A Labour government would push for UK overseas territories to be put on an international blacklist if they refuse to co-operate with a drive against tax avoidance, Ed Miliband has told them. In a letter to their leaders, he said they would have six months to compile a public register… – Continue reading
A source from FPT Group said this group’s revenue was estimated at VND35.11 trillion last year, up 23% against the previous year and 10% higher than targeted. But its profit fell by 2% to around VND2.46 trillion. The shrinking online game segment and difficulties related to information technology projects on… – Continue reading
Beijing is going after base erosion and profit shifting, and multinationals could get caught in the crosshairs. China is continuing to step up its efforts to curb what it sees as cross-border tax evasion by foreign-owned companies, announcing it will review how companies move money and allocate costs among their… – Continue reading
HONG KONG — China’s tax officials plan to step up efforts to collect taxes from multinational corporations in the latest of a series of moves in the last year, mostly against Western companies. The activities have included police raids on the headquarters of companies’ China operations and heavy fines under… – Continue reading
The ultimate owners of firms would have to be listed in central registers in EU countries, accessible to people with a “legitimate interest”, such as investigative journalists and other concerned citizens, under a deal struck by Parliament and Council negotiators on a draft EU anti-money laundering directive on Tuesday. The… – Continue reading
Progress continues to be made in the BEPS project, with the release in September 2014 of the “2014 Deliverables” and a raft of discussion drafts published during the autumn. Here is a summary of all the recent developments. Within the framework of the BEPS (Base Erosion and Profit Shifting) action… – Continue reading
On January 14, federal prosecutors told attorneys representing Mission Hills businesswoman Cheryl Womack that she had until the end of the day to take their plea offer or leave it. It had been a couple of months since Womack seemed ready to accept some kind of fate offered up by… – Continue reading
(Bloomberg) — President Barack Obama will propose that U.S.-based companies pay a minimum 19 percent tax on their future foreign earnings, capturing profits that are now often beyond the government’s reach. Obama will also seek a 14 percent mandatory tax on about $2 trillion in stockpiled offshore profits, said two… – Continue reading
Feb 1 (Reuters) – The Chinese government’s vow to increase tax scrutiny of foreign companies has sent firms rushing to tax advisors ahead of the implementation on Sunday of new rules designed to rein in cross-border tax avoidance. Tax professionals and business lobbies alike have welcomed the move as an… – Continue reading
When a crowd of angry Americans threw 45 tonnes of tea into Boston Harbor in 1773, their concern was the under-enforcement of the principle of ‘no-taxation without representation’ — that governments should not impose fiscal obligations on their citizens without them having a saying on it. More than two centuries… – Continue reading
When a crowd of angry Americans threw 45 tonnes of tea into Boston Harbor in 1773, their concern was the under-enforcement of the principle of ‘no-taxation without representation’ — that governments should not impose fiscal obligations on their citizens without them having a saying on it. More than two centuries… – Continue reading
The Maldives’ biggest bank is opening a Shari’ah-compliant unit, a move the government sees aiding its goal of becoming South Asia’s offshore Islamic finance hub. Bank of Maldives Plc began offering retail deposits that comply with the religion’s ban on interest on 22 January to be followed by finance for… – Continue reading
Each year U.S. multinational corporations avoid an astounding $90 billion in corporate income taxes by booking their profits on paper through international tax havens. At a time of growing inequality and budget austerity, it is outrageous that we allow the world’s richest companies to get away with not paying their… – Continue reading
The tax regime applicable to non-UK investors in UK commercial real estate continues to be relatively generous. The tax on acquisition is low and there is generally none on disposal. Moreover, tax on income would generally be charged at the basic rate of 20% and this liability is capable of… – Continue reading
US sanctions on companies in third countries, ease of doing business and intellectual property rights were among a dozen issues that figured at the India-US CEO Forum where US President Barack Obama and Prime Minister Narendra Modi were also present. US sanctions on companies in third countries, ease of doing… – Continue reading
When Cecil-based generic drug giant Mylan bought Bioniche is 2010, it didn’t simply hand over a check to the owners of the Irish pharmaceutical firm. Instead, Mylan channeled financing through Luxembourg, a small European country that is a magnet for U.S. companies seeking ways to cut their tax bills. The… – Continue reading
Industry body Assocham has urged the Government to clarify that MAT will not be levied on foreign companies that do not have any branch or a permanent establishment in India. Such a clarification is needed for incomes sourced out of India by such foreign companies, the chamber said in a… – Continue reading
International accountant and shipping adviser Moore Stephens says companies in the offshore maritime sector could be among those hit by a 25% Diverted Profits Tax (DPT) charge under draft UK legislation scheduled to enter force in April 2015. Under the draft legislation published by the UK Government in December 2014,… – Continue reading
India has worked out a bilateral tax agreement with the United States, which could be signed during U.S. President Barack Obama’s visit, that would boost foreign investment and ease investors’ concerns raised by high profile cases against Vodafone and Shell. The pact, which industry executives say would specifically target the… – Continue reading
MUMBAI: The Reserve Bank today reviewed rules for foreign investment by proprietary companies and partnerships, introducing caps on such investments among other measures. The amount to be invested should not exceed 10 per cent of the average of last three years’ export realisation or 200 per cent of the net-owned… – Continue reading
With the city-state revising its earlier avoidance of double taxation agreement with France and signing a new one with Uruguay recently, a boost in cross-border trade is inevitable. Singapore (PRWEB) January 22, 2015 In what can be termed as two important milestones in Singapore’s trade relations with Europe and Latin… – Continue reading
Both the OECD and the EU are exploring options to change how digital businesses are taxed, while NGOs are stepping up their pressure on tax authorities to challenge large companies’ transfer pricing arrangements. No matter how robust your digital business’s transfer pricing arrangements appear to have been in the past,… – Continue reading
Wisconsin’s Democratic Sen. Tammy Baldwin reintroduced legislation this week to implement the “Buffett Rule” as part of a tax fairness package. Baldwin and Sen. Sheldon Whitehouse, D-Rhode Island, introduced a bill that would require multi-million-dollar earners to pay at least 30 percent effective federal tax rate. It would generate an… – Continue reading
It explains how recent amendments to the Singapore-UAE Avoidance of Double Taxation Agreement will translate to more savings for UAE tax residents when they fund Singapore companies. Singapore (PRWEB) January 14, 2015 With the recent signing of the protocol to amend and improve the Singapore-UAE Avoidance of Double Taxation Agreement… – Continue reading
While Chinese officials aren’t required to disclose their assets publicly, citizens have remained largely in the dark about the parallel economy that can allow the powerful and well-connected to avoid taxes and keep their dealings secret. By some estimates, between $US1 trillion and $US4 trillion in untraced assets have left… – Continue reading
On October 14 2014, Ireland’s Minister for Finance (the Minister) announced changes to Ireland’s corporate residence rules. Following much speculation, the Minister confirmed that Ireland would change its rules to restrict the ability of Irish incorporated companies to be treated as non-Irish resident. Under existing Irish law, an Irish incorporated… – Continue reading
MOSCOW, January 13 (RAPSI) – The Russian Government has submitted a bill to the State Duma that would ban state procurement from companies registered in offshore jurisdictions, TASS reports on Tuesday. The provisional bill stipulates that a legal entity registered in a state that provides tax exemptions and does not… – Continue reading
The bills from Whitehouse and Democrats aren’t new — all three, including so-called “Buffett Rule” legislation, were introduced in the last Congress — and stand little chance of progressing on a GOP-controlled Capitol Hill. Along with the Buffett Rule, Democrats also introduced legislation Tuesday to target offshore tax havens, an… – Continue reading
Luxembourg’s fund management industry has responded to proposals put forward by the Organisation for Economic Cooperation and Development (OECD) on preventing treaty abuse, with a particular focus on the treatment of collective investment vehicles (CIVs). The response, from the Association of the Luxembourg Fund Industry (ALFI), concerns proposals put forward… – Continue reading
Bangladesh central bank has summoned local HSBC officials over recent reports in global media alleging the bank’s involvement in helping clients to evade taxes. The multinational bank’s Dhaka officials have been asked to come to the Bangladesh Bank (BB) on Thursday. “Recent media reports claim that a lot of people… – Continue reading
Chinese nationals and companies operating overseas, who hold their fortunes outside of China, will soon be required to pay taxes on their worldwide earnings come Feb 1. Part of Beijing’s New Year resolution to crack down on tax avoidance and evasion, the general anti-avoidance rule (GAAR) and new penalties will… – Continue reading
Buildings in Bedford Square used by the Ministry of Justice to hold tax tribunals belong to a company registered in a tax haven, says Private Eye. The discovery by the Eye means the UK government is going against its own rules which forbids it from transferring its assets offshore. In… – Continue reading
British Members of Parliament (MPs) have questioned the Government’s unilateral decision to push for the introduction of a Diverted Profits Tax (DPT) ahead of the completion of the Organisation for Economic Cooperation and Development’s (OECD’s) work on base erosion and profit shifting (BEPS). In a debate held in Parliament on… – Continue reading
The UK is proposing to introduce a unilateral, non-OECD co-ordinated anti-BEPS provision, referred to in the media as the “Google Tax”, with effect from 1 April 2015. The draft provision is very complex, and it will be time consuming to assess its potential impact on many common cross-border business structures…. – Continue reading
Many factors influence a foreign buyer’s decision to purchase residential real estate in the United States. Generally, most of these decisions tend to be driven by concerns over political and economic uncertainty in the buyer’s home country. Most foreigners do not leave their home country, family, and friends for trivial… – Continue reading
Multinationals told to be more cautious about intra-group transactions as Beijing imposes stiff measures against avoidance and evasion Multinationals have been advised to take notice of Beijing’s New Year resolution to crack down on tax avoidance and evasion, especially after the announcement of the general anti-avoidance rule (GAAR) and new… – Continue reading
Four days out from Christmas, Blind Citizens Australia (BCA), Deaf Australia, Homelessness Australia and Down Syndrome Australia learned they were to be subject to federal government funding cuts. New Social Services Minister Scott Morrison assured concerned parties that frontline services to the disabled would not be cut, just grants to… – Continue reading
CMS Bureau Francis Lefebvre, a leading French law firm, has noted that the 2015 Finance Act and the Rectificative Finance Act for 2014 were adopted by the French Parliament on December 18. Certain provisions have been reviewed by the Constitutional Court, which issued its ruling on December 29. Both laws… – Continue reading
Japan has remained a cornerstone of Pakistan’s economy for the past many years. Japanese Companies have invested in all sectors across Pakistan. Be it auto, trading, manufacturing, infrastructure development, packaging, steel manufacturing, indenting, etc a large number of Japanese Companies have a strong presence in Pakistan. Pakistan’s Investment and Corporate… – Continue reading
More countries are requiring an exchange of client information In 2014, we saw a marked increase in transparency regarding foreign assets. The United States took the lead, and other countries followed suit. It looks like we’ve reached the tipping point, that is, “the magic moment when an idea, trend, or… – Continue reading
Gov. Maggie Hassan has done an excellent job working with legislative leaders to craft and oversee the state’s current two-year budget. An array of problems is being effectively managed. This budget will end in balance. But looking ahead to the next two-year budget, we in state government face difficult challenges…. – Continue reading
Gov. Maggie Hassan has done an excellent job working with legislative leaders to craft and oversee the state’s current two-year budget. An array of problems is being effectively managed. This budget will end in balance. But looking ahead to the next two-year budget, we in state government face difficult challenges…. – Continue reading
A father and son who ran a tax-preparation business were convicted in Los Angeles of conspiring to help clients cheat the Internal Revenue Service by setting up undeclared offshore bank accounts. David Kalai, the founder and former chief executive officer of United Revenue Service, and his son Nadav, who was… – Continue reading
NEW YORK – The multiyear federal crackdown on wealthy Americans who duck taxes by hiding income and assets offshore is targeting a Panamanian legal services firm suspected of arranging anonymous banking services. A Manhattan federal judge on Friday approved special summonses for Sovereign Management & Legal. The approval also covered… – Continue reading
“These measures were taken in line with the policy announced by President Vladimir Putin for the Russian economy’s de-offshorization,” USM Holdings owned by billionaire Alisher Usmanov said MOSCOW, December 19. /TASS/. USM Holdings owned by billionaire Alisher Usmanov is transferring key assets to Russian holding companies, USM said in a… – Continue reading
Coalition plan for stripping ‘cloak of secrecy’ from shell firms that leaves housing loophole slated by politicians and other critics Business minister Matthew Hancock unveiled ‘the first UK anti-corruption plan bringing action across the government’. Photograph: Jack Taylor/Barcroft Media Government plans to rip “the cloak of secrecy” from corrupt officials… – Continue reading
[BRUSSELS] Owners of secretive companies in Europe will have a harder time keeping out of the public eye, EU negotiators agreed Wednesday, in another blow against opaque business practices after the LuxLeaks scandal. The agreement reached by the European Commission, European parliament and member states approves the creation of a… – Continue reading
The FACT (Financial Accountability and Corporate Transparency) Coalition today submitted comments to the Treasury Department praising their previous actions to limit inversions while also calling for additional measures. The proposals come as a part of the open comment period for Notice 2014-52, Rules Regarding Inversions and Related Transactions, originally issued… – Continue reading
The head of the Australian Tax Office, Chris Jordan, has described a tax lurk for multinational companies that is being retained by the Abbott government as having been “abused” by foreign corporations at a cost of “hundreds of millions of dollars” a year to the Commonwealth. As revealed by Fairfax… – Continue reading
The ultimate owners of companies would have to be listed in central registers in EU countries, accessible to people with a “legitimate interest”, such as investigative journalists and other concerned citizens, under a deal struck by Parliament and Council negotiators on a draft EU anti-money laundering directive on Tuesday. The… – Continue reading
