October. Foreign Account Tax Compliance Act (Fatca) was enacted by the US government in 2010, as part of the Hiring Incentives to Restore Employment (HIRE) Act. Fatca requires… – Continue reading
While the traders have announced shutter down strike on August 01 (Saturday), the All Pakistan Business Forum (APBF) has endorsed their stance on 0.3% WHT on banking transaction, persuading the government to withdraw this tax to avoid any confrontation. President All Pakistan Business Forum Ibrahim Qureshi, said that the government,… – Continue reading
First it was three years, now it’s three months. The Senate’s attempt to pass a multiyear highway bill ran off the road this week after House Republicans announced they will adjourn one day early for the month-long August recess. The House’s early departure forced the Senate to acquiesce to a… – Continue reading
ANDORRA LA VELLA: Sheikh Abdullah Bin Zayed Al Nahyan, UAE’s Foreign Minister, has met Gilbert Saboya, Minister for Foreign Affairs of Andorra. During the meeting, Sheikh Abdullah underscored the UAE’s keenness to enhance cooperation with Andorra as well as ways to boost relations in all fields. Saboya expressed his wishes… – Continue reading
John Goodchild explains the tax position of non-dom clients, and their families, after the Chancellor’s Summer Budget crackdown The Budget on 8 July announced a raft of provisions designed to increase the tax paid to the Exchequer by non-domiciled individuals (non-doms) and their families. Significant changes will be made to… – Continue reading
Donald Trump did not like the tax reform Ronald Reagan signed into law in 1986. In an op-ed in The Wall Street Journal, he called it “one of the worst ideas in recent history.” The reason for his dislike was that the reform put the kibosh on real estate tax… – Continue reading
On 9th July 2015, the Cyprus House of Representatives voted in favour of the introduction of a Notional Interest Deduction regime, aimed at encouraging investment into corporate structures, and thus reducing excessive debt financing. Such changes, aimed to further improve Cyprus’ growth prospects, will align the Republic’s system with that… – Continue reading
On July 17, 2015, the Internal Revenue Service (IRS) released three new “practice units,” each examining a particular type of transaction involving a controlled foreign corporation (CFC). The IRS develops practice units internally for use both as training materials and as job aids for examiners. Practice units are not formal… – Continue reading
Companies and govts have been playing the cat-and-mouse game for several decades on transfer pricing Only a naivete would think of Hilary Clinton’s proposal last week to scale up the rate of capital gains tax as a mere concept to streamline America’s tax rate structure. It is being perceived as… – Continue reading
There is an intimate relationship between art and finance. In the public sphere, the state plays a predominant role in funding and maintaining national art collections. The private sphere is dominated by private patronage. For example, artists in medieval Italy were funded by wealthy families such as the Medici, and… – Continue reading
The Indian cabinet on Wednesday approved foreign investment in Alternative Investment Funds (AIFs), a category of pooled-in investment vehicles for real estate, private equity and hedge funds, reports Bloomberg. The move comes after Finance Minister Arun Jaitley promised in his Budget speech that rules will be liberalised to channel more… – Continue reading
Understanding FATCA and having a comprehensive FATCA compliance program is essential for financial firms to limit non-compliance risk and meet obligations with relevant IGA’s. The US has made inroads on the Exchange of Information front and tax havens like Switzerland have declared a willingness to meet or even exceed OECD… – Continue reading
An investor, who purchased shares of Silver Wheaton Corp. (USA) (NYSE:SLW), filed a lawsuit in the U.S. against Silver Wheaton Corp. in connection with certain allegedly false and misleading statements made between March 30, 2011 and July 6, 2015. Investors who purchased a significant amount of shares of Silver Wheaton… – Continue reading
ZURICH, July 29 (Reuters) – Shares in EFG International plunged nearly 19 percent on Wednesday after the Swiss private bank sharply missed first-half profit expectations, saying market uncertainty in the euro zone, Brazil and China hit fee income. New Chief Executive Joachim Straehle described the results, which included a drop… – Continue reading
Introduction The Cyprus Government has announced a number of proposed tax incentives aimed at encouraging economic activity and attracting inward direct investment. It has also submitted a number of draft laws to the House of Representatives to implement the new provisions of the EU Parent-Subsidiary Directive, to simplify the tax… – Continue reading
FEW tax hikes have been timed so badly – and retracted so fast – as that imposed on mineral royalties by Zambia’s President Edward Lungu in January. After threats of divestment from major mining houses and an outcry from the country’s Chamber of Mines, the massive hike in royalty taxes… – Continue reading
Fraudsters behind the latest phone scam making the rounds appear to believe that Canadians pay taxes to the American Internal Revenue Service. “Notice against your name for tax fraud, for tax evasion,” the recorded message begins and continues with its threatening tone. “So before this matter goes to complaint goes… – Continue reading
Introduction The regulatory framework in Cyprus is all-encompassing but still attractive to investment funds for varied investor requirements. An investment fund may be set up in Cyprus either as an Alternative Investment Fund (“AIF”), or as an Undertaking for Collective Investment in Transferable Securities (“UCITS”). Cyprus administers all internationally recognized… – Continue reading
TORONTO, CANADA — (Marketwired) — 07/29/15 — Canadian General Investments, Limited (“CGI” or “the Company”) (TSX:CGI)(TSX:CGI.PR.C)(TSX:CGI.PR.D)(LSE:CGI) has declared a quarterly dividend of $0.14 per share payable on September 15, 2015 to common shareholders of record at the close of business on August 31, 2015 (“the Dividend”). The Dividend is a… – Continue reading
This article deals with the manner in which Canada has complicated, and rendered controversial, what in most other countries is straightforward — the deductibility of business related interest expense. The reasons to write about it are threefold: the almost-concurrent issuance of the Canada Revenue Agency’s administrative views on the matter… – Continue reading
San Jose, California, USA – As a result of the much anticipated initial public offering of transportation game-changer Uber, more and more executives of start-up companies and their investors are interested in tax planning related to their own company’s IPO or buyout. Whenever a well-known start-up company appears that it… – Continue reading
The Republic of Cyprus has once again kept its promise to international investors and introduced on the 9th of July 2015 amendments to its tax legislation making the jurisdiction as attractive as never before. The purpose of these amendments is to clearly establish Cyprus as the leading tax jurisdiction in… – Continue reading
NEWS DELHI: It has consistently lagged the large-cap equity fund category and the benchmark Nifty in the past five years. Its past one year performance is ranked 141 out of 143 large-cap equity funds. Mutual fund tracker Value Research has put it in the doghouse with a two-star rating. Yet,… – Continue reading
The IRS released the fourteenth FATCA GIIN list of foreign financial institutions (FFIs) that have registered with the IRS through its FATCA portal. The IRS provides these FFIs a Global Intermediary Identification Number (GIIN). The FFI may then use its unique 19 digit GIIN to complete the IRS tax self… – Continue reading
According to a recent report from National Crime Agency’s Economic Crimes Unit showed a recent spike in the receipts from a tax on homes purchased by companies, trusts or investment funds. In a report from theguardian.co.uk, this may be a clear indication that foreign criminals are using the London housing… – Continue reading
The evolving tax landscape in the MENA region was discussed at the EY MENA Tax Conference held recently in London. The conference was attended by EY Tax specialists and senior finance and tax executives from major European companies with investments in the MENA region. Sherif El-Kilany, MENA Tax Leader, EY,… – Continue reading
Kenya signed several pacts with the US during talks between US President Barack Obama and Kenya’s President Uhuru Kenyatta, signalling a deepening of bilateral relations in trade and investment. Addressing a joint press conference, President Obama said discussions on the prospects of introducing direct flights between the two countries were… – Continue reading
The Supreme Court-appointed special investigation team on black money has called for clamping down on betting in cricket and stringent checks to prevent rampant use of unaccounted funds in educational institutions by way of donations and capitation fee. The panel has also called for a cash holding limit of Rs… – Continue reading
However, HM Revenue and Customs (HMRC) is warning people who haven’t renewed that their payments might stop if they don’t do so before the 31 July deadline. During the whole renewals period last year, 409,000 people renewed their tax credits and reported changes online. This failure costs the taxman billions… – Continue reading
Corporations, usually based in offshore tax havens, are sometimes used by buyers keen to hide ownership of assets, says National Crime Agency spokesman Foreign criminals are using the London housing market to launder billions of pounds, pushing up house prices for domestic buyers, a senior police officer has warned. Donald… – Continue reading
Wealthy investors in multiple tax avoidance schemes are being leaned on to settle what the tax authority sees as due, or risk reputational damage, reports the Financial Times. Although the government has yet to legislate for powers to “name and shame” tax avoiders, HM Revenue & Customs has warned a… – Continue reading
HM Revenue & Customs (HMRC) has won a case against £29 million ‘sham’ tax avoidance scheme in a tribunal case, reports Citywire. The First-Tier Tribunal rules against tax avoidance scheme the Brain Disorders Research Limited Partnership and partner Neil Hockin’s attempts to claim £29 million in tax relief. The investors… – Continue reading
Fatca was introduced in 2010, to curb offshore tax evasion by US entities and citizens Even after the signing of a treaty between the governments of India and America to comply with the latter’s Foreign Account Tax Compliance Act (Fatca), mutual funds (MFs) continue to remain wary of accepting investments… – Continue reading
Guernsey’s growth shows no sign of abating Guernsey’s reputation as a major fund domicile continues to grow. Figures from Guernsey Finance testify to this with funds under management and administration in Guernsey standing at £218.7 billion at December 2014. These funds cover multiple asset classes and types including closed-ended and… – Continue reading
Introduction US tax treaty policy can be affected by pressures for tax reform from within the United States and by major developments in international taxation from without. Talk of US tax reform has been widespread for years, although it is sometimes hard to gauge how much of the talk is… – Continue reading
Law 20,780 – published in the Official Gazette on September 29 2014 – introduced the most complex and comprehensive tax reform in Chile for decades. Several provisions are already in force, while others will enter into force on January 1 2016. Most of the remaining provisions will be in full… – Continue reading
SINGAPORE – Singapore’s asset management industry grew strongly last year, with more sovereign wealth funds setting up shop here. Assets under management (AUM) rose 30 per cent to S$2.36 trillion in 2014 from S$1.82 trillion in 2013, said the Monetary Authority of Singapore’s (MAS) annual report 2014/15 released on Tuesday…. – Continue reading
Bank of Communications Co Ltd , China’s fifth largest commercial bank based on total assets, said it would issue $2.45 billion offshore preference shares to third party investors, to replenish capital and enhance competitiveness. The proposed issue of 5.00 percent non-cumulative perpetual offshore preference shares will also drive transformation of… – Continue reading
Apple, Google, and other major U.S.-based multinationals may soon be able to bring more of their foreign-earned income back to American shores without facing a huge tax burden, as lawmakers are moving forward on a tax reform framework that could eliminate taxes on international earnings and authorize a one-time repatriation… – Continue reading
Finance Minister Arun Jaitley will seek the Union Cabinet’s approval for a model investment protection agreement that will enable India to safeguard against offshore arbitration and international litigation from global companies and also resume talks with the U.S. on a Bilateral Investment Treaty (BIT). One of the reasons talks between… – Continue reading
In its annual survey of the South African economy, the Organisation for Economic Co-operation and Development (OECD) has recommended measures to increase tax revenue and meet the country’s requirement for higher public spending on infrastructure and welfare. At the presentation of the survey, OECD Secretary-General Angel Gurria said that “more… – Continue reading
