Multinationals should pay a withholding tax before moving their profits out of EU countries to ensure they are being taxed somewhere, according to a draft report from the European Parliament. The report, seen by the Irish Examiner, deals with the fallout from the Lux Leaks and follows the European Commission’s… – Continue reading
The international press, especially the Italian one, has been filled these past days with stories of ‘Ndrangheta criminals who have been arrested in Italy and who seem to have links with online gaming companies in Malta which they may have been using for money laundering. This is bad news for… – Continue reading
The European Union (EU) doesn’t like the special tax deals that are offered to companies to entice them to set up in Switzerland. So the Swiss government is working hard to find a replacement. One element of their new plan is to offer patent boxes. A recent study by economists… – Continue reading
The Prime Minister took small bites as he tucked into the Indonesian street food alongside a local celebrity, singer and actress Maudy Ayunda. “London is not a place to stash your dodgy cash”. Transparency worldwide says shell companies are a common way for moving corrupt money around the world. Some… – Continue reading
Understanding FATCA and having a comprehensive FATCA compliance program is essential for financial firms to limit non-compliance risk and meet obligations with relevant IGA’s. The US has made inroads on the Exchange of Information front and tax havens like Switzerland have declared a willingness to meet or even exceed OECD… – Continue reading
Over the past year, a number of legislative measures have been adopted to ensure that the Cayman Islands remains the leading jurisdiction of choice for structured finance and capital markets transactions and for secured lending transactions generally. This article focuses on two recent key legislative developments. The first is the… – Continue reading
Over the past year, a number of legislative measures have been adopted to ensure that the Cayman Islands remains the leading jurisdiction of choice for structured finance and capital markets transactions and for secured lending transactions generally. This article focuses on two recent key legislative developments. The first is the… – Continue reading
Introduction The Cyprus Government has announced a number of proposed tax incentives aimed at encouraging economic activity and attracting inward direct investment. It has also submitted a number of draft laws to the House of Representatives to implement the new provisions of the EU Parent-Subsidiary Directive, to simplify the tax… – Continue reading
Why stop at $221 billion? Drug companies are entering another round of dealmaking, after plowing past the global record. Teva Pharmaceutical Industries Ltd.’s $40.5 billion agreement Monday to purchase Allergan Plc’s generic-medicines business puts the mechanism in place to trigger more takeovers. For starters, the remaining Allergan company — with… – Continue reading
Introduction The regulatory framework in Cyprus is all-encompassing but still attractive to investment funds for varied investor requirements. An investment fund may be set up in Cyprus either as an Alternative Investment Fund (“AIF”), or as an Undertaking for Collective Investment in Transferable Securities (“UCITS”). Cyprus administers all internationally recognized… – Continue reading
With the focus of 2014 being international tax competition, 2015 shows signs of continuing this trend. The European Commission (COM) and European Parliament (EP) are starting to debate and extensively investigate Member States’ tax ruling policies, partly as a result of the LuxLeaks revelations and partly in relation to the… – Continue reading
The Republic of Cyprus has once again kept its promise to international investors and introduced on the 9th of July 2015 amendments to its tax legislation making the jurisdiction as attractive as never before. The purpose of these amendments is to clearly establish Cyprus as the leading tax jurisdiction in… – Continue reading
The IRS released the fourteenth FATCA GIIN list of foreign financial institutions (FFIs) that have registered with the IRS through its FATCA portal. The IRS provides these FFIs a Global Intermediary Identification Number (GIIN). The FFI may then use its unique 19 digit GIIN to complete the IRS tax self… – Continue reading
Over the past few weeks the European Union has published a list of 30 countries which have been listed as non-cooperative jurisdictions. This publication was part of a wider publication: the “Action Plan for Fair and Efficient Corporate Taxation in the EU” which also includes the Re-Launching of the CCCTB…. – Continue reading
Russian businesses are preparing to issue a blitz of foreign debt, despite financial sanctions that have all but closed the country’s access to international capital markets for the last year, according to the head of one of its leading banks, reports the Financial Times. Igor Vayn, chief executive of investment… – Continue reading
Guernsey’s growth shows no sign of abating Guernsey’s reputation as a major fund domicile continues to grow. Figures from Guernsey Finance testify to this with funds under management and administration in Guernsey standing at £218.7 billion at December 2014. These funds cover multiple asset classes and types including closed-ended and… – Continue reading
EDF is now an global player in providing electricity, relying on France’s 58 nuclear reactors, as well as developing new plants, notably the controversial Hinkley Point project in Britain. The European Commission’s investigation found the energy company, which is the main electricity provider in France, benefited from tax breaks that… – Continue reading
Blatant corporate and personal tax evasion contributed to Greece’s debt crisis, but it’s dwarfed by the tax avoidance of U.S. multinationals operating in countries like Australia. There’s a popular misconception that Greece’s debt crisis was self-inflicted. ‘The Greeks are a bunch of tax evaders! They should never have been allowed… – Continue reading
The UK Government has published draft legislation on devolving certain tax matters to Scotland (the Bill). It intends that the draft legislation should implement the terms of the devolution agreement made in November 2014 between the Westminster and Holyrood governments. Having looked over the Bill, it appears that the Scottish… – Continue reading
As globalist forces and the international institutions they control openly prepare to plunder humanity’s wealth, Third World dictators and tax-funded “civil society” groups have stepped up their demands for a United Nations tax authority — supposedly to ensure that they all get their “fair share” of the loot from Western… – Continue reading
July 22: Tax legislative changes in Austria were passed by the parliament, and the effective date for most changes is 1 January 2016. Among the provisions are the following items. Withholding tax on dividend distributions, capital gains The withholding tax rate for dividends and capital gains will be increased to… – Continue reading
BRUSSELS–European Union regulators ordered France to recover 1.37 billion euros ($1.5 billion) in state funds from Electricite de France SA (EDF.FR) after concluding the French electricity supplier had benefited from illegal tax breaks. The decision, which follows an annulment of a similar 2003 decision by the EU’s top court, comes… – Continue reading
In a published report, anti-corruption organisation highlights complex structures through which swaths of UK property are owned Global Witness has called for greater transparency around the ownership of UK properties after reviewing alleged links between a former Kazakh secret police chief accused of money laundering and a London property portfolio… – Continue reading
The US can making giant vying to buy British industrial champion Rexam has sought to play down fears that the deal will stifle competition and could lead to higher prices. Earlier this year Ball Corporation swooped on Rexam in a £4.3billion takeover that will create the world’s largest beverage can… – Continue reading
In cooperation with their Latvian colleagues, Ukrainian investigators have uncovered and frozen more than USD 80 mln (EUR 73 mln) worth of funds in Latvian bank accounts. The funds were moved there by Serhiy Kurchenko, a well-known associate of ousted president Viktor Yanukovych, the Russian LSM site reported yesterday via… – Continue reading
The European Parliament’s special tax committee is seeking to punish multinationals for refusing to send representatives to a hearing in June by revoking lobbyist passes and preventing access to senior European Commission officials. AB InBev, AmazonEU, Barclays Group, Fiat Chrysler Automobiles, Google, HSBC Bank, Ikea, McDonalds and The Coca-Cola Company… – Continue reading
THE HAUGE, July 20 (Xinhua) — The Dutch-German agreement to enhance the exchange of information on tax rulings was “an important step” towards greater transparency, but there is still a long way to go before reaching common ground on harmonized corporate tax policies within the European Union (EU), according to… – Continue reading
Lord Sieff, then head of food at Marks and Spencer, returned from 1950s Israel having inked an agreement with horticulturalist Gordon Bickel to buy his gypsophila spray carnation. More than half a century later Bickel’s firm, Carmel Agrexco, has expanded from what he calls the ‘white gold’ that was behind… – Continue reading
A sweeping global reform of tax systems is under way and will have profound implications for the insurance industry, the London-based International Underwriting Association has warned. Responding to public concerns about tax evasion, the G20 major economies have ordered a major shift towards greater cooperation between tax authorities. This work… – Continue reading
The UK is going ‘head to head’ with the Isle of Man and other jurisdictions with the reforms announced in last week’s summer budget, iomtoday reports. That’s the verdict of Treasury Minister Eddie Teare, who says that changes to the UK’s corporation tax, inheritance tax and reformed non-domicile rules will… – Continue reading
After almost a year of wrangling, the EU Council and the European Parliament have finally reached an agreement on a new Anti-Money Laundering Directive. The 4th AML Directive expands the scope of its predecessor (which was adopted in 2005, before the global banking scandals and the push towards tax transparency)… – Continue reading
Germany and the Netherlands have signed a new agreement that provides for the “spontaneous” exchange of information on advance pricing agreements and advance tax rulings. The agreement was signed in Brussels on July 14, 2015. Under the new agreement, both countries have committed to the mutual exchange of information on… – Continue reading
The British government said on Thursday it would step up efforts to boost competition in banking and rejected criticism that its tax changes would leave the sector worse off, Reuters reports. The government surprised banks earlier this month by announcing a new eight per cent surcharge on profits from January,… – Continue reading
Guernsey has for some time been the domicile of choice for non-UK companies listing on the main market of the London Stock Exchange (“LSE”), the Alternative Investment Market (“AIM”) and the Specialist Funds Market (“SFM”). The Island has developed expertise in the set up and administration of a range of… – Continue reading
At a global summit that addressed how illicit financial flows interfere with reducing poverty, wealthy nations rejected a plan to expand the UN’s power to fight global tax evasion. The plan, promoted by developing economies and transparency groups, was the subject of the meeting between delegations of UN members from… – Continue reading
The Caribbean Community (CARICOM) had every right to be outraged – as was expressed by its leaders at their recent summit in Barbados – over the decision by the European Union (EU) to name and shame eight of its members for supposedly failing to cooperate against the use of their… – Continue reading
In response to the economic downturn and the growing need for tax revenues, the Italian Tax Authorities (ITA), like authorities in many other jurisdictions, have more aggressively targeted multinationals and their tax planning strategies in recent years, resulting in more domestic and international tax controversies. Transfer pricing (TP) issues account… – Continue reading
Since December 2012, French companies have been liable for a 3 percent tax on distributions to their shareholders (3 Percent Tax), but practitioners have widely questioned whether this tax is compliant with the provisions of the EU treaties and the double tax treaties signed by France. French subsidiaries whose parent… – Continue reading
Whether or not the point-of-consumption tax (POC) enacted by the United Kingdom in 2014 is a barrier to the free trade of services across the European Union is a question that will now head to the Court of Justice of the EU, following a ruling in a UK case yesterday…. – Continue reading
Guernsey chief minister Jonathan Le Tocq has defended the island’s position as an “international leader” in tax cooperation after it was placed on the European Commission’s tax haven blacklist last month. Speaking exclusively to International Adviser, Le Tocq described the list of the 30 most un-cooperative tax jurisdictions as “arbritary”… – Continue reading
CALLS are being made to change the rules at Worcestershire County Council to prevent any companies from taking advantage of “aggressive tax avoidance” to rip off taxpayers. Councillor Richard Udall wants bosses at County Hall to review the guidelines when allowing firms to bid for work such as office supplies,… – Continue reading
A seismic change in the international private wealth arena is under way. Over 90 jurisdictions have committed to automatically exchange comprehensive financial information on an annual basis under the OECD’s Common Reporting Standard (CRS). The CRS will start in 2016 in over 55 jurisdictions. This article comments on the CRS… – Continue reading
European Commission to issue decisions on four test cases, including Apple in Ireland, Until a few months ago, the medieval town of Athenry in County Galway owed its fame mainly to a song. Irish rugby and football fans often burst into stirring renditions of “The Fields of Athenry”, a ballad… – Continue reading
Portugal is an increasingly desirable destination, thanks to its tax-friendly stance. Portugal may not be top of everyone’s list in terms of tax-friendliness, particularly given the recent backdrop of the recession and bail-out, but it does have a history of running successful tax-friendly programmes, for example the Madeira and Azores… – Continue reading
As part of what experts call a war on tax competition and low taxes, a coalition of high-tax governments from around the world is working to erect a radical new planetary taxation regime that would further smother what remains of financial privacy and national sovereignty while seriously harming the global… – Continue reading
The continuing speculation over Greece’s possible exit from the Eurozone and the weakening effect this might have on the shared currency in the short-term, may once again be prompting some folks to consider setting up non-resident bank accounts in non-eurozone countries. Offshore banking has a bit of a dodgy image… – Continue reading
Multinationals were probably waiting for result of British referendum on EU before deciding where to locate, says head of Irish investment authority Global corporations will think twice about investing in the UK while uncertainty reigns over Britain’s European Union membership, according to the head of the Irish state body that… – Continue reading
Switzerland and the EU have signed a major accord to automatically exchange information on the financial accounts of each other’s residents. EU taxpayers will no longer be able to hide undeclared funds in Swiss banks. After coming up to increased international pressure in recent years, Switzerland has signed up to… – Continue reading
Although this summer’s football transfer window has been one of the busiest ever, question marks have been raised once again over Turkey’s flawed tax system, under which multimillionaire football stars contribute a lower percentage of their salary to the state budget than public sector workers. The transfer window in Turkey… – Continue reading
(CS) Fitch Ratings has kept its AAA rating of Luxembourg with a stable outlook unchanged, leaving the Grand Duchy one of only nine countries worldwide to hold the top rating by the three leading agencies. Luxembourg has also been rated AAA with a stable outlook by Standard & Poor’s and… – Continue reading
