Residents want to share their tax avoidance plan with other towns to force the treasury into closing tax loopholes A small town in Wales is attempting to register its independent businesses as offshore companies to demonstrate how flawed they believe the British and international tax systems are. By mimicking the… – Continue reading
When it comes to planning for tax season, corporate tax reporting should be considered as part of Enterprise Performance Management. As Margaret Mitchell exclaimed in the classic novel, Gone with the Wind: ‘Death, taxes and childbirth! There’s never any convenient time for any of them.’ And while I hope that… – Continue reading
MUMBAI: Formula One is seeking to encash a $15.45-million guarantee by debt-laden Jaiprakash Associates BSE 1.18 % on the ground that it hadn’t paid the sport’s organiser money that had been contractually agreed upon. The company said the amount is caught up in tax litigation and hence can’t be given…. – Continue reading
Last summer, a client received a letter from their bank, a major German bank in which it was asked to indicate “whether you are a US tax or not” and also in the form of an affidavit (“Under penalties of perjury”) in to make English more detailed information about himself… – Continue reading
(CNS): The UK’s overseas territories minister has told the Cayman Islands premier that the British government wants direct access to companies registered here for all of their law enforcement agencies, but the Cayman leader has so far refused. As the dispute between the UK and its territories continues, the return… – Continue reading
HM Revenue & Customs (HMRC) has warned people with offshore assets they will face ‘tougher’ penalties if they do not declare their full tax situation before the end of the year. Currently, people with offshore assets can use disclosure facilities to prevent criminal proceedings being issued and to reduce their… – Continue reading
The Treasury Department and the IRS released Notice 2015-79 (the “2015 Notice”) on November 19th to further limit expatriation transactions and to supplement the anti-inversion guidance issued by them on September 22, 2014 (the “2014 Notice”). The 2015 Notice states that Treasury and the IRS will issue Treasury regulations to… – Continue reading
As Common Reporting Standard (CRS) comes into operation. OHANNESBURG – South Africans with undeclared offshore funds may only have a few months to get their affairs in order or risk facing significant penalties and even criminal prosecution as revenue authorities start the automatic exchange of information. The Common Reporting Standard… – Continue reading
The Kenya-South Africa double taxation agreement comes into force from January 1. An announcement in the November 19, South African government gazette says the agreement applies for taxes withheld at source. “A resident of Kenya will not be taxed on any South African business profits, unless it carries on business… – Continue reading
City watchdogs say Barclays adopted a no-questions-asked policy Bank did not check where ultra-wealthy clients’ money came from £72million fine has been imposed on the bank for turning a blind eye Barclays has been shamed over a murky £1.9billion deal with ultra-wealthy clients which left the country vulnerable to financial… – Continue reading
The European Parliament has overwhelmingly approved a suite of corporate tax reforms that will ensure multinational companies pay taxes where profits are made and increase transparency. A total of 508 MEPs voted in favour of the adoption of recommendations put forward by the Special Committee on Tax Rulings last month…. – Continue reading
The Dutch government said Friday it will appeal an EU ruling that the Netherlands gave Starbucks an illegal tax break and ordered the coffee giant to pay some 30 million euros ($34 million). “The government is of the opinion that the Commission does not convincingly demonstrate that the tax authority… – Continue reading
The UKtoday launched a campaign warning offshore tax evaders that the governmentwill soon receive details on UK taxpayers from more than 90 countries under new global agreements. The campaign by David Gauke, the Financial Secretary to the Treasury says that the government is giving people one last chance to come… – Continue reading
Department says letter was sent as part of series of measures to discourage wider issue of tax avoidance and was not a legally binding document HMRC wrote to a tax avoider asking them to sign a pledge never to do it again, it has emerged. The letter was intended to… – Continue reading
Abuja – The speaker of the House of Representatives, Rt. Hon Yakubu Dogara, yesterday reiterated the resolve of the legislature to domesticate all pending treaties, memoranda of understanding and agreements that will bring benefit to Nigerians. Dogara said this while speaking to a Korean delegation that paid him a courtesy… – Continue reading
NEW DELHI, NOVEMBER 27: The Central Board of Direct Taxes (CBDT) has entered into 11 more unilateral advance pricing agreements (APAs). These APAs were signed with Indian subsidiaries of foreign companies operating in various segments of the economy like investment advisory services, engineering design services, marine products, contract Research & Development,… – Continue reading
PRESS RELEASE Mauritius and Morocco signed on November 25 in Port Louis a Double Taxation Avoidance Agreement (DTAA) that will provide for greater tax certainty for businessmen of the two countries. The signatories were the Minister of Finance and Economic Development, Mr Vishnu Lutchmeenaraidoo, and the Ambassador of the Kingdom… – Continue reading
Individuals should focus on legitimising their assets while they can and start to look at how they can restructure their investments. Measures to tackle tax evasion continue to be a key focus for the government, with £800 million HMRC funding to be reinvested in additional work to tackle tax ‘evasion… – Continue reading
Maltese MEPs voted against a report that promotes measures that would introduce tax convergence and harmonisation Labour MEP Alfred Sant said that tax competition should remain part of the limited array of decision tools available to national economies. Sant was reacting to the report on tax rulings and other measures… – Continue reading
When the first flames of the Arab Spring began to burn, a Tunisia suffering from decades of mismanagement, inequality and abuse broke free from under the long reign of Zine Al-Abidine Ben Ali. As the government fell and the turmoil in the country spread across the region, the sheer scale… – Continue reading
The Dubai Gold and Commodities Exchange (DGCX) is slated to launch Chinese Yuan Futures, scheduled for the 18th of December 2015, subject to regulatory approvals. The new launch is part of DGCX’s efforts to make the Yuan accessible to regional and global participants as China prioritizes its internationalization and is… – Continue reading
On the day he took office as Greece’s shipping minister in June 2012, Kostis Moussouroulis received a visit from a 90-year-old shipowner. He still remembers the older man’s words: “Don’t forget, the best minister of shipping and maritime affairs is the minister who is doing nothing for the shipping industry…. – Continue reading
The planned penalty for arrangements subject to the General Anti-Abuse Rule (GAAR) has now been formally set at 60% (in line with the amount proposed in consultation), and the anticipated introduction of rules addressing hybrid mismatch arrangements has been confirmed for 1 January 2017. Civil penalties for those who enable… – Continue reading
The OECD published 13 final reports along with an explanatory statement under its base erosion and profit shifting (BEPS) project on the 5th October 2015. This was endorsed three days later on the 8th October 2015 by the G20 Finance Ministers’ meeting in Peru’. The BEPS project outlines 15 action… – Continue reading
Many Poles may cause blocking of accounts and bills. And all because at the beginning of December 2015. Poland will begin to implement the so-called. FATCA agreement, or an agreement with the United States, which is to counteract the concealment of income. As for the transmission of data for Ocean… – Continue reading
Shriram Asset Management Company gets Sebi nod for offshore fund management Shriram Asset Management Company Ltd today said it has got market regulator Sebi’s approval to manage offshore funds. “The company has recently got the go-ahead from Securities and Exchange Board of India (Sebi) to undertake ‘offshore fund management’,” Shriram… – Continue reading
Following an independent report which ranked the British Virgin Islands (BVI) as the most important offshore jurisdiction for the sixth consecutive year, local stakeholders are singing the territory’s praises, with one going as far as to claim that the report has challenged the common perception that the BVI is being… – Continue reading
Recent developments with regard to CRS (the OECD’s “Common Reporting Standard”) mean that Irish funds need to take steps now to update their application forms and subscription documents. As referred to in Matheson’s November Investment Funds Newsletter, the Irish Finance Bill 2015 contains further provisions putting in place the necessary… – Continue reading
Introduction Transfer pricing is a term used to define the price charged between associated enterprises for the transfer of goods, services and intangible property. Increasing cross-border activities have made transfer pricing a real issue as enterprises seek to use transfer pricing as a tool for tax avoidance. Consequently, HK has… – Continue reading
FOCUS: Significant changes to the international tax system planned for the next five years, coupled with a major shift in attitudes towards tax avoidance, has all but killed off the traditional tax scheme. So what does the future hold for businesses seeking to engage in tax planning? To celebrate Out-Law’s… – Continue reading
Israel has joined 90 other countries in signing up to the OECD’s instrument to combat offshore tax avoidance and increase transparency in tax matters. The middle-eastern country became the 91st jurisdiction to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters yesterday, which enables the exchange of information,… – Continue reading
Global taxpayers can expect to pay more tax in the years ahead. Many governments worldwide continue to update their tax legislation and expand their tax systems to repay debt and pay for increased social welfare, even as the memory of the last global financial crisis lingers. These are the conclusions… – Continue reading
A recent Dutch group request for administrative assistance shows that even before the “automatic exchange of information” (AEoI) measure is effective in Switzerland in 2017, those with undeclared assets need to consider making a disclosure. The Swiss federal tax administration recently approved a Dutch group request for administrative assistance, and… – Continue reading
In response to the announcement that pharmaceutical firms Pfizer and Allergan would merge, Hillary Clinton released a statement that completely missed the real issue behind these inversions – they are a symptom of the greedy, complex, and inefficient U.S. tax code. “Inversion is a symptom, not a disease,” said Grover… – Continue reading
Irish Finance Minister Michael Noonan has said that he no longer expects that the European Commission will release its decision on the legality of a tax ruling provided to Apple before Christmas. Noonan confirmed that the Commission had requested additional information on the ruling. He said it will take the… – Continue reading
Greater China, Southeast Asia Seen as Global Leaders in Use of Offshore Vehicles, Drawn by Efficiency & Legal Frameworks Key Highlights: OIL’s sixth annual survey shows: The offshore industry will be a leaner, more resilient and confident member of the global economy by 2020, driven by demand from increasing numbers… – Continue reading
Bermuda has been in the spotlight in Australia as senators examine the tax affairs of big business. An Australian senate committee set up to look at the tax affairs of major companies heard that oil giants Chevron had 200 companies registered in Bermuda and a further 200 registered in the… – Continue reading
The Senate Finance Committee and the House Ways and Means Committee’s Subcommittee on Tax Policy today both announced hearings relating to the OECD’s base erosion and profit shifting (BEPS) project. Both hearings are scheduled for Tuesday, December 1, 2015. SENATE FINANCE HEARING According to today’s release, the Senate Finance Committee’s… – Continue reading
German prosecutors have launched an investigation into suspected tax evasion in connection with cheating on emissions tests by Volkswagen, adding to the intense scrutiny of Europe’s biggest carmaker. The investigation focuses on five Volkswagen employees, a spokesman for the prosecutor’s office in the northern German city of Braunschweig, near Volkswagen’s… – Continue reading
India’s Supreme Court has asked Vodafone to pay $302 million to the Indian government as part of its plans to merge four of its operating businesses ahead of a public listing in India. Vodafone is contesting charges of around $1.1 billion that the government is seeking to allow the merger… – Continue reading
BERN, Switzerland, 25 November 2015 / PRN Africa / — Today, the Federal Council adopted the dispatch on the agreement regarding the automatic exchange of information (AEOI) in tax matters with the EU and submitted it to Parliament for approval. The agreement was the subject of a consultation procedure from… – Continue reading
Hong Kong is tipped to become the world’s largest offshore corporate services centre by 2020, helped ironically, by the industry’s own struggles against reform demands coming from western governments and pressure groups. On notice after high profile money laundering and tax avoidance scandals, traditional offshore havens like the British Virgin… – Continue reading
4AMLDThe arm of the UK Government is likely to extend into offshore trusts where they contain UK tax paying beneficiaries. Whether or not this information will be linked at an EU level remains to be seen. Following the introduction of the EU’s 4th Anti-Money Laundering Directive (4AMLD), and recent G20… – Continue reading
The new provisions of the 4th Amendment to the France/Luxembourg double tax treaty on profits deriving from sale of real estate assets signed on September 5, 2014 will not be applicable in 2016. Currently, the right to tax the capital gains realized by a Luxembourg company upon the transfer of… – Continue reading
The Central Board of Direct Taxes (CBDT), Government of India, via press release dated September 24, 2015, assured the inapplicability of Minimum Alternate Tax (MAT) provisions to Foreign Companies with effect from 01.04.2001. The Government recently issued a circular, accepting the recommendations of the Committee (A P Shah Committee) appointed… – Continue reading
BERLIN (AP) — Germany has shared some 10,000 records on possible Greek tax cheats with Athens. Authorities in the German state of North Rhine-Westphalia say the records concern Greek individuals and companies who had almost 4 billion Swiss francs stashed in Swiss bank accounts. Bank secrecy rules in Switzerland long… – Continue reading
On Tuesday, Deutsche Bank Suisse, a unit of German lender – Deutsche Bank AG DB entered into an agreement with the Department of Justice (DOJ) under which the bank will pay a penalty of around $31 million. The non-prosecution deal entered under the Swiss Bank Program will help the bank… – Continue reading
New Zealand will take steps to prevent base erosion and profit shifting (BEPS) while at the same time ensuring that the country continues to be a good place to do business, Todd McClay, Minister of Revenue, has said. McClay was addressing a recent conference organized by the Chartered Accountants Australia… – Continue reading
The offshore yuan strengthened the most this month on speculation traders are paring bets the currency will weaken after a surprise drop in U.S. consumer confidence pushed down the greenback. A gauge of the dollar’s strength fell for a second day as an index of consumer sentiment slumped to the… – Continue reading
The Governments of the United Arab Emirates and Republic of South Africa have signed an agreement for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income and capital gains, and its annexed protocol. Inked by Hamad Hareb Al Habsi, UAE Ambassador to South… – Continue reading
