The Israel Tax Authority and Her Majesty’s Revenue and Customs are using powerful technologies to close in on tax dodgers. In Britain, the mix of politics, the upcoming elections, the budget deficit and public pressure has provoked a whirlwind of controversy around the issue of tax avoidance and tax… – Continue reading
Advisers could face criminal charges under new powers for HMRC following the Budget if they fail to prevent tax evasion by inherited clients, a lawyer has warned. HMRC is consulting on a new corporate criminal offence for firms failing to prevent tax evasion, which will implicate advisers who have clients… – Continue reading
Opposition firebrand Alexey Navalny called Tuesday for the dismissal of hockey legend Slava Fetisov from Russia’s Federation Council, alleging that the senator owns offshore assets in Cyprus in violation of Russian law. Navalny, the head of the Anti-Corruption Foundation, uploaded to his blog a series of documents allegedly evidencing Fetisov’s… – Continue reading
The measure The Chancellor confirmed that the new diverted profits tax (DPT) will be introduced from 1 April 2015. DPT will apply in two distinct situations, being: Where a foreign company has artificially avoided having a taxable presence in the UK; and Where a UK company (or a UK permanent… – Continue reading
New Delhi : The Delhi High Court has held that money spent by Indian subsidiaries of foreign companies on advertising, marketing and promotion (AMP) of their global brand here are international transactions and fall under the purview of transfer pricing rules, reports PTI. A bench of justices Sanjiv Khanna and… – Continue reading
1.GENERAL QUESTIONS 1.1 Why is the Commission presenting a Tax Transparency Package? The Commission has made the fight against tax evasion and corporate tax avoidance a political priority, with a view to creating a socially and economically more efficient Single Market. While much has been done to advance this agenda… – Continue reading
(Bloomberg) — The European Union launched a new salvo in its battle against tax evasion with a slate of proposals that would make it harder for companies to avoid taxes. Countries would need to share information on cross-border tax rulings every three months under one piece of the tax package,… – Continue reading
The UK Government has announced in today’s Budget that it will close the Liechtenstein Disclosure Facility (LDF) half a year earlier than expected in order to make room for a “tougher” disclosure facility. The LDF is an agreement between the Principality of Liechtenstein and HMRC which gives UK taxpayers with… – Continue reading
Towards the end of last December, the cabinet passed resolutions representing the latest attempt to turn Thailand into an attractive location in which to establish an international headquarters (IHQ). This is the third attempt in a little over a decade to lure multinational companies to Thailand. The first regional operating… – Continue reading
In 2013, STHL and its subsidiaries generated $38.6 billion in sales of crude oil, after purchasing $38.5 billion in crude and fuel products from third party and other companies from the SOCAR group. Malta has been hosting Azerbaijan’s state oil company (SOCAR) since 2007 thanks to its favourable tax regime… – Continue reading
KUWAIT CITY: Kuwait has sought help from the International Monetary Fund (IMF) to introduce corporate taxes in a bid to diversify revenue in the face of falling oil prices, a minister said yesterday. ‘The IMF will prepare a preliminary report on how to impose taxes on companies in Kuwait,’ Commerce… – Continue reading
J. Safra Sarasin Holding Ltd., the Swiss private bank owned by billionaire Joseph Safra, indicated it may make further acquisitions after the purchase of Morgan Stanley’s Geneva unit. The company “is ideally positioned to pursue our growth strategy and act as a leading player in the ongoing industry consolidation” in… – Continue reading
Part of the African continent, with neighboring countries such as the Reunion Islands, Madagascar and the Seychelles, is the island republic of Mauritius. Over the centuries, Mauritius has been occupied at different times by three of the world’s greatest maritime powers. Beginning in 1578, Mauritius was a Portuguese possession and… – Continue reading
The central bank yesterday welcomed positive remarks by its Chinese counterpart last week to consider removing the daily yuan conversion limit, as demand for the Chinese currency is flourishing. Taiwan has been seeking the removal of the daily 20,000 yuan (US$3,193) conversion cap, in line with its bid to develop… – Continue reading
HSBC is closing all accounts on Jersey belonging to customers living in the UK. It is part of a move by UK banks carrying out checks on the identity and addresses of thousands of their customers on the Channel Islands. HSBC is among those carrying out the move, according to… – Continue reading
Switzerland has made further progress on meeting international tax compliance standards after being upgraded to phase 2 of the Organisation for Economic Cooperation and Development’s (OECD) tax transparency review process. However, Switzerland faces a potentially tougher examination in the coming months, particularly regarding the use of stolen bank data by… – Continue reading
When the Obama administration changed the rules to make it harder for US companies to move their headquarters—and their taxable profits—overseas through the reverse mergers called tax inversions, it put the kibosh on at least one such deal. But now critics of the move say rules have made it easier… – Continue reading
Center City-based Morgan Lewis, the largest law firm in the U.S. in terms of lawyers based domestically, is growing again, this time overseas. The firm said Sunday it was combining with the Stamford Law Corp., an 80-lawyer firm based in Singapore, a booming commercial hub and island nation with a… – Continue reading
The findings revealed that 76 per cent of those surveyed believe people open bank accounts in Switzerland for “underhand reasons”, and just one in 10 consider it is done for “legitimate reasons.” The UK’s The Times newspaper recently asked individuals for their thoughts as to why Britons might hold Swiss… – Continue reading
Martin McNamara had his suspicions. An OPP officer and executive officer of the provincial force’s union, McNamara was the first to complain to authorities about unusual financial transactions involving the union’s top brass. When McNamara, who had signing authority for the 6,000-member union, was asked to authorize a $5,000 cheque… – Continue reading
[Market Watch] Royal Bank of Scotland Group Plc (NYSE:RBS)(TREND ANALYSIS) is accelerating its plans to dismantle its investment banking franchise, with expectations that the firm will deliver as many as 14,000 pink slips in the group at the sprawling U.K. financial institution, according to the Financial Times report Tuesday. As… – Continue reading
Ras Al Khaimah, close to Dubai, is one of the fastest growing emirates in the United Arab Emirates. The emirate has also gained a reputation for being a transparent, tax free, corruption free, no red tape and inexpensive to do business jurisdiction. Ras Al Khaimah is the most popular offshore… – Continue reading
State-run Hua Nan Commercial Bank (華南銀行) — the main subsidiary of Hua Nan Financial Holding Co (華南金控) — aims to increase its loan book by 4.2 percent this year, driven by corporate lending, senior bank executives said yesterday. The target is lower than the 5 percent increase last year, as… – Continue reading
VietNamNet Bridge – A lot of private enterprises in Vietnam are shoring up offshore investment activity, particularly in regional markets, to make the most of material sources and tap into opportunities presented by these growing markets. An expert of Vinamilk tests the quality of powdered milk made by the company… – Continue reading
Yesterday, The Treasury released draft legislation that it said was intended to modernise the Commonwealth’s Offshore Banking Unit regime. The draft explanatory material states that the proposed changes would implement some of the recommendations from Mark Johnson’s ‘Australia as a Financial Centre’ report, as well as plug some integrity shortcomings… – Continue reading
Port Louis, March 12 : Prime Minister Narendra Modi on Thursday assured that India would work with Mauritius to avoid the “abuse” of the double taxation avoidance agreement and added that the destinies of both nations are “linked by the currents of the Indian Ocean”. Addressing the National Parliament of… – Continue reading
Under a plan baked into the White House’s budget for 2016, U.S. corporations would theoretically be forced to pay hundreds of billions in new taxes on money kept abroad. Levying fees on the $2.1 trillion in funds largely held by shell companies through an accounting trick called deferral, the move,… – Continue reading
The call for tax transparency is being echoed around the globe, with ‘midshore’ centres like Bahrain and the UAE emerging as reputable, regulated and tax efficient jurisdictions A 2012 book entitled Offshore Apocalypse – The Collapse of the Tax Haven Industry, written by a team of tax-law academics, auditors, compliance… – Continue reading
The BVI is a tax haven that has been used to stash away laundered money and capital siphoned out of countries through tax evasion. “It has never been clear why the board led by Moxon decided to set up parallel investment vehicles in the BVI. That was never fully explained… – Continue reading
The Australian Taxation Office should be given the power to ignore multinational transactions that fail to pass the “common sense test” and ensure that technology company profits are taxed where they are earned, the Australia Institute submission to the inquiry into corporate tax avoidance says. The submission takes a swipe… – Continue reading
AMERICANS in France are being asked to take urgent action in a bid to change harsh banking rules which an expats’ body says are “wrecking people’s lives”. AARO (Association of Americans Resident Overseas) says intrusive rules in America’s ‘FATCA’ law place such heavy reporting obligations on French banks with American… – Continue reading
The main legal weapon used by the tax office to hunt down multinationals trying to avoid paying tax often doesn’t work, a problem that could cost the federal government billions a year. A Tax Office internal document, Offshore hubs mitigation strategy overview, said that Australia’s general anti-avoidance rule, Part IVA,… – Continue reading
British Foreign Secretary Philip Hammond is considering a plan to reveal the hidden financial assets of Russia President Vladimir Putin and his inner circle to embarrass them in front of their struggling citizens, The Daily Telegraph reported. The pressure to broadcast the extraordinary secret wealth of Putin and his powerful… – Continue reading
Seychelles is one of the most popular offshore jurisdiction, with favourable business regulations, a prosperous economy and a stable political situation. Seychelles IBC, is a limited liability company which conducts its trading and business outside the Seychelles and is intended for offshore activities. It takes up to 2 days to… – Continue reading
What is FATCA? The US federal income tax system relies on voluntary compliance by taxpayers to self-report their worldwide income and compute their income tax. It is estimated that billions of dollars in taxes are evaded annually by US persons holding offshore accounts. When voluntary compliance is augmented by third-party… – Continue reading
NEIL CHENOWETH The raids unfolded across the city at 8.40 on a Tuesday evening. Squads of federal police descended on Point Piper, Chatswood, city offices and the departure lounge of Sydney International Airport. Accountant Vanda Gould was up when police arrived to arrest him. Across town officers scooped up his… – Continue reading
The Finance Bill 2015 (the Bill) has quietly slipped in an amendment that could engender a fresh set of disputes with foreign companies away from the hitherto transfer pricing hair-splitting. Hitherto, all Indian companies were residents and all foreign companies were non-resident, period. Of course foreign companies would have become… – Continue reading
Businesses are looking to increase exports and absorb the higher cost of imported inputs to make the most of a “sweet spot” for the Aussie dollar, executives said. Seafolly’s chief executive Anthony Halas said he had “mixed feelings” about the drop in the Australian dollar on Wednesday, but believed expanding… – Continue reading
Frank R. Suess writes: Every time you think the US establishment can do no more to threaten the freedom and livelihood of the very Americans who contribute the most to the prosperity of the country, they increase the heat in the furnace by a notch with more cheap money and… – Continue reading
The regional operating headquarters (ROH) provisions that Thai tax authorities introduced in 2002 have never been popular, as they are difficult to understand and comply with. As a result, many businesses have bypassed Thailand and chosen Kuala Lumpur for their regional offices. Even a major revamp of ROH regulations in… – Continue reading
US expats are encouraged to share their opinions and experiences in the annual survey, conducted in cooperation with the American Citizens Abroad Global Foundation (ACAGF). Washington, D.C., March 10, 2015 (GLOBE NEWSWIRE) — Greenback Expat Tax Services has announced that their 2015 Annual US Expat Opinion Survey is now online… – Continue reading
Like many Indian IT consultancies in the early 2000’s, Icreon Tech relied heavily on selling highly skilled, English-speaking engineering talent to the West at a cheap rate. According to the Economist, in 2008, India claimed 65% of all offshored IT work. But as the gap in pay between developing and… – Continue reading
It is time to look at overseas options if you want stocks with good dividends. If you are particular about investing only in the banking sector, U.S. banks would give you at the most around 3% dividend yield. If this is not good enough for you, you can try investing… – Continue reading
FATCA is a law requiring every foreign bank to excessively monitor and report to the Internal Revenue Service (IRS) the bank accounts of every American residing overseas – or risk severe punishment. WASHINGTON, D.C. – Sen. Rand Paul reintroduced S.663, a bill to repeal the Foreign Account Tax Compliance Act… – Continue reading
Tax avoidance is being documented across the world, with Australia no exception. The government is now looking at how to clamp down on the billions of dollars being lost as top Australian firms are succeeding in dodging taxation. Last year saw the release of multiple reports highlighting the worrying number… – Continue reading
Bosses at HSBC were yesterday accused by MPs of turning a blind eye to alleged tax evasion in its Swiss private banking arm. In an ill-tempered hearing with the Public Accounts Committee, members said they did not believe that executives in London were oblivious to what was happening. Chief executive… – Continue reading
Skip to content Using Gmail with screen readers Click here to enable desktop notifications for Gmail. Learn more Hide 34 of 34 Web Clip Forbes.com: Most popular stories – Volt Vs. Tesla: The Dealership Experience – 7 hours ago ready to post 9 mar 2015 D Ready to post –… – Continue reading
MANHATTAN (CN) – Israel’s largest bank helped procure sham loans for clients and advised them to dodge taxes in other ways, a shareholder class action says. Michael Porat, a citizen of Israel, filed the 57-page complaint against Bank Leumi and various international subsidiaries in New York County Supreme Court. Sixty-one… – Continue reading
FATCA could have a bearing on the provisions of the proposed Indian law A new bill to deal with black money parked abroad that the government is planning to bring in the current session of Parliament is likely to be influenced by the law in the United States to check… – Continue reading
ABU DHABI // Almost nine in ten expatriates send money back to their home country but financial experts warn they are more savvy ways to keep money safe. The National’s survey questioning expatriates on remittance, among other financial habits, found 86 per cent of employed expats transfer money to their… – Continue reading
