Premier Li Keqiang (Left) meets with Simonetta Sommaruga, president of the Swiss Confederation, in Davos, Switzerland, Jan 21, 2015.[Photo/english.gov.cn] China will give Switzerland an investment quota of 50 billion yuan ($8.05 billion) under its Qualified Foreign Institutional Investors (QFII) scheme to support the establishment of the Zurich offshore renminbi market,… – Continue reading
With the city-state revising its earlier avoidance of double taxation agreement with France and signing a new one with Uruguay recently, a boost in cross-border trade is inevitable. Singapore (PRWEB) January 22, 2015 In what can be termed as two important milestones in Singapore’s trade relations with Europe and Latin… – Continue reading
In December 2014, the Canada Revenue Agency (CRA) issued a letter to a sample of taxpayers to remind them of the criteria for filing a T1135-Foreign Income Verification Statement and to review their income tax filings to ensure they have been properly reporting the relevant assets and income. All Canadian… – Continue reading
On Jan. 13, Rep. Lloyd Doggett (D-TX) and Sen. Sheldon Whitehouse (D-RI) introduced the Stop Tax Haven Abuse Act. The bill would eliminate incentives for U.S. companies to shift jobs overseas, close offshore loopholes to ensure corporations are paying their fair share in taxes, and change rules on corporate inversions…. – Continue reading
The Foreign Account Tax Compliance Act (FATCA) information exchange network has gone live and is receiving the first reports on the financial affairs of US taxpayers. The online network links tax authorities in 110 countries and more than 145,000 financial institutions with the Internal Revenue Service (IRS). Financial institutions outside… – Continue reading
ISLAMABAD: The Finance Ministry has proposed amendments to the Anti-Money Laundering (AML) Act 2010, in order to further improve it in lines with suggestions of the stakeholders regarding the anti-money laundering efforts and the Combating the Financing of Terrorism (CFT) regime. A well-placed source at the Finance Ministry told Customs… – Continue reading
He was known to authorities as Brazil’s black-market central banker, a career criminal who smuggled cash for the rich and powerful by private jet and armored car. Now Alberto Youssef — a rum-runner turned money-launderer turned reputed billionaire — has emerged as a principal player in the biggest corruption scandal… – Continue reading
OFFSHORE property funds should outpace most local property funds in terms of capital growth this year. Many developed countries’ property markets are offering developers low interest rates amid increasing economic growth, while SA is expected to struggle to grow and a number of property funds here will be beset with… – Continue reading
It explains how recent amendments to the Singapore-UAE Avoidance of Double Taxation Agreement will translate to more savings for UAE tax residents when they fund Singapore companies. Singapore (PRWEB) January 14, 2015 With the recent signing of the protocol to amend and improve the Singapore-UAE Avoidance of Double Taxation Agreement… – Continue reading
NEW DELHI: Top officials from IT, BPO and eCommerce sectors today requested Finance Minister Arun Jaitley to address certain issues related to taxation in the Budget 2015-16, and provide incentives for setting up data centres in the country. They also suggested that the minister look at ways to help in… – Continue reading
Under Kazakhstan law, generally, both resident and non-resident legal entities may own shares in a Kazakhstan bank. National Bank Pre-Transaction Consent. Generally, there are two thresholds entailing the necessity to obtain the National Bank of Kazakhstan (the ‘NBK’) (financial regulator) pre-transaction consent: (i) “large participant”, whereby an entity controls ≥10%… – Continue reading
With foreign investment, energy security and strategic partnerships at the top of his agenda, the Indian Prime Minister Narendra Modi criss-crossed eight countries, including the US, Australia, Japan and Nepal, meeting more than 40 international leaders in the first six months of his tenure. Mr Modi is riding high on… – Continue reading
Quebec Finance Minister Carlos Leitão said in December he would ask Revenu Québec to look into whether Bombardier Inc. used Luxembourg as a way to avoid paying provincial taxes. What he didn’t say was that the results of those inquiries would remain secret. Washington-based International Consortium of Investigative Journalists discovered… – Continue reading
The National Taxpayer Advocate Nina Olson is a strong and vocal advocate for taxpayer rights. Her annual report to Congress castigates the IRS for its unfair application of offshore account penalties, and its disparate treatment of innocent Americans caught in reporting snafus. Some of the report asks the IRS to… – Continue reading
While Chinese officials aren’t required to disclose their assets publicly, citizens have remained largely in the dark about the parallel economy that can allow the powerful and well-connected to avoid taxes and keep their dealings secret. By some estimates, between $US1 trillion and $US4 trillion in untraced assets have left… – Continue reading
* Bonds up around seven points * Kaisa missed bond coupon payment last week * Case could be test of China’s bankruptcy law (Adds comments, updates price) By Umesh Desai HONG KONG, Jan 13 (Reuters) – Bonds issued by Kaisa Group rose sharply on Tuesday after the embattled Chinese property… – Continue reading
The Chamber of Commerce believes the new regime will have an adverse effect on the recently recovering property market The Malta Chamber of Commerce, Enterprise and Industry has expressed its strong disagreement with the new Property Tax announced by Government in the Budget for 2015. The new regime, it says,… – Continue reading
PROVIDENCE — With tax reform one issue that congressional Republicans and Democrats might agree on this year, U.S. Sen. Sheldon Whitehouse announced Monday his plans to introduce three bills aimed at making the super rich pay more through a “fairer” tax system and closing loopholes that allow some corporations to… – Continue reading
Americans residing in Canada may not realize the extent to which the U.S. government’s tax-filing rules for non-resident citizens hit home. There’s been a lot of attention in recent years on how U.S. citizens in Canada are being targeted by the Internal Revenue Service. Lost in all the commotion is… – Continue reading
The bills from Whitehouse and Democrats aren’t new — all three, including so-called “Buffett Rule” legislation, were introduced in the last Congress — and stand little chance of progressing on a GOP-controlled Capitol Hill. Along with the Buffett Rule, Democrats also introduced legislation Tuesday to target offshore tax havens, an… – Continue reading
Jurisdictionally speaking, the Internal Revenue Code attempts to cast a broad net. The United States taxes its citizens’ income on a worldwide basis, regardless of residency. As every American expat knows all too well, this means overseas earnings must be reported to the IRS as taxable income. It matters not… – Continue reading
“The European Strategic Investment Plan is not the silver bullet. But if anyone has ideas to overcome the economic crisis with one stroke, stand up please,” said European Council President Donald Tusk in the debate on the results of the December European Council, which also covered tax avoidance and —… – Continue reading
BUENOS AIRES] Argentina said on Monday it was suspending HSBC Bank Argentina’s right to transfer money abroad for 30 days due to “irregularities”, two months after charging it with helping clients evade taxes by siphoning their funds off to Switzerland. HSBC Bank Argentina has failed to fulfill a pledge to… – Continue reading
Luxembourg’s fund management industry has responded to proposals put forward by the Organisation for Economic Cooperation and Development (OECD) on preventing treaty abuse, with a particular focus on the treatment of collective investment vehicles (CIVs). The response, from the Association of the Luxembourg Fund Industry (ALFI), concerns proposals put forward… – Continue reading
In its recent Asia-Pacific Residential Review, global property consultancy Knight Frank has said that Hong Kong and Singapore have the highest tax burdens on foreign property investors. It notes Singapore and Hong Kong have imposed taxes on foreign property buyers, such as additional duties, as a “macro-prudential tool … to… – Continue reading
The U.S. Internal Revenue Service (IRS), on Monday, introduced a new system that will allow financial institutions and tax authorities in other countries to securely send reports on financial accounts held by U.S. citizens to the IRS under the Foreign Account Tax Compliance Act (FATCA). The new system, dubbed the… – Continue reading
Bonds issued by Kaisa Group rose sharply on Tuesday after the embattled Chinese property developer said it had received a waiver from HSBC Holdings on a loan it failed to repay in late December 2014. Kaisa, which is struggling with the sudden departure of senior executives, government officials blocking sales… – Continue reading
CDE Op-Ed CommentaryGiven the recent problems American trading companies are having in establishing bank accounts in Hong Kong, viable alternatives need to be found. These issues, which are directly related to the American IRS carrying out extensive investigations in Hong Kong concerning breaches of the new FATCA regulations, have made… – Continue reading
(Bloomberg) — Australia is set to become the newest entrant to the Islamic debt market this year as a solar-power joint venture seeks to sell a debut sukuk in Malaysia’s offshore tax haven of Labuan. SGI-Mitabu, run by The Solar Guys International and Mitabu Australia Pty, has revived a plan… – Continue reading
FORMER Tanaiste Michael McDowell has described as “nonsense” suggestions that Ansbacher inquiry judge Declan Costello was compromised by holding an account with the bank involved in the tax evasion scandal. Mr Costello’s family issued a statement defending the now deceased judge after it was alleged he was conflicted in overseeing… – Continue reading
Chinese nationals and companies operating overseas, who hold their fortunes outside of China, will soon be required to pay taxes on their worldwide earnings come Feb 1. Part of Beijing’s New Year resolution to crack down on tax avoidance and evasion, the general anti-avoidance rule (GAAR) and new penalties will… – Continue reading
New Electronic Funds Transfer (EFT) rules have entered into force in Canada, requiring certain financial intermediaries to report incoming and outgoing transfers of CAD10,000 (USD8,446) or more to the Canada Revenue Agency. On January 7, 2015, Revenue Minister Kerry-Lynne D. Findlay announced the launch of the CRA’s EFT initiative. Effective… – Continue reading
New Delhi, Jan. 11: US President Barack Obama’s visit during Republic Day is expected to set the tone for closer engagements with India as the two nations look to boost bilateral trade to a targeted $500 billion. Obama is the first US President to not only attend the 26th January… – Continue reading
SPECIAL REPORT: IS AMERICA LOSING IT’S CORPORATE SECTOR? Corporate inversions have been the dominant tax issue over the last year and have forced a serious evaluation of the U.S. corporate tax system. While there is widespread agreement that the U.S. corporate tax code is out of step with our global… – Continue reading
The President of the Chartered Institute of Nigeria (CITN), Mr Anthony Dike, on Sunday called for synergy between tax institutes and government to combat double taxation in the country. Making the call in an interview with the News Agency of Nigeria (NAN) in Lagos, the CITN president said that the… – Continue reading
Buildings in Bedford Square used by the Ministry of Justice to hold tax tribunals belong to a company registered in a tax haven, says Private Eye. The discovery by the Eye means the UK government is going against its own rules which forbids it from transferring its assets offshore. In… – Continue reading
A Chinese property developer, which was seemingly in good financial shape until recently, appeared to default on an offshore bond payment Thursday, raising concerns among international investors with an interest in the country’s property market, according to reports. Kaisa Group Holdings Ltd., which is listed on the Hong Kong stock… – Continue reading
2014 marked a significant increase in the enforcement efforts by the IRS and Department of Justice against non-compliant U.S. taxpayers who failed to report their off-shore bank accounts and earnings. Grand Jury proceedings have been in full force and various criminal proceedings have been instituted. IRS investigations continue to increase… – Continue reading
January 8 2015 As of 2003, Israeli tax residents are subject to tax in Israel on their worldwide income, including passive income (i.e., interest, dividends and capital gains) generated in their offshore bank accounts. Although more than a decade has passed, many Israeli residents have still not reported on income… – Continue reading
Q: Reader Neill Clift of Washington, saying he and his wife are British immigrants with U.K. pensions from when they worked in that country, wrote that FinCen 114 and IRS Form 8938 filing obligations feel like “traps set for us and expect additional traps to be set. Is there any… – Continue reading
‘Deflation, Devaluation, and Default’ loom in China this year. The denouement for Shanghai’s bourse will not be pretty, says the US bank. China is at mounting risk of a financial crisis this year as growth sputters and deflationary pressures trigger a wave of defaults, Bank of America has warned. The… – Continue reading
A US criminal investigation into how Swiss banks helped wealthy Americans hide their money has had an unexpected side effect: shaking out scores of tax cheats among the Swiss themselves. Secrecy laws in Switzerland, the world’s largest offshore financial centre with trillions in assets, have been under siege in recent… – Continue reading
Buenos Aires (AFP) – Authorities raided the Buenos Aires offices of British bank HSBC on Wednesday investigating alleged tax evasion involving more than 4,000 influential locals’ Swiss accounts, a court source said. About 100 agents took part in the raid, the source said, adding the bank gave “court authorities the… – Continue reading
Argentinean Authorities Allege Bank Aided in Providing Secret Swiss Accounts A group of federal tax bureau agents and 100 police officers raided the downtown Buenos Aires offices of British bank HSBC on Wednesday, January 7. The Argentinean government is investigating the bank over alleged tax evasion and money laundering. In… – Continue reading
With substantial amendments to SA transfer pricing legislation in April 2012 – as well as a lack of any subsequently updated or final Practice Note from SARS – much uncertainty still surrounds the realm of transfer pricing in SA, says Lauren Hart, of Webber Wentzel, in an analysis on the… – Continue reading
Many factors influence a foreign buyer’s decision to purchase residential real estate in the United States. Generally, most of these decisions tend to be driven by concerns over political and economic uncertainty in the buyer’s home country. Most foreigners do not leave their home country, family, and friends for trivial… – Continue reading
Overseas property buyers have to pay significantly more tax than domestic buyers in Singapore and Hong Kong, making them the most costly places for foreigners to invest in residential real estate in Asia Pacific, says Knight Frank Singapore and Hong Kong are the most costly places for a foreigner to… – Continue reading
With particular reference to issues associated with the requirements of the Foreign Account Tax Compliance Act (FATCA), the United States Internal Revenue Service (IRS) has updated Publication 515: The Withholding of Tax on Nonresident Aliens and Foreign Entities. It is specified that the Publication is for withholding agents who pay… – Continue reading
Barbados appears to be moving into full financial information-sharing mode as the world’s most powerful countries put their foot down on tax evasion. It is already known that last November Government signed an Inter Governmental Agreement with the United States (US) to exchange information on their citizens who have thousands… – Continue reading
Controversial proposals for a law to make failing to declare offshore income a criminal offence seem to have been put on the backburner by The Treasury. Chancellor George Osborne announced the measure as part of a campaign to stamp out tax evasion as part of his Budget 2014. However, no… – Continue reading
