(Reuters) – U.S. bank JPMorgan Chase (JPM.N) has been placed under formal investigation in France as part of a probe into alleged tax evasion by senior managers at investment firm Wendel (MWDP.PA), a court official said on Wednesday. A Paris-based spokesman for JPMorgan declined to comment on the move, part… – Continue reading
Jason Porter explores the tax regimes in Portugal, France, Malta and Cyprus – four of the most advantageous territories for UK ex-pat retirees People aged 55 and over are now entitled to their pension in the form of a lump sum, to be taxed at marginal rates applying in the… – Continue reading
The Tax Foundation released its inaugural “International Tax Competitiveness Index” (ITCI) on September 15th, 2014. The United States was ranked an abysmal 32nd out of the 34 OECD member countries for the year 2014. (See accompanying Table 1.) The European welfare states such as Norway, Sweden and Denmark, with their… – Continue reading
France’s minister for digital affairs says abolition of ‘double Irish’ was a welcome move Multinational companies, particularly those in the digital sector, will need to pay tax where they create value in a new digital single market for Europe, France’s minister for digital affairs has said. Speaking to The Irish… – Continue reading
The British Virgin Islands Government has received a report that it commissioned on finding a new direction for the financial services industry, the recommendations from which will now be implemented, reports Tax News. The BVI engaged consulting firm McKinsey and Company to develop a pragmatic new strategy and implementation plan… – Continue reading
Ireland found itself surrounded by supporters, for the first time, on the issue of corporate tax rates, during an informal meeting of EU finance ministers, reports the Irish Examiner. Finance Minister Michael Noonan was not present, as he returned to Dublin early, but the head of the Central Bank, Patrick… – Continue reading
Documents exposed secret deals to slash global tax bills of multinational companies A French journalist has been criminally charged in Luxembourg for his role in exposing how hundreds of multinational companies used secret deals with the European duchy’s government to slash their global tax bills — a scheme that CBC… – Continue reading
Bitcoin transactions are exempt from value-added-tax (VAT) in Spain, says Spanish tax lawyer Alejandro Gómez, The General Directorate of Taxes, a subsidiary of the Spanish taxing authorities, made the statement in a response to a request from Gómez. According to Gómez, the consultation found that Bitcoin payments were a form… – Continue reading
An inflow of bank deposits to Luxembourg from Asia and the Gulf have replaced reductions from European countries such as France and Germany following an overhaul of the Grand Duchy’s tax secrecy regime, reports the Financial Times. Pierre Gramegna told the Financial Times in an interview that “bank secrecy had… – Continue reading
The OECD Mutual Agreement Procedure Statistics for 20131 (MAP Statistics), released on November 25, 2014, show a dramatic surge in the inventory of mutual agreement procedure (MAP) cases among OECD member countries. The MAP Statistics confirm that the potential for double taxation is increasing. This is reflected most starkly in… – Continue reading
UBS whistleblower Stéphanie Gibaud talks to the Herald before travelling to Argentina With tax evasion allegations against HSBC under the spotlight in Congress, a whistleblower from another banking giant famous for its secrecy, Switzerland’s UBS, says she is coming to the country to testify soon, and warns that emerging economies… – Continue reading
In recent years we have seen a seismic shift in the tax transparency landscape. The US Foreign Account Tax Compliance Act (US FATCA) has proved to be a watershed moment and we are rapidly moving towards a global network of automatic information exchange spearheaded by the OECD’s Common Reporting Standard… – Continue reading
Tensions between Swiss banks and the United States justice authorities should ease up in 2015, Finance Minister Eveline Widmer-Schlumpf has said on the sidelines of the joint International Monetary Fund and World Bank spring meetings in Washington. The minister said she had received positive signals that this year would bring… – Continue reading
Cross border transactions involving German entities investing in French real estate may need to be restructured as a result of proposed changes to the France/Germany double tax treaty, according to two experts. French tax expert Franck Lagorce and German tax expert Werner Geisselmeier, both of Pinsent Masons, the law firm… – Continue reading
French President François Hollande said on Wednesday that a drawn-out tax evasion row with Switzerland “is behind us” as he launched a visit aimed at mending fences. The two-day trip is the first state visit to Switzerland by a French president since Jacques Chirac’s stopover 17 years ago. Paris is… – Continue reading
Bourbon Offshore said a judicial investigation has been launched into its business dealings in Africa. The matter relates to tax and bribery charges by authorities in Marseilles, France. It comes after the company’s former manager was arrested at the Marseilles-Provence airport when he was returning from Africa in possession of… – Continue reading
Taxes have risen by around one per cent on the average worker’s wage in Organisation for Economic Co-operation and Development (OECD) countries since 2014, although the majority of governments have not increased income tax rates, the OECD has said. In its Taxing Wages 2015 report, the OECD looks at the… – Continue reading
TWELVE members of a counterfeit drug ring – including six from the Grimsby area – raked in more than £10 million selling fake Viagra under the cover of a mail-order fishing tackle business. The UK-wide conspiracy offered cheap erectile dysfunction pills to online and face-to-face customers around the world. The… – Continue reading
Taxes on wages have risen by about one percent for the average worker in OECD countries between 2010 and 2014, even though the majority of governments did not increase statutory income tax rates, according to the Organisation for Economic Cooperation and Development’s (OECD’s) Taxing Wages 2015 report. According to the… – Continue reading
Celebrities share the same reluctance to pay taxes as the rest of us. Wednesday is April 15. On this special day, we perform our patriotic duty and give the IRS whatever earnings they have coming to them that they didn’t already take directly out of our paychecks. Chances are, you’d… – Continue reading
PARIS: It is the latest problem to hit HSBC over a tax evasion scandal at its Swiss private bank. HSBC said it intends to appeal the French magistrates’ decision, which it said was “without legal basis and the bail is unwarranted and excessive.” HSBC’s Swiss bank is under investigation in… – Continue reading
Who Will Be Next? How To Respond To A Tax Investigation The international political community continues to make the most threatening noises about those who they believe do not pay enough tax. Long gone it seems are the days where it was accepted that a person could properly organise his… – Continue reading
Homebuyers in Dubai can choose from an apartment block with interiors encrusted in shiny crystals or multimillion-dollar villas on a man-made island. Is investing in these desert dwellings like playing on quicksand or has the city-state learnt the lessons of its 2008 property crash when it nearly went bust? The… – Continue reading
BERLIN: The Governments of France and Germany signed an amendment to the France-German treaty dated (the “Treaty”), which will have an impact in the future for certain investments in real estate. For France, this amendment follows the amendment to France-Luxembourg signed on 5 September 2014 which also impacts foreign investments… – Continue reading
On 31 March 2015, the Governments of France and Germany signed an amendment to the France-German treaty dated (the “Treaty”), which will have an impact in the future for certain investments in real estate. For France, this amendment follows the amendment to France-Luxembourg signed on 5 September 2014 which also… – Continue reading
The present French Tax Update will focus on (i) several noteworthy French and European Union court decisions issued in the last months of 2014 and in the first months of 2015, and (ii) the recent presentation by the European Commission of a package of tax transparency measures. VALIDITY OF TAX… – Continue reading
The latest survey of France’s economy by the Organization for Economic Co-operation and Development (OECD) has highlighted an urgent need for more reform. The report highlights policies that are contributing to slow economic growth in France. In particular, it criticizes the “excessive tax burden” and overly complex administrative procedures, which… – 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
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
The number of Australian companies using renminbi to settle cross-border business has increased substantially over the past year, according to a new business survey. HSBC surveyed companies transacting with China and found that the proportion of Australian companies using RMB for cross-border business has risen from nine per cent in… – Continue reading
The number of Australian companies using renminbi to settle cross-border business has increased substantially over the past year, according to a new business survey. HSBC surveyed companies transacting with China and found that the proportion of Australian companies using RMB for cross-border business has risen from nine per cent in… – Continue reading
More and more Americans are opening offshore bank accounts. This article provides statistical details about why this is so, that offshore banking can be safe and legal and which banking jurisdictions are safest. Apr. 3, 2015 / PRZen / VALENCIA, Calif. — Offshore banking is growing in leaps and bounds… – Continue reading
In 2015, Singapore celebrates its 50th year of independence and also mourns the passing of its first Prime Minister Lee Kuan Yew who steered Singapore’s success for many critical years. From its origins as a British trading post in 1819, Singapore has grown into one of the busiest ports and… – 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
British people and expats with accounts with international banks in the Channel Island of Jersey are facing confusion over a global clampdown on tax avoidance and money laundering. The move is a result of a series of high profile cases in which banks have been investigated over allegations that offshore… – Continue reading
London: Customers of HSBC in India, suspected of tax evasion, have been given a 30-day timeframe to get a lawyer in Switzerland to manage or challenge the disclosure of their names in the official gazette. The UK-based banking group at the heart of a series of tax-related revelations over the… – Continue reading
Royal Bank of Canada’s wealth-management subsidiary in the Bahamas is caught up in tax fraud and money-laundering allegations involving billionaire international art dealer Guy Wildenstein. French prosecutor Franck Charon confirmed on Monday that France’s tax-evasion watchdog – Parquet national financer – has recommended to an investigating judge that RBC Trust… – Continue reading
Government questions dividend imputation and company tax rate Australian investors appear to have dodged a bullet, with the government’s first paper on tax reform discussing the dividend imputation system but falling short of attacking it outright as an idea that has outlived its usefulness. David Murray’s inquiry into the Australian… – Continue reading
Luxembourg’s Direct Tax Administration has published a circular on February 12 clarifying issues relating to residency certificates for Luxembourg funds. These are applicable to both UCITS and non-UCITS funds regulated by Luxembourg’s investment fund legislation of December 17, 2010, which transposed the UCITS IV Directive, as well as Specialised Investment… – Continue reading
British expats in France can claim a share of millions of pounds of compensation after the European Court ruled in their favour against unfair social security payments imposed by President Francois Hollande’s government. Around 200,000 expats who have rented out or sold homes in France during the past three years… – Continue reading
HM Revenue & Customs contacted foreign governments on 490 separate occasions in one year as it sought information on suspected tax evasion, a drop of 150 information requests compared to the previous year. During the 2012-13 tax year, the Revenue made nearly 500 information requests to tax authorities to find… – Continue reading
The Organization for Economic Cooperation and Development (OECD) is a Paris-based international bureaucracy with the self-proclaimed mission to “promote policies that will improve the economic and social well-being of people around the world.” But if there was a truth-in-advertizing requirement, the OECD would instead say that its mission is to… – Continue reading
Tax havens have historically offered respite for individuals and companies looking to avoid high levels of taxation in their home countries. Some countries have effectively set out to create an environment in which international financial transactions come under little scrutiny so that foreign individuals and companies can safely park their… – Continue reading
State prepared to engage constructively with European Commission, says Taoiseach, reports the Irish Times. Ireland remains opposed to the idea of a common consolidated corporate tax base (CCCTB), Taoiseach Enda Kenny said yesterday, though it is prepared to engage constructively with the European Commission on any new proposal unveiled. The… – Continue reading
(Seychelles News Agency) – Seychelles and Singapore are looking to increase their collaboration in a number of economic sectors from trade, financial services, port development – including transshipment and fuel bunkering – to public-private partnerships. This follows the recent official visit to Singapore by the Minister of Finance, Trade and… – Continue reading
Tax Regulation Number PER-01/PJ/2015, which is supposed to be effective starting this year, has triggered controversy within the banking industry. This is mainly due to the new obligation for banks to disclose details on every customer’s tax payments on deposits or savings interest. The Finance Minister needed to postpone indefinitely… – Continue reading
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
(Seychelles News Agency) – France’s ambassador to Seychelles, Genevieve Iancu, left the Seychelles archipelago, situated in the Indian Ocean on Friday after a little over two years spent in the post. Seychelles and France have good bilateral relations and strong historical ties due to the presence of the first French… – Continue reading
Things just got worse for HSBC. Its private banking arm faces new criminal charges after a French magistrate officially requested that the Swiss bank be brought to trial over a suspected tax-dodging scheme for wealthy customers, the Guardian reports. The request for trial comes after a series of allegations against… – Continue reading
HSBC Holdings plc’s (LON:HSBA) shares were down 0.23 percent to 559.00p as of 13:13 GMT yesterday, after earlier on Friday the French financial prosecutor’s office announced it had formally requested that the lender’s Swiss private banking unit be put on trial for helping French citizens to aggressively avoid taxes. HSBC… – Continue reading
