Findings from Americans for Tax Fairness directly contradict Burger King’s earlier insistence that the merger would create ‘no tax benefit’ Burger King acquires Tim Hortons and calls Obama’s bluff on tax Burger King stands to avoid paying hundreds of millions of dollars in US taxes if it completes its pending… – Continue reading
Jeb Bush, a front-runner to become the Republican Party’s next presidential nominee, has used Britain to set up a private equity fund that could possibly allow it to avoid paying tax in America. The potentially damaging revelation was uncovered by the financial news wire Bloomberg and could pose a serious… – Continue reading
The Swiss banking sector, which has been forced to give up its traditional secrecy, is now looking to China for new financial investment. “One of the first ports that the Swiss financial center is steering for is the port of China,” Claude Alain Margelisch, chief executive of the Swiss Bankers… – Continue reading
The Dail’s Public Accounts Committee has declined a legal demand from former Fianna Fail Finance Minster Ray MacSharry to hand over the Ansbacher dossier to him. Lawyers acting for Mr MacSharry had given PAC seven days to hand over the Ansbacher dossier, the Irish Independent has learned. Mr MacSharry took… – Continue reading
Do trustees need to register with the US Internal Revenue Service (the “IRS”) before 1 January 2015? Does registration need to be made in respect of a trust? These questions need to be given due consideration by Cayman Islands and British Virgin Islands (“BVI”) trustees and the trusts in respect… – Continue reading
Exports of Ukrainian goods through offshore companies fell by 90 percent in the first nine months of this year, according to the State Fiscal Service, dropping to $334 million. British Virgin Islands, a jurisdiction known for the lack of transparency, remains the most popular offshore destination with Ukrainian companies, attracting… – Continue reading
Bank Leumi Le-Israel Ltd. (LUMI) expects to reach an accord with the U.S. government by next month over accusations Israel’s second-largest bank helped Americans evade taxes. “The management believes it is right to reach an agreement with authorities, just as global banks have done,” Leumi’s legal adviser Hanan Friedman said… – Continue reading
Ordinary New Zealanders are carrying the tax burden while the wealthy use every possible means to avoid paying tax, ONE News Facebook readers claim, in response to damning new IRD details released yesterday Yesterday ONE News revealed how some of New Zealand’s wealthiest people worth more than $50 million are… – Continue reading
THAILAND has offered tax incentives for regional operating headquarters and international procurement centres for more than 10 years, but there are fewer than 300 companies operating ROHs or IPCs. Recently, the Cabinet approved a measure promoting Thailand as the shared-services hub of the Asean Economic Community. It is expected that… – Continue reading
Maples and Calder Michael Gagie, Richard Grasby, Tim Clipstone, Christopher Capewell, Jon Fowler and Tim Frawley Do trustees need to register with the US Internal Revenue Service (the “IRS”) before 1 January 2015? Does registration need to be made in respect of a trust? These questions need to be given… – Continue reading
More paperwork as governments force wealthy to declare overseas assets. What you need to know. It won’t be long before there is no place in the world to hide money from your home country. Governments have tried to catch people who aren’t paying their taxes, or worse, are laundering money… – Continue reading
Summary Corporate tax reform is getting closer, repatriation of foreign profits is a possible outcome. Reform may end the practice of deferment, meaning overseas cash hordes will no longer be part of common corporate practice. Many large U.S. companies will have decisions on how to use funds that are no… – Continue reading
The ministry of Finance acknowledges the publication by the International Consortium of Investigative Journalists (ICIJ) and affiliated medias of a further series of advance tax decisions (“rulings”) issued by the Luxembourg tax administration. As with previous publications (“Luxleaks”), the way in which these documents were acquired is highly questionable. The… – Continue reading
Rudolf Elmer, the former employee of Julius Baer Group Ltd. accused of revealing details of client accounts via WikiLeaks, collapsed at the start of his trial, forcing the court to postpone the case. It was not clear when the trial in Zurich District Court would continue. Proceedings had been under… – Continue reading
Hutchison Whampoa had profit of €429.6m but paid just €65,067 tax in Luxembourg A Luxembourg company that provides indirect financial support to 3 Ireland, is among the latest batch of entities found to be availing of secret tax deals in Luxembourg. Hutchison Whampoa Europe Investments Sarl (HWEI) – part of… – Continue reading
The European Investment Bank, which gives loans and grants using taxpayers’ money, acted wrongly when it refused to disclose details of alleged tax evasion by mining giant Glencore, the EU’s watchdog has ruled. The EIB failed to disclose the results of its own investigation into the allegations surrounding a mining… – Continue reading
Indian corporates are likely to increasingly access the offshore debt capital markets for their funding requirements once the investment cycle restarts, according to Fitch Ratings. “The growth is likely to be driven by the need to refinance debt and fund capex once the investment cycle restarts and as many corporates… – Continue reading
THE map below shows the change between 2011 and 2012 in the number of subsidiaries disclosed by listed American companies. The data were provided to The Economist by Jeff Gramlich of the Hoops Institute at Washington State University. Only those firms that had reported at least ten subsidiaries located in… – Continue reading
This publication provides a brief overview of the expected impact on entities established in Bermuda of (a) the foreign account tax compliance provisions (“FATCA”) of the Hiring Incentives to Restore Employment Act, 2010 of the United States of America (the “US”); and (b) equivalent rules implemented in relation to United… – Continue reading
Malta continues to receive glowing reviews internationally as a stable financial services centre of repute within the European Union. Over the past fifteen years, Malta has moved seamlessly from being an offshore to an onshore jurisdiction, through the implementation of several legal, tax and regulatory rules intended to stimulate domestic… – Continue reading
In recent times there has been a welcome return to activity in the Irish real estate market. Overseas investors have been circling and private equity groups have started investing heavily in Irish real estate amid confidence that the Irish economy has stabilised and is returning to growth. In this briefing… – Continue reading
A senior figure is suspected of secretly keeping accounts in a Swiss bank that were not reported to the tax authorities in Israel, in an affair called the “Swiss Bank Affair,” sources inform “Globes.” Israel Tax Authority investigators conducted a search of the senior figure’s home. As in the information… – Continue reading
Rudolf Elmer, the former employee of Julius Baer Group Ltd. accused of revealing details of client accounts via WikiLeaks, collapsed at the start of his trial, forcing the court to postpone the case. It was not clear when the trial in Zurich District Court would continue. Proceedings had been under… – Continue reading
Fund wanted to buy distressed debt in media and communications companies Ireland played a key role in international tax and funding structures set up by a $100 million Cayman Islands fund that wanted to buy distressed debt in media and communications companies in 2010. Accountancy firm Ernst & Young (now… – Continue reading
A Dublin-based amusement arcade operator, a Co Sligo farmer and a Dublin company director topped the latest list of tax defaulters. The 107-strong list, published by the Revenue Commissioners, made settlements totalling €19.64 million. The largest settlement was made by fair and amusement arcade operators Groundview Limited, of 15 Lower… – Continue reading
About 10 years ago Citigroup’s then chief executive Chuck Prince started his global apology tour, aimed at mending relationships with regulators and bolstering Citi’s reputation. Tokyo was the first stop. The US bank had been embroiled in scandals that led to the termination of its Japanese private banking licence. To… – Continue reading
NEW YORK (InsideBitcoins) — Federal prosecutors with the U.S. Attorneys Office in Manhattan are suing Deutsche Bank, stating that the German bank owes the US Government roughly $190 million in unpaid taxes. The claims of tax evasion stem from gains related to the sale of Bristol-Meyers shares in 2000. Prosecutors… – Continue reading
The US government sued Deutsche Bank Monday for creating shell companies that allowed it to avoid paying tens of millions of dollars in taxes. The suit filed by the US attorney in New York asks for $190 million in back taxes and penalties for an operation it alleged was made… – Continue reading
(Reuters) – Singapore said on Tuesday that it has finalised an information-sharing agreement with the United States that is aimed at combating offshore tax dodging. The deal will make it much easier for financial institutions in one of Asia’s biggest wealth management centres to comply with U.S. tax law. The… – Continue reading
New Delhi: Citing national security and confidentiality clauses, Finance Ministry has declined to disclose information on exchange of correspondence among India, Swiss and German authorities in connection with the black money probe. Replying to an RTI query, the ministry said it was obtaining information regarding Indians having accounts in foreign… – Continue reading
LISBON (Reuters) – The former head of Banco Espirito Santo <BES.LS> on Tuesday denied any wrongdoing in the collapse of the bank his family founded and blamed the Bank of Portugal for accelerating its demise. Portugal had to rescue the country’s largest bank, known as BES, in a 4.9 billion… – Continue reading
A new leak of confidential documents expands the list of big companies seeking secret tax deals in Luxembourg, exposing tax-saving maneuvers by American entertainment icon The Walt Disney Co., politically controversial Koch Industries Inc. and 33 other companies. Disney and Koch Industries, a U.S.-based energy and chemical conglomerate, both created… – Continue reading
Thousands of rich Australians have come forward to declare billions of dollars in untaxed assets and income stashed in bank accounts in Switzerland and in other countries. The rush comes as what the Australian Taxation office says is the last tax amnesty it will ever offer comes to an end…. – Continue reading
Hong Kong’s financial institutions have been urged to assess whether their Occupational Retirement Schemes Ordinance (ORSO) retirement schemes are required to comply with the requirements of the US Foreign Account Tax Compliance Act (FATCA), which aims to prevent tax avoidance by US residents, according to law firm Deacons. ORSO schemes… – Continue reading
DAVID Murray’s financial system inquiry has left Australia’s big four banks at the whim of constantly changing global capital rules, analysts say. “By targeting a dynamic benchmark, there is a risk the Australian banking system enters a global ‘race to the top’ of capital levels,” said UBS analyst Jonathan Mott,… – Continue reading
Although Thailand’s largest bank, Bangkok Bank (BBL), already has the greatest foot-|print overseas, it continues to look for further opportunities in the |offshore market and plans to open at least four additional branches next year. One will be a sub-branch |in Shanghai’s free-trade zone, |and another will be located |in… – Continue reading
Mumbai: As India continues its pursuit of black money allegedly stashed abroad, Switzerland has said it would not entertain any ‘fishing expedition’ and authorities cannot ask for names of all Indian account holders in Swiss banks without doing their own independent investigations. Switzerland’s ambassador to India Linus von Castelmur also… – Continue reading
As India continues its pursuit of black money allegedly stashed abroad, Switzer-land has said it would not entertain any ‘fishing expedition’ and authorities cannot ask for names of all Indian account holders in Swiss banks without doing their own independent investigations. Switzerland’s Ambassador to India Linus von Castelmur also said… – Continue reading
In his annual address to both houses of parliament, President Vladimir Putin announced a large-scale program for the liberalization of the Russian economy. In particular, he proposed an amnesty for the repatriation of offshore capital and tax breaks for small businesses. However, Russian experts point out that some of the… – Continue reading
Reversing earlier moves taken this summer and fall, a major international bank is ending its cooperation with the Internal Revenue Service’s efforts to prevent investors from investing money in foreign countries with more amenable tax structures and policies, such as Ireland or Switzerland. During a Zurich speech, Barclays bank executive… – Continue reading
The lesson from the ongoing trial of former UBS wealth management chief executive Raoul Weil really shouldn’t be a surprise, but we’ll say it anyway: Do not fail to declare income from offshore investments to avoid taxes. Unless, that is, you and your clients would prefer a really close relationship… – Continue reading
On November 6th, 2014, the ICIJ journalists’ network revealed its investigation into leaked documents from professional services firm PricewaterhouseCoopers. Their analysis shows that over 340 multinational companies use schemes to avoid paying taxes – schemes made possible by Luxembourg’s particularly favourable tax laws. How did the ICIJ work together on… – Continue reading
Nicholson stands by previous testimony to MPs, as accountants are accused of mass-marketing tax avoidance schemes The head of tax at one of the UK’s top accounting groups was accused of lying to parliament about his firm’s role in devising controversial tax deals for clients in Luxembourg. Kevin Nicholson, PwC… – Continue reading
(Corrects headline to remove reference to probe at UBS) Dec 8 (Reuters) – Israel has arrested 28 people so far as part of an investigation into Israelis allegedly holding undisclosed bank accounts with Swiss bank UBS, the Tax Authority said on Monday. “The investigation continues and more arrests are expected,”… – Continue reading
Germany’s Deutsche Bank dodged over $100 million in federal taxes, according to allegations in a lawsuit filed by the U.S. Attorney’s office in the Southern District of New York Monday afternoon. “Through fraudulent conveyances involving shell companies, Deutsche Bank tried to make its potential tax liabilities disappear. This was nothing… – Continue reading
Islamic Finance has garnered an increased interest in the last few years and has the potential to develop the capital markets of Sri Lanka and assist in the development of infrastructure along with encouraging foreign investment in the island state, according to an economist in Sri Lanka. In an interview… – Continue reading
* Nearly half of EM corporate overseas debt issued offshore * Accounting conventions do not capture associated risks, BIS says By Sam Wilkin LONDON, Dec 7 (Reuters) – Cross-border debt issued by emerging market companies may be less stable than it initially appears due to the increasing role of overseas… – Continue reading
GCC-based Islamic banks are increasingly eyeing international markets Islamic banks in Gulf Cooperation Council (GCC) nations need to expand abroad to maintain their pace of growth in the future, according to Al-Baraka Banking Group, which operates in 15 countries from the Middle East to Asia. “Banks have no alternative,” says… – Continue reading
President Putin’s surprise amnesty allowing Russians with cash stashed abroad to bring it back home with no penalty may be a windfall, but then maybe not. The US, Mexico, Italy, Kazakhstan, and many others have tried it with varied success. When financial crises hit, governments have tried to reel in… – Continue reading
BEIRUT: There is no threat to Lebanon’s banking secrecy, despite the mounting pressure from the international community to disclose the accounts of Lebanese with dual passports, bankers said. “The United States and some European countries, which are seeking the full cooperation of other states in disclosing the bank accounts of… – Continue reading
