The Treasury will this week detail sweeping new powers for the Revenue to investigate tax-avoiding global companies, and will issue a list of suspect structures which it says are designed to dodge British dues. The Chancellor declared war on tech giants such as Google, Amazon and eBay, which pay little… – Continue reading
The factbox devoted to two years of the so-called Magnitsky Act passed by US Senate. This act allows Washington to deny visas and freeze assets of Russian officials allegedly involved in the death of Russian lawyer Sergei Magnitsky. Five years ago, on November 16, 2009, Sergei Magnitsky, a tax and… – Continue reading
Despite earlier promises to vote in favour, many choose to abstain in the Lower House The approval of a bicameral congressional inquiry into tax evasion received almost no opposition support early yesterday morning — an about-face for some lawmakers who had initially said that they would support the probe into… – Continue reading
A Swiss banker accused of helping American clients cheat on their taxes is a fugitive who must show up in a New York courtroom if he wants bail, U.S. prosecutors argued in a legal filing. Stefan Buck, who was Bank Frey & Co.’s head of private banking in Switzerland and… – Continue reading
PwC Nigeria, a leading professional services firm, has challenged financial institutions operating in Nigeria and the sector’s regulators on the need to develop a regulatory framework to drive the implementation of the Foreign Account Tax Compliance Act (FATCA) in the country. Andrew S. Nevin, a partner at PwC Nigeria and… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/e3cae272-73d4-11e4-82a6-00144feabdc0.html#ixzz3LIqHN5hj A seafront car park in St Peter Port overlooked by Guernsey’s… – Continue reading
In yesterday’s Autumn Statement, the UK Chancellor announced several measures that will directly affect non-UK individuals who live or own property in or are considering moving to the UK. Although in many cases the measures will mean that such individuals are liable to pay more tax in the UK than… – Continue reading
The Financial Accountability and Corporate Transparency (FACT) Coalition is calling on Congress to reject the tax extenders package that includes two wasteful offshore loopholes that allow U.S. companies to dodge billions worth of taxes. The tax extenders are a set of 54 temporary tax breaks, which are ostensibly designed to… – Continue reading
Economy December 04, 17:06 UTC+3 Vladimir Putin announced an all-out amnesty for offshore capital to return Russian capital from foreign jurisdictions MOSCOW, December 4. /TASS/. Russia’s moratorium on tax hikes and western sanctions that provoked a cautious attitude to money from Russia will facilitate offshore capital amnesty announced by President… – Continue reading
What Managers of U.S. and Non-U.S. Investment Funds Should Do Today FATCA1 went into effect on July 1, 2014 and will be phased in through January 1, 2017. During that period, varying compliance deadlines apply to different types of U.S. and foreign funds. Several important deadlines will occur in December… – Continue reading
Former tánaiste Mary Harney last night denied she halted a probe into offshore tax accounts because prominent PD Des O’Malley’s name was on a list of people allegedly involved and that every opportunity had been afforded the investigation to finish its work. “I am satisfied that correct procedures were followed… – Continue reading
Public Accounts Committee is questioning the Revenue Commissioners All files drawn up by a whistleblower into alleged tax evasion by former senior politicians were fully examined and followed up, the chairman of the Revenue Commissioners has said. Addressing the Dáil Public Accounts Committee, Josephine Feehily said all material on the… – Continue reading
The Swiss voted down the initiative “Save Our Swiss Gold” on Sunday, November 30, by a margin of three to one, rejecting efforts to shore up the Swiss National Bank’s (SNB) balance sheet. Switzerland, a direct democracy, entertains an average of five such referendums every year, and most of them… – Continue reading
DELHI – Mauritius has overtaken Singapore as the largest source of foreign direct investment (FDI) in India, it was announced earlier this week. During the April-September period, Mauritius emerged as the strongest contributor of investment with an inflow of $4.19 billion. During the same period, Singapore provided $2.41 billion in… – Continue reading
Enda Kenny responds to Mary Lou McDonald’s listing of allegations against ex-ministers The Garda fraud unit is investigating allegations that former government ministers had offshore accounts, Taoiseach Enda Kenny told the Dáil. “They will make their decisions and follow through on that,’’ he said. The Taoiseach was responding to Sinn… – Continue reading
Dechert Georgia, through the contribution of partners Archil Giorgadze and Nicola Mariani joined by senior associates, Ruslan Akhalaia and Irakli Sokolovski, is partnering with Georgia Today on a regular section of the paper which will provide updated information regarding significant legal changes and developments in Georgia. In particular, we will… – Continue reading
Swiss Ambassador to India Linus von Castelmur on Wednesday said it would not be possible for his government to work with stolen data and entertain “fishing expeditions” while dealing with the issue of tracing Indian black money holders. “We signed a double tax avoidance treaty with India in 2011 that… – Continue reading
Dec 3 (Reuters) – A Luxembourg court on Wednesday confirmed that a holding company of Portugal’s Espirito Santo family could not receive bankruptcy protection. Rioforte Investments, whose assets include many of the family’s holdings in real estate, hotels and plantations, had appealed against an earlier decision by a Luxembourg court… – Continue reading
Late yesterday afternoon the Government published its response to the consultation on extending Capital Gains Tax (CGT) to non-UK resident owners of UK residential property. This is the latest step in a series of significant changes in the last couple of years to the tax treatment of UK residential property…. – Continue reading
With the expansion of business globally and mobilisation of investments, businesses are facing challenges on managing their cash flows, funds, and financial risks to increase competitiveness. Having a “treasury centre” is one of the solutions. A treasury centre helps a business significantly reduce its transaction costs and increase financial efficiency…. – Continue reading
Chancellor George Osborne has announced a new 25 per cent tax on profits generated by multinationals in the UK that have been “artificially diverted” offshore. Delivering his Autumn Statement today, Osborne said he wanted to see big global businesses “pay their fair share.” He has announced that there will be… – Continue reading
Names of former politicians investigated for alleged tax evasion read into Dáil record Five former politicians named in the Dáil by Sinn Féin TD Mary Lou McDonald as having been in a dossier of alleged offshore account holders have rejected the claims. Former European commissioner Máire Geoghegan-Quinn, former Progressive Democrat… – Continue reading
Donald Grove, Contributing Editor, The Casey Report Implementation of the infamous Foreign Account Tax Compliance Act (FATCA) got underway in earnest on July 1, 2014. A cacophony of protests and warnings could be heard as that date approached, and it has only grown louder as more and more people realize… – Continue reading
Industrial & Commercial Bank of China Ltd. is marketing the largest sale of offshore yuan bonds as China pushes for the wider use of its currency as an alternative to the dollar in business and finance. The nation’s biggest lender by market value is offering about 12 billion yuan ($1.95… – Continue reading
Panel suggests reintroduction of Fringe Benefits Tax and Banking Cash Transaction Tax The Tax Administration and Reform Commission (TARC) has suggested reintroducing the Fringe Benefits Tax (FBT) and Banking Cash Transaction Tax (BCTT) to widen the tax base, minimising various tax exemptions, and staying away from amnesty schemes as these… – Continue reading
The Brazilian Federal Government decided to reduce from 20% to 17% the percentage of the maximum income tax rate required from the low-tax countries classified as “favored taxation country or dependency” (país ou dependência com tributação favorecida) or “privileged fiscal regime” (regime fiscal privilegiado). This measure was adopted by means… – Continue reading
Global banks may feel that purging their correspondent banking relationships will help them de-risk, but they should beware the unintended consequences. The Central Bank of Seychelles’ rescue of BMI Offshore Bank in November is one of the clearest examples of the impact global banks are having on smaller financial institutions… – Continue reading
It was billed as a multi-billion pound windfall for the long-suffering UK taxpayer, with HM Revenue & Customs getting its hands on a huge reservoir of untaxed “black money” stashed in Switzerland by wealthy subjects to keep it safe from the taxman. But the estimated take from what the former… – Continue reading
Ann Lenihan says she ‘has no knowledge of account’ and questions PAC’s actions The widow of former tánaiste Brian Lenihan snr wrote to Minister for Enterprise Richard Bruton on Monday demanding access to the dossier and any documents held by his department that allege there is evidence her husband held… – Continue reading
The Position to Date In July 2014, the Cayman Islands government issued The Tax Information Authority (International Tax Compliance) (United States of America) Regulations, 2014 (the “US FATCA Regulations”), The Tax Information Authority (International Tax Compliance) (United Kingdom) Regulations, 2014 (the “UK FATCA Regulations”) and the Guidance Notes on the… – Continue reading
KATADATA – Finance Minister Bambang Brodjonegoro asks exporters to refrain from tax avoidance schemes, especially transfer pricing. Tax avoidance will cause losses to the state because it reduces tax revenues. “Transfer pricing has constantly reduced our tax revenues. I urge exporters to stop this practice because it is strongly related… – Continue reading
The United States Internal Revenue Service (IRS) has provided guidance with respect to jurisdictions that have been treated as if they had a Foreign Account Tax Compliance Act (FATCA) intergovernmental agreement (IGA) in existence, although that agreement has remained unsigned. Under previous US transitional FATCA rules, IGAs reached in substance… – Continue reading
As oil prices plunge and Russia bleeds capital, the Kremlin is cracking down on residents who it says are evading taxes through holdings overseas. A law slated to go into effect on Jan. 1 is designed to clamp down on Russian citizens and companies that the Kremlin thinks are avoiding… – Continue reading
CORPORATE SECRECY, GLOBAL MONEY LAUNDERING MAKES IT HARDER FOR EMERGING ECONOMIES TO FIGHT CORRUPTION Corruption is a problem for all economies, requiring leading financial centres in the EU and US to act together with fast-growing economies to stop the corrupt from getting away with it, anti-corruption group Transparency International said… – Continue reading
BVI Business Companies A1. What is the law on keeping and retaining records? Section 98 of the BVI Business Companies Act 2004 (BCA) has always provided that a BVI business company must keep records that: are sufficient to show and explain the company’s transactions; and will, at any time, enable… – Continue reading
Argentina and Belgium have separately accused HSBC bank’s Geneva branch of setting up a network of offshore accounts to help their citizens avoid paying billions of dollars in taxes. The Belgian charges were filed Monday and the Argentine charges were announced Friday. HSBC, formerly known as Hong Kong & Shanghai… – Continue reading
A Canada Revenue Agency crackdown on tax-free savings accounts has some people wondering whether TFSAs will always be shielded from a federal government that might be looking to generate cash. Here’s what will get your TFSA audited by the CRA Bank of CanadaCanada’s Taxman has an audit project targeting Canadians… – Continue reading
Co-Operative Bank Plc, the U.K. lender that ceded control to its creditors last year, will probably fail Bank of England stress tests this month, Chief Executive Officer Niall Booker said. “It will come as no surprise if the bank does not meet the desired capital ratios,” Booker said yesterday in… – Continue reading
Samuel Wyly and the estate of his brother Charles will soon find out if they have to pay the U.S. regulators as much as $700 million after a jury found them liable for a 13-year scheme to use a web of offshore trusts to hide stock holdings and make illegal… – Continue reading
BIRMINGHAM, Mich., Dec. 2, 2014 (GLOBE NEWSWIRE) — via PRWEB – Foreign banking and foreign assets has been under intense scrutiny and the Foreign Tax Compliance Act (FATCA) passed in March 2010 has complexities many US taxpayers do not quite understand. As an account holder with foreign financial institutions taxpayers… – Continue reading
A Swiss banker accused of helping U.S. clients cheat on their taxes wants a judge to grant him bail without his having to appear first in a New York courtroom. Stefan Buck, who was Bank Frey & Co.’s head of private banking in Switzerland and an executive board member, was… – Continue reading
Complying with USA FATCA and UK/EU Data Protection Requirements The US Foreign Account Tax Compliance Act (FATCA), passed by Congress in March 2010, was finally implemented in July 2014. The Act makes the US the only large economy to tax its nationals on all of their earnings anywhere in the… – Continue reading
Taxation authorities in China said they would tighten their monitoring of foreign companies in order to prevent them from avoiding tax using numerous schemes. The official Xinhua news agency, citing tax officials in the country, reported that China would comprehensively monitor profit levels of foreign companies to make sure that… – Continue reading
JOHANNESBURG – It has been quite difficult to keep up with the flurry of regulatory reforms in the financial services industry. Apart from the introduction of tax-free savings accounts next year and the fact that certain retirement reform regulations have been postponed, a number of other changes are also in… – Continue reading
UK chancellor George Osborne is set to unleash a new strict liability rule and higher penalties to capture those with offshore assets who are ignoring their tax obligations, according to a leading tax expert. John Cassidy, partner at audit, tax and advisory firm Crowe Clark Whitehill, predicts Osborne’s Autumn Statement… – Continue reading
Offshore accounts have made headlines recently, with 51 global jurisdictions agreeing to automatically share and exchange details of tax data. Included in this agreement is information on offshore accounts and their operational procedures. The decision brings new attention to overseas financial planning, and how top companies use offshore accounts to… – Continue reading
Scottish Widows is considering the sale of offshore investment and tax planning business Clerical Medical International, the Financial Times reports. The Isle of Man-based business, acquired by Lloyds Banking Group as part of the HBOS deal in 2008, currently manages around £5bn in policyholder funds. The Isle of Man-based business,… – Continue reading
It feels like FATCA has been around for years already, yet some companies are still coming to terms with its implications. However, as Kirsten Morel explains, impending deadlines are now creating a real sense of urgency It’s four years since US Congress enacted the Foreign Account Tax Compliance Act (FATCA),… – Continue reading
Tax avoidance is morally wrong even if it is legal, the majority of people surveyed in a poll for two leading charities said. Four in five of those asked said it is too easy for large companies to avoid paying tax in the UK while almost three-quarters said the next… – Continue reading
(Updates with others banks, adds context) Dec 1 (Reuters) – Mainland listed shares in China’s big five banks jumped on Monday but later pared gains, after the country issued draft regulations to introduce a bank deposit insurance scheme for the first time. Offshore investors also reacted cautiously to the news,… – Continue reading
