Category: F-J

Apple / Automatic Exchange of Information / EU / Fiat / Intellectual Property / Ireland / Jean-Claude Juncker / Legislation / Luxembourg / Netherlands / Starbucks / State Aid / Tax Information Exchange Agreements

intellectual property state aid apple fiat starbucks jean-claude juncker ireland luxembourg netherlands automatic exchange of information eu legislation Tax Information Exchange Agreements

Posted On: July 31, 2015

Governments that offer multi-national firms sweetheart tax deals should not be allowed to benefit if the European Union orders them to claw back the aid, according to a new report by the European Parliament’s special committee on tax rulings. Instead, the proceeds should be “returned to the member states which… – Continue reading

ARVEST / Banque Cantonale Neuchâteloise / Banque Pasche / DHL / Falcon Private Bank / FATCA / FedEx / HSBC / Mercantil / Nidwaldner Kantonalbank / Offshore Banking / PKB Privatbank / Privatbank Bellerive / Privatbank Von Graffenried / SB Saanen / Switzerland / UPS / USA

IRS Offshore Account Penalties Go Up, More Banks Listed

Posted On: July 31, 2015

Since July 1, eleven more Swiss banks have entered deferred prosecution agreements with the U.S. government. The subject is tax evasion involving American account holders. Today, banks everywhere want to know if you are compliant with the IRS. Under FATCA, the entire world is lending the IRS a hand. Meanwhile,… – Continue reading

Bermuda / Google / Intellectual Property / Microsoft / Nike / Wal Mart

Nike: Just Dodge It

Posted On: July 30, 2015

For fans of creative tax dodging, the release of the Nike Corporation’s annual report is always an enlightening occasion. As we noted two years ago, the company quietly acknowledges having stashed billions of dollars in low-tax offshore destinations, and has inadvertently given some signals about how it might be achieving… – Continue reading

Amazon / Automatic Exchange of Information / EU / Europe / Ikea / Luxembourg / PepsiCo / Tax competition

Lux Leaks panel banks on voter rage : New draft report calls on national governments to ‘eliminate mismatches’ in policy.

Posted On: July 30, 2015

Anticipating a tough legislative fight, the European Parliament’s special committee investigating tax shelters plans to play its trump card: citizen outrage. The committee’s co-rapporteur Michael Theurer, a German MEP from the Alliance of Liberals and Democrats for Europe, told POLITICO’s German podcast that he expected “objections, difficulties and political resistance”… – Continue reading

Amazon / Apple / EU / Fiat / Ireland / Luxembourg / Netherlands / Starbucks / State Aid / Tax Planning

EU Urged to Ban Windfalls for Nations Giving Illegal Tax Aid

Posted On: July 30, 2015

Governments that dole out tax subsidies to big companies shouldn’t be allowed to reap multibillion-euro windfalls if the European Union orders them to claw back the aid, lawmakers probing tax loopholes said. Instead, the EU should consider changing the law so that money is shared among neighboring nations that played… – Continue reading

Allergan / Apple / Biovail Corp. / Burger King / Canada / Caterpillar / Earnings stripping / Hewlett-Packard / Intellectual Property / Inversion / Microsoft / Restaurant Brands International / Salix Pharmaceuticals / TIm Hortons / Valeant Pharmaceuticals International Inc.

Tax Savings Drove Valeant, Burger King Deals, Senate Report Says

Posted On: July 30, 2015

Tax savings drove the acquisition strategy of Valeant Pharmaceuticals International Inc. and led to Burger King’s move to Canada, according to a U.S. Senate committee report. Taxes appear to be much more important to the deals than the companies say, according to an advance copy of the report and testimony… – Continue reading

Australia / Fiat Chrysler Automobiles / Toyota / Transfer pricing

Clyde Campbell points finger at Fiat Chrysler’s top executives

Posted On: July 30, 2015

If former Fiat Chrysler Australia boss Clyde Campbell goes down over allegations he misused tens of millions dollars of company money, he might just threaten to take the entire Australian operation of the global automaker and several executives with him. Mr Campbell on Wednesday opened the door for a tax… – Continue reading

Banking Secrecy / Credit Suisse / Dividends / EU / FATCA / G20 / HSBC / IGA / India / Investments / Legislation / OECD / Privacy / Residence / Switzerland / Tax cheats / Tax evasion investigations / UBS

Global Tax Transparency: FATCA, CRS, European FATCA

Posted On: July 29, 2015

Understanding FATCA and having a comprehensive FATCA compliance program is essential for financial firms to limit non-compliance risk and meet obligations with relevant IGA’s. The US has made inroads on the Exchange of Information front and tax havens like Switzerland have declared a willingness to meet or even exceed OECD… – Continue reading

Anti money laundering / Apple / Bank of America / Burger King / Citigroup / Credit Suisse / Goldman Sachs / Inversion / JPMorgan Chase & Co / Legislation / Restaurant Brands International / Tax Laws / UBS / USA / Valeant Pharmaceuticals International Inc.

Look Out, Washington: Goldman-Busting Senate Panel Now Sets Sights on Government

Posted On: July 29, 2015

A U.S. Senate investigative subcommittee, which has used its power for more than a decade to scrutinize corporations and financial institutions for wrongdoing, is shifting its focus to keeping tabs on the government. The U.S. Senate Permanent Subcommittee on Investigations is slated to hold its first hearing under new leadership… – Continue reading

Advance Pricing Agreement / Apple / AstraZeneca / Australia / Eli Lilly / Glaxosmithkline / Johnson & Johnson / Merck / Novartis / Pfizer / Profit Shifting / Roche / Sanofi / Transfer pricing

Pharmaceutical companies accused of profit shifting not being taken to court

Posted On: July 28, 2015

None of the pharmaceutical companies that are accused of profit shifting have been taken to court, the Australian Taxation Office has said in written responses to the Senate inquiry into corporate tax avoidance. Earlier in July executives from the largest global pharmaceutical companies operating in Australia were hauled before the… – Continue reading

Barrick Gold / Congo / Glencore / Investments / Rio Tinto / Royalties / Transfer pricing / Zambia

Zambia U-turn makes mountain of investment

Posted On: July 28, 2015

FEW tax hikes have been timed so badly – and retracted so fast – as that imposed on mineral royalties by Zambia’s President Edward Lungu in January. After threats of divestment from major mining houses and an outcry from the country’s Chamber of Mines, the massive hike in royalty taxes… – Continue reading

Boeing / General Electric / Luxembourg / Priceline.com / USA / Verizon / Wal Mart

Kelly Conklin: Wal-Mart’s tax shelter is bad for small businesses

Posted On: July 27, 2015

Recent revelations that Wal-Mart, the world’s biggest corporation, is maintaining secret subsidiaries in well-known offshore tax havens are outrageous but far from surprising to small business owners. That’s because we’re used to seeing large corporations abuse the tax system in ways that hurt our businesses, communities and families. Wal-Mart’s hidden… – Continue reading

Goldman Sachs / Hong Kong / HSBC / Tax evasion investigations / United Kingdom / USA

HSBC Faces Threat Of FTSE Exit Over HQ Review

Posted On: July 27, 2015

HSBC could have to relinquish its membership of the FTSE-100 index if it moves its HQ to Hong Kong, Sky News understands. HSBC is wrestling with the potential loss of its membership of London’s blue-chip share index if it moves its headquarters back to Hong Kong after a 23-year absence…. – Continue reading

Aldi / Amazon / Germany / Google / United Kingdom

Britain’s favourite retailer is… Amazon! Poll reveals how much shoppers love online giant branded a tax avoider

Posted On: July 26, 2015

Amazon has topped a poll to find Britain’s favourite retailer – despite being dogged by allegations of tax avoidance and not paying staff well. The online retailer, which is also embroiled in a row over authors’ rights, came first in a huge survey of British consumers carried out by media… – Continue reading

Apple / EBay / Google / PayPal / Warnings

HMRC launches consultation in bid to crackdown on internet tax avoidance

Posted On: July 25, 2015

However, HM Revenue and Customs (HMRC) is warning people who haven’t renewed that their payments might stop if they don’t do so before the 31 July deadline. During the whole renewals period last year, 409,000 people renewed their tax credits and reported changes online. This failure costs the taxman billions… – Continue reading

Apple / EDF / EU / Fiat / France / Starbucks / State Aid

EDF hit with £1bn tax bill

Posted On: July 24, 2015

EDF is now an global player in providing electricity, relying on France’s 58 nuclear reactors, as well as developing new plants, notably the controversial Hinkley Point project in Britain. The European Commission’s investigation found the energy company, which is the main electricity provider in France, benefited from tax breaks that… – Continue reading

Bermuda / Capital gains / JPMorgan Chase & Co / Third Point Reinsurance / USA

Loeb Faulted for ‘Unconscionable’ Tax Scheme by Teachers

Posted On: July 24, 2015

Hedge fund manager Daniel Loeb was singled out for criticism by labor leaders who are urging the U.S. to limit investors’ ability to lower tax obligations through offshore reinsurance ventures. “When just one hedge fund takes advantage of this loophole, it means hundreds of millions of dollars are lost that… – Continue reading

Bank of Communication / China / Deutsche Bank / HSBC / Shares

Bank of Communications says to issue $2.45 bln offshore preference shares

Posted On: July 23, 2015

Bank of Communications Co Ltd , China’s fifth largest commercial bank based on total assets, said it would issue $2.45 billion offshore preference shares to third party investors, to replenish capital and enhance competitiveness. The proposed issue of 5.00 percent non-cumulative perpetual offshore preference shares will also drive transformation of… – Continue reading

BSI / HSBC / Julius Baer / Privatbank Bellerive / SB Saanen / Tax evasion investigations / USA

Two more Swiss banks strike deals with US over tax evasion

Posted On: July 23, 2015

WASHINGTON — Two more Swiss banks will pay penalties to the United States as part of settlements that mean they will not face criminal charges for helping Americans avoid taxes, US authorities said on Thursday. SB Saanen Bank AG will pay nearly $1.4m and Privatbank Bellerive AG will pay $57,000,… – Continue reading

BNP Paribas / China Construction Bank / HSBC / New York / USA

US regulators rebuke CCB over anti-money laundering loopholes

Posted On: July 22, 2015

US regulators are scolding China Construction Bank Corp. (CCB) for failing to spot money laundering. The rebuke comes after loopholes were in found in its New York branch to tackle the illegal movement of tainted money, according to the Wall Street Journal. No fines were announced. CCB, one of China’s… – Continue reading

Apple / Google / Intellectual Property / Investments / USA

As Apple’s offshore cash pile reaches $190B, US Congress moves closer to multinational tax reform

Posted On: July 22, 2015

Apple, Google, and other major U.S.-based multinationals may soon be able to bring more of their foreign-earned income back to American shores without facing a huge tax burden, as lawmakers are moving forward on a tax reform framework that could eliminate taxes on international earnings and authorize a one-time repatriation… – Continue reading

Abbott Laboratories / Germany / Glaxosmithkline / Inversion / Mylan / Naturwohl / Perrigo / Teva

Perrigo buying Naturwohl in new pharma deal

Posted On: July 22, 2015

Pharmaceutical industry acquisition target Perrigo (PRGO) Wednesday said it’s buying German pharmacy company Naturwohl Pharma GMbH, the latest transaction in the sector’s surge of mergers and acquisitions. Perrigo, operated from Michigan but headquartered in Dublin following a corporate tax inversion, did not disclose terms of the deal for Naturwohl and… – Continue reading

Brazil / EU / Google / Luxembourg / Netherlands / USA

Rexam’s predator seeks to play down competition concerns as EU launches probe into drinks can makers’ takeover

Posted On: July 21, 2015

The US can making giant vying to buy British industrial champion Rexam has sought to play down fears that the deal will stifle competition and could lead to higher prices. Earlier this year Ball Corporation swooped on Rexam in a £4.3billion takeover that will create the world’s largest beverage can… – Continue reading

Boeing / Gaming / General Electric / Luxembourg / Priceline.com / Profit Shifting / USA / Verizon / Wal Mart

Walmart’s tax havens hurt small businesses

Posted On: July 21, 2015

Recent revelations that Walmart, the world’s biggest corporation, is maintaining secret subsidiaries in well-known offshore tax havens are outrageous but far from surprising to small business owners. That’s because we’re used to seeing large corporations abuse the tax system in ways that hurt our businesses, communities and families. Walmart’s hidden… – Continue reading

AB InBev / Amazon / Barclays / BNP Paribas / Coca-Cola / EU / Europe / Facebook / Fiat Chrysler Automobiles / Google / HSBC / Ikea / Luxembourg / McDonalds / Royalties / Tax evasion investigations / Walt Disney Co.

European Parliament mulls lobby ban for big companies

Posted On: July 20, 2015

The European Parliament’s special tax committee is seeking to punish multinationals for refusing to send representatives to a hearing in June by revoking lobbyist passes and preventing access to senior European Commission officials. AB InBev, AmazonEU, Barclays Group, Fiat Chrysler Automobiles, Google, HSBC Bank, Ikea, McDonalds and The Coca-Cola Company… – Continue reading

Barclays / Double Taxation / EU / Glaxosmithkline / Israel / Rolls-Royce / Unilever / United Kingdom

British trade boost: How UK firms profit from Middle East commerce

Posted On: July 20, 2015

Lord Sieff, then head of food at Marks and Spencer, returned from 1950s Israel having inked an agreement with horticulturalist Gordon Bickel to buy his gypsophila spray carnation. More than half a century later Bickel’s firm, Carmel Agrexco, has expanded from what he calls the ‘white gold’ that was behind… – Continue reading

Europe / Hong Kong / HSBC / Offshore

Court Gutters Privilege Case for Foreign Accounts

Posted On: July 20, 2015

PHILADELPHIA (CN) – Business owners cannot use privilege to shield offshore bank accounts that drew scrutiny from U.S. tax authorities, the Third Circuit ruled. The July 17 decision comes at a contentious time for HSBC, which reached a $1.9 billion settlement with the Department of Justice in December on charges… – Continue reading

Africa / Forms / Germany / HSBC / Italy / KPMG / Offshore / Offshore Fund / South Africa / Switzerland / Turkey

Tax disclosure programme has some flaws, say experts

Posted On: July 20, 2015

HE Voluntary Disclosure Programme introduced in 2012 to encourage taxpayers to regularise their affairs has some flaws that need addressing to be able to expose the real amount of money that has left SA illegally. Tax experts warn that the process in SA is relatively expensive, there are uncertainties because… – Continue reading

Apple / Australia / Google / Hewlett-Packard / Ireland / Microsoft / Puerto Rico / Singapore / Tax Laws / Transfer pricing / USA

Microsoft, IRS going to court over longtime tax scrutiny

Posted On: July 18, 2015

The IRS’ investigation into Microsoft books centers on how the company uses its overseas subsidiaries for tax purposes. The company says the IRS audit has gone on long enough and the federal agency improperly hired an outside law firm to help in the investigation. Microsoft and the federal government have… – Continue reading

Aldermore / Banking / EU / G7 / HSBC / Shares / Shawbrook / Virgin Money

UK steps up efforts to help new banks, rejects tax critics

Posted On: July 17, 2015

The British government said on Thursday it would step up efforts to boost competition in banking and rejected criticism that its tax changes would leave the sector worse off, Reuters reports. The government surprised banks earlier this month by announcing a new eight per cent surcharge on profits from January,… – Continue reading

Apple / Automatic Exchange of Information / Double Taxation / Google / HSBC / Ireland / Jurisdiction / Luxembourg / Netherlands / South Africa / Tax Information Exchange Agreements

Cross-border action raises tax risks

Posted On: July 17, 2015

The rising exchange of information between countries is also leading to the disclosure of more details about these taxpayers’ affairs. Along with other countries, SA is paying closer attention to its residents’ cross-border activities. But while compliance is necessary, industry experts warn that overly aggressive tax enforcement in SA could… – Continue reading

Dividends / Double Taxation / General Electric / Hutchison Whampoa / India / Investments / Legislation / Netherlands / Nokia / Royal Dutch Shell / Timken / Vodafone

India: Recent Developments Regarding Minimum Alternative Tax

Posted On: July 15, 2015

Over the past few months, several foreign portfolio investors registered in India have received notices from the Indian tax authorities demanding payment of Minimum Alternate Tax in respect of transactions which took place over the course of prior assessment years. The Indian Government has indicated that it could raise several… – Continue reading

Alibaba / Australia / Base Erosion & Profit Shifting / G20 / Google / Legislation / OECD / United Kingdom / USA

Treasurer Joe Hockey says United States is looking to take share of Australia’s tax base

Posted On: July 15, 2015

Treasurer Joe Hockey has taken aim at the United States for dragging its feet on taxing multinationals such as Google, and says the Obama administration now wants to come after Australia’s tax base. Australia has been working with the United Kingdom on a local version of Britain’s ‘Google tax’ to… – Continue reading

Barclays / Double Taxation / HSBC / RBS's / Standard Chartered / United Kingdom

UK: Bank levy could hit ‘challenger’ banks hard

Posted On: July 14, 2015

Investors need to scrutinise the impact of new tax measures on the banking sector after the Budget created clear winners and losers, managers have claimed, the FT Advisor reports. Last week Chancellor George Osborne revealed in his first Conservative Budget that the annual levy UK banks must pay – based… – Continue reading

Base Erosion & Profit Shifting / Capital gains / Commerzbank / Germany / Hypovereinsbank / Italy / Luxembourg

Unicredit’s German unit in talks to strike tax deal with authorities – sources

Posted On: July 14, 2015

HypoVereinsbank, the German arm of Italy’s UniCredit, is in talks with German prosecutors to pay a fine to put two tax probes behind it, two people familiar with the matter said. HypoVereinsbank and the Cologne prosecutors declined to comment on the development, which was first reported by German daily Sueddeutsche… – Continue reading

Anti money laundering / HSBC / Switzerland / Tax evasion investigations

HSBC should have done more over ‘industrial’ tax avoidance at Swiss arm – Green

Posted On: July 14, 2015

Lord Green has admitted more should have been done to uncover “industrial” tax avoidance practices at a Swiss arm of his former bank HSBC. The peer – who served as David Cameron’s trade minister for three years after stepping down as HSBC chairman in 2010 – said he did not… – Continue reading

Amazon / Double Taxation / Facebook / Google / Isle of Man / Permanent establishment / Starbucks / Tax Planning / United Kingdom

‘Google tax’ – a step into the unknown

Posted On: July 14, 2015

Special Business News article by Rob Rotherham, KPMG tax division senior manager, on the effects of the UK Budget. With effect from April 1, 2015, the UK Government introduced a new tax: the Diverted Profits Tax. (DPT). The DPT is aimed at countering the use of aggressive tax planning techniques… – Continue reading

Amazon / Apple / Dividends / Estonia / EU / Europe / Fiat Finance and Trade / Gazprom / Intellectual Property / Ireland / Luxembourg / Netherlands / Poland / Starbucks / State Aid / Tax Laws / Transfer pricing

Ireland’s sweetheart tax deals under threat as EU investigates

Posted On: July 14, 2015

European Commission to issue decisions on four test cases, including Apple in Ireland, Until a few months ago, the medieval town of Athenry in County Galway owed its fame mainly to a song. Irish rugby and football fans often burst into stirring renditions of “The Fields of Athenry”, a ballad… – Continue reading

Annual Returns / Coutts / HSBC / Ingenious Media / Royal Bank of Scotland Group PLC / Tax evasion investigations / UBS / United Kingdom

Ingenious, HSBC, UBS and Coutts sued by ‘tax avoidance’ clients

Posted On: July 13, 2015

Private client banks such as Royal Bank of Scotland’s Coutts, HSBC and UBS have been sued by clients for wrongly advising them to invest in film investment specialist Ingenious as its schemes have since been labelled by tax authorities as tax-avoidance vehicles. Ingenious Media and around 50 other associated financial… – Continue reading

Capital gains / Dividends / Double Taxation / General Electric / India / Investments / Legislation / Mauritius / Netherlands / Nokia / Offshore Companies / Royal Dutch Shell / Timken / USA / Vodafone

India: recent developments regarding Minimum Alternate Tax

Posted On: July 13, 2015

Apple / EU / Google / Investments / Ireland / Microsoft / Profit Shifting / United Kingdom

Uncertainty over ‘Brexit’ likely to delay investment in UK, Irish IDA chief warns

Posted On: July 12, 2015

Multinationals were probably waiting for result of British referendum on EU before deciding where to locate, says head of Irish investment authority Global corporations will think twice about investing in the UK while uncertainty reigns over Britain’s European Union membership, according to the head of the Irish state body that… – Continue reading

Coutts / HSBC / Investments / Royal Bank of Scotland Group PLC / UBS / United Kingdom

Wealthy City investors sue finance firm Ingenious over film investments

Posted On: July 11, 2015

Wealthy City investors are suing finance firm Ingenious along with banks Coutts and HSBC over the billion-pound film production schemes that Revenue & Customs has labelled tax avoidance vehicles. More than 100 investors, including Ken Costa, former chairman of investment bank Lazard, and Christian Hess of investment bank Investec, have… – Continue reading

Barclays / HSBC / Royal Bank of Scotland Group PLC / Switzerland / United Kingdom

Banks’ gripes about tax changes are just hot air

Posted On: July 10, 2015

Given the way its corporation tax rate is going, Britain may soon be seen as the world’s the biggest offshore corporate tax haven. We might even have to rename Henley-on-Thames Zug-on-Thames after the Swiss City (and canton) that hedge funds, mining companies and other entities none to keen on paying… – Continue reading

Apple / Google / Mexico / South Africa / South Korea / Turkey

Google, Apple app prices up 10 pct on new tax rule

Posted On: July 10, 2015

Prices for smartphone applications sold in South Korea through Google and Apple platforms rose 10 percent starting this month, industry sources said Friday, as the government started imposing taxes on overseas-based open markets. According to the sources, U.S. tech giants Google Inc. and Apple Inc. rolled out new price policies… – Continue reading

Asia / Hong Kong / HSBC / Offshore Banking / Offshore Companies / UAE / United Kingdom / Zurich

Banking on Asia: Fund distributor with HSBC

Posted On: July 10, 2015

HSBC Global Asset Management head of internationals Mark Newsam explains why he identifies Asia as potentially the strongest future growth opportunity for the group’s offshore business. How big is HSBC Global Asset Management within the inter-national space? HSBC Global Asset Management is the investment management business of the HSBC Group,… – Continue reading

Ferrari / Fiat Chrysler Automobiles / Italy

Fiat Chrysler Says Ferrari Will Continue To Be Italian Tax Resident

Posted On: July 9, 2015

(RTTNews.com) – Fiat Chrysler Automobiles N.V. (FCAU) on Thursday confirmed that the proposed separation of Ferrari from itself, does not and will not entail a change in the tax residence of Ferrari. The announcement by Fiat is in response to comments and opinions that are now circulating regarding the shift… – Continue reading

Banking Secrecy / Double Taxation / EU / Greece / HSBC / Investments / Switzerland / Tax cheats / USA

Swiss Poised To Support Greek Tax Amnesty

Posted On: July 9, 2015

Swiss Poised To Support Greek Tax Amnesty by Matthew Allen, swissinfo.ch Struggling to pay off more than €300 billion (CHF313 billion) in debts, Greece is banking on Switzerland to help it recover a treasure trove of undeclared assets that tax cheats have stashed in alpine vaults. But anti-tax haven campaigners… – Continue reading

HSBC / USA

House of Lords to grill ex-HSBC chairman in tax evasion row

Posted On: July 9, 2015

The controversy surrounding tax evasion strategies used by HSBC’s Swiss private banking arm will be reignited next week when Stephen Green, the former boss of the bank, faces questions in the House of Lords. Lord Green, who left HSBC to become trade minister in 2011, will give evidence to the… – Continue reading

Anti money laundering / JPMorgan Chase & Co / Mexico / USA

N4T Investigators: Banks accusing border businesses of money laundering, locals say

Posted On: July 9, 2015

A recent report from the U.S. Treasury Department pinpoints U.S. banks as the source for more than $300 billion a year in dirty money. That leads to big fines for banks. But on the U.S.-Mexico border, it’s small business owners who are being blamed. Nearly a quarter million head of… – Continue reading

AbbVie / Alexion Pharmaceuticals / Horizon Pharma / Hospira / Inversion / Ireland / Pfizer / Synageva / Vidara Therapeutics

Horizon launches $3bn hostile bid for Depomed

Posted On: July 8, 2015

Ireland’s Horizon Pharma has launched a hostile takeover bid for Depomed of the US after being frustrated in its efforts to enter negotiations about combining the two companies. Horizon was a US company until September 2014 when it closed a $660m takeover of Irish company Vidara Therapeutics just days before… – Continue reading

Category: F-J

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