WASHINGTON – The Senate Permanent Subcommittee on Investigations, which I chair, has spent several years examining the ways offshore banks have aided and encouraged U.S. taxpayers in evading their responsibility to pay what they owe. By using secret bank accounts, these taxpayers conceal their income and therefore avoid paying taxes…. – Continue reading
Even rumours of a so-called “mansion tax” were enough to stagnate the prime property market in London, a panel of experts heard today At a property debate hosted by asset manager London Central Portfolio, panellist Paul Emery, real estate director at PwC, said the government couldn’t keep “tinkering with the… – Continue reading
Charging offshore companies stamp duty for owning mansions in Britain has brought an unexpected tax windfall. The move to close a loophole that allowed celebrities and the wealthy to avoid stamp duty on multi-million homes owned by offshore companies was expected to raise around £20 million a year. Instead the… – Continue reading
World is getting smaller; Hidden cash far away will soon be more transparent and seemingly nearer. On February 13 the OECD unveiled a Common Reporting and Due Diligence Standards for the automatic exchange of tax information between tax authorities worldwide, which was endorsed by the G20 in its communique… – Continue reading
(Reuters) – The central bank governor of Mauritius has publicly criticised delays in the island’s efforts to develop Islamic finance, saying such “foot-dragging” could deprive the financial sector of chances to grow and increase risks. Governor Rundheersingh Bheenick said in an annual letter to stakeholders that legislation was needed to… – Continue reading
Members of limited liability partnerships still face uncertainty – and the prospect of big, unexpected tax bills – under measures aimed at curbing tax avoidance, business tax advisers warned last week. New rules aimed at curbing the abuse of partnership status by ‘disguised employees’ for tax reasons come into force… – Continue reading
(Reuters) – China’s foreign currency regulator eased restrictions for companies registered in Shanghai’s recently established free trade zone (FTZ), increasing the amount of foreign currency companies registered in the zone can lend in offshore markets, according to an announcement posted on the FTZ’s website. The new regulations issued by the… – Continue reading
NEW DELHI: The Swiss authorities have told the Indian government they will not be able to share information on bank accounts without the consent of the account-holders. In a letter last month, Switzerland’s finance minister also told her Indian counterpart that the 2011 Double Taxation Avoidance Agreement, under which India… – Continue reading
APIA, Samoa — Dividends, land sale income, insurance payments, management fees and airline ticket payments over $1 million tala (US$425,800) are all to come under new exchange controls from next month. On Friday, the Central Bank of Samoa released a statement signed by Governor Maiava Atalina Ainu’u-Enari, covering the different areas…. – Continue reading
George Town, Grand Cayman – For persons who want to let Government know their thoughts on beneficial ownership of companies – including if Cayman effectively maintains information on who owns the companies, and if that information is readily available to appropriate authorities – the deadline to respond is this Friday,… – Continue reading
Despite National Treasury’s silence on proposed changes to trust legislation in Wednesday’s Budget, a review is still firmly on the agenda, tax experts say. Fatal Limpopo blast caught on camera Related Stories ANC will not reveal its election budget 4.3.2014 Should you still invest in listed property unit trusts? 1.3.2014… – Continue reading
Ireland’s Fianna Fáil party has expressed its concern over the “seemingly snail’s pace” progress being made by the European Commission in its preliminary probe of the country’s corporate tax regime. Fianna Fáil finance spokesperson Michael McGrath said: “News of the preliminary probe by the European Commission into the corporation tax… – Continue reading
The Russian Finance Ministry will offer companies based offshore but with operations in Russia a choice: either disclose their ultimate beneficiaries and maintain their zero tax rate, or pay taxes at the higher Russian rate. Under Russia’s current corporate tax structure, offshore beneficiaries of Russian companies are treated as de-facto… – Continue reading
Batam, Riau Islands (ANTARA News) – Indonesias finance ministry is preparing four strategies to withdraw funds worth Rp1,500 trillion kept in Singaporean banks, an official stated here on Wednesday. “We are preparing four strategies,” remarked Deputy Minister of Finance Bambang Brodjonegoro. The four strategies are tax incentives, eradication of double… – Continue reading
WASHINGTON: The U.S. has expanded its action against tax cheaters to countries such as India, Israel and Liechtenstein, a top U.S. official told lawmakers. So far, the U.S. action was primarily focused against tax cheaters on Switzerland. Since 2009, the Department has publicly charged 73 account holders and 35 professionals… – Continue reading
Banking group hits out at Credit Suisse chief executive after he tells US that alleged tax schemes were due to a few dishonest employees A group representing Swiss bankers has demanded an apology from Credit Suisse boss Brady Dougan after he said the practice of helping Americans conceal their wealth… – Continue reading
Kevin Thorn of the Thorn Law Group comments on the recent guilty plea by a United States Taxpayer with undisclosed overseas bank accounts as one in a long line of ongoing IRS and DOJ investigations into U.S. citizens with hidden overseas bank accounts. Thorn observes the U.S. government’s expanded… – Continue reading
The chickens are quietly coming home to roost. In Europe, that is. For a long time, multinational companies have created shell companies – those offices where, beyond furniture and a teapot, there is hardly any business going on – to mainly pay lower tax and move illicit funds. These opaque… – Continue reading
UK Government and HMRC Crack Down on Secret Bank Account Tax Evasion. Here, International Monetary Fund (IMF) Managing Director Christine Lagarde (L) chats with Osborne before the G20 round table meeting in Sydney.Reuters Britain’s government and its taxman have announced the net is closing on people who are evading tax… – Continue reading
Credit Suisse Group , Switzerland’s second biggest bank, went to great lengths to assist US customers trying to open Swiss bank accounts and evade taxes, entertaining them at a Swiss-themed ball in New York and golf tournaments in Florida and opening a branch in the Zurich airport to serve Americans… – Continue reading
WASHINGTON (AP) — Billions of dollars in U.S. taxes are going unpaid because Americans are exploiting Swiss bank accounts, and the U.S. government has failed to aggressively pursue Switzerland’s second-largest bank, a Senate investigation has found. The bank, Credit Suisse, has provided accounts in Switzerland for more than 22,000 U.S. clients… – Continue reading
NWC calls for full and complete investigation into wrongdoing and full protection for whistleblowers Washington, D.C. February 25, 2014. The Permanent Subcommittee On Investigations will hold a hearing on “Offshore Tax Evasion” on Wednesday, February 26, 2014, at 9:30AM, in Room G-50 of the Dirksen Senate Office Building. More information can be found… – Continue reading
Feb 26 (Reuters) – Swiss EFG International said on Wednesday full-year net profit was virtually unchanged after the bank made a 6.5 million Swiss franc ($7.32 million) provision related to a probe into wealthy Americans evading taxes through hidden offshore accounts. The Zurich-based private bank is one of 106 Swiss… – Continue reading
HONG KONG, Feb 20 (Reuters) – The British and Chinese governments are in active discussions about setting up a clearing bank in London for China’s currency, a milestone that will put the city in a leading position to offer yuan trade business in Europe. Taking a leaf out of Hong Kong’s blueprint in being… – Continue reading
New measures to combat alleged tax avoidance by limited liability partnerships will come in to force on 6 April despite protests from the legal profession and the City, HM Revenue & Customs has confirmed. A revised technical note and guidance on the ‘Salaried members rules’ appeared on the HMRC website… – Continue reading
The Foreign Account Tax Compliance Act (“FATCA”) requires foreign financial institutions (“FFIs”) to disclose the foreign accounts of U.S. taxpayers to the Internal Revenue Service (“IRS”). FFIs that fail to comply with FATCA will be subject to a 30% withholding tax on certain U.S. source income starting July 1, 2014…. – Continue reading
Today the Minister of Education and Economic Development, Dr. the Hon. Grant Gibbons JP MP, announced that the Registrar of Companies’ full-year 2013 results revealed the largest number of new company incorporations since 2008 and a very healthy increase over the 2012 results. “The good news is incorporations continue to… – Continue reading
News of corporations taking advantage of tax loopholes to avoid paying their fair share toward the cost of government continues to flow in. Usually, closing these loopholes requires legislative action by a divided Congress, but there’s one $10 billion a year loophole that can be closed with a Treasury Department… – Continue reading
The Manx government has asked S&P to stop its ratings after the agency warned of risks to the island’s financial services industry from international regulation The Isle of Man government has told Standard & Poor’s to stop rating its debt after the agency downgraded the island’s credit rating. S&P cut… – Continue reading
The Treasury Department and the Internal Revenue Service released a final package of regulations Thursday to implement the Foreign Account Tax Compliance Act and amend the regulations to align them with existing tax rules. FATCA was included as part of the HIRE Act of 2010, with the goal of combating… – Continue reading
NASSAU, The Bahamas – Minister of Financial Services Ryan Pinder said, on February 20, 2014, that the international landscape for financial services continues to change extremely rapidly and his Ministry continues to actively follow and engage on issues emanating from the Global Forum, OECD, G-8, G20, the European Union and… – Continue reading
The Isle of Man is kind of like the United Kingdom’s version of the Caymen Islands. Technically it’s a crown dependency, and the British government is responsible for its defense and foreign relations. But it’s also completely self-governing with one of the oldest Parliaments in the world. The “island administration,” which… – Continue reading
Congress is on a roll, trying to track down hidden offshore accounts, and the latest news is a report that shows which states have the most taxpayers disclosing such accounts (California is No. 1), and where they are located (Switzerland is tops). All told, taxpayers in at least 45 states… – Continue reading
The United States permanent subcommittee will be holding a hearing as they try to solve issues surrounding offshore tax evasion as prosecutors conduct criminal probes of 14 banks including credit Suisse Group AG. According to a statement by the committee, the focus will be on the status efforts to hold… – Continue reading
Deal comes as federal authorities escalate criminal probe into allegations Credit Suisse and other Swiss banks helped U.S. clients duck taxes on assets in offshore accounts. Credit Suisse is paying $196 million and admitting wrongdoing to settle civil charges it violated federal securities laws by providing financial advisory services to… – Continue reading
Treasury moved to close loophole used by wealthy to avoid stamp duty By placing homes in companies they can be sold without paying tax Ministers had expected the new levy to raise £20million this year But Danny Alexander reveals it is on course to generate £100million A crackdown on the… – Continue reading
NEW DELHI: Continuing its crackdown on black moneymenace, India has entered into an agreement with Switzerland for liberal interpretation of identity requirements for gathering information about illicit funds stashed away by its citizens in Swiss banks. “Government has also signed a mutual agreement with government of Swiss Confederation for liberal interpretation of the… – Continue reading
Fugitive mainland Chinese tycoon Zeng Wei, who is facing extradition to Hong Kong from the United States, is tied to at least five offshore companies, including one that was involved in a multimillion-dollar bribes-for-loans racket investigated by the ICAC, leaked company documents show. The property developer, hotel and golf course… – Continue reading
Apart from tracking the fortunes of Finns battling for Olympic greatness in Sochi, Tuesday’s news headlines also looked at domestic themes. Among them official concerns about Estonia as a possible tax haven for Finnish firms, a comparison of media coverage of immigration in Finland and the Netherlands and education funding… – Continue reading
Some three hundred years ago Sir Walter Scott asked, “Breathes there a man with soul so dead who never to himself hath said, This is my own, my native land.” Well, in America corporations are legally deemed “persons,” so the answer to Scott’s question is “Yes,” at least when it… – Continue reading
Switzerland must adopt a position on sharing bank client data with foreign tax authorities more quickly than originally thought and cannot hold back until all other countries have introduced the practice, its finance minister told a Swiss newspaper. So far, 42 countries have declared an interest in automatically sharing information… – Continue reading
Singapore’s wealth management industry grew 22 percent in 2012 to 1.63 trillion Singaporean dollars ($1.29 trillion US), and its share of global offshore wealth is expected to outstrip Switzerland by 2020, according to data from WealthInsight, an industry research group. Learning from the recent scandal when Swiss banks, including UBS… – Continue reading
A US judge’s opinion in favour of Validus Re in a tax case could have positive implications for Bermuda reinsurers. Retrocession arrangements in respect to offshore entities providing coverage for US risks are not subject to tax, the US federal court decision states. Judge Amy Jackson of the US federal… – Continue reading
NICOSIA, Cyprus — When the Cypriot government forced bank depositors — many of them Russian — to pay their share of an international bailout last spring, Vasilis Zertalis’s phone started ringing. The companies his consultancy helps incorporate on this breezy Mediterranean island — many of them Russian, too — wanted… – Continue reading
PORT LOUIS, Feb 18 (Reuters) – Mauritius’ top finance officials on Tuesday sought to end a monetary policy rift that could damage the Indian Ocean island’s economy as it tries to broaden its base to offshore banking from tourism alone. Finance Minister Xavier Duval and Central Bank Governor Rundheersing Bheenick disagree over whether to… – Continue reading
INTRODUCTION On 31 January 2014 the Crown Dependencies of Guernsey and Jersey jointly issued draft Guidance Notes (in conjunction with the Isle of Man) on the implementation of obligations arising under the intergovernmental agreements (“IGAs“) signed by each island with the UK in October 2013 and with the US in… – Continue reading
New Delhi: Cracking down on alleged wealth stashed by Indians abroad, the government has initiated enquiries in several cases while information has been received in 67 such cases and prosecution for wilful tax evasion has been launched in 17 other cases. Giving an update on alleged tax evasion through offshore… – Continue reading
It’s no big secret that for years the Madrid Government together with their so-called impartial EU Competition Commissioner Joaquin Almunia have been on Gibraltar’s back regarding the Rock’s income tax laws. Last week I covered for Panorama the Gibraltar Government visit to Brussels where Mr Picardo and his team had… – Continue reading
Luxembourg is lobbying Beijing for equal treatment with London, which was granted an investment quota last year allowing investors based there to invest their offshore yuan directly in the mainland’s securities markets. In an effort to capture a larger share of Europe’s offshore yuan business, top officials from the grand… – Continue reading
Finance Minister Michael Spindelegger had hinted that Austria might be happy to exchange data on bank account holders with EU countries even is similar agreements have not been finalised with Switzerland and Liechtenstein. Austria and Luxembourg had come under criticism in December after they previously said they will block EU… – Continue reading
