CHINA Tax Free Reorganisations • With circulars 109 and 116 jointly issued in December 2014 by the Ministry of Finance and the State Administration of Taxation, the Chinese authorities have relaxed the conditions for internal reorganisations. • Circular 109 deals with internal reorganisations. Provided the pertinent requirements are met, the… – Continue reading
BUFFALO, N.Y. — M&T Bank Corp. (NYSE: MTB) and Paramus, N.J.–based Hudson City Bancorp. Inc. (NASDAQ: HCBK) have again extended the deadline for finalizing their merger that they first announced in late August 2012. The banking companies said in a news release last Friday that they have pushed the deadline… – Continue reading
The former chairman of an LED lighting provider was charged by U.S. officials with scheming to boost the company’s share price in part by making secret payments to conspirators through a firm based in Belize. ForceField Energy Inc.’s Richard St-Julien, who stepped down from his position after his arrest Friday,… – Continue reading
The Union Finance Minister, Arun Jaitley, expressed concern over transfer pricing and several other measures taken by MNCs to avoid paying tax on international transactions. The Dollar Business Bureau Stressing on the need to keep a check on tax evasion by multi-national companies (MNCs), India has asked the G20 members… – Continue reading
THE xenophobic attacks that have rocked SA over the past two weeks will continue to dominate headlines this week. The crisis at Eskom will also be keenly watched following the appointment of Transnet CEO Brian Molefe as Eskom acting CE. Hopes are high that Mr Molefe — who has had… – Continue reading
The Internal Revenue Service (IRS) is seeking to recoup $2.03 billion from Texas businessman Samuel Wyly and $1.19 billion from his brother’s estate. The massive bill owed by Sam Wyly and the estate of Charles Wyly is believed to be the biggest in history. Brothers used trusts to avoid taxes… – Continue reading
Washington, April 20 (IANS): Finance Minister Arun Jaitley here has sought urgent implementation of the automatic exchange of financial account information globally to tackle the menace of black money. “We strongly feel that there is a need to ensure that the common reporting standards on automatic exchange of information should… – Continue reading
Vodafone’s long-standing tax woes in India have hit another hurdle after the country’s income tax department asked the operator to re-file its 2009-10 tax return for re-assessment. An inside source told the Economic Times he didn’t know what triggered the request, but the tax authority is looking to review the… – Continue reading
The government’s recent steps to check the flow of unaccounted wealth to foreign assets and bank accounts have had the unintended result of making tax compliance tough for expatriates on corporate assignments here, who have legitimate assets in their home countries, say experts. The tax troubles of these people over… – Continue reading
UK Chancellor George Osborne and Australian Treasurer Joe Hockey have committed to establishing a working group to urgently consider and develop initiatives centered around the UK’s Diverted Profits Tax. The announcement was made at the Group of Twenty (G-20) Finance Ministers and Central Bank Governors Meeting, which was held in… – Continue reading
The Senate inquiry into corporate tax avoidance will unexpectedly return on Wednesday after the Australian Taxation Office requested a supplementary public hearing to refute allegations made in evidence by former ATO executive Martin Lock. Mr Lock told the inquiry earlier this month that the Tax Office gives up “billions of… – Continue reading
The Ministry of Trade will be launching a trade policy that will re-ignite Fiji’s interest in the Australian and New Zeaand markets in the next few months. Minister for Trade Faiyaz Koya says this single reference document will identify the trade capacity, constraints and needs of each sector. ‘’The policy… – Continue reading
ABU DHABI: The UAE Cabinet on Sunday endorsed hosting the headquarters of the joint Police Force of the Gulf Co-operation Council (GCC) in Abu Dhabi. By hosting the GCC Police Force, the UAE aims to foster its relations with the other Gulf countries to safeguard the region from any form… – Continue reading
Global cues are negative with the Asian markets starting the week on the back foot, following a lower finish on Wall Street on Friday. Moneycontrol Bureau The Indian equity market is likely to open in the green as suggested by SGX Nifty, that was trading at 8618.00, up 3 points… – Continue reading
Business is braced for a slew of new anti-avoidance measures after the UK general election next month as politicians compete on promises to raise billions of pounds from closing tax loopholes, reports the Financial Times. A cross-party consensus is emerging over the scope for a renewed crackdown. Last week Vince… – Continue reading
India and China developing frameworks for Reits but while their sheer sizes impress, both face tax and high interest rate hurdles, reports the Business Times. India and China are both developing frameworks for real estate investment trusts (Reits), but the threat to Singapore’s position as a major regional Reit centre… – Continue reading
Technology companies with international operations are increasingly using global tax avoidance methods, despite growing opposition from the public and politicians in the U.S. and abroad. As this opposition fuels ongoing changes in tax rules, organizations must be able to quickly adapt their corporate structures and tax strategies to maintain a… – Continue reading
NEW DELHI: Tax authorities have issued a fresh notice to UK-based telecom giant Vodafone seeking reassessment of tax returns for two years. The notice has been served under Section 148 of the Income Tax Act which seeks to deal with income that has escaped assessment. Sources said the notice seeks… – Continue reading
The European Court of Justice recently ruled that the Netherlands may restrict the 30% fixed tax-free allowance for expatriate costs to employees living more than 150 kilometres from the Dutch border. The 150-kilometre restriction does not restrict the free movement of employees within the European Union. Consequently, an employer and… – Continue reading
EUROPEAN M&A DOS AND DON’TS FOR NON-EUROPEAN BUYERS Inbound M&A in Europe by non-European buyers increased in 2014 by 68.6% compared to 2013, representing over a third of USD 901.4 billion total European M&A.1 For non-European buyers the basic framework of transactions may be similar, but there are a number… – Continue reading
Pakistan and China are re-negotiating agreement for the avoidance of double taxation convention and the prevention of fiscal evasion with respect to taxes on income. Sources told Business Recorder Saturday that the revised convention may not be inked during the upcoming visit of Chinese President as the re-renegotiations have yet… – Continue reading
Bangladesh authorities are working with counterparts abroad to recover proceeds of corruption (‘stolen assets’), in terms of the UN Convention Against Corruption (UNCAC), Bangladesh Bank (BB) Governor Dr. Atiur Rahman has said. The central bank chief disclosed this while speaking at an event title Addressing the Linkage Illicit Flows and… – Continue reading
Tensions between Swiss banks and the United States justice authorities should ease up in 2015, Finance Minister Eveline Widmer-Schlumpf has said on the sidelines of the joint International Monetary Fund and World Bank spring meetings in Washington. The minister said she had received positive signals that this year would bring… – Continue reading
India is considering allowing companies to raise rupee debt offshore, the country’s central bank said on Tuesday, noting strong demand for such debt following issues by Asian Development Bank and International Finance Corp. “These issues have been received with interest. The appetite for rupee debt amongst international investors is a… – Continue reading
India is considering allowing companies to raise rupee debt offshore, the country’s central bank said on Tuesday, noting strong demand for such debt following issues by Asian Development Bank and International Finance Corp. “These issues have been received with interest. The appetite for rupee debt amongst international investors is a… – Continue reading
For Ghana to close the gap between cash resources and funding needs for services and infrastructure, there is the need for a total rehash of the taxation system, Participants at a sensitisation tax justice workshop say. They said the rehash would recover taxes seeping through bad structural deals with multinationals… – Continue reading
Mumbai: The United States of America (USA) has toppled Mauritius to become the top jurisdiction from where India is receiving the highest amount of foreign portfolio investment (FPI) into the equity markets.Mauritius lost out due to the uncertainty over the double tax avoidance treaty (DTAA) between India and Mauritius and… – Continue reading
BATON ROUGE – As they look for ways to solve next year’s budget problems, Louisiana lawmakers are getting a crash course in the state’s tax system: the loopholes they’ve created, the tax cuts they’ve given and the price tag for the myriad of tax breaks they’ve approved. Now, Democrats and… – Continue reading
Case against former head of IMF and finance minister, arrested on tax evasion charges, is damaging to People’s party, Spanish PM acknowledges Spain’s ruling party is scrambling to limit the damage after one of Europe’s most high-profile politicians was arrested on charges of tax evasion and money-laundering. The prime minister,… – Continue reading
China may be the global electronics factory, but it is neighbouring Taiwan that India is increasingly looking at to drive its ‘Make in India’ initiative. A team led by secretary electronics and information technology RS Sharma went to Taiwan in March, and met a few major companies. The delegation will… – Continue reading
ABU DHABI: The UAE Cabinet has on Sunday endorsed hosting the headquarters of the joint Police Force of the Gulf Co-operation Council (GCC) in Abu Dhabi. By hosting the GCC Police Force, the UAE aims to foster its relations with the other Gulf countries to safeguard the region from any… – Continue reading
Given the low annual and lifetime limits for contributions to tax free investment products, one may be forgiven for wondering what the point really is, according to David Warneke, national head of corporate tax at BDO South Africa. Tax free investment options were introduced in SA with effect from March… – Continue reading
The number of NHS nurses in England is set to fall by almost 2,000 over the next four years according to government projections, Labour has said. Accusing the Conservatives of having a “secret plan”, Labour’s Andy Burnham said fewer nurses would push hospitals “over the edge”. The health document Labour… – Continue reading
In end to crisis, Palestinians agree to sums withheld from tax revenues to offset debts to Israel Electric Company; the two sides will continue discussing future payment obligations. Israel and the Palestinian Authority reached a compromise agreement on Friday that will effectively end the crisis regarding the tax revenues that… – Continue reading
Bankrupt ex-billionaire Samuel Wyly was accused by regulators of hiding the ownership of a luxury Colorado ranch in a possible bid to avoid paying creditors as much as $50 million in future sale proceeds. Wyly’s proposed plan to sell the 244-acre property — the site of several mansions used by… – Continue reading
Finance Minister Arun Jaitley has sought urgent implementation of common reporting standards on automatic exchange of information globally, asserting that it is the only way to tackle the challenges posed by black money and stop tax evasion. The problem of offshore tax evasion and flow of illicit money can be… – Continue reading
Now, the Aadhar Card holders need not to file income-tax returns physically. New ITR forms will link to Aadhar card and do away with the physical ITR-5 for those who are Aadhar-verified by the Electronic Verification Certification (EVC) system. The Central Board of Direct Taxes (CBDT) has introduced Aadhar card… – Continue reading
The United Kingdom (UK) has followed Germany in lodging a formal protest with the Finance Ministry over the alleged breach of confidentiality of data and secret banking details received via diplomatic channels. While German authorities objected to the manner in which 18 names of Indian account holders in the LGT… – Continue reading
Even as the government is losing no opportunity to emphasise its commitment to a transparent and predictable tax regime, it’s epic seven year tussle with Vodafone is not showing any signs of losing steam. The income tax department is back in pursuit of the British telecom giant and has issued… – Continue reading
To balance the books, Australians will have to pay more tax, the only questions being what will be taxed and how high the rate. Boasting glittering skyscrapers and label-clad youth, Singapore is the new jewel in the capitalist world’s crown. The city state is home to the third-highest density of… – Continue reading
MUMBAI: In a fresh crackdown on suspected tax evasion and laundering of black money through stock markets, regulator Sebi today barred Mishka Finance and TradingBSE -1.93 % Ltd and 128 other entities from the securities market. While the total amount involved could not be ascertained, these entities are estimated to… – Continue reading
Occupied Jerusalem/Ramallah, West Bank: Israel said on Saturday it would transfer $470 million of withheld tax revenues to the Palestinian Authority following talks between a senior Israeli military officer and Palestinian officials. In December, Israel began withholding around $130 million per month of taxes it collects on behalf of the… – Continue reading
Finance Minister Arun Jaitley, who had previously stated that India was not a tax haven and legitimate dues from foreign investors will be pursued, had earlier this week said that “the amount involved is Rs 40,000 crore.” Refusing to relent on a Rs 40,000 crore tax demand on foreign portfolio… – Continue reading
Macquarie Telecom has given full voice to an extremely serious problem facing Australian technology companies: That is, the gaming of the global tax system by multinationals puts Australia’s home-grown technology players who pay tax in Australia at a significant competitive disadvantage. This is a simple equation. It doesn’t matter how… – Continue reading
HM Revenue and Customs (HMRC) has confirmed it will be “significantly increasing” the number of tax avoidance disclosures it makes to professional bodies. More practitioners are likely to face disciplinary action from their institutes having advised on tax avoidance schemes for their clients. Last week, the Institute of Chartered Accountants… – Continue reading
TACKLING tax evasion and dealing with the fast-growing digital economy were top of the agenda at a conference on taxation yesterday. Singapore’s Senior Minister of State for Finance and Transport, Mrs Josephine Teo, told the event that the tax authorities around the world are acting to address tax dodges more… – Continue reading
Promising a ‘modern tax system’ with low and globally competitive rates, Finance Minister Arun Jaitley has assured foreign investors against any retrospective action and said taxpayers will be seen as “partners and not as potential hostages or victims”. For domestic taxpayers also, the rates need to be low as taxes… – Continue reading
CHEYENNE, WY, April 17, 2015 /24-7PressRelease/ — OUTPOST PROVISIONING LLC today announced the launch of its “Wyoming…the Offshore Alternative” campaign alongside release of its Wyoming Paymaster Purpose Trust product. “Wyoming…The Offshore Alternative” touts Wyoming as being the Offshore-equivalent for wealth protection without the inconvenience, scrutiny, compliance costs and risks involved… – Continue reading
Nothing is certain in India except death and tax disputes. Ask foreign portfolio investors: they now face demands for past dues of as much as $6.4 billion. The wrangle stems from the Minimum Alternative Tax, or MAT, which officials say leads to a 20 percent levy on capital gains by… – Continue reading
The head of the Business Council of Australia (BCA), Catherine Livingstone, has called for a national “conversation” about what the federal government and the business community euphemistically call “economic reform”. Ever in thrall to trickle-down economics, they manage to talk in “doublespeak”, a close relative of the doublethink that George… – Continue reading
