Category: Q-Z

Conor Crowley, Managing Director, Vizor Software to Speak at Knowledge Congress’ Live Webcast

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

Obama’s war on tax cheats gains ground

The Obama administration is gaining ground in its war against tax cheats, racking up victories in a global crackdown that has made it harder to escape the Internal Revenue Service. President Obama’s battle against offshore tax evaders hasn’t gotten the publicity of some of his other priorities but under his… – Continue reading

‘Stay tuned’ for more Swiss bank deals over tax evasion: U.S. official

(Reuters) – More Swiss banks that helped wealthy Americans evade taxes will soon strike agreements with the U.S. Department of Justice to avoid prosecution, an official overseeing the U.S. government program told Reuters. “I would stay tuned,” Acting Assistant Attorney General Caroline Ciraolo of the Justice Department’s Tax Division said… – Continue reading

Singapore doesn’t condone tax abuse, MOF says

Singapore does not condone any abuse of its tax system, a Ministry of Finance (MOF) spokesman said on Tuesday, in response to a Straits Times query following media reports that the Australian government is pursuing global miners BHP Billiton and Rio Tinto for channelling billions of dollars in iron ore… – Continue reading

Google says give R&D tax breaks to small techies, not big guys

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

Starbucks ‘used UK firm’ to cut European tax bill: Coffee chain under investigation after ‘using company to hide millions from Dutch authorities’

• Starbucks ran its European business – including UK – through Holland • But Dutch division paid just £1.9million tax on profits of £300million • Now details of UK company at heart of new probe have started to emerge • A Starbucks spokesman said it complies ‘with all relevant tax… – Continue reading

Miners accused of avoiding tax in boom

Urgent changes are needed to Australian tax laws, say experts, amid claims BHP Billiton and Rio Tinto avoided paying billions of dollars in tax during the mining boom. The Australian Tax Office has the mining giants in its sights over claims they have been saving more than $750 million a… – Continue reading

Vatican Bank: Haven For Money Laundering & Tax Evasion No More

Pope Francis is sweeping off clean the Vatican bank, which for many years has been cloaked with controversy for allegedly providing a safe haven to Italian individuals who laundered money and evaded taxes. On Wednesday, the Holy See’s signed tax treaty with the government of Italy — which obliges parties… – Continue reading

Cadbury gets a bitter bill

Mondelez India is accused of misusing a tax holiday scheme in the hill state of Himachal Pradesh Company, the local arm of Cadbury’s, claims that it is functioning since 2009. The issue is one of interpretation, and it will be inappropriate on our part to discuss the details externally at… – Continue reading

European Banking Weekly Notes: HSBC, RBS and Barclays

European bank shares showed notable improvements in prices last week, benefiting from hopes of Greece evading a crisis coupled with continued strength in the U.S. dollar. Reports that Germany is looking to adopt a new law that will boost the capital position of the country’s banks helped Deutsche Bank (NYSE:DB)… – Continue reading

Rupert Murdoch’s US empire siphons $4.5b from Australian business virtually tax-free

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

Valeant Finally Bags Salix for $11 Billion

After much of a clout about who will acquire Salix Pharmaceuticals (SLXP), Canadian Drug maker Valeant Pharmaceuticals International Ltd (VRX) completed the purchase for $11 billion last Wednesday. Salix Pharmaceuticals works in gastro instrumental drugs and it will provide Valeant with new therapeutic business. This is Valeant’s biggest buy so… – Continue reading

Tax Pros Wary After IRS Hires Quinn Emanuel Litigators

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

Kellogg’s says tax clampdown will harm profits

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

Google, Apple tax crackdown will fail without US support

Jurisdictional issues will limit success. It’s no secret that companies including Apple, Google and Amazon, seem to pay less than their fair share of tax in Australia. Despite booking huge revenues from sales to Australian customers they are able to reduce their profits in this country by shifting profits to… – Continue reading

Shome, Senapaty, Pai and Bala set up tax think-tank

BENGALURU: Parthasarathi Shome, who is chairman of the Tax Administration Reforms Commission (TARC) of the Union finance ministry, together with and former Wipro CFO Suresh Senapaty, has formed a taxation think-tank that will be based in Bengaluru.  Called International Tax Research Foundation (ITRF), the think-tank will study and understand the… – Continue reading

Tax Authority to impose VAT on foreign Internet cos

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

Swiss Asset Manager Admits He Helped Americans Evade Taxes

(Bloomberg) — A former Swiss asset manager pleaded guilty to helping U.S. clients hide millions of dollars in offshore accounts and avoid paying federal income taxes. Peter Amrein, 53, a Swiss citizen, told U.S. District Judge Sidney Stein in Manhattan Tuesday that from 1998 to 2012 he helped Americans evade… – Continue reading

Russia extends deadline for reporting Controlled Foreign Companies (CFC)

[NEW YORK] A Swiss asset manager pleaded guilty on Tuesday to participating in a scheme to help US citizens hide millions of dollars in Swiss bank accounts and evade paying taxes. Peter Amrein, 53, entered his plea in Manhattan federal court to conspiring to defraud the United States and Internal… – Continue reading

EU plans ‘revolution’ on sweetheart tax deals

New EU plans to force governments to send quarterly reports on tax rulings are a “revolutionary” step towards overcoming corporate secrecy, the bloc’s tax commissioner has said. The blueprint published two weeks ago by the Commission would establish a system of automatic exchange of information on tax rulings and require… – Continue reading

Japan companies face pressure to use near-record cash stockpiles to help drive growth

TOKYO: Japan companies have pressure to use their near-record cash stockpiles to help drive growth, with Finance Minister Taro Aso saying Thursday the government should consider a tax to prod businesses into action. “Japan should carefully consider issues like this,” Aso said in Parliament in response to a question from… – Continue reading

Tax Evasion Case Against Billionaire Art Dealer Guy Wildenstein Exposes Dirty Money Trail

The tax man is coming for Guy Wildenstein, and may file charges against a wealth management company in the Bahamas in connection to the case against the billionaire art dealer. As reported by the Globe and Mail, the French agency that investigates tax evasion has recommended that a judge charge… – Continue reading

BSI first bank to face US non-prosecution deal fine

After 2008, BSI has more than 3,000 US accounts on its books The Lugano-based BSI bank has been fined $211 million (CHF203 million) by the United States for aiding and abetting tax cheats. It is the first Swiss-based bank to complete the non-prosecution programme set up in 2013 to clear… – Continue reading

Swiss Private Bank BSI SA Admits Aiding U.S. Tax Cheats, Will Pay $211 Million

In a deal with U.S. prosecutors, Swiss private bank BSI SA agreed today to pay a $211 million penalty and hand over leads on more than 3,000 accounts with U.S. ties, as well as the actual names of an undisclosed, but presumably much smaller group of U.S. account owners. The… – Continue reading

RBS Sells Coutts International to UBP in Swiss Retreat

(Bloomberg) — Royal Bank of Scotland Group Plc agreed to sell its Coutts International private banking business to Switzerland’s Union Bancaire Privee, as the bailed-out British lender retreats from the Swiss wealth market. RBS is expected to sell Coutts for 350 million francs ($360 million) to 400 million francs, depending… – Continue reading

Endorsing tax evasion

A vote in favor of repealing FATCA sends a message: a message to foreign banks that they can get back to helping wealthy Americans hide their assets and use offshore accounts to evade tax. In anticipation of yesterday’s Senate’s budget resolution “vote-o-rama,” Sen. Roger Wicker (R-Miss.) has introduced an amendment… – Continue reading

Cleaning up the transfer pricing mess

Two important developments last week in the transfer pricing domain have the potential of completely transforming the way this critical and controversial tax area has been handled by the income-tax department. One is the Delhi High Court judgment on tackling the AMP (advertisement, marketing and sales promotion) expenses involving a… – Continue reading

Clearstream opens three new offshore RMB Cash Correspondent Bank accounts in Luxembourg, Singapore and Frankfurt

Clearstream now offers five offshore RMB accounts in four leading financial centres and will give customers more options and flexibility in managing offshore RMB liquidity Clearstream, the international central securities depository of Deutsche Börse Group, is making further progress in its Asia strategy: the company will open three new offshore… – Continue reading

UK’S DIVERTED PROFITS TAX

It’s been dubbed the ‘Google tax’! Starting April 1st, the UK will levy a new ‘diverted profits tax’. This is the British government’s offensive against multinationals like Google, Amazon, Starbucks and others accused of shifting profits and avoiding tax. In doing so UK will become the first country to implement… – Continue reading

The Hindu Business Line

BENGALURU, MARCH 19: IT major Wipro has won a legal victory with the Karnataka High Court allowing it to save a significant amount in taxes from its overseas operations. The judgment is likely to have an impact on Indian companies that have overseas operations. US taxes In a ruling on… – Continue reading

Life After Loopholes Forces Luxembourg to Rethink Its Future

(Bloomberg) — Luxembourg’s status as a fortress of wealth in the heart of Europe is in peril. The country transformed itself from a rural economy into the European Union’s richest in less than a century by swapping fields and steel mills for hedge funds and multinationals. That model may now… – Continue reading

Combatting corporate tax avoidance: Commission presents Tax Transparency

1.GENERAL QUESTIONS 1.1 Why is the Commission presenting a Tax Transparency Package? The Commission has made the fight against tax evasion and corporate tax avoidance a political priority, with a view to creating a socially and economically more efficient Single Market. While much has been done to advance this agenda… – Continue reading

EU to require sharing of corporate deals to curb tax avoidance

(Reuters) – European Union countries will have to share information on tax deals agreed with major corporations under European Commission plans to limit the ability of big business to avoid tax across the 28-nation bloc. EU members would from next year have three months to tell neighbors about new cross-border… – Continue reading

Valeant Pharma raises bid for Salix

NEW YORK — Faced with the prospect of letting another deal slip through its fingers, Valeant Pharmaceuticals International substantially increased its bid for Salix Pharmaceuticals on Monday, putting a quick end to a bidding war with Endo International. Valeant said it would now pay about $11bn, or $173 a share,… – Continue reading

Adjudication forwards Q-Mobile tax evasion case to Preventive Karachi

KARACHI: The Pakistan Customs adjudication has forwarded the Q-Mobile tax evasion case to the Model Customs Collectorate (MCC) Preventive, Karachi for seeking legal and technical reference from the Federal Board of Revenue (FBR). The adjudication department, during the hearing, has completely redundant the view point of MCC-Multan, because as per… – Continue reading

Billionaire Safra’s Swiss bank may seek further acquisitions

J. Safra Sarasin Holding Ltd., the Swiss private bank owned by billionaire Joseph Safra, indicated it may make further acquisitions after the purchase of Morgan Stanley’s Geneva unit. The company “is ideally positioned to pursue our growth strategy and act as a leading player in the ongoing industry consolidation” in… – Continue reading

EU to require share of tax ruling data in tax avoidance fight

(Reuters) – The European Commission will lay out plans on Wednesday designed to limit tax avoidance in the wake of recent revelations that major corporations were paying minimal state contributions across the European Union. EU members will be required to share information on cross-border tax rulings, according to a draft… – Continue reading

Axis Bank may step up offshore investment banking as it aims to market bonds globally

MUMBAI: Axis Bank, the country’s third-biggest private sector lender, plans to step up offshore investment banking as it aims to market bonds globally amid rising corporate India’s interest in overseas markets. The bank, which has been topping the league table on bond sales, may also tie up with some international… – Continue reading

Tax compliance is still a nightmare

Rules are tangled and dispute resolution is excruciatingly slow. The government’s trying but it’s a long haul As Asia’s third-largest economy, India is a major investment destination. However, in recent years, the unpredictable tax regime has has been a major stumbling block to its potential. According to a recent World… – Continue reading

French tax update – noteworthy tax courts decisions and Draft Macron Law

The present French Tax Update will focus on (i) certain noteworthy tax courts decisions issued in the last months of 2014 and in the first months of 2015, and (ii) the so-called projet de loi Macron (Draft Macron Law) adopted by the Assemblée Nationale in February 2015 and now discussed… – Continue reading

RBS thinning out bidders for Coutts

LONDON, GENEVA — The Royal Bank of Scotland Group (RBS) is narrowing the field of bidders for its Coutts International private-banking arm to focus on Switzerland’s Union Bancaire Privée (UBP), people with knowledge of the matter said. UBP is the preferred bidder and an agreement might be reached as early… – Continue reading