AN outspoken QC is backing the introduction of corporate and personal income taxes as a way to reduce “the gulf between rich and poor” in the Bahamas. Fred Smith QC, the Callenders & Co attorney and partner, has added his voice to those urging the Government to use the European… – Continue reading
The U.S. Treasury Secretary is disputing a decision by the European Union to place Guam, and American Samoa, on its blacklist of noncooperating tax jurisdictions. In a letter to EU Secretary General Jeppe Tranholm-Mikkelsen, U.S. Treasury Secretary Steven Mnuchin wrote that “there is no basis for concluding that American Samoa… – Continue reading
Ministers agree to propose joint list of tax havens and approve plan to automatically exchange data on shell company owners EU finance ministers have approved a series of measures to tackle tax-evading methods that were exposed by the Panama Papers. Speaking on the second day of talks in Amsterdam, Jeroen… – Continue reading
The International Monetary Fund (IMF) has askedMauritius to set up a ‘macro-prudential authority’ to monitor the offshore investments from the island. One of the largest destinations of such offshore investments is the Indian stock market. The proposed authority will have a central role for the banking regulator, the Bank of… – Continue reading
HMRC has put out an extraordinary publication about tax avoidance in which it seems to suggest, contrary to its messaging and policies thus far, that if a structure works, it is not tax avoidance, says Jolyon Maugham QC, specialist tax barrister at Devereux Chambers The publication in question, a ‘policy… – Continue reading
It’s unlikely anybody was particularly surprised when Finance Minister Pravin Gordhan announced a number of initiatives to increase the amount of tax revenue; from sugar tax to a “tyre levy” to an increase in a number of existing sin taxes. But it’s perhaps the relaxing of voluntary disclosure rules that… – Continue reading
KUALA LUMPUR: MIDF Equities Research says the Malaysian stock market is in need of a spark after its rather indifferent response to the strengthening of the ringgit and the oil price. The research house said the Bursa Malaysia’s indices have traded in a narrow range in the last three weeks…. – Continue reading
Luxembourg has been a prime destination for Canadians looking for a tax haven. Secretive. Discreet. Accommodating. These features were so attractive that Canadian companies, including a federal pension fund, sent $36 billion there in 2013. But new Statistics Canada data shows that more than $5 billion got pulled out of… – Continue reading
This week, the Alabama Legislature approved the centerpiece of the Made in Alabama Job Incentive Package, which the Department of Commerce, Gov. Robert Bentley and the state’s economic developers hope will attract new companies and expansions of existing industry in Alabama. But lawmakers will soon debate another package of bills… – Continue reading
Nobody likes paying taxes, but just how far would you go to avoid them? For some companies who market themselves as homegrown American brands, it’s better to move cash overseas than to pay federal taxes on billions of dollars of earnings. According to the New York Times, U.S. law states… – Continue reading
