Claiming that a lot of information on illicit funds is lying unused by the Indian authorities, HSBC whistleblower Herve Falciani said on Tuesday that he is willing to cooperate with the investigative agencies in their black money probe but would need protection in return. He also claimed that millions of… – Continue reading
In a report leased by the international group Financial Secrecy, the group that carries out analysis of how far the legal systems of countries facilitate financial secrecy, Liberia is ranked amongst the top 30 countries in the world that deals in secrecy. While the Government of Liberia continues to boast… – Continue reading
Viet Nam and Iceland established diplomatic relations in 1973 and the ties have shown positive development in recent times. Two Vietnamese prime ministers have visited Iceland. Vo Van Kiet visited the country first in 1995, followed by Phan Van Khai in 2002. The prime minister of Iceland visited Viet Nam… – Continue reading
Buying a property overseas is an exciting venture, but also one that requires careful financial consideration. To help ease the process, Chris White, Founding Director of boutique estate agency Ideal Homes Portugal, has compiled his top tax tips for buying property in Portugal. Portugal has been called ‘Europe’s best kept… – Continue reading
An Israel delegation is scheduled to visit Australia in June 2016. The Israel Tax Authority is negotiating a treaty for prevention of double taxation with Australia, sources inform “Globes.” Tax Authority head Moshe Asher is currently in advanced talks with Australian Treasurer Joe Hockey, who himself declared that the Australian… – Continue reading
New Zealand still has some work to do to stop the country being used as a safe haven for illicit funds, a new survey shows. The 2015 Financial Secrecy Index has been released, which ranks countries on their ability to promote fiscal transparency. The index is produced by the Tax… – Continue reading
NEW DELHI: Switzerland has retained its top spot in the financial secrecy index (FSI) 2015, unveiled by the Tax Justice Network (TJN) on Monday. Switzerland is followed by Hong Kong, the US, Singapore and the Cayman Islands. The biggest surprise is the US, which has climbed to third place from… – Continue reading
As the world is uniting to tackle tax evasion and improve financial transparency, the US “threatens progress,” a new survey has said. America is now ranked third among the world’s most attractive “tax havens,” trailing only Switzerland and Hong Kong. The US has jumped from sixth place to third in… – Continue reading
Azerbaijani President Ilham Aliyev approved the intergovernmental Azerbaijan-US agreement on “Improving compliance with Azerbaijan and the United States of international rules on tax requirements and fulfilling the requirements of the Act on the taxation of foreign accounts (Foreign Account Tax Compliance Act, FATCA)”. The relevant law is published in the… – Continue reading
Australia hosts significant quantities of illicit funds from outside the country, according to the 2015 Financial Secrecy Index. The Tax Justice Network’s index, released every two years, rates countries based on financial transparency. The latest index rates Australia 44 out of 100 (from 47 in the previous survey) meaning it… – Continue reading
As of July 15 2015, 55 financial institutions and banks in Ghana have registered themselves to comply with FATCA. So, chances are that if you tried to open a bank account in Ghana, the bank now requires you to fulfil some United States (U.S.) reporting obligations in addition to the… – Continue reading
LOS ANGELES—A recent report estimates that foreign investors are on track to spend more than $70 billion on US commercial real estate in 2015. And another report says that nearly a quarter of all recent commercial real property sales in its survey involved offshore investors. “Foreign investment in U.S. real… – Continue reading
A number of member states are failing to tackle corporate tax avoidance despite media revelations and EU and national-level moves to close loopholes. “It’s clear that in the EU it is business as usual for multinational corporations who want to dodge the rules to lower their tax bills”, said Tove… – Continue reading
Over the last seven years, America has flexed its muscles at tax havens everywhere. With Schwarzenegger-like bulk, the U.S. has crushed Swiss banks and rooted out U.S. account holders worldwide. With its ambitious FATCA undertaking, the U.S. has cowed the world into submission. making foreign banks and foreign governments hand… – Continue reading
Faced with outrage from over a dozen otherwise placid Caribbean nations, D.C. officials are backtracking on a plan to openly call out countries it says allow big U.S. businesses to skip out on paying local taxes. At issue is a change to existing tax law made through the 2016 D.C…. – Continue reading
Tax systems within the European Union remain largely secretive and opaque despite leaders’ claims that measures are underway to fix loopholes, the European Network on Debt and Development (Eurodad) has said. The coalition of 46 NGOs from 20 European countries including Oxfam, Save the Children and ActionAid said that, while… – Continue reading
The Swiss Federal Council has adopted dispatches on a new double tax agreement (DTA) with Liechtenstein and a protocol to the agreement with Norway. The DTA with Liechtenstein was signed on July 10, 2015. It replaces the existing 1995 treaty. The agreement provides that old age and survivors’ insurance (AHV)… – Continue reading
New Zealand would do worse than Australia if it was audited right now by the body that sets standards for combating money laundering and the financing of terrorism, says the organisation’s former boss. Roger Wilkins, immediate past-president of the Financial Action Task Force (FATF), said criticisms of Australia after an… – Continue reading
Recent legal changes in Qatar must be understood by CFOs and finance professionals if businesses are going to be able to address the potential risks, according to ICAEW. The accountancy body partnered with international law firm Pinsent Masons to host a seminar about Qatar’s recent regulatory changes for senior financial… – Continue reading
GENEVA – A former HSBC employee who leaked documents alleging the bank helped clients evade millions of dollars in taxes failed again to show up for his Swiss trial Monday, which opened in his absence. Herve Falciani, a 43-year-old French-Italian national who exposed the so-called Swissleaks scandal, has repeatedly said… – Continue reading
The founder of a Singapore-based trust company that came under fire in 2013 for data breaches and allegations of aiding tax evasion said it is “time to move on”. Mr David Chong said his Portcullis TrustNet, which has since been renamed Portcullis Group, is busy planning for the future after… – Continue reading
The trial has begun in Switzerland of banker Herve Falciani, whose leaks helped uncover the HSBC tax evasion scandal. The French-Italian national is accused of financial espionage, among other charges. Herve Falciani’s trial opened on Monday in the southern Swiss town of Bellinzona and will continue despite his refusal to… – Continue reading
The UK has been rated “more of a tax haven” than the Channel Islands, in a financial transparency report. The biennial study by campaign group Tax Justice Network (TJN) ranked the UK above the islands. TJN director, John Christensen, said the islands had “made significant improvements” by signing up to… – Continue reading
Further strides towards greater tax transparency around the world have been made with 13 countries signing up to the international framework enabling the automatic exchange of information. The OECD’s 8th Global Forum on Transparency and Exchange of Information for Tax Purposes was held in Barbados on 29-30 October and brought… – Continue reading
Khartoum – Ministry of Justice Undersecretary and Chairman of the National Committee of Money Laundering Combating, Ahmed Abbas affirmed that the declaration of the Financial Action Task Force (FATF) according to which Sudan was removed for list of countries whose systems are in neglect of combating money-laundering and financing terrorism… – Continue reading
Biz-friendly tax regime is one of incentives Belgium, a global hub for international government institutions, wants to attract more Korean investment with its business-friendly tax regime. At the “Belgium: Gateway to Europe” seminar at the Koreana Hotel on Oct. 27, the event host, the Embassy of Belgium, invited Bart Adams,… – Continue reading
Australian taxpayers could get a bill of rights, and better compensation schemes if they have been wronged by the Australian Taxation Office, following a new review by the Inspector-General of Taxation. On Monday, Ali Noroozi launched his review examining whether there’s scope to introduce a taxpayer bill of rights, similar… – Continue reading
Ayar Law Group speaks about amnesty programs expiring as foreign banks comply with FATCA. Read more: http://www.digitaljournal.com/pr/2728314#ixzz3qQF5Tmeq Nov. 2, 2015 / PRZen / VANCOUVER, British Columbia — The unofficial period of grace to reveal foreign bank accounts to the IRS is ending for U.S. taxpayers. Those who don’t comply with… – Continue reading
WASHINGTON—The United States is one of the world’s most secret financial jurisdictions, according to a watchdog group’s new global ranking. The Tax Justice Network, an international think tank based in the United Kingdom, on Monday unveiled the 2015 Tax Secrecy Index, which lists the countries that most allow financial secrecy… – Continue reading
The Düsseldorf Finance Ministry has bought a new CD after mirror information – it is shown that an entire group of banksand financial service providers have deliberately harmed the German Treasury. The land of North Rhine-Westphalia for the so far most expensive record has spent five million euros. A few… – Continue reading
(CNS Business): Despite the constant criticism of the Cayman Islands as a so-called tax haven by US politicians and media, in the latest edition of the Financial Secrecy Index, compiled by the Tax Justice Network, the United States is placed above the Cayman Islands in its rankings. The report, which… – Continue reading
At the end of this year an amnesty for UK tax resident persons whose offshore income and gains have not been disclosed to HMRC closes, and it is important the implications are understood according to Michael Crowe, a director at Grant Thornton in the Isle of Man. In the UK’s… – Continue reading
The Dutch finance minister has said the Netherlands wants to make progress in clamping down on corporate tax avoidance during its EU presidency, after criticism of its sweetheart deal with Starbucks. The Dutch system has allowed some corporations to pay almost no tax and that was never the intention, Jeroen… – Continue reading
TORONTO, Nov 2 (Thomson Reuters Foundation) – Switzerland, Hong Kong and the United States have the world’s worst records on combating financial secrecy that allows the wealthy to dodge taxes or hide their money, according to a study released on Monday. Most countries’ secrecy score improved in recent years as… – Continue reading
Robert Stack, US Treasury Deputy Assistant Secretary (International Tax Affairs), initiated a further push for ratification of the pending protocol to the US tax treaty with Switzerland at a hearing of the Senate Committee on Foreign Relations on October 29. Tax treaties and protocols with Switzerland, Luxembourg, Hungary, Chile, Spain,… – Continue reading
KIEV, Nov 2 (Reuters) – The Ukrainian parliament and the finance ministry are close to deadlock over planned tax cuts, lawmaker Nina Yuzhanina said on Monday, threatening reforms that are crucial to unlocking a further $4 billion in international loans. Ukraine promised to revamp its tax system under an International… – Continue reading
MADRID — One part of the move had been long in the works by Grifols, a big Spanish medical company. The other came as a politically fraught surprise. When Grifols, a global leader in blood-plasma products, held a ribbon-cutting ceremony for its new $100 million distribution center outside Dublin last… – Continue reading
There can be no straight jacket formula to determine what is meant by “provision of service,” which may include where services are i) provided; ii) rendered; or iii) utilized. The expression ‘provision of services’ is much wider than ‘provision of rendering of services,’ and covers the services even if they… – Continue reading
For the die-hard fans who lined up around the block to purchase Apple’s latest iPhone last month, it’s hardly news that the California-based company still lives up to its reputation for technological innovation. The world’s No. 1 smart phone manufacturer last week released its annual financial report revealing it also… – Continue reading
Indians nowadays are increasingly buying properties overseas, particularly in London, New York, Singapore and Dubai. It is critical for them to study foreign exchange regulations and tax provisions of the relevant country as well as India before they make buying decisions. Some of the important aspects to be noted in… – Continue reading
On 21 October 2015, the European Commission decided that a tax ruling between Starbucks and the Netherlands should be considered illegal state aid. As a consequence, the European Commission ordered the Dutch State to recover the aid granted to a Dutch Starbucks group company (Starbucks Manufacturing EMEA B.V.), which is… – Continue reading
Faced with outrage from over a dozen otherwise placid Caribbean nations, D.C. officials are backtracking on a plan to openly call out countries it says allow big U.S. businesses to skip out on paying local taxes. At issue is a change to existing tax law made through the 2016 D.C…. – Continue reading
Vancouver real estate is a Mainland Chinese buyers’ market, study says Groundbreaking study shows 70 per cent of detached homes sold in a six-month period on Vancouver’s west side went to Mainland Chinese buyers; many of them housewives or students with little income. The dominant influence of Chinese investors in… – Continue reading
Suggest Easwar panel on Income Tax Act should also make safe harbour profit margins more realistic The justice R V Easwar committee on the Income Tax Act set up last week would do well to clarify whether payments for software should attract income tax or service tax, and make safe… – Continue reading
The justice R V Easwar committee on the Income Tax Act set up last week would do well to clarify whether payments for software should attract income tax or service tax, and make safe harbour profit margins more realistic, tax experts said. Tax demands based on ‘excessive’ advertising and promotional… – Continue reading
Amazon is reportedly liable for online tax fraud if the company fails to investigate traders who are using their sites to avoid sales tax. According to experts, online marketplaces such as Amazon and eBay could be held liable for all unpaid VAT if action was taken against them. The report… – Continue reading
The Australian Taxation Office (ATO) 2014 amnesty initiative to disclose your offshore income and assets is winding up. So what if you didn’t apply for amnesty under Project Do It? Is it too late for you? Project Do It On 27 March 2014, the ATO announced the Project Do It… – Continue reading
As the 2016 Presidential campaign heats up with debates and public appearances replete with the candidate’s opinions on the economy, ISIS, and education, among others, few candidates have mentioned the issue of corporate tax reform, especially as it relates to a level playing field between the U.S. and foreign markets,… – Continue reading
A Financial Action Task Force (FATF) delegation visits Israel this week to consider Israel’s application for membership. “Israel is working tirelessly to upgrade its standing as a regional leader in the struggle against money laundering and financing of terrorism through persistent regulatory changes and a more effective regime. Up until… – Continue reading
IRDA norms on retrocession viewed as being restrictive Top foreign reinsurers, namely Swiss Re, Hannover Re and Scor Re would soon be applying to the insurance regulator for opening branch offices in India. The Insurance Regulatory and Development Authority (IRDA) on Friday came out with the regulations for registration and… – Continue reading
