Category: Offshore Banking
8 Best Tax Haven Countries to Open an Offshore Bank Account
When it comes to the greatest offshore bank accounts, people will give you a lot of different recommendations. This isn't to say that some of them are incorrect. There are simply a plethora of possibilities available. ... - Continue reading
Cayman Islands: Recovering Illicit Assets Offshore Might Become A Bit Easier
New legislations on assets disclosure are now paving a way towards more tax transparency. ... - Continue reading
Tax authorities accessed 84 million offshore accounts in 2019: OECD
OECD confirms the efficiency of the Automatic Exchange of Information after its implementation in 100 countries. ... - Continue reading
Tax data sharing sparks arrests among Israelis with unreported foreign bank accounts
The Common Reporting Standard (CRS) continues to unveil more offshore revenue. ... - Continue reading
No hidden property through offshore companies: Justice Qazi Faez Isa
Justice Qazi Faez Isa pleads non-guilty in tax evasion attempt. ... - Continue reading
World Bank aid ‘leakage’ may flow to tax havens: study
“Our estimates suggest a leakage rate of around 7.5 percent for the average highly aid-dependent country,” the study concluded. ... - Continue reading
Switzerland refuses to share five-year-old tax info with Pakistan
Pakistan's request for taxpayers' information turned down by Switzerland. ... - Continue reading
Details of 1.89 mil. overseas bank accounts received
The Common Reporting Standard (CRS) allows the tax authority of Japan to detect 1.89 hidden bank accounts overseas. ... - Continue reading
Accord with Switzerland to share Pakistanis’ bank data will bring transparency: Qureshi
Foreign Minister Shah Mehmood Qureshi positive about tax treaty between Pakistan and Switzerland. ... - Continue reading
HMRC lacks staff to investigate over 5.7 million offshore tip-offs
HMRC under an overload of information. ... - Continue reading
Nearly a million Canadian bank records sent to IRS
Number of government transfers of records of bank accounts held by Canadian residents to U.S. has been rising ... - Continue reading
Japan to tighten rules on wealthy residents with overseas assets
The government is set to tighten rules on disclosure by Japan’s wealthier residents about their overseas assets in a bid to prevent tax avoidance, sources close to the matter said Sunday. ... - Continue reading
U.S. govt deficit hits 7-year high
The U.S. government ended fiscal year 2019 with the largest budget deficit in seven years as gains in tax receipts were offset by higher spending and growing debt service payments, the Treasury Department said on Friday. It is the first time since the early 1980s that the budget gap has… – Continue reading
Canada: Frozen Bank Accounts Of US Citizens In Europe – What Does It Mean For Canada
Why are French and British banks threatening to freeze or close the bank accounts of US citizens?
... - Continue readingCRS reveals Australians holding $100bn in offshore accounts: reports
Australians are holding more than $100bn in undisclosed offshore accounts, according to new taxation office data collected under the Common Reporting Standard (CRS), British newspaper the Guardian has reported. ... - Continue reading
FATCA could push French banks to close up to 40,000 account
Banks in France have warned that they could be forced to close up to 40,000 accounts belonging to US citizens because of ongoing difficulties with the Foreign Account Tax Compliance Act (FATCA). ... - Continue reading
Tax from non-doms falls by £2bn as wealthy flee the UK
The number of wealthy residents who pay no UK tax on their offshore accounts has fallen to its lowest level ever, Treasury figures reveal. Last year, there were 78,300 non-domiciled taxpayers, or “non-doms”, in the UK compared with 98,500 in 2016-17. And the £9.5bn they paid to the taxman in… – Continue reading
IRB can track undeclared offshore accounts for taxation
Malaysia aims to track offshore tax revenue ... - Continue reading
Uzbekistan: Karimova says she returned $1.2Bln to state coffers
The fate of funds in foreign accounts remain in the balance, however.The imprisoned daughter of Uzbekistan’s late president has reportedly published a statement tentatively admitting responsibility for years of larceny and said that she has paid $1.2 billion into the state coffers. Gulnara Karimova’s statement was posted on an Instagram… – Continue reading
Nigeria Signs Off On Common Reporting Standard With OECD
As we await official communication, information reaching us have it that Nigeria has signed off on the Common Reporting Standard (CRS) with the Organisation for Economic Co-operation and Development (OECD). As publicly stated on Wikipedia, ‘The Common Reporting Standard (CRS) is an information standard for the Automatic Exchange Of Information… – Continue reading
As part of AEOI agreement with India under Modi, Switzerland-based banks notifies 11 Indians to share bank account details
Under Modi government, the total funds held by Indians with Swiss banks in 2016 stood at a record low of 676 million CHF (Swiss francs), which was about Rs 4,500 crore In a significant move to share financial information with India, the Swiss authorities have shot notices to 11 Indians… – Continue reading
US IRS begins FATCA crackdown
After years of deliberation and debate spanning two administrations, the Tax Information Exchange (United States of America) Bill, 2016, also known as the Foreign Account Taxpayer Compliance (FATCA) Bill was passed in the Senate on March 7, 2017. This following its unanimous passage in the House of Representatives, two weeks… – Continue reading
Court rules John Doe summons to identify law firm clients isn’t barred by attorney-client privilege
Section 7609(f) of the tax code allows the Internal Revenue Service to use a “John Doe” summons when the target is unknown. It has been used successfully by the IRS against banks and other financial institutions to find offshore accounts. Now, a district court in the Western District of Texas… – Continue reading
RMB deposits held by banks rebound in Taiwan
TAIPEI, April 21 (Xinhua) — Renminbi (RMB) deposits held by banks in Taiwan rebounded to 282.28 billion yuan (42.34 billion U.S. dollars) at the end of March, 880 million yuan more than February, according to data released by the island’s banking authority. The rebound in March snapped a decline streak… – Continue reading
Understand the Differences Between Retail and Offshore Private Banks
Many people don’t put too much thought into the diverse types of banks that exist. They simply want to know their money is safe and that they can access it when needed. While the word bank can be a generalized term, it is important to recognize how different banks can… – Continue reading
Israeli bank to pay $195M for US tax-avoidance scheme
Mizrahi-Tefahot Bank and two subsidiaries acknowledge that from 2002 until 2012 they conspired with U.S. clients to avoid taxes on assets and securities by opening and maintaining offshore accounts under false or code names or through foreign entities. One of Israel’s largest banks has agreed to pay $195 million for… – Continue reading
Manafort caught sentencing break for tax and bank fraud, but soon faces tougher judge
Paul Manafort won leniency Thursday from a federal judge who sent him to prison for less than four years, but next week he’ll be sentenced in a second case by a less forgiving judge who could add another 10 years to his term. Manafort, 69, faced as long as 24… – Continue reading
Plan to collect tax on offshore assets
ISLAMABAD: In order to move against owners of offshore assets abroad, the FBR has sought powers of provisional assessments for creation of tax demands against those who never bothered to declare anything in Pakistan. These tax demands could be shared with the jurisdictions of OECD countries that might pave the… – Continue reading
FBR probes undeclared offshore assets of resident Pakistanis
KARACHI: The Federal Board of Revenue (FBR) has sought explanations from the resident Pakistanis regarding their undeclared foreign assets, sources said on Tuesday. These assets were identified under the Automatic Exchange of Information (AEoI), they added. Large Taxpayers Unit (LTU) Karachi summoned around 100 people from Sindh Region to appear… – Continue reading
Government Breaking Down ‘Offshore’ Banking Divide
The Government yesterday broke down the divide between Bahamian domestic and international financial institutions to meet European Union (EU) demands. KP Turnquest, the Deputy Prime Minister, in unveiling a radical regulatory shift said the Government will “make the playing field level for all financial institutions in The Bahamas” by enabling… – Continue reading
India to get info on account holders in Swiss banks from 2019: Govt
India will start receiving from Switzerland this year information relating to financial accounts held by Indians in Swiss banks, government said Wednesday. Minister of State for External Affairs V K Singh, replying to a question in the Lok Sabha, said such information may include details about persons allegedly involved in… – Continue reading
Canada: Common Reporting Standard Is Now Fully In Effect – If You Have Been Hiding Funds Or Assets Offshore, Now Is The Time To Disclose
Introduction – Offshore funds and Canada Revenue Agency’ reach Gone are the days when offshore bank accounts were outside the Canada Revenue Agency (CRA)’s reach. With the advent of the Common Reporting Standard (CRS), CRA automatically receives financial information of Canadian taxpayers who own bank accounts or assets in other… – Continue reading
Japan’s tax agency locates offshore bank accounts
Japan’s National Tax Agency has obtained information on more than half a million accounts held by Japanese citizens and companies at overseas financial institutions. The move comes amid heightened public interest in how the wealthy use offshore havens to evade paying taxes at home. The Japanese agency will analyze the… – Continue reading
Australia targets offshore banking units
Under pressure from international organisations, the Australian government has flagged that it is getting ready to reform the concessionally-taxed offshore banking unit (OBU) regime, a move that will hit big banks and hedge funds. The Organisation for Economic Co-operation and Development’s (OECD) forum on harmful tax practices has raised concerns… – Continue reading
Cryptocurrencies Could Emerge As Top Save Haven For Chinese Investors Amidst Govt Crackdown
The Chinese government has decided to tight policies that target investors in the country and that hold their wealth overseas with the intention to avoid paying taxes. However, these investors that are now threatened by the government might move to cryptocurrencies and avoid being investigated by Chinese authorities. Most of… – Continue reading
Japan obtains 400,000 overseas account details
The National Tax Agency of Japan has gathered details on 400,000 overseas bank accounts held by Japanese nationals in about 50 countries in a bid to fight fiscal evasion as only 9,000 citizens declared having an offshore account in 2016. The tax agency will compare the two sets of information… – Continue reading
Australia Mulls Fresh Regulations on Crypto Exchanges
The Australian Securities and Investment Commission (ASIC) said it would create a team to monitor initial coin offerings (ICOs) and cryptocurrencies. Australia’s market regulator, the Australian Securities and Investments Commission (ASIC) is considering a new tactic in regulating digital currency exchanges and raising the monitoring of initial coin offerings (ICOs)… – Continue reading
UK court refuses to extradite former Trust Bank owner to Russia
Magistrates’ Court ruled that Ilya Yurov persecution was politically motivated because of his connections with Khodorkovsky. Westminster Magistrates’ Court refused to extradite Ilya Yurov, the former part owner of Trust Bank, who is on the international wanted list, RBC reported. The court believes that the extradition would violate human rights…. – Continue reading
What offshore banking does
Offshore banking can play a crucial role, internationally and domestically The concept of offshore banking in Bangladesh is not new, and is getting very popular to among business-people in Bangladesh due to its overwhelming capacity to unlock the international financial settlement. Offshore banking, by its name and structure, can play… – Continue reading
Blockchain Startup Smart Valor Receives Approval To Operate In Switzerland
Blockchain startup Smart Valor has announced that it received approval to operate in the Swiss financial market. Based in Switzerland’s Crypto Valley, Smart Valor is a company building a decentralized marketplace for tokenized alternative investments. Its network is coordinated by a smart-contract-based governance model, which incentivizes each participant to contribute… – Continue reading
Australia’s fugitive Chinese accounts frozen
The top story in the finance section on Tuesday morning is about the Chinese government’s hunt for hidden assets (and unpaid taxes) overseas. The article mentions Australia and New Zealand freezing accounts from customers who don’t identify if they are foreign taxpayers. It goes on to say many of the… – Continue reading
