Category: Activity

Vodafone’s £1bn Indian tax bill row: peace talks about to break down

India’s finance ministry is preparing to seek the cabinet’s approval to withdraw conciliation proceedings with the UK telecoms firm. Vodafone, the world’s second-largest mobile operator by subscribers, entered India in 2007 by acquiring Hutchison Whampoa’s mobile phone assets. It is contesting a tax bill of about 112bn rupees (£1.1bn) relating… – Continue reading

Taxmen fail to get information on offshore money

The income tax (I-T) department has not been able to make any headway in detecting the offshore investments by Indians, including 20 big names from Andhra Pradesh, in the safe havens abroad. The reason? ‘Non-cooperation’ by the foreign counterparts despite agreements for sharing tax information. It was after the much-publicized… – Continue reading

HMRC now targeting mid-tier firms in its transfer pricing investigations, says expert

HM Revenue and Customs (HMRC) collected more tax from smaller businesses than large multinationals last year as a result of its investigations into firms’ transfer pricing arrangements, according to figures obtained by Pinsent Masons, the law firm behind Out-Law.com. Corporate tax expert Heather Self of Pinsent Masons said that HMRC… – Continue reading

Ireland in spotlight over multinationals

When Taoiseach Enda Kenny was grilled over Ireland’s low tax regime for multinationals on a visit to Paris last week, he fell back on a familiar defence. By now it’s a regular refrain – Ireland’s corporate taxes are crystal clear and transparent. Ours, he added, is a statute-based system which… – Continue reading

FATCA Registration Delayed

Local commercial banks and near banks regulated by the Bank of Jamaica (BOJ), as well as other entities regulated by the Financial Services Commission (FSC), which are counted as Foreign Financial Institutions (FFIs) under US law, should now be engaged in registering online with the United States Internal Revenue Service… – Continue reading

US and UK in a fiddle over tax havens

The U.S. and Britain have got themselves in another fine mess over populist measures against tax havens that don’t work and smack of hypocrisy Obama has set off once more on his crusade against foreign tax havens. His tactic is to extend the jurisdiction of the IRS to cover the… – Continue reading

Yahoo’s Irish move may be start of Swiss corporate exodus

Yahoo! Inc is shifting its main European tax base to Ireland from Switzerland, a Reuters examination of company statements and accounts shows, as pressure mounts on the Alpine nation to abolish some corporate tax incentives. The internet search group said the shift reflected a streamlining of its European operations and… – Continue reading

Google it with a ONE BILLION euro tax bill in France after tax inspectors’ search web giant’s Paris offices

[symple_highlight color=”yellow”] Google found to have channeled French revenue to Ireland Analysts estimate Google France made 1.4bn euro in 2011 Court documents say it reported 193m euro revenue in France in 2012 [/symple_highlight] France’s tax authorities have launched a 1 billion euro tax claim against Google, it was reported today…. – Continue reading

Canada and U.S. sign agreement on tax evasion

Canada has signed a tax-information sharing agreement with the U.S. Treasury Department ahead of a new U.S. law that will crack down on offshore tax avoidance, senior Canadian finance officials said on Wednesday. The agreement, which is one of 22 so-called intergovernmental agreements (IGA) between Washington and individual countries, comes… – Continue reading

Tax evasion major challenge for Arab states

In contrast to oil-producing Arab nations, non-oil-producing Arab countries rely on tax revenues to cover government spending. However, they have encountered significant difficulties when it comes to acquiring sufficient tax revenues. This has pushed them to either cut down on investment spending, ask for foreign aid, or borrow from internal… – Continue reading

Who Is to Blame When Tech Giants Use Offshore Tax Loopholes? The villain in the tax-avoidance story

In a world that’s as economically unequal as it can get, the Silicon Valley elite is being cocky as the king of spades. As Adrian Wooldridge from The Economist mentions, it’s following in Wall Street moneybags’ footsteps and flaunting its newly acquired wealth, usually by throwing ridiculously extravagant parties and… – Continue reading