Proposals to extend capital gains and investment income tax exemptions under Portugal’s Non-Habitual Residents Tax Regime have not been passed, say government officials It seems that the Portuguese government has shelved plans, at least for 2015, to extend capital gains and investment income taxation exemptions. However, officials say they are… – Continue reading
(Reuters) – Regulators fined six major banks a total of $4.3 billion for failing to stop traders from trying to manipulate the foreign exchange market, following a yearlong global investigation. HSBC Holdings Plc, Royal Bank of Scotland Group Plc, JPMorgan Chase & Co, Citigroup Inc, UBS AG and Bank of… – Continue reading
New Delhi: Absence of criminal legal treaties between India and tax haven nations have been cited by probe agencies working in the SIT on black money as one of the major impediments in initiating steps to bring back illegal funds stashed abroad by Indians. These agencies, including the Central Board… – Continue reading
A new report on tax transparency across 15 EU states highlights hidden profits People in Europe and in developing countries are being robbed. One trillion euro is lost to tax dodging every year in the EU, with billions being lost from developing countries each year for the same reason. It… – Continue reading
HCMC – Foreign exchange control is a paramount concern of all foreign investors entering into Vietnam, as regulations on capital inflows and outflows have a great influence on operations and profit. Foreign exchange control includes transferring capital into and out of the country, opening and using bank accounts, borrowing foreign… – Continue reading
With U.S. interest rates remaining at historic lows, yield-starved investors have continued allocating massive amounts of capital to exchange traded products offering exposure to master limited partnerships (MLP). So popular are MLP ETFs and exchange traded notes (ETNs) that the asset class has not endured a month of net outflows… – Continue reading
Orascom Construction Industries, an international engineering and construction firm, has won a ruling in its favor from the Egyptian Tax Authority’s Independent Appeals Committee, against an earlier USD1bn tax evasion ruling relating to its Egyptian subsidiary. Orascom Construction Industries (OCI) SAE said that it had been served with an assessment… – Continue reading
November 12: Danish companies subject to Danish corporate income tax generally must withhold tax at a rate of 27% on dividend distributions, but the rate of the withholding tax may be reduced to 15% when dividends are distributed to Danish domiciled investments funds that are known as “IMBs” (i.e., investment… – Continue reading
Argentine authorities say they have found a tax haven for luxury cars near one of the world’s largest deposits of shale oil and gas. Tax agents in Buenos Aires province said Wednesday that evaders have registered some 20,000 cars near the Vaca Muerta (Dead Cow) deposit in Neuquen province. The… – Continue reading
Legal advice to the Public Accounts Committee has highlighted several obstacles to any investigation into the dossier alleging tax evasion by some former politicians. Following a private meeting this evening, PAC Chairman John McGuinness said he must now study the options open to the committee. He said none of them… – Continue reading
In March 2014 the Russian Ministry of Finance published a draft anti-offshore law which is currently submitted for consideration by The State Duma (parliament) with the decision expected to be made by the end of 2014. Russia is aiming to clamp down on the use of foreign offshore tax shelters… – Continue reading
BJP today accused Congress leaders of generating black money in the country while referring to the matter of the alleged tax evasion by its spokesperson Abhishek Singhvi and asked Congress President Sonia Gandhi to clarify on the issue. “The issue of Singhvi is just a sample as it is only… – Continue reading
The US Treasury has opened a new front in its war against offshore tax evasion. But for some it amounts to financial imperialism. Americans with legitimate bank accounts outside the country, and foreigners working in the United States, have begun receiving letters from their banks in Paris, Tokyo, Johannesburg and… – Continue reading
With American taxpayers newly able to easily secure more favorable US tax treatment for Canadian retirement plans, American Citizens Abroad had requested that such treatment should be extended worldwide to all foreign pensions and retirement savings. Under the recent change, many Americans and Canadians with registered retirement savings plans and… – Continue reading
With the change in government in India, the world is looking up to its new Prime Minister Narendra Modi to revive the country’s economy, who recently launched his flagship ‘Make in India’ campaign to propel the country into top 50 of World Bank’s Ease of Doing Business rankings by 2016…. – Continue reading
Official ‘offered €20,000’ to wrap up tax evasion probe GARDAI have now received 5,500 pages of files relating to allegations of tax-evasion by holders of Ansbacher accounts. Jobs Minister Richard Bruton forwarded the allegations of a whistleblower in his department to the gardai last night. The documents have been sent… – Continue reading
80 Percent View Derivatives Regulation and FATCA as Greatest Operational Challenges New York/London/Hong Kong/Singapore, November 11, 2014 – Increased regulatory requirements and related penalties, along with immature and fragmented data management processes are ranked as top concerns for financial firms in the management of client and legal entity data, according… – Continue reading
MOSCOW, November 10. /TASS/. Russia is speeding towards the adoption of anti-offshore legislation. The State Duma (lower house of parliament) on Tuesday will hold the first reading of amendments to the Tax Code obliging both individuals and legal entities to notify the authorities of their foreign properties and profits. This… – Continue reading
MUMBAI: Five years after Germany gave New Delhi a list of Indians with secret bank accounts in the Alpine tax haven Liechtenstein, the first tribunal ruling has gone in favour of the government. The case pertains to three Kolkata-based individuals – Mohan Manoj Dhupelia, Ambrish Manoj Dhupelia and Ms Bhavya… – Continue reading
MINISTERS who were passed documentation by a whistleblower alleging widespread tax evasion by former politicians are expected to be quizzed by the Public Accounts Committee (PAC) about their response to the claims. Labour TD Joe Costello last night said he believed that the PAC would seek the attendance of these… – Continue reading
The Low Incomes Tax Reform Group is concerned that government proposals designed to target tax evaders are likely to catch low-income migrants to the UK who have made a genuine mistake about the UK tax status of a source of income in their home country. In a consultation on offshore… – Continue reading
Regardless of how M&T Bank Corp.’s planned acquisition of Hudson City Bancorp plays out, one thing is clear: M&T will end up with a much stronger system for fighting money laundering. Buffalo-based M&T and New Jersey-based Hudson City Bancorp still want to complete their $3.7 billion merger – a marriage… – Continue reading
If you have a bank account anywhere outside the U.S., chances are you will receive a letter saying that your bank must hand over the details of any American accounts, including yours. The letters vary with the country and with individual institutions. But the overall message is that the IRS… – Continue reading
Kansas City businesswoman Cheryl Womack, who was indicted last December on tax-related charges, has filed a request to delay her change-of-plea hearing originally scheduled for Wednesday. At issue is the Tax Information Exchange Agreement application, which acts almost like a search warrant and enables the government to obtain foreign-based documents… – Continue reading
Compliance yield for most senior team hits £3.65billion – or 10% of the “tax gap” A record amount of unpaid tax has been recovered from big-ticket tax avoidance, evasion and fraud by HMRC’s top team of specialist investigators – up by almost a quarter (23%) in the last year, says… – Continue reading
Bank of Ceylon, the country’s prominent corporate and trade services provider with 75 years of experience in the banking and financial services industry, has achieved an unassailable position in providing exclusive corporate financial solutions for private and Government sector corporate entities. The vast asset base it possesses has enabled BOC… – Continue reading
Another sophisticated loophole in the tax system means the removal of the “Double Irish” tax-avoidance strategy won’t actually have any real impact for US firms in Ireland seeking to lower their tax bills. An influential US tax journal has found that the Irish subsidiaries of US companies can easily opt… – 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.http://www.ft.com/cms/s/0/8bffa20c-6683-11e4-9c0c-00144feabdc0.html#ixzz3Ijq0jeQ8 The world’s most powerful trade unions have called on their pension funds to fight… – Continue reading
The main message from the Web Summit is that companies are here for the tech talent – and not just for corporation tax In a continent of slackers, Dublin and its Web Summit are shining exceptions. Or so said the world’s most powerful venture capitalist, Peter Thiel. The man most… – Continue reading
KUWAIT, Nov 8 (KUNA) — Senior commercial officer at the U.S. Embassy Dao Le said that Kuwait is a major partner especially in the field of energy, adding that Kuwait will maintain this position well into the medium term, as there is no other alternative for the US. Therefore, Kuwait… – Continue reading
NEW DELHI: India’s attempts to amend tax treaties with countries such as Mauritius may have drawn a blank so far, but its efforts are about to get a huge boost with several nations getting together to ramp up work on a global convention to plug treaty abuse. “Multilateral convention will… – Continue reading
Aparajita Basak, the manager, of research analytics, innovation and knowledge centre at Frost & Sullivan, talks about the use of tax havens across the world for Indian black money. What kind of role do tax havens play in black money in terms of Indian companies and individuals? Across the world,… – Continue reading
New Delhi: The total amount of black money deposited in foreign banks by Indians is unknown. Some reports claim a total exceeding US$1.4 trillion are stashed in Switzerland.[1] Other reports, including those reported by Swiss Bankers Association and the Government of Switzerland, claim that these reports are false and fabricated,… – Continue reading
Subsidiary funds companies within Irish multinational, says spokesman RH did not feature in the leaked files, but accounts for one of its Luxembourg subsidiaries show it had multibillion-euro intra-group loans going in and out of the state. Photograph: Brenda Fitzsimons Ireland’s largest indigenous multinational, building materials group CRH, has a… – Continue reading
Irish lawmakers on Thursday debated new legislation that will close one tax incentive but expand another amid controversy over international corporate tax avoidance following an investigation into deals made by multinationals in Luxembourg. As part of the Finance Bill, Dublin would end the contested “Double Irish” system but a separate… – Continue reading
Moving overseas, or returning to Australia after a stint abroad, is not just a lifestyle or career decision. It also has far-reaching financial implications that are invariably overlooked until years later. While these often involve what to do with retirement money overseas or the tax implications of selling assets owned… – Continue reading
Delhi Tribunal holds that the mere fact that one of the steps in a transaction resulted in capital loss for the taxpayer would not make the series of transactions a sham. Karnataka High Court holds that shares bought at a premium, and sold at a lower value to individuals (ex-employees… – Continue reading
The hollowing out of tax collected for public purposes by rich and poor nations is not confined to technology and mining companies, according to a major leak of secret tax agreements covering more than 340 companies around the world. The documents, published by the International Consortium of Investigative Journalists, include… – Continue reading
NEW DELHI: After reaching a significant breakthrough in information exchange on bank accounts with Switzerland, the Narendra Modi government has now turned the heat on European tax haven Cyprus as part of its fight against black money. The government wants to drop a provision in the tax treaty between the… – Continue reading
Imagine a scenario in which a Hong Kong-based hedge fund manager establishes and appoints an offshore management company to provide investment management services for its fund. On one hand, the fund’s structure ensures a clear operational base. But at another level, key governance procedures are often neglected. These tasks include… – Continue reading
The Dutch tax rules are attractive to large multinationals. The same is true for countries such as the United Kingdom, Switzerland and Luxembourg. This writes the General Court of Auditors in a report, which was requested by the Second Chamber. The report was published today. Large multinationals search around the… – Continue reading
ALDE leader Guy Verhofstadt called on Commission President Jean-Claude Juncker to come clean Thursday (6 November), following revelations of massive tax-avoidance practices in his native Luxembourg, during Juncker’s premiership. In a communiqué, Verhofstadt stated that the Commission should come to the European Parliament immediately, in order to explain if the… – Continue reading
WASHINGTON: The United States Treasury has opened a new front in its war against offshore tax evasion. But for some it amounts to financial imperialism. Americans with legitimate bank accounts outside the country and foreigners working in the US have begun receiving letters from their banks in Paris, Tokyo, Johannesburg… – Continue reading
The US Treasury has opened a new front in its war against offshore tax evasion. But for some it amounts to financial imperialism. Americans with legitimate bank accounts outside the country, and foreigners working in the United States, have begun receiving letters from their banks in Paris, Tokyo, Johannesburg and… – Continue reading
Being a non-UK resident can offer certain tax advantages however new regulation around capital gains tax proposed to take effect next year, may have implications for non-residents when they dispose of a residential property as Kirstie Carr of Mogers Drewett explains. Capital gains tax (CGT) is a tax which applies… – Continue reading
After the US bailed out the insurance conglomerate AIG in 2008, the company’s employees kept to business as usual—which included setting up complex tax structures to avoid taxes in Europe and Japan. In 2008, the company was on the brink of a bankruptcy that would have created huge losses throughout… – Continue reading
KUALA LUMPUR: Former Finance Minister Daim Zainuddin told a luncheon talk organised by Malaysian Industrial Development Finance Bhd (MIDF) here on Thurs that 1Malaysia Development Berhad (1MDB) should keep in mind that the people have a right to expect transparency and accountability from it as taxpayer funds are involved. The… – Continue reading
The black money brouhaha is turning rapidly into a whitewash special. Part of the first report of August 2014 submitted by the Supreme Court-appointed Special Investigation Team (SIT) to probe the issue of black money stashed in foreign banks reveals very little fire behind all the smoke. It says that… – Continue reading
From 1970 to 2011, US$2 trillion from Latin America and the Caribbean have been funneled to offshore tax havens. It’s money that moves behind the scenes, in illicit financial flows (IFF). These transnational transfers come from three sources of illegal funds: corruption (bribery), money laundering (contraband, trafficking of drugs, weapons,… – Continue reading
The National Tax Service (NTS) said Thursday that it will help foreign companies in Korea reduce potential tax uncertainty regarding their cross-border transactions with parent firms. From 2015, the NTS will allow foreign firms that earn less than 50 billion won ($46 million) a year in sales to focus on… – Continue reading
