As part of this year’s recent announcements, HM Revenue and Customs has revealed that the deadline for multiple offshore disclosure facilities has been brought forward to December, 31 2015. Leading tax specialist at Haines Watts Victoria Street, Des Veney, is urging those who are not fully tax compliant to get… – Continue reading
As part of this year’s recent announcements, HM Revenue and Customs has revealed that the deadline for multiple offshore disclosure facilities has been brought forward to December, 31 2015. Leading tax specialist at Haines Watts Victoria Street, Des Veney, is urging those who are not fully tax compliant to get… – Continue reading
New Delhi, April 21: The Supreme Court (SC) on Tuesday asked the Special Investigation Team to submit by May 12 for its consideration the status report on its work on bringing back unaccounted money stashed away in tax havens abroad. Supreme CourtThe directive came in the light of jurist Ram… – Continue reading
MUMBAI: April is turning out to be the cruellest month for HSBC Geneva account-holders in India. Till now, only one — a Mumbai-based senior professional — among the thousands named on the list based on stolen data has been able to obtain a clean chit from Swiss authorities. Most others… – Continue reading
Summary:Australia and the UK have reached a deal aimed at helping tackle profit-shifting practices by multinational companies, such as Apple, Google, and Microsoft. Australia and the United Kingdom have agreed to form a joint working group to tackle profit shifting by multinational companies such as Google, Apple, and Microsoft. The… – Continue reading
The Union Finance Minister, Arun Jaitley, expressed concern over transfer pricing and several other measures taken by MNCs to avoid paying tax on international transactions. The Dollar Business Bureau Stressing on the need to keep a check on tax evasion by multi-national companies (MNCs), India has asked the G20 members… – Continue reading
The Internal Revenue Service (IRS) is seeking to recoup $2.03 billion from Texas businessman Samuel Wyly and $1.19 billion from his brother’s estate. The massive bill owed by Sam Wyly and the estate of Charles Wyly is believed to be the biggest in history. Brothers used trusts to avoid taxes… – Continue reading
Washington, April 20 (IANS): Finance Minister Arun Jaitley here has sought urgent implementation of the automatic exchange of financial account information globally to tackle the menace of black money. “We strongly feel that there is a need to ensure that the common reporting standards on automatic exchange of information should… – Continue reading
The Senate inquiry into corporate tax avoidance will unexpectedly return on Wednesday after the Australian Taxation Office requested a supplementary public hearing to refute allegations made in evidence by former ATO executive Martin Lock. Mr Lock told the inquiry earlier this month that the Tax Office gives up “billions of… – Continue reading
Macquarie Telecom has given full voice to an extremely serious problem facing Australian technology companies: That is, the gaming of the global tax system by multinationals puts Australia’s home-grown technology players who pay tax in Australia at a significant competitive disadvantage. This is a simple equation. It doesn’t matter how… – Continue reading
CHEYENNE, WY, April 17, 2015 /24-7PressRelease/ — OUTPOST PROVISIONING LLC today announced the launch of its “Wyoming…the Offshore Alternative” campaign alongside release of its Wyoming Paymaster Purpose Trust product. “Wyoming…The Offshore Alternative” touts Wyoming as being the Offshore-equivalent for wealth protection without the inconvenience, scrutiny, compliance costs and risks involved… – Continue reading
Nothing is certain in India except death and tax disputes. Ask foreign portfolio investors: they now face demands for past dues of as much as $6.4 billion. The wrangle stems from the Minimum Alternative Tax, or MAT, which officials say leads to a 20 percent levy on capital gains by… – Continue reading
Chinese authorities will cooperate with Indonesia to confiscate more than $500 million of ill-gotten assets illegally transferred to China by corrupt Indonesian banking officials. Under the Treaty on Mutual Legal Assistance in Criminal Matters between China and Indonesia that took effect in 2006, the Ministry of Justice will “give support… – Continue reading
At least 21 financial advisers in Switzerland charged with aiding American tax dodgers are at large With its tan marble floors and leather-clad reception desk, the staid Zurich offices of the Julius Baer Group, one of Switzerland’s largest private banks, are an unlikely place to find an alleged fugitive from… – Continue reading
Last week some of Australia’s biggest and richest companies voluntarily fronted up to a senate inquiry on corporate tax avoidance. Bigwigs from big brands, including Apple, Google, Microsoft, Rio Tinto, BHP Billiton and Fortescue Metals, squirmed under the spotlight as they were grilled about how they (legally) shift profits offshore… – Continue reading
ENERGY giant Woodside Petroleum says its Singapore office was set up for marketing, not tax minimisation. “THE office in Singapore for us is actually not set up at all for tax optimisation, it’s set up because that’s where marketing is done,” chief executive Peter Coleman told Woodside’s annual general meeting…. – Continue reading
China started a campaign to stop the use of offshore companies to transfer the ill-gotten gains from corruption and bribery overseas. The People’s Bank of China, the central bank, will join with four ministries including the State Administration of Foreign Exchange, to crack down on underground banks, offshore company accounts… – Continue reading
Taipei, April 16 (CNA) A record high in Chinese yuan deposits taken by banks registered in Taiwan as of the end of March show optimism that the Chinese currency will appreciate against the U.S. dollar in the long run, analysts said Thursday. They said that China is gearing up to… – Continue reading
An agreement was signed between GIFT SEZ and NCDEX on Thursday at Gandhinagar, according to a joint media statement Ahmedabad: National Commodity & Derivatives Exchange Ltd (NCDEX), India’s leading online commodity exchange, said it will set up an international commodity and derivatives exchange in the special economic zone (SEZ) area… – Continue reading
Racing Minister Nathan Guy has signalled that the Government may crack down on online gambling, announcing a working group to look into the “problem”. The TAB, operated by the New Zealand Racing Board (NZRB), holds a monopoly on all racing and sports betting within New Zealand, but the growth of… – Continue reading
The IRS is growing increasingly uncomfortable that an increasing number of smaller companies and professional firms have been doing what larger companies do — creating their own or joining a captive insurer, reports Insurance Journal. The IRS believes some of these smaller companies are creating these so-called “microcaptives” in order… – Continue reading
DALLAS (AP) — The IRS wants $3.2 billion to cover back taxes that it says are owed by a prominent Texas businessman and his late brother who the IRS says hid income by setting up overseas trust funds. The Internal Revenue Service detailed its claim in documents filed Wednesday in… – Continue reading
THE NUMBER of Slovak companies residing in tax havens dropped in the first three months of this year to 4,248, which is by 114 less than in the end of last year. Most companies left Monaco and Jersey. The trend is the opposite rose by 23 to 13,270, the TASR… – Continue reading
“Tax day” comes and goes each year, but unfortunately, the systemic issues that plague American taxpayers linger on without resolution well past the mid-April deadline. The U.S. tax code has long been manipulated by corporate lobbyists and their corporate tax attorneys. (President Jimmy Carter once called the loophole-ridden tax laws… – Continue reading
(Bloomberg) — Wall Street banks and other financial firms should pay new fees to bankroll their own government oversight, according to a member of the top U.S. derivatives regulator. Sharon Y. Bowen, a Democrat on the Commodity Futures Trading Commission, said Congress should let the agency set fees on banks… – Continue reading
The funds management industry has welcomed a commitment from Assistant Treasurer Josh Frydenberg to make tax and corporate law changes that will boost the export of asset management services to Asia. Complex and uncompetitive legal and tax settings in Australia have acted as a handbrake on the export of financial… – Continue reading
Guernsey’s fiduciary sector was represented at a prominent international estate planning conference in the United States. Three representatives of Trust Corporation International attended the 11th annual International Estate Planning Institute event in Times Square, New York, where the firm was also a gold sponsor. A distinguished panel of experts debated… – Continue reading
As the saying goes, there are two certainties in an uncertain world: death and taxes. The corporate world, while unable to eliminate the former, is doing everything in its considerable power to eliminate the latter. As recent developments over the past couple of years show, transnationals are determined to not… – 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
Swiss banks, for decades the bastions of secrecy, are preaching the virtue of transparency to their U.S. clients as they try to head off billions of dollars in potential fines for helping Americans evade taxes. Faced with the threat of penalties that could bankrupt some of them, almost 100 of… – Continue reading
Research by the Guardian and the Tax Justice Network reveals 28 English clubs with substantial shareholdings overseas, opening up the football leagues to criticism for allowing ownership structures that could be used for tax avoidance Almost one in three of the 92 Premier and Football League clubs are now substantially… – Continue reading
Government chief whip Paul Kehoe is to write to the Ceann Comhairle, Seán Barrett, recommending that a motion of censure be moved against Mary Lou McDonald. The Sinn Féin deputy leader was found to have abused Dáil privilege when she named former politicians in the chamber who were accused of… – Continue reading
Only one change in expat offshore money rates for the week – a new account launched by Skipton International. The 18 month fixed rate bond follows the market lead in offering shorter fixed terms. The rate is 1.75% and savers can open an account with £10,000. The savings market is… – Continue reading
[JURIST] A Milan court declared on Tuesday that former Italian prime minister Silvio Berlusconi [BBC profile, JURIST news archive] has fully served his sentence for tax fraud and will now be permitted to travel out of the country. Berlusconi was found guilty of tax fraud [JURIST report] in 2012 and… – Continue reading
Swiss banks, for decades the bastions of secrecy, are preaching the virtue of transparency to their U.S. clients as they try to head off billions of dollars in potential fines for helping Americans evade taxes. Faced with the threat of penalties that could bankrupt some of them, almost 100 of… – Continue reading
The Minister of Finance for Luxembourg says his country – labelled by critics as a tax haven for multinational corporations – is committed to sweeping international tax reforms being pushed by the G20 and the Organization for Economic Co-operation and Development, as long as they create a “level playing field.”… – Continue reading
Bank of India, Bank of Baroda, Corporation Bank, Punjab & Sind Bank, HDFC Bank and many others have signed up for space in Gujarat’s International Finance Tec-City (also known as Gift City). In fact, banks are expected to be the first to kick off operations in 2016/17, when the International… – Continue reading
The ‘Green Governor’ has a reputation for innovative thinking and problem solving. He is renowned for his support of the agriculture sector and his focus on SME as well as green banking. As one of the most progressive and well-respected Central Bank Governors in the world, United World discusses Bangladesh’s… – Continue reading
It has become increasingly fashionable to compare the results of Greece and the Baltic States’ response to the financial crisis of 2008, most recently last month with the Financial Times’ column with John Dizard. This, however, is a classic textbook case of comparing apples to oranges. Greece’s crisis was chiefly… – Continue reading
The Wall Street Journal reports that Swiss bank whistleblowers Bradley Birkenfeld and Hervé Falciani are schedule to take part in a panel discussion at the OffshoreAlert Conference in Miami Beach May 3-5. The panel entitled “Inside the UBS & HSBC Leaks,” will take participants “inside the UBS and HSBC leaks… – Continue reading
Amid calls for a major overhaul of the federal tax system, a new study shows that 15 major Fortune 500 companies avoided paying taxes on $23 billion in profits in 2014. Moreover, these companies — including CBS Corporation, Mattel, Prudential and Ryder System — paid almost no federal income tax… – Continue reading
The U.S. Congress must find a way to tax offshore profits stored by some of the world’s largest corporations. Currently letting their earnings safely mount up abroad, lawmakers are considering a special “deluxe” tax rate to get money from the companies. A recent study from the Center for Effective Government… – Continue reading
The Western world needs to tackle multi-national tax avoidance a “bit like” it has tackled the Islamic State terrorist group, maverick Liberal senator Bill Heffernan says. Senator Heffernan has for years argued tax avoidance is a threat to sovereignty and thinks it will take a coalition of Western countries to… – Continue reading
Executives tell Senate inquiry paying tax overseas for Australian sales is how the global tax system works, while News Corp Australia demands Netflix pays GST Senior executives from three major tech firms have defended corporate structures which allow most of the revenue from their Australian operations to be taxed in… – Continue reading
Vanoli, account holders will be called to testify Central Bank Governor Alejandro Vanoli and the first 10 businesses to appear on the list of undeclared HSBC bank accounts in Switzerland are set to be the next to appear before the Bicameral Commission examining systematic tax evasion and capital flight, its… – Continue reading
Tax breaks for research and development should be targeted to smaller technology start-ups, rather than big companies that will most likely make the investments regardless of incentives, Google Australia will tell the senate inquiry into corporate tax avoidance. Google Australia’s managing director, Maile Carnegie, will be appearing before the inquiry… – Continue reading
Labor Senator Sam Dastyari has accused the Tax Commissioner of protecting some of the nation’s worst tax dodgers after the commissioner denied access to documents which could embarrass some of the world’s biggest mining companies. On the eve of the corporate tax avoidance inquiry by a parliamentary committee led by… – Continue reading
The financial arrangements of some of Australia’s biggest companies will be in the spotlight this week with a Senate inquiry taking evidence on corporate tax avoidance. The inquiry was initiated by the Greens leader Christine Milne and supported by the Federal Opposition. “We have to actually start really pushing on… – Continue reading
Suspicions rising that ‘hot money’ is being washed through Vancouver real estate As affluent Chinese buyers – spurred by relaxed regulations and a lower Canadian dollar – flood into British Columbia’s real estate market, warnings are rising that some cash deals may contravene federal money laundering rules. A 2015 report… – Continue reading
An arrest over allegations of price fixing has increased calls for tighter regulation of the booming sector On a late February morning, Yves Bouvier arrived at the Monaco home of one of his best clients. He expected Dmitry Rybolovlev, the Russian billionaire owner of AS Monaco football club, to pay… – Continue reading
