Switzerland remained the leading offshore asset booking centre in 2014, but with the rising new wealth generation in the Asia-Pacific region and its proximity to booking centres such as Hong Kong and Singapore, the country is expected to face increasing competition, reports Gulf News. Switzerland booked US$2.4 trillion (Dh8.8 trillion)… – Continue reading
Washington, June 21 (IANS): Indian Finance Minister Arun Jaitley is wooing American investors with twin assurances — more economic reforms and a stable policy regime with no intention to legislate or apply laws retrospectively. Jaitley has held talks with US Treasury Secretary Jacob Lew, Commerce Secretary Penny Pritzker and US… – Continue reading
ROME (AP) — Italian prosecutors are seeking to indict 297 people and the Bank of China in connection with a massive money-laundering investigation reported by The Associated Press earlier this month. The suspects, mostly Chinese migrants living in Italy, include four senior managers of the Chinese state bank’s branch in… – Continue reading
NASHVILLE, Tenn. (AP) – State Rep. Joe Armstrong of Knoxville has pleaded not guilty to federal fraud and tax evasion charges connected to an increase in the state’s cigarette tax. The Knoxville Democrat was restrained by handcuffs and leg shackles when he appeared before U.S. Magistrate C. Clifford Shirley Jr…. – Continue reading
Here’s yet another example of a major U.S. corporation making a huge effort to avoid paying any taxes anywhere (allegedly!). According a stunning June 17th report from Americans for Tax Fairness, Wal-Mart Stores, Inc. (NYSE:WMT) has established a giant network of 78 subsidiaries in 15 overseas tax havens in order… – Continue reading
MUMBAI: The Central Board of Direct Taxes (CBDT) recently issued clarifications on the rollback provisions available under the advance pricing agreement (APA) mechanism in the arena of transfer pricing. While some clarifications – such as availability of a rollback even when a revised income tax return is filed, or the… – Continue reading
A new Texas law will give tax breaks to a small group of businesses but slightly increase taxes across the rest of the state. Gov. Greg Abbott on Saturday signed House Bill 3150, which will trigger a tiny increase in unemployment taxes to cover an $84 million hit to the… – Continue reading
The Bahamas was yesterday “dumped on” through its inclusion on another so-called financial services ‘blacklist’, although an ex-Attorney General and others suggested the development should be taken “with a big grain of salt”, reports the Bahamas Tribune. John Delaney told Tribune Business that the European Union’s (EU) decision to ‘blacklist’… – Continue reading
FATCA – Which Countries Are In And Out The controversial US Foreign Account Tax Compliance Act (FATCA) law is set to start from July 1, 2014, so with less than 21 days to go, here’s a look at which countries are in and who is outside of the tax network…. – Continue reading
St. Kitts and Nevis is one of 30 countries placed on the European Union’s black list for not doing enough to fight tax evasion. The EU’s executive Commission published the list Wednesday (June 17). The blacklisted countries figure on at least ten of the EU’s 28 member nations’ lists of… – Continue reading
Abu Dhabi, 20 June 2015: The UAE, represented by the Ministry of Finance (MoF), has announced today the signing of the agreement to facilitate implementation of the Foreign Account Tax Compliance Act (FATCA). HE Younis Haji Al Khoori, Undersecretary of MoF, and Barbara A. Leaf, U.S. Ambassador to the UAE,… – Continue reading
The European Commission has added Panama to its blacklist of countries designated as tax havens over a lack of support for anti-tax fraud and evasion efforts. The European Union’s executive Commission unveiled the list in the introduction to its action plan to fight tax fraud. The blacklist consists of 30… – Continue reading
Alberta’s new Finance Minister grudgingly admits it, and the province’s opposition proclaims it: The old Alberta Advantage is dead. The label long used by Progressive Conservative premiers to sell the Prairie province as a low-tax haven for individuals and corporations could be consigned to history when the NDP government passes… – Continue reading
Business and politicains all want it but welfare reform demand from London has thrown up an unexpected hurdle If corporation tax were cool, Eamonn Donaghy of KPMG in Belfast would be the Bono of his world – half quiet tax accountant, half buccaneering campaigner with a nifty sideline in high-level… – Continue reading
Critics of an EU tax-haven blacklist say the organisation is playing dice with small states’ reputations, while ignoring European tax avoidance hubs BRIDGETOWN, Barbados, June 19, 2015 (AMG) — Doubts have been cast over the methodology and motives behind the naming of fourteen Caribbean countries among a list of thirty… – Continue reading
IRS News Release IR-2015-70 (April 10, 2015) contains helpful but not exhaustive information about the filing obligations of US citizens and resident aliens abroad. Taxpayers outside the United States can also find helpful information about US tax-filing obligations and related matters by visiting (1) the IRS page on YouTube; (2)… – Continue reading
International tax rules will soon change, but companies’ behaviour may change sooner. There will soon be fewer places for multinational companies and ultra-rich individuals to squirrel away money. In November leaders of the G20 are expected to adopt a full range of measures to curb the practices of base erosion… – Continue reading
Guernsey’s Chief Minister and Commerce and Employment Minister have expressed their astonishment that Guernsey has been included on a list of 30 so-called ‘non-cooperative’ non-EU jurisdictions, which was published today, reports Guernsey Finance. The list consolidates national tax ‘blacklists’ as they stood six months ago, and includes any jurisdiction on… – Continue reading
Government appeared to brush off the latest blacklisting of the Cayman Islands when it released a short statement on Wednesday at around 5pm following revelations by the EU that the jurisdiction had been cited as facilitating tax evasion, reports the Cayman News Service. “It is unfortunate that the EU black… – Continue reading
Following the expiration of the 29 May 2015 notification deadline with the Cayman Islands Tax Information Authority (the “TIA”), the next step for all Cayman Islands Reporting Financial Institutions (each an “RFI”) is to submit a return (the “FATCA Return”) setting out certain details of any US Reportable Accounts that… – Continue reading
White House advisor Valerie Jarrett was tasked by President Obama with trying to kill a controversial income tax perk used by the “wealthy and well-connected.” Yet she made a killing on a Chicago real estate deal by enlisting the same benefit. That’s what the Better Government Association found in a… – Continue reading
Paris, Jun 18 (Prensa Latina) The Union Bank of Switzerland (UBS) had a network with intermediaries for Latin American countries who help launder money and evade taxes, it was learned here on Thursday. The revelation was made in this capital by former UBS Director Stephanie Gibaud, who met here with… – Continue reading
Yesterday, on June 17, 2015, three state tax bills were favorably reported to the United States House of Representatives (House) by the House Judiciary Committee (House Judiciary) after considering each during a half-day markup. The bills that were advanced included: (1) the Mobile Workforce State Income Tax Simplification Act (Mobile… – Continue reading
On June 17, the House of Representatives Judiciary Committee approved the markup of three bills dealing with interstate tax rules in the United States on individual income tax, business activity taxes, and sales tax on digital goods. The Mobile Workforce State Income Tax Simplification Act is a bipartisan measure that… – Continue reading
Introduction The Foreign Account Tax Compliance Act (FATCA) requires entity account holders to document their status for US withholding tax purposes (Chapter 3 status) and their status for FATCA due diligence purposes (Chapter 4 status). In the case of a non-US entity account holder that has made an entity classification… – Continue reading
PARIS: France is considering making 2017 a year free of income tax. The government wants to shift to a system of automatic withholding, similar to that in the United States and much of the rest of the world. Employees in France currently pay taxes a year after their income is… – Continue reading
The U.S. Model Income Tax Treaty (the U.S. Model Treaty) generally represents the United States’ opening position in treaty negotiations. As a result, when changes to the treaty are proposed, international tax practitioners should be aware of the potential impact those changes can have on their existing inbound U.S. structures…. – Continue reading
The European Union: Labelled Bermuda as a tax haven Bermuda has been named by the European Union as a country that is not doing enough to crack down on tax avoidance. The Island was one of 30 countries on the list published by the EU’s executive Commission today. “These tax… – Continue reading
A disgraced senior FIFA official has agreed to forfeit 50 per cent of the $1 million he had stashed away in a secret CIBC FirstCaribbean International Bank (Bahamas) account, court documents have revealed. The plea agreement between the US federal authorities and Charles (Chuck) Blazer, which was unsealed late on… – Continue reading
U.S. AIR FORCE ACADEMY, Colo. — A law signed by Colorado Gov. John Hickenlooper will allow some active duty Airmen who list their official home of record as Colorado to return Colorado as their legal residency without being obligated to pay state income taxes for their military pay. The Colorado… – Continue reading
The European Union has published its first list of international tax havens as part of a crackdown on multinational companies trying to avoid paying tax in the 28-nation bloc. The list of 30 territories includes Hong Kong and Brunei in Asia, Monaco, Andorra and Guernsey in Europe, and a series… – Continue reading
CBDT chairperson Anita Kapur said that the income tax department will ensure that chronic evaders are not able to get away without facing court cases. The Central Board of Direct Taxes (CBDT) on Tuesday said that the tax department will not resort to coercive methods to recover the minimum alternate… – Continue reading
Julius Baer of Switzerland became the latest bank to start an internal probe of money transfers linked to an investigation of FIFA, world soccer’s ruling body. Julius Baer joined banks including the U.K.’s Standard Chartered Plc in reporting that it began an inquiry. The Zurich-based firm was named as one… – Continue reading
The European Commission is set to adopt an Action Plan to tackle corporate tax avoidance and promote growth-friendly taxation in the Single Market despite an uphill battle against global giants such as Apple and Starbucks, as well as some hypocritical member states. The European Commission’s plans unveiled Wednesday include a… – Continue reading
Wal-Mart Stores Inc. owns more than $76 billion of assets through a web of units in offshore tax havens around the world, though you wouldn’t know it from reading the giant retailer’s annual report. A new study has found Wal-Mart has at least 78 offshore subsidiaries and branches, more than… – Continue reading
US companies have regained their appetite for controversial foreign takeovers that allow them to move overseas and escape US taxes, in spite of a White House crackdown to restrict so-called tax inversions last year, reports the Financial Times. According to several senior corporate advisers in the US and Europe, demand… – Continue reading
Odds improve for online gaming Regulate or delegate — that’s the question facing Pennsylvania legislators as bills to legalize online gambling gain traction. A new bill in the state Senate — SB 900, allows the state, among other things, to license operators to conduct Internet gaming. It’s a practice many… – Continue reading
The United States is through trying to needle the OECD’s base erosion and profit-shifting project with pinpricks. Last week, Robert Stack, U.S. Treasury deputy assistant secretary (international tax affairs), abandoned the subtle digs Treasury had been using to attack BEPS and flat-out said the United States is extremely disappointed in… – Continue reading
HSBC Holdings Plc and JPMorgan Chase & Co are in talks to relocate parts of their businesses to Luxembourg from the UK as they weigh the possibility of a British exit from the European Union, the Times reported. JPMorgan is close to setting up a bank based in Luxembourg to… – Continue reading
The Bahamian financial industry is concerned it will have to start reporting information for the US Foreign Account Tax Compliance Act (FATCA) without the necessary legislation being in place, Tribune Business can reveal. Lawrence Lewis, a Deloitte & Touche (Bahamas) partner and accountant, confirmed to Tribune Business that there was… – Continue reading
Following the implementation of the EU Alternative Investment Fund Managers (AIFM) Directive (2011/61/EC) and associated legislation, Cyprus now lays claim to being a growth jurisdiction within the European Union for the establishment and servicing of boutique and low cost alternative investment funds based locally or offshore. The choice of fund… – Continue reading
Report on ‘poor’ neighborhoods full of mansions sparks calls for tax enforcement, residency documentation OTTAWA — The Canadian government takes a “zero tolerance” stand on tax evaders and is currently conducting audits on property owners in B.C., according to the Canada Revenue Agency. But Vancouver immigration lawyer Samuel Hyman said… – Continue reading
As the financial world continues its march towards a more transparent and open environment, regulations governing private wealth are under scrutiny. The traditional is changing for good while new players emerge. Once was a time, not too long ago, the words “Swiss bank” conjured up evocative imagery: secret deals; bank… – Continue reading
Senior Republicans voice concerns over Obama administration’s response to plan Political divisions are opening up in Washington over the US response to the overhaul of international tax rules by the global powers, an initiative with big implications for Ireland’s corporate tax regime. The Republican leaders of the two tax-writing committees… – Continue reading
Before the 2008 financial crisis, Mexican banks had a big problem: too many dollars. Tourism and businesses in the northern border areas near the US, as well as remittances, brought greenbacks flowing into Mexico. This left Mexico awash with dollars — a massive US$14bn in surplus US bank¬notes — which… – Continue reading
Six Indicia of Offshore Tax Criminality United States taxpayers need to be aware that a number of danger areas around offshore foreign financial accounts can be construed as evidence that could constitute criminal offenses. Some of these may seem trivial, but all the more warrant a heads-up due to the… – Continue reading
(Bloomberg) — Credit Suisse Group AG, the Swiss bank that paid $2.6 billion last year to settle a U.S. tax dispute, illegally sent a former employee’s details to U.S. authorities to help resolve the probe, a Geneva court ruled. The ex-employee, an assistant relationship manager at the bank’s North America… – Continue reading
A group promoting Canadian sovereignty has raised 80% of the funds required to take the Canadian Government to court for providing residents’ details to the US for its Foreign Account Tax Compliance Act (FATCA). The lawsuit was filed by the Alliance for the Defence of Canadian Sovereignty (ADCS) on 11… – Continue reading
South Korea signed a Foreign Account Tax Compliance Act (FATCA) intergovernmental agreement (IGA) with the United States on June 10, 2015. FATCA is intended to ensure that the US obtains information on accounts held abroad at foreign financial institutions (FFIs) by US persons. Failure by an FFI to disclose information… – Continue reading
U.S. Attorney Booth Goodwin announced Monday the Bank of Mingo has been charged with failing to develop, implement and maintain an effective anti-money laundering program. According to a news release, the bank failed to implement internal controls that would have resulted in the bank obtaining “know-your-customer” information, failed to prevent… – Continue reading
