Swiss banks, for decades the bastions of secrecy, are preaching the virtue of transparency to their U.S. clients as they try to head off billions of dollars in potential fines for helping Americans evade taxes. Faced with the threat of penalties that could bankrupt some of them, almost 100 of… – Continue reading
The ‘Green Governor’ has a reputation for innovative thinking and problem solving. He is renowned for his support of the agriculture sector and his focus on SME as well as green banking. As one of the most progressive and well-respected Central Bank Governors in the world, United World discusses Bangladesh’s… – Continue reading
Historically taxpayers have faced difficulty overcoming a presumption against a change in domicile to a foreign jurisdiction. Intellectual property generally will be the most valuable asset held by technology companies and, in fact, many other business entities across all sectors of the economy. A recent analysis of S&P 500 companies… – Continue reading
In the five years since the eurozone crisis exploded, the European Union has adopted a great number of measures to improve its fiscal governance. Yet amazingly, it still does not have a robust, harmonized way of measuring and monitoring the financial activities of its member states, reports the Wall Street… – Continue reading
A new watchdog team of the revenue authority is ready to start operation to check transfer mispricing by the multinational companies (MNCs) on their tax returns as such trick is allegedly used in underhand cross-border transactions. The revenue board recently completed appointment of officials for enforcing the measure. It was… – Continue reading
Listed companies in developed market could be avoiding as much as $82b annually London: Listed companies in developed markets are avoiding at least $82 billion (Dh301 billion) of tax a year by using tax havens and other minimisation strategies, according to detailed analysis of more than 1,000 businesses. The revelation… – Continue reading
SINGAPORE, April 12 (Reuters) – The Singapore trading hubs of the world’s largest commodity companies are coming under scrutiny from the governments of some resource-producing countries who say they suspect they are using units in the Southeast Asian financial centre to avoid tax. Some of the world’s largest oil, mining… – Continue reading
The key is to arrive at a Goldilocks mean — rolling out tax-friendly policies while being firm with incorrigible offenders A phrase first used by Prime Minister Narendra Modi while addressing a group of businessmen in the run-up to the elections last year has now come back to haunt his… – Continue reading
There was a moment on Tuesday evening – hours before the first public hearing of the Senate inquiry into corporate tax evasion – when Treasurer Joe Hockey and his advisers should have sensed a firestorm approaching. Sandwiched between a story on a Gold Coast diet blogger accused of pinching other… – Continue reading
An Australian Senate parliamentary committee hearing on Wednesday was dominated by the fire and brimstone of Labor and Greens politicians directed against tax avoidance by major corporations. Labor Senator Sam Dastyari called on Australian Tax Commissioner Chris Jordan to “name some of Australia’s worst corporate offenders,” declaring that they “should… – Continue reading
Australia is well placed to leverage international work to tackle base erosion and profit shifting (BEPS), but cannot act unilaterally, Rosheen Garnon, KPMG’s National Managing Partner, Tax, has told the Senate inquiry on corporate tax avoidance. “Our view is that there are fundamental changes that are going on with the… – Continue reading
Representatives from “Big Four” accounting firm Deloitte were up before the Senate tax inquiry on Friday morning. They were keen to dispel any notion that their firm would have any involvement in tax avoidance. Senator Christine Milne asked if they were aware of the Deloitte document “Investing in Africa though… – Continue reading
Treasurer Joe Hockey is working on new laws to counter tax avoidance by global companies, but the OECD is urging countries not to go it alone. The Paris-based institution has been working on a so-called base erosion and profit-shifting action plan through the G20 since 2013 and is aiming to… – Continue reading
NEWS Corp Australia CEO Julian Clarke has dismissed claims the company is avoiding tax and has called for video streaming service Netflix to be subject to GST payments. Fronting the Senate ¬inquiry into tax avoidance in Sydney yesterday, Mr Clarke refuted Fairfax reports News Corp was channelling billions in revenue… – Continue reading
Major accounting firms say they are not doing anything illegal in helping corporations to minimise tax liabilities. KPMG’s managing partner Rosheen Garnon faced the second day of the Senate inquiry into tax avoidance, which has so far heard Australia is missing out on billions of dollars in tax every year… – Continue reading
One of the most senior judges in the United Kingdom, speaking to Cayman’s judiciary and legal fraternities last week, said the jurisdiction chosen for a legal dispute can often be the deciding factor for many cases. Lord Mance, a justice for the Supreme Court of England and Wales, sits on… – Continue reading
Tax and business consultants KPMG are warning the government to be cautious in reforming corporate tax law in its moves to target offshoring of corporate profits. In its submission to the Senate inquiry examining corporate tax avoidance, KPMG said while governments need to ensure they are receiving appropriate amounts of… – Continue reading
Executives tell Senate inquiry paying tax overseas for Australian sales is how the global tax system works, while News Corp Australia demands Netflix pays GST Senior executives from three major tech firms have defended corporate structures which allow most of the revenue from their Australian operations to be taxed in… – Continue reading
Expats face special challenges in filing taxes Doha, 8 April 2015: With the US tax season in full swing, PwC’s US compliance tax and advisory team are helping Qatar residents with US interests to navigate the complex intricacies of US tax law. For those living in Qatar, the need to… – Continue reading
New York, NY, April 08, 2015 –(PR.com)– The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Conor Crowley, Managing Director, Vizor Software will speak at a 2-hour webcast entitled “FATCA for Government Agencies: What You Need to Know in 2015… – Continue reading
Mary Lou McDonald named six former politicians last December The Dáil disciplinary committee says Mary Lou McDonald abused her parliamentary privilege in remarks about alleged tax evasion. The Committee on Procedures and Privileges says the Sinn Féin deputy leader should not have named six former politicians – who were alleged… – Continue reading
Tax breaks for research and development should be targeted to smaller technology start-ups, rather than big companies that will most likely make the investments regardless of incentives, Google Australia will tell the senate inquiry into corporate tax avoidance. Google Australia’s managing director, Maile Carnegie, will be appearing before the inquiry… – Continue reading
Mylan-Perrigo deal would combine two generic drugmakers that recently left the U.S. for Europe. NEW YORK — In a deal that would combine two generic drugmakers that recently left the U.S. for Europe, Mylan says it wants to buy Perrigo for $205 per share, or $28.86 billion. Shares of both… – Continue reading
Apple, Google and Microsoft have faced an Australian Senate inquiry into corporate tax avoidance on Wednesday. The tech giants have given evidence to a committee regarding the low amounts of tax paid locally in comparison to their profits. From the coy responses of the big three, one may come to… – Continue reading
HELSINKI–(BUSINESS WIRE)–Regulatory News: Nokian Tyres plc (HEX:NRE1V) Stock Exchange Release 7 April 2015 3:15 p.m. Board of Adjustment annulled the reassessment decision against Nokian Tyres plc concerning tax years 2007-2010 The Board of Adjustment annulled the reassessment decision from the Tax Administration, according to which the Company was obliged to… – Continue reading
New freedoms mean you can move your pension abroad. We show you where you’ll pay the least tax It is the ultimate dream for many people – to work hard, build up a nest egg and retire abroad to a climate with year-round sunshine. Now there is an added financial… – Continue reading
Shenzhen authorities have started to lift the sales ban against projects by Kaisa Group Holdings, but troubles are far from over for the developer. The city restricted Kaisa from selling thousands of flats four months ago, which quickly pushed the developer to the brink of bankruptcy as its cash flow… – Continue reading
The Abbott government is facing overwhelming angst about the issue of corporate tax avoidance and the threat to weekend penalty rates in a string of seats it must retain to win back government. Polling obtained by Fairfax Media found more than nine out of 10 people in the NSW bellwether… – Continue reading
A SENATE inquiry will examine the tax arrangements of the biggest technology companies in the world today. The tactics used by companies to minimise their Australian tax bills will be under the spotlight, as well as what more could be done to ensure multinationals pay their way. After Treasurer Joe… – Continue reading
Rupert Murdoch’s media empire in the US has siphoned off $4.5 billion of cash and shares from his Australian media businesses in the past two years, virtually tax free. According to calculations by University of NSW accounting academic, Jeffrey Knapp, over the past 10 years, Mr Murdoch’s companies here have… – Continue reading
Till March 31, close to 100 FIIs got notices from the Tax Department for a controversial Minimum Alternate Tax (MAT) of 20 per cent, while they are now being followed up with Assessment Orders. In the biggest-ever tax demand slapped on them, nearly 100 foreign funds have been asked to… – Continue reading
Law360, New York (April 06, 2015, 4:47 PM ET) — Microsoft Corp. recently brought to light the IRS’ hiring of litigators from Quinn Emanuel Urquhart & Sullivan LLP to assist with examining the tech company’s transfer pricing activities, and some tax professionals say the agency’s unprecedented move is troubling. In… – Continue reading
Golf star Rory McIlroy is more likely to settle in the US and not Dubai, despite becoming a tax resident there, his manager has said. Donal Casey, chief executive of Rory McIlroy Inc, made the comments in response to reports by The Sunday Times describing the world number one golfer… – Continue reading
Warning from Corn Flakes maker comes amid international pressure to close tax loopholes Kellogg’s has warned that its profits could be hurt by the international drive against tax avoidance, which is targeting structures that benefit multinationals. The US-based maker of Corn Flakes, Rice Krispies and Coco Pops is worried that… – Continue reading
The likely centrepiece of Treasurer Joe Hockey’s assault on multinational profit-shifting – a so-called “Google tax” – risks breaking Australia’s international tax treaties, the Parliamentary Budget Office has found. The independent adviser warned that the unilateral introduction of a “diverted profits tax” like ones being considered by Australia and Britain… – Continue reading
Inquiry sparked by leaked Luxembourg files naming the sovereign wealth fund among dozens of Australian companies using elaborate structures to cut tax bills The $100bn Future Fund has refused to give evidence to a Senate inquiry into corporate tax avoidance despite being named in leaked documents last year among scores… – Continue reading
April 2: Guidance from the State Bank of Vietnam provides financial institutions and branches an automatic 90-day extension of time in which to file their FATCA reporting forms. Therefore, financial institutions have until 30 June 2015 to file their FATCA reports to the U.S. tax agency (IRS). KPMG observation Pending… – Continue reading
An agreement to lower the mainland withholding tax for aircraft and ship leasing is a crucial first step towards realising the Hong Kong government’s ambition of making the city an international centre for financing a global aviation industry that will need US$4.6 trillion worth of planes in the next two… – Continue reading
A new circular says multinational corporations like Google and Facebook will pay taxes on online business with Israelis. Foreign Internet companies and another other foreign corporation with significant business in Israel must register with the VAT authorities as authorized dealers, and their transactions are liable to VAT. Under certain conditions,… – Continue reading
Tax Commissioner Chris Jordan has pledged the Australian Taxation Office will beat a budget target of hitting $1.1 billion in revenue from multinationals by 2017, and says it expects to clock much of it by the end of the year through audits of technology companies. In an interview with Fairfax… – Continue reading
On March 19, 2015, the Cayman Islands Tax Information Authority (“TIA”) officially opened the Cayman Automatic Exchange of Information (“AEOI”) Portal. Reporting Process The TIA indicated that the Portal is now available for Cayman Islands Reporting Financial Institutions (“Cayman Reporting FIs”) to submit their Notification (due by April 30, 2015)… – Continue reading
Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is… – Continue reading
New York, NY (April 1, 2015) – Attorney General Eric T. Schneiderman today announced the indictment of individuals charged with conspiring to abuse the unique 19th century America’s Cup Charitable Trust to shelter profits to the offshore tax havens in Bermuda, Guernsey, and The Isle of Man. Beginning in January… – Continue reading
Australia’s biggest 900 companies claimed tax deductions and exemptions worth a total $25 billion last year – enough to wipe out two-thirds of the current federal budget deficit at a stroke. As Treasurer Joe Hockey prompted a national “conversation” about tax reform, including the prospect of a higher and broader… – Continue reading
Japan is the latest global financial hub to start making inroads into Islamic finance, a move that could help strengthen regional economic ties and give its lenders an edge in winning business in markets whose growth prospects far outpace their home turf, reports Reuters. Tokyo has long been a major… – Continue reading
Remember that $2.1 trillion of corporate tax profits parked overseas? Well, it’s still there (and growing every day) and politicians are still trying to find a way to lure or compel companies to bring it home. On Monday, President Obama sent a $478 billion transportation bill to Congress funded largely… – Continue reading
Like a savvy bargainer on a used car lot, big multinational corporations have mastered the art of feigning indifference and walking away. What they walk away with is their profits, stockpiling them abroad where they legally remain untaxed until returned to the United States. Then these corporations threaten to keep… – Continue reading
(Bloomberg) — Kaisa Group Holdings Ltd., the Chinese developer in talks to restructure its debt after being tied to a graft probe, postponed its results announcement for 2014 because auditors need more time to verify its accounts. There may be a “significant adjustment” to its unaudited accounts, Shenzhen-based Kaisa said… – Continue reading
(Reuters) – European Union antitrust regulators have asked Luxembourg for more information on its tax rulings on McDonald’s after labour unions and a charity accused the U.S. fast food chain of avoiding taxes, a person involved in the issue said on Tuesday. Umbrella organisations for unions representing millions of workers… – Continue reading
As growth slows, the government toughens its stance on the tax practices of foreign businesses. China’s slowing economy and fiscal readjustment have led central and local governments to begin a crackdown on foreign corporate tax breaks in a search of higher revenue. The central government has become increasingly vigilant against… – Continue reading
