WASHINGTON—The United States is one of the world’s most secret financial jurisdictions, according to a watchdog group’s new global ranking. The Tax Justice Network, an international think tank based in the United Kingdom, on Monday unveiled the 2015 Tax Secrecy Index, which lists the countries that most allow financial secrecy… – Continue reading
Case involving Dr Brian Mulrean and firm Keveney Monahan settled confidentially An accountant who sued a Dublin dentist for just under €50,000 in professional fees told a judge he had to navigate his way through 41 offshore and local bank accounts. Barrister Jeananne McGovern said in the Circuit Civil Court… – Continue reading
THE NUMBER of Slovak companies with ownership registered in a tax haven decreased in the first half of 2015 by 112, to a total of 4,250. The biggest outflows were recorded in Monaco and the British island of Jersey. The declining trend of companies selecting a tax haven for their… – Continue reading
Lawmakers at the European Parliament are set to vote on a controversial series of proposals to harmonize the corporate tax system in Europe in a move that will put them on a collision course with some member states which favor sovereignty over taxation. The EU lawmakers on the TAXE committee… – Continue reading
DOZENS of Winchester properties worth more than £100 million are owned by firms based in offshore tax havens. High street shops, restaurants, care homes, a health clinic and even a single parking space are owned by companies benefitting from low tax regimes overseas. Burma Road student village, sold by the… – Continue reading
Pending draft regulatory measures in Jersey would give effect to the Common Reporting Standard (CRS). In general, the draft regulations would impose an obligation on “reporting financial institutions” in Jersey to identify, review, and report on “financial accounts” maintained by these institutions of accounts held by residents for tax purposes… – Continue reading
David Cameron threw the proverbial cat among the pigeons in July when, with a steely glare at the UK property industry, he warned that the UK must not become “a safe haven for corrupt money from around the world” and that “there is no place for dirty money in Britain”…. – Continue reading
Gibraltar’s Government has released a public consultation on the establishment of private foundations, in a bid to level the playing field with other jurisdictions. As an incorporated body, foundations are able to transact, sue, and be sued in their own name. They are primarily used for private wealth management, succession… – Continue reading
Wealthy investors have snapped up at least £100 billion of property across London using overseas companies in the past six years, new figures reveal today. Official data seen by the Standard shows that since 2008 there have been 27,989 purchases of homes, buildings and land in the capital by shadowy… – Continue reading
EY: Four out of 10 Czech businessmen asked for bribe Four out of 10 Czech entrepreneurs have been explicitly asked for a bribe and up to six out of 10 have encountered the possibility of gaining an advantage in their business in exchange for a bribe, according to a survey… – Continue reading
ONE in every six homes sold in Westminster and Kensington & Chelsea over the last three years for which data is available was bought by a company in an offshore tax haven, the Eye has established. The market for homes is now so skewed by sales to overseas companies that… – Continue reading
The details of the recently signed Income Tax Treaty between Jersey and Rwanda have become available. The treaty was signed on 26 June 2015. The treaty will come into force after the two countries exchange ratification instruments. The provisions of the treaty will have effect from 1 January of the… – Continue reading
The Canada Revenue Agency (CRA) rents office space from a Vancouver-based property developer – a company that exploits offshore tax havens in Liechtenstein, the British Virgin Islands and Channel Islands. Larco Investments Ltd. owns three buildings in Montreal, Calgary and Edmonton where they rent office space to the CRA. Larco… – Continue reading
THE ADVANTAGES OF JERSEY For high net worth individuals considering a relocation, there are a number of factors that will be weighed up in making a choice which is right for both the head and the heart. To be a serious contender, a jurisdiction must certainly be fiscally friendly. But… – Continue reading
On October 2, 2015, the Internal Revenue Service announced that it had achieved a key milestone in implementation of the Foreign Account Tax Compliance Act (FATCA), a critical anti-tax evasion law passed by Congress in 2010 but not fully implemented until July 2014. The milestone announced by the IRS was… – Continue reading
The IRS has announced that as of September 30, 2015 it will implement the automatic exchange of tax information as set forth in the Foreign Account Tax Compliance Act, (FATCA). The IRS Commissioner in announcing the implementation of the automatic exchange of information stated: “This information exchange is part of… – Continue reading
SOME of Plymouth best-known landmarks are owned by secretive offshore companies based in tax havens, it has been revealed. Swathes of land all over the city belongs to faceless firms based in places like Luxembourg and the Cayman Islands, The Herald can reveal. They include everything from historic former military… – Continue reading
An offshore bank account is a must for many internationally mobile expats operating in the UAE and Middle East. But finding the right bank with the right extras as well as high service standards isn’t easy. There are plenty of big names to choose from, including the global operators Barclays,… – Continue reading
Tens of millions of pounds worth of property in St Austell is owned by companies based in offshore tax havens. They include large parts of Fore Street in the town centre; the beaches at Carlyon Bay, and dozens of individual buildings throughout St Austell and the clay country. NHS Kernow’s… – Continue reading
Tax residency of Jersey companies Jersey companies may (contrary to the default position) be treated as exclusively tax resident in jurisdictions other than Jersey pursuant to Article 123(1)(a) of the Income Tax (Jersey) Law 1961. The criteria for a Jersey incorporated company to be resident (for taxation purposes) in a… – 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
Chief Minister Allan Bell has written to the District of Columbia Council to outline his concerns at the island’s inclusion in a blacklist of tax havens. Washington DC released the list of 39 ‘tax havens’ as part of its Budget Support Act, which was signed by the Mayor in August…. – Continue reading
A small office shared with three other companies deep in the bowels of the Outsource IT Tower on Auckland’s Khyber Pass Road opposite a reservoir isn’t necessarily where you’d expect to find the global headquarters of a financial service provider that claims to be following in the footsteps of three… – Continue reading
An initiative intended to catch tax dodgers could have a negative impact on those with perfectly legitimate bank accounts. Tax expert Howard Bilton offers advice The draconian Foreign Account Tax Compliance Act (FATCA), introduced by the US Government to tackle tax evasion by its citizens, has already affected Britons living… – Continue reading
LAND including Riverside Retail Park, the Cockhedge Centre and the former site of Mr. Smith’s is owned by companies based in offshore tax havens it has been revealed. Companies are often based offshore to gain from three tax loopholes, including no capital gains tax, no inheritance tax and no stamp… – Continue reading
More than £375 million of land and property in Milton Keynes was bought by offshore companies between 2005 and 2014, according to research by Private Eye. The purchases are registered in a number of different countries, some of which are often described as tax havens. The countries buying the most… – Continue reading
The U.S. district of Columbia has blacklisted the Channel Islands as a tax haven. It’s part of a plan to highlight international jurisdictions they consider to be used by people trying to avoid paying tax. D.C want to use the list to deter businesses there dealing with businesses in Jersey…. – Continue reading
The Channel Islands (Jersey and Guernsey) have long been known as leading offshore centres for the establishment of investment funds and other investment structures. In particular, Channel Island vehicles are often used for alternative investment structuring – including private equity, infrastructure and real estate. This article explains the trends in… – Continue reading
The Cayman Islands as one of the leading offshore financial centres have a great level of uncertainty in its future with all the recent developments around tax compliance. One looming uncertainty is the European Union’s (EU) Alternative Investment Fund Managers Directive (AIFMD) passport. The AIFMD is one of several measures… – Continue reading
Until recently, demonstrating empirically the value of International Finance Centres (IFCs) to global economies has proven relatively difficult. Despite IFCs being able to point to the high quality of their regulation and the endorsement they receive on a consistent basis from global authorities such as the OECD and IMF, this… – Continue reading
The Jersey Financial Services Commission and the Swiss Financial Market Supervisory Authority have signed an understanding and cooperation agreement, reports ITV News. It’s the first of its kind to be agreed with the Swiss authorities. Jersey has similar agreements with regulators in over 90 countries around the world. “I am… – Continue reading
The UK is preparing to triple the number of prosecutions of “serious and complex” tax evaders using an arsenal of proposed new powers, reports the Financial Times. A unit combining the civil and criminal investigations teams at HM Revenue & Customs will spearhead a crackdown that George Osborne, the chancellor,… – Continue reading
The Government has handed HM Revenue & Customs new powers to help it meet tax evasion prosecution targets. In the Summer Budget, the Treasury pledged a £750m investment in HMRC. The Chancellor said the cash would be used to pursue offshore trusts and would triple the number of evaders the… – Continue reading
To check black money generation, the government today approved signing and ratification of the agreement between India and Seychelles for exchange of information with respect to taxes, reports the Economic Times. The agreement will stimulate the information exchange between India and Seychelles for tax purposes, which will help curb tax… – Continue reading
The Cayman Islands is confident that the pan-European marketing ‘passport’ will be extended to alternative investment funds (AIFs) set up in the jurisdiction, according to the Alternative Investment Management Association (AIMA). Cayman, where a high percentage of offshore hedge funds are registered, still awaits assessment by the European Securities and… – Continue reading
As the Islamic financial industry continues to experience exponential growth, offshore financial centres (OFCs) are keen to market their value for the development of Islamic financial products. OFCs are working towards establishing comprehensive eco-systems to gain competitive advantages over other jurisdictions for Islamic finance. Most OFCs promote the element of… – Continue reading
The rise of Islamic finance and sukuk issuances have brought with it a growing phenomenon: Shariah banking is increasingly taking advantage of offshore banking jurisdictions, and this for a number of reasons, reports the Gulf Times. Many offshore centres around the world meanwhile offer a wide range of features allowing… – Continue reading
Switzerland and Belize signed a tax information exchange agreement (TIEA) on August 10, 2015. The agreement is Switzerland’s ninth TIEA. It provides for the exchange of information upon request. It covers Swiss federal, cantonal, and communal taxes on income and capital, and the cantonal and communal inheritance and gift taxes…. – Continue reading
The Government of Jersey has signed a Double Tax Agreement (DTA) with the Republic of Seychelles. The agreement was signed in London on 28 July 2015. The deal is part of a programme by Jersey that aims to develop closer economic and taxation co-operation with other countries. The DTA is… – Continue reading
HC order had exempted Mauritius-based Copal Group from capital gains tax liability in India The income tax department has approached the Supreme Court seeking to quash a Delhi High Court order that exempted a series of transactions by Mauritius-based Copal Group — having assets in the US and in India… – Continue reading
The Government of Jersey has published the Agreement between the Government of Jersey and the Government of the Republic of Korea on the Exchange of Information Relating to Tax Matters (hereafter: the TIEA), which was signed on July 21, 2015. Although signed, the TIEA has not yet entered into force…. – Continue reading
White-collar criminals who launder billions by buying luxury UK properties must be tackled, Prime Minister David Cameron said on Tuesday. Experts warn these fraudsters are distorting the UK property market and pushing up house prices in the process. Cameron’s criticism of money laundering formed part of a broader speech on… – Continue reading
Crown Dependency disclosure facilities set up to offer individuals the opportunity to disclose any overdue payments or irregularities have yielded “surprisingly” low returns for HMRC, according to Pinsent Masons. The international law firm said just £13.9m ($21.6m, €19.7m) has been collected since the facilities opened in April 2013, with £5.6m… – Continue reading
Jersey has attracted foreign direct investment worth more than US$65bn and distributed FDI worth more than US$75bn, according to a new report, which highlights the territory’s contribution to the global economy, reports Tax News. The report, “Jersey’s Contribution to FDI,” was produced by global management advisory firm Investment Consulting Associates… – Continue reading
Confidence has returned to real estate markets in Europe, and London is still a firm favourite with investors, offering vast tax-efficient opportunities for Qatari investors, according to Aqua Group, the first offshore trust company to receive licence from the Qatar Financial Center (QFC). In view of the need for better… – Continue reading
SOME businesses are taking last-minute action to fulfil their reporting obligations for the first deadline of US Fatca – the Foreign Account Tax Compliance Act. With the deadline for filing Fatca returns today, local business Fusion Systems has seen a rush of interest over the past week for companies seeking… – Continue reading
The UAE ranked 15th in an index rating countries’ residency-in-return-for-investment programmes As global economic growth slackens, a number of countries are offering citizenship or residency permits in return for investment in their markets. According to the latest Global Residency Programme Index by Henley & Partners, Portugal topped the list with… – Continue reading
Almost all estate planning clients own real estate in one form or another – a residence, a vacation home, or rental property. Real estate presents unique challenges in estate planning because debt is often associated with the property and because it may be difficult (or not desirable) to sell the… – Continue reading
Despite the inevitable move towards automatic exchange of tax information and Common Reporting Standards internationally, there continues to be a steady flow of litigation in the Courts of International Financial Centres such as Bermuda, the Cayman Islands, and Singapore relating to challenges to inter-governmental Tax Information Exchange Agreement (TIEA) requests…. – Continue reading
A controversial Euro list of dodgy tax jurisdictions that included Bermuda has been dealt a blow after Poland said the Island should not have been included on its submission. The move came after the European Commission unveiled the 30-jurisdiction ‘blacklist’ of non-cooperative tax jurisdictions singled out by member states. Poland… – Continue reading
