ESPN FC’s Fernando Palomo previews the upcoming UCL action, highlighting that Barcelona will have to learn to play without Messi. Also Mou faces his old Club, while Bayern may be playing at their best. Barcelona star Javier Mascherano was charged with two counts of defrauding the Spanish tax authorities of… – Continue reading
Jeremy Corbyn’s shadow chancellor has caused a stir with his idea that big businesses should pay their taxes. Speaking at the Labour Party conference in Brighton, John McDonnell named and shamed big companies over their tax arrangements. ‘Labour’s plan to balance the books will be aggressive,’ he said. ‘We will… – Continue reading
A Labour government would target Starbucks, Amazon and Google and force them to “pay their fair share of taxes”, the shadow chancellor has warned. John McDonnell promised to tackle the deficit by targeting corporate tax avoiders and not by hitting the poorest in society. In his first speech to the… – Continue reading
India must align domestic laws with international treaties A recent ruling of the Punjab & Haryana High Court (HC) in the Serco BPO case has once again underlined the need for consistency between tax policies and the jurisprudence that evolves around it, thus, leaving little to interpretational hazards. The HC,… – Continue reading
French economist Gabriel Zucman, a protégé of Thomas Piketty, has a new book outlining how to avoid this. To Gabriel Zucman, protégé of rock star French economist Thomas Piketty, the United States is starting to look a lot like Europe in the late 1800s. “There’s been this great reversal where,… – Continue reading
The Department of Justice announced today that Migros Bank AG (Migros) and Graubündner Kantonalbank (Graubündner) have reached resolutions under the department’s Swiss Bank Program. These banks will collectively pay penalties totaling more than $18 million. “It is abundantly clear from the agreements reached to date that for decades, many foreign… – Continue reading
The UK’s tax treatment of US limited liability companies (LLCs) will remain mostly unchanged despite a recent Supreme Court decision in favour of the taxpayer, HM Revenue and Customs (HMRC) has confirmed.25 Sep 2015 HMRC said that the decision of the UK’s highest court in favour of George Anson, a… – Continue reading
ATO to force Uber drivers to pay GST Uber is to mount a legal challenge against the Australian Tax Office after a decision to force drivers to register and pay GST. Prime Minister Malcolm Turnbull has praised ride-sharing company Uber as part of the “agile” economy he envisages for Australia…. – Continue reading
Reading companies’ annual reports to the Securities and Exchange Commission is a reliable cure for insomnia. Every so often, though, there is a significant revelation in the paperwork. Last year, one of the most important revelations came from Microsoft’s filings, which spotlighted how the tax code allows corporations to enjoy… – Continue reading
The increasingly international nature of business will lead to complications and disruptions that may plague the future of audit, according to PwC. A recently-released PwC report, Global Tax Transparency and Risk Management – part of the ‘Tax Function of the Future’ series – notes that the number and size of… – Continue reading
TORONTO (miningweekly.com) – The world’s largest precious metals streaming firm Silver Wheaton is set to challenge the Canadian Revenue Agency (CRA) over the agency’s decision to reassess the company’s 2005 to 2010 tax years and collect taxes on income earned by Silver Wheaton’s offshore subsidiaries. The TSX– and NYSE-listed company,… – Continue reading
Two more Swiss banks will pay fines to the United States as part of settlements that mean they will not face criminal charges for helping Americans avoid taxes, U.S authorities said on Friday. Migros Bank AG will pay approximately $15 million and Graubündner Kantonalbank will pay $3.6 million, the U.S…. – Continue reading
Pretoria – The constant stream of new data requirements by the South African Revenue Service from South Africa’s major banks is costing the sector millions of rand and affecting the economy and banking costs. Tax heads at the banks raised questions during the recent Tax Indaba in Sandton about the… – Continue reading
The government in the tiny Swiss canton of Zug has been forced to admit the previously unthinkable: its famously low tax rates, which have attracted a host of companies and celebrities, may have to rise. Facing a series of financial blows — including the effects of a strong Swiss franc… – Continue reading
Honda’s manufacturing plant in India, one of the emerging countries where many Japanese companies are in disputes with local tax authorities. TOKYO — Many Japanese companies operating in emerging countries are grappling with taxation problems they would never face in major industrial nations. Honda Motor, for instance, has gotten embroiled… – Continue reading
Tax avoidance is a key problem for European countries, with the EU taking several steps to try and limit the ability of businesses to shift their profits to low-tax jurisdictions. Peter Dietsch writes on the nature of the problem and what can be done to tackle it. He argues that… – Continue reading
Just under Rs 500 cr declared so far, officials hope for surge in last six days. With only six days to go before a compliance window to declare offshore assets closes, officials say several thousand applications are in but the total amount declared so far seems very little. Until last… – Continue reading
US taxpayers with secret bank accounts in Belize are about to feel the full force of the Internal Revenue Service (IRS). A federal court in Miami has issued summonses against Belize Bank International and Belize Bank aiming to identify accounts controlled by US taxpayers from 2006 until 2014. Belize banks… – Continue reading
BHP Billiton has defended the use of a Singapore marketing hub to minimise its tax payments, saying most of its Australian profits continue to be taxed in its home country. The resources giant, which came under fire earlier this year over allegations of tax avoidance, says its global adjusted effective… – Continue reading
The bench comprising justices Anil R. Dave and A.K. Goel said the case would be heard fully New Delhi: The Supreme Court on Tuesday admitted the income tax department’s appeal against a 2013 Andhra Pradesh high court ruling that said that France-based Sanofi SA was not required to pay tax… – Continue reading
BHP Billiton has warned any move by Australia to single-handedly combat corporate profit shifting could spark a backlash from other nations that is likely to ultimately harm local companies. Finance director Peter Beaven says while action on so-called base erosion and profit shifting is needed, it must be part of… – Continue reading
Valeant is famous for wringing cost savings out of its buyouts, and its tax-advantaged Canadian domicile helps on that front. Now, it’s leveraging another address to pare down Salix’s tax bill by more than $560 million. But how? According to documents seen by The Wall Street Journal, the strategy used… – Continue reading
Finance ministers of euro zone’s major economies renewed on Tuesday their commitment to curb multinational corporations’ tax avoidance and called for more consistent rules to reduce “harmful” tax competition. Multinational companies have long been in the sights of European Union authorities because of the way they can legally reduce their… – Continue reading
What constitutes an HNI is a tricky question? In general parlance, HNIs are understood to be the individuals with ultra-high networth with deep pockets having surplus investible funds. As per the Credit Suisse global wealth report, currently India is home to around 1,500 ultra-high networth individuals with wealth of at… – Continue reading
(Seychelles News Agency) – The Central Bank of Seychelles (CBS) says it is engaging with Barclays Bank Seychelles to ensure that clients have sufficient time to shift their deposits in their offshore bank accounts, following a recent decision by Barclays to discontinue its banking services for non-residents in foreign currencies…. – Continue reading
Measures aimed at ensuring companies disclose more information to authorities Ireland is to become one of the first countries to introduce measures aimed at ensuring multinationals disclose more information to tax authorities. In the upcoming budget, the Government will introduce moves obliging multinationals to draft country-by-country reports on their global… – Continue reading
Former Real Madrid midfielder Xabi Alonso has denied that he is guilty of defrauding Spain’s tax authorities. The country’s revenue services claim that Alonso – currently with Bayern Munich – defrauded the state by having his image rights paid to companies based in overseas countries. A complaint has been lodged… – Continue reading
Oil and gas multinational Chevron has come under fire in Australia for using Bermuda for tax avoidance. US-based Chevron, along with Anglo-Dutch firm Shell and the American ExxonMobil, is set to begin production at the massive Gorgon gasfield off the coast of Western Australia. But Chevron has been grilled by… – Continue reading
Unpredictable and excessive taxes are pushing the British banking sector to the brink, according to a major new report by a leading industry body, reports City AM. The British Bankers’ Association (BBA) and PwC reveal that the UK banking sector contributed an estimated total of £31.3bn in taxes last year,… – Continue reading
Companies would save €1bn per year in administrative costs if the European Union adopts a common approach to corporate taxation, EU Economic and Tax Commissioner Pierre Moscovici has claimed. The former French finance minister has posted an article to his online blog calling for a mandatory EU common consolidated corporate… – Continue reading
The Indian Government must assure investors that it is committed to improving its legal framework, including the tax code, if it is to meet its economic objectives, a senior US State Department official has said. Ahead of Indian Prime Minister Narendra Modi’s visit to the US this week, Nisha Desai… – Continue reading
Weekly News obtains Land Registry report showing owners Runcorn One Ltd is registered to Guernsey. Other properties and land in Runcorn, Widnes, Frodsham and Daresbury also owned by firms registered offshore Surprise has been voiced by Runcorn councillors over the revelation that Runcorn Shopping Centre is owned by an offshore… – Continue reading
(Corrects first and sixth paragraphs to make clear Intertrust does not provide tax advice) (Reuters) – Intertrust, which provides tax and regulatory compliance services to 17,000 companies, said on Monday it will seek an initial public offering (IPO) of shares on the Euronext stock exchange. The Amsterdam-based company did not… – Continue reading
(CNS Business): A number of lawyers in Cayman have been recognised for their excellence in the field of asset recovery, which is an area providing a buoyant stream of work, despite the relative slowdown in cases connected with the global financial crisis. The Who’s Who Legal guide to Asset Recovery… – Continue reading
Industry welcomes move by Singapore’s financial regulatory authority to go public with tax criticism of ARFP passport scheme. They say it could force Australia and Korea into a corner. Industry figures have welcomed a move by the Monetary Authority of Singapore (MAS) to go public with the reasons it declined… – Continue reading
Accounting firm joined revenue minister at speech while fighting court order Top Conservative cabinet ministers met publicly with senior staff from KPMG’s tax division, and one went so far as to promote the firm, even as the Canada Revenue Agency was alleging the company set up an offshore tax “sham”… – Continue reading
New Delhi, Sept. 20: A bilateral investment treaty between India and the US is unlikely to be finalised before Prime Minister Narendra Modi’s visit to America later this week. Both Modi and US President Barack Obama have been pushing their respective bureaucracies to prepare the pact. Modi will be in… – Continue reading
China’s State Administration of Taxation on 17 September 2015 released a discussion draft of proposed guidance relating to “special tax adjustments”—including those concerning transfer pricing—for public consultation. It is anticipated that this guidance could be finalized by the end of 2015, and once final, would replace the existing transfer pricing… – Continue reading
High-net-worth, tax-evading South Africans will soon have nowhere to hide, because in future income tax returns will specifically ask them to declare if they have offshore trusts, or directly or indirectly control an offshore trust, Judge Dennis Davis, the convener of the Davis Tax Committee, says. If the South African… – Continue reading
On Friday, Coca-Cola Co. said that it may owe the IRS an extra $3.3 billion in federal income taxes. According to the company, the Internal Revenue Service found after a five-year-long audit that the soft drink giant may owe the federal government $3.3 billion along with interest for the 2007… – Continue reading
European Commission president Jean-Claude Juncker has denied involvement in sweetheart deals that allowed hundreds of multinationals to slash their tax bills by locating to Luxembourg, despite being prime minister of the country for almost 20 years, reports the Financial Times. Facing questions from a committee of EU lawmakers set up… – Continue reading
CORNING — Corning Inc.’s handling of profits it earns overseas has quickly become an issue in the 2016 presidential campaign. The Fortune 500 company’s refusal to bring back to the U.S. more than $12.4 billion in overseas profits first drew criticism from U.S. Sen. Bernie Sanders, an independent from Vermont…. – Continue reading
Galway Bay FM Newsroom – Supermac’s boss Pat McDonagh has spoken out against McDonald’s alleged tax avoidance schemes which could have reportedly cost the EU almost 4 billion euro. It follows a meeting of the European Parliaments TAXE Committee today to investigate the 3.7 billion euro tax avoidance. It’s alleged… – Continue reading
U.S. authorities have targeted Belize-based banks in a new expansion of their hunt for Americans suspected of evading taxes by hiding income and assets in offshore accounts. A federal court in Miami on Wednesday approved special “John Doe” legal summonses seeking information about U.S. taxpayers who may hold undeclared accounts… – Continue reading
Jay Fishman, who built New York-based Travelers Cos. into one of the world’s biggest insurers, lamented that disparities in tax rates are pushing established rivals and industry newcomers outside the U.S. Over the past 15 years or so, “we’ve counted 10, 12, maybe even 15 Bermuda-based startups that ultimately became… – Continue reading
Chevron’s tax filings face repeated challenges from the United States and other global tax authorities, according to a new union-backed report that calls on world governments to crack down on the energy giant’s alleged profit-shifting tactics. The world’s largest trade union body, the International Trade Union Confederation (ITUC), has called… – Continue reading
Nigeria’s 85 percent tax on onshore crude oil production is dissuading local investors from taking over assets from international oil companies, said Folorunso Alakija, an energy tycoon and the nation’s richest woman. Famfa Oil Ltd., founded in 1991 by Alakija, 64, has sought to acquire stakes in onshore oil fields,… – Continue reading
Banks are threatening to close accounts of British expats living in the USA if they fail to complete piles of paperwork to comply with the Foreign Account Tax Compliance Act (FATCA). Millions of US expats worldwide are already caught by the law which requires foreign financial institutions to supply details… – Continue reading
Specialist tax advice looks set to be the biggest area for adviser business growth as pension freedoms takes effect and retirement planning becomes more complex, according to recent research by Prudential. Offshore, inheritance tax, business and retirement planning advice are named as potential growth areas as more advisers expect to… – Continue reading
EU committee set up to investigate aggressive tax planning concludes its report in weeks Lobbyists representing internet company Facebook could be banned from entering the European Parliament following a request by the parliament’s special committee on tax to revoke access to multinationals who refused to cooperate with the committee’s inquiries…. – Continue reading
