Category: Offshore

Automatic Exchange of Information / China / Common Reporting Standard / Financial Institutions / Jurisdiction / Malaysia / Multilateral Competent Authority Agreement / OECD / Offshore / Panama / Residence / Singapore / Tax Authority / Tax Evasion / Tax Transparency

Singapore activates three new Automatic Exchange of Financial Account Information relationships

Posted On: April 10, 2018

AEOI deals with the challenge of taxpayers operating cross-border but tax administrations remaining confined to their national borders, by providing an open international architecture. Singapore has activated three new Automatic Exchange of Financial Account Information (AEOI) relationships under the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account… – Continue reading

Bitcoin / Cryptocurrency / Exemptions / Legislation / Spain / Tax Authority / Tax Evasion

Spanish Tax Authority Set for Showdown Over Crypto Tax Evasion

Posted On: April 6, 2018

The Agencia Estatal de Administración Tributaria (AEAT), more commonly known as the Agencia Tributaria, the tax agency of the Spanish government is set to take a hard-line stance on what it suspects to be tax evasion activities aided and abetted by cryptocurrencies. The move comes as yet another chapter in… – Continue reading

Anti-Tax Avoidance Package / British Virgin Islands / Jurisdiction / Legislation / London / Offshore Companies / Offshore Investments / Offshore Tax Evasion / Property / Property Tax / Residential Property / Saudi Arabia / Tax Planning / United Kingdom

UK property tax changes affect GCC nationals

Posted On: April 4, 2018

  PROPERTY in the UK, particularly London, has always been popular with GCC investors for many years. It has remained a safe haven and an attractive destination for investors and their families from the GCC region perhaps more than any other major city. Depending on the level of investment, well… – Continue reading

Common Reporting Standard / Compliant / FATCA / Internal Revenue Service (IRS) / Offshore / Offshore Tax Evasion / Offshore Voluntary Disclosure Program / Tax Dodging / USA

IRS To Close Door On OVDP For Offshore Tax Dodgers

Posted On: April 3, 2018

US taxpayers who have failed to declare their offshore money will lose the chance to confess to the Internal Revenue Service later this year. The IRS has announced that the Overseas Voluntary Disclosure Program will close on September 28. In the 10 years the OVDP has run, 56,000 taxpayers have… – Continue reading

Business / Double Tax Avoidance Treaty / France / Individuals / Investments / Luxembourg / Offshore / Residency

TAX TALK: LUX-FRANCE TREATY CREATES UNCERTAINTY

Posted On: March 30, 2018

On the occasion of the signing of the new double taxation treaty (DTT) between Luxembourg and France on 20 March 2018, the grand duchy’s finance minister, Pierre Gramegna, commented in a government press release that the new DTT is, “…an innovative instrument that will benefit both citizens and business in… – Continue reading

Anti-Tax Avoidance Package / Base Erosion & Profit Shifting / Deloitte / EU / Offshore / Tax Authority / Tax Transparency

TAX TALK: BEPS & ATAD RESHAPING INT’L TAX LANDSCAPE

Posted On: March 28, 2018

Speakers corner: Delano asked Raymond Krawczykowski, partner and tax leader at Deloitte Luxembourg, “In your view, what have been the key changes in EU & Luxembourg tax rules in 2017, and what major shifts could be in store for 2018-19?” His response was clear: Beps and Atad. The Base Erosion… – Continue reading

HMRC / Multinationals / Offshore / Panama / Revenue / Tax Avoidance / Tax Collection / Tax evasion investigations / Tax Haven / Tax Laws / United Kingdom / VAT

UK Parliament Opens Three Probes Into £12.6 Bln of Under-Collected VAT

Posted On: March 27, 2018

British lawmakers are shifting their focus towards the offshores and tax havens detailed in the Panama and Paradise papers, in order to improve tax collection, curb multinationals’ tax avoidance practices, and track the money flows of ill-gotten gains. Kristian Rouz — Members of Parliament (MPs) are set to investigate the… – Continue reading

Central Board of Direct Taxes (CBDT) / Country-by-Country (CbyC) Reporting / India / Offshore Companies / Residence / Transfer pricing

Foreign groups in India have to provide country-by-country report, clarifies govt

Posted On: March 26, 2018

All international groups operating in the country will have to provide a country-by-country (CbC) report as per the revised Income tax Act, the government clarified in a finance ministry release issued today. The CbC report is to be furnished by the ultimate parent entity of an international group in the… – Continue reading

Bahamas / Base Erosion & Profit Shifting / Blacklist update / Corporate Tax / EU / Exemptions / Legislation / Legislation / OECD / Residence / Tax Avoidance

Ibcs Face ‘Much Damage’ Through Blacklisting Bill

Posted On: March 26, 2018

THE Bahamas’ ‘blacklisting’ response threatens to “cause a lot of damage” to its IBC business and create “much less certainty” for the financial services industry, a top attorney is warning. Michael Paton, a former Bahamas Financial Services Board (BFSB) chairman, told Tribune Business that the proposed Multinational Entities Reporting Bill… – Continue reading

Dividends / Double Tax Avoidance Treaty / Individuals / Offshore Companies / Qatar / Tax Evasion / Ukraine

Ukraine and Qatar sign agreement on avoiding double taxation

Posted On: March 23, 2018

Foreign Minister of Ukraine Pavlo Klimkin and Finance Minister of Qatar Ali Shareef Al-Emadi have signed an agreement on avoiding double taxation and preventing income tax evasion between the government of Ukraine and Qatar. According to a Thursday posting on the website of the Finance Ministry of Ukraine, avoiding double… – Continue reading

British Virgin Islands / Citizenship / Offshore / Offshore Companies / Peru / Tax Avoidance / USA

Peru: President Admits Using Offshore Firm to Avoid Taxes

Posted On: March 19, 2018

Peru’s under fire President, Pedro Pablo Kuczynski, admitted using an offshore company to avoid paying US taxes ahead of an impeachment vote on Thursday. The septuagenarian leader’s disclosure came during a marathon seven hour testimony to a congressional investigative committee on Friday as he attempted to disentangle himself from an… – Continue reading

Anti money laundering / Cryptocurrency / Financial markets / IMF / Offshore / Regulatory / Tax Evasion

The ‘Peril And Promise’ Of Blockchain

Posted On: March 14, 2018

“The important thing to remember here is this is a brand-new, very complicated space,” warned John Oliver on last weekend’s episode of “Last Week Tonight.” “Literally nobody knows how it’s going to develop, so you need to be careful.” Oliver was discussing cryptocurrencies and blockchain on his show, highlighting the… – Continue reading

EU / Jurisdiction / Offshore / Tax Authority / Tax Avoidance / Tax Evasion / Tax Laws / Tax Transparency

EU states agree on transparency rules to curb tax avoidance

Posted On: March 13, 2018

European Union countries have agreed on new rules to crack down on cross-border schemes that help companies evade taxes. Tax professionals who fail to inform authorities about these ploys will be hit with penalties. European Union finance ministers on Tuesday backed transparency measures requiring financial advisors, accountants, lawyers and banks… – Continue reading

Corporate Tax / Individuals / Offshore / Tax Avoidance / Tax Collection / Tax Evasion / Tax Laws / United Kingdom

Revealed: not a single person has been prosecuted under the Tories’ offshore tax evasion laws

Posted On: March 12, 2018

While more and more people who can’t afford to pay council tax are being prosecuted and jailed. Not a single person has been jailed or even prosecuted for tax evasion since the Tories brought in what they claimed were “tough” new measures against tax dodgers, it was shown today. Two… – Continue reading

EU / European Parliament / Offshore / Tax Avoidance / Tax Evasion / Tax Planning / Tax Transparency

MEPs Back Plans To Tighten Tax Planning Reporting Rules

Posted On: March 5, 2018

EU MEPs have supported plans to require intermediaries promoting aggressive, cross-border tax schemes to report those plans to the authorities. Under the proposal, service providers who design or promote such plans would be required to provide details of their schemes in a central directory. The disclosed information would then be… – Continue reading

Business / EU / European Parliament / Offshore / Tax Authority / Tax Avoidance / Tax Evasion / Tax Laws

BUSINESSES MUST NOW REPORT CROSS-BORDER TAX AVOIDANCE UNDER NEW EU RULE

Posted On: March 2, 2018

Businesses must report to a central EU database which will pass information onto their respective national tax authority THE EU has dealt a blow to businesses contributing to cross-border tax avoidance. MEPs overwhelmingly voted to back a new proposal which states that companies must now report their plans for any… – Continue reading

Anti money laundering / China / Cryptocurrency / Offshore / Regulatory / Tax Authority / Tax Evasion / Tax Fraud

China’s Police Force Reveals Offshore Exchange Surveillance

Posted On: March 2, 2018

According to regional reports, China’s police agency is allegedly monitoring cryptocurrency exchanges based outside of the country. An informant details that China’s Public Information Network Security Supervision task-force is closely watching both domestic and foreign trading platforms involved with cryptocurrencies to prevent fraud, pyramid schemes, and money laundering. China’s Regulators… – Continue reading

Banking / Budget / Marshall Islands / Offshore / Russia / Venezuela

Offshore Tax Haven Marshall Islands to Issue National Cryptocurrency

Posted On: March 1, 2018

A small island nation with less than 60,000 inhabitants best known internationally as a former test site for nuclear weapons is joining the hottest new trend – issuing a national cryptocurrency. The planned Marshall Islands’ Govcoin is expected to be issued later this year. Marshall Islands Govcoin ICO The Republic… – Continue reading

Australia / Australian Taxation Office / Debt / Framework / Income Tax Act / Interest / Loans / Multinational Anti-Avoidance Law / Offshore / Tax Laws / Transfer pricing

Australia Announces Upcoming Guidance On Int’l Tax Matters

Posted On: February 28, 2018

The Australian Tax Office has updated and added to its list of the guidance on international tax matters it intends to release this year. This month, the ATO intends to release a guide on corporate residency – central management and control in Australia [reference code 3838], to provide the ATO’s… – Continue reading

Capital Gains Tax / China / Double Taxation Agreement / Exemptions / Hong Kong / Offshore / Tax Authority / Tax Avoidance / Tax Laws / Tax treaties

China’s Anti-tax Avoidance Rules

Posted On: February 20, 2018

The general anti-avoidance rule was first introduced in China under the 2008 CIT Law. It empowers Chinese tax authorities to make reasonable adjustments where an enterprise implements an arrangement without reasonable business purposes in order to reduce its taxable income or profit. According to the CIT Law’s Implementation Guidelines, “an… – Continue reading

Cryptocurrency / Exemptions / Internal Revenue Service (IRS) / Puerto Rico / Tax Evasion / Tax Haven

Puerto Rico markets its “Tax haven” to attract cryptocurrency investors

Posted On: February 17, 2018

Puerto Rico’s Governor, Ricardo Rossello in a move to attract crypto investors and holders to live in its land made an open call to everybody to come and take advantage of the tax haven. Puerto Rico recently got devastated by hurricanes Maria and Irma and is trying to recover slowly… – Continue reading

Individuals / Investments / Offshore / Pakistan / Tax Authority / United Arab Emirates

FBR lists 400 Pakistanis with investments in UAE real estate: sources

Posted On: February 14, 2018

KARACHI: The Federal Board of Revenue (FBR) has listed 400 Pakistanis who own real estate in UAE, sources told Geo News Wednesday, after the revenue minister announced an investigation into the matter. Geo News broke the story on February 6, 2018, in which it reported that the Pakistani individuals have… – Continue reading

British Virgin Islands / England and Wales / Offshore Companies / Residence / Tax Avoidance / Tax Haven / United Kingdom

Island tax haven firms own 23,000 UK properties

Posted On: February 14, 2018

A quarter of property in England and Wales owned by overseas firms is held by entities registered in the British Virgin Islands, BBC analysis has found. The Caribbean archipelago is the official home of companies that own 23,000 properties – more than any other country. They are owned by 11,700… – Continue reading

Australia / Business / Corporate Tax / OECD / Offshore / Revenue / Tax Avoidance / Tax competition

Tax avoidance rife among Australia’s largest companies

Posted On: February 14, 2018

Amid all the hoopla over company tax cuts, it’s easy to forget that hundreds of companies across Australia haven’t paid corporate taxes in the last decade. From The ABC: Qantas CEO Alan Joyce, one of the most prominent supporters of the Turnbull Government’s proposed big business tax cut, presides over… – Continue reading

Australia / Australian Taxation Office / Framework / Multinationals / Offshore / Offshore Companies / Profit Shifting / Tax Dispute / Trust

Australia Adds To Diverted Profits Tax Guidance

Posted On: February 13, 2018

The Australian Tax Office on February 7 released draft Practical Compliance Guideline 2018/D2 on the operation of Australia’s Diverted Profits Tax for consultation. In the 2016-17 Budget, the Government announced that it would introduce a diverted profits tax (DPT), intended to ensure that the tax paid by significant global entities… – Continue reading

Banking / Investments / Offshore Wealth / Pakistan / Revenue / Tax evasion investigations / UAE

Offshore wealth investigation

Posted On: February 11, 2018

ONCE again reports are appearing in the media about the billions of dollars stashed by Pakistanis in foreign accounts or the investments they have made especially in property market abroad. National Assembly’s Standing Committee on Finance was informed on Friday that seven thousand Pakistanis have invested a whopping Rs 800… – Continue reading

Contractors / Income Tax / Multinationals / Offshore Banking / Offshore Companies / Philippines / Tax Reform / Withholding Tax

ROHQ workers lose tax privileges

Posted On: February 6, 2018

The Bureau of Internal Revenue (BIR) said employees of regional operating headquarters (ROHQ) who used to enjoy preferential tax rates, will no longer be able to avail them beginning this year. In a tax advisory, the BIR said in view of the recent amendment of the provisions of Section 25(B),… – Continue reading

Bitcoin / Framework / Legislation / Offshore / Offshore Companies / Russia

Russia Drafts Bill to Create Offshore Companies to Trade Cryptocurrencies

Posted On: February 6, 2018

The Russian Ministry of Finance is drafting a bill to allow the creation of offshore companies to trade cryptocurrencies. This follows the bill which the ministry recently published on the legal framework for cryptocurrencies. Crypto Trading Offshore “The Ministry of Finance proposed to create offshore companies in Russia for trading… – Continue reading

Banking Secrecy / Bermuda / Jurisdiction / Offshore / Tax Avoidance / Tax competition / Tax Evasion / Tax Haven / Tax Laws / USA

Bermuda Ranked 36th In Financial Secrecy Index

Posted On: February 2, 2018

Bermuda is ranked 36th in the 2018 Financial Secrecy Index, which was recently released by the UK-based Tax Justice Network, who stated that some of the world’s “important providers of financial secrecy” are “mostly not small, palm-fringed islands as many suppose, but some of the world’s biggest and wealthiest countries.”… – Continue reading

Automatic Exchange of Information / Base Erosion & Profit Shifting / Common Reporting Standard / Hong Kong / Jurisdiction / OECD / Offshore Tax Evasion / Tax Transparency

Inland Revenue (Amendment) Ordinance 2018 gazetted

Posted On: February 2, 2018

Hong Kong (HKSAR) – The Inland Revenue (Amendment) Ordinance 2018 (the Ordinance) was gazetted today (February 2). The technical amendments on automatic exchange of financial account information in tax matters (AEOI) (i.e. clauses 5 to 11) under the Ordinance will come into operation on January 1, 2019, while other provisions… – Continue reading

EU / Jurisdiction / Offshore / Switzerland / Tax Evasion / Tax Haven / USA

Tax Haven Giants – Switzerland and US – ‘Looting’ Countries

Posted On: January 31, 2018

“Financial secrecy provided by the U.S. has caused untold harm to the ordinary citizens of foreign countries,” said the Tax Justice Network. While European Union, EU, officials busied themselves with listing 17 countries or overseas colonies as being dicey tax havens – notably excluding Switzerland and the United States from… – Continue reading

Goods and Services Tax / India / Investments / Multinational Corporations / Offshore / Transfer pricing / USA

US Inc. urges Jaitley to reduce tax uncertainty for MNCs

Posted On: January 28, 2018

Washington–Ahead of Finance Minister Arun Jaitley’s last full Union Budget, the US-India Business Council (USIBC) has urged him to further reduce tax uncertainty for multinational companies and foreign investors, even as Indian industry has voiced its own areas of concern. In a memorandum submitted to Jaitley, the USIBC has said… – Continue reading

Base Erosion & Profit Shifting / Compliant / Exemptions / Hong Kong / Legislation / Permanent establishment / Transfer pricing

Hong Kong BEPS Bill: New Transfer Pricing Regime to Regulate Documentation

Posted On: January 25, 2018

On December 29, 2017, the Inland Revenue (Amendment) (No. 6) Bill 2017 (BEPS bill) was gazetted in Hong Kong. The BEPS bill introduces a transfer pricing regulatory regime and mandatory transfer pricing documentation requirement in Hong Kong as well as a variety of other anti-BEPS changes. The BEPS bill marks… – Continue reading

Court cases / Offshore Companies / Pakistan / Tax Haven

NAB seeks details of offshore firms held by Aleem Khan, Moonis Elahi

Posted On: January 20, 2018

The National Accountability Bureau (NAB) has written to several state institutions seeking record and details of offshore companies reportedly established in tax havens abroad by Pakistan Tehreek-e-Insaf (PTI) leader Aleem Khan and Pakistan Muslim League-Quaid (PML-Q) leader Chaudhry Moonis Elahi, DawnNews has reported. The Supreme Court had in November last… – Continue reading

Exemptions / OECD / Offshore Banking / Pakistan / Real Estate / Revenue / Tax Amnesty / Tax Evasion / Tax treaties

Govt to announce amnesty for undeclared foreign assets ahead of OECD’s treaty

Posted On: January 14, 2018

KARACHI: Government on Saturday said it may roll out an amnesty to allow offshore bank account holders to declare their wealth against nominal tax rates ahead of the implementation of OECD’s treaty to exchange financial details with foreign countries in September. Miftah Ismail, adviser to the Prime Minister for finance,… – Continue reading

Alphabet Inc. / Amgen / Apple / CISCO / Dividends / Ernst & Young / General Electric / Income Tax / IRS / Legislation / Microsoft / Multinational Corporations / Offshore Companies / Oracle / Revenue

Apple Could Get a $4 Billion Boost From Tax-Law Quirk

Posted On: January 11, 2018

Microsoft, Cisco might also benefit from GOP bill ‘loophole’ Law gives some firms edge in paring offshore cash tax tab Companies that stockpiled trillions of dollars offshore free of U.S. income tax may get one last break before paying up — provided their fiscal years don’t follow the calendar year…. – Continue reading

Business / Corporate Tax / Directors / HMRC / Incorporation / Jersey / Offshore Companies / Residence / United Kingdom

The tide continues to turn for offshore companies.

Posted On: January 9, 2018

The case of Development Securities (No. 9) Ltd and other v HMRC [2017] UKFTT 0565 is the latest in a line of cases concerning the UK corporate tax residence of offshore companies. The case once again highlights the difficulties in preserving an offshore company’s non-UK tax resident status, whilst giving… – Continue reading

Business / China / Exemptions / Investments / Tax Break / USA

China to offer tax breaks to foreign companies after GOP tax bill

Posted On: December 29, 2017

A 10% tax that China has slapped exclusively on foreign companies’ profits from equity investments will temporarily be waved if the earnings are plowed into government-targeted sectors, according to a statement issued Thursday by four central government ministries. The move will help retain foreign investment and stabilize cross-border capital flows,… – Continue reading

Belgium / Jurisdiction / Netherlands / Offshore Pension

Dutch Tax Administration to tax pensions of Belgian workers working in the Netherlands

Posted On: December 29, 2017

Part of the supplementary pension of Belgian workers, previously working in the Netherlands, will be taxed by the Dutch Tax Administration (the “DTA”). The DTA confirmed this on Thursday. The Belgian and Dutch government treasuries are engaged in a tug of war around the second pillar of the pension. This… – Continue reading

Exemptions / Income Tax / Personal Income Tax / Philippines / Revenue / Tax Laws / Tax Reform

Duterte orders DOF to ensure TRAIN’s effective implementation

Posted On: December 20, 2017

MANILA, Dec. 20 – President Duterte has instructed the Department of Finance (DOF) to ensure the effective implementation of the Tax Reform for Acceleration and Inclusion Act (TRAIN), and to immediately submit to Congress the Package Two of the Comprehensive Tax Reform Program (CTRP) in the early 2018, which aims… – Continue reading

Bahamas / Business / Common Reporting Standard / EU / Income Tax / OECD / Offshore / Tax treaties

Bahamas Faces Major Tax, Exchange Control Shake-Up

Posted On: December 13, 2017

The Bahamas may have to completely overhaul its corporate and taxation structure to escape European Union/OECD ‘blacklisting’ threats, the Attorney General revealed yesterday. Carl Bethel QC told Tribune Business that the Government was “looking very carefully” at whether compliance with European (EU) demands will require this nation to eliminate the… – Continue reading

Antigua & Barbuda / Blacklist update / Caribbean / EU / Financial markets / Jurisdiction / Offshore

Blacklisting looms over different onshore, offshore tax rates – PM

Posted On: December 13, 2017

The European Union is reportedly threatening to blacklist Antigua and Barbuda if it does not harmonise its tax rates for onshore and offshore financial services. This is according to Prime Minister Gaston Browne who was speaking in the parliament on Tuesday during the presentation of the Automatic Exchange of Financial… – Continue reading

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