Category: Regulatory

Automatic Exchange of Information / Banking Secrecy / Israel / Legislation / Liechtenstein / Offshore Banking / Residence / Switzerland / United Kingdom

The future is transparent : As banking secrecy comes to an end, taxpayers with overseas assets should ensure they are on the right side of what can be draconian law.

Posted On: July 26, 2015

It is widely recognized that offshore banking secrecy is fast becoming a thing of the past. The signing of bi-lateral and multi-lateral agreements between jurisdictions and the fast approaching Common Reporting Standard (CRS) under which jurisdictions will automatically exchange financial information has seen to that. The UK’s voluntary disclosure program… – Continue reading

Base Erosion & Profit Shifting / Double Taxation / Egypt / EY / Investments / OECD / Permanent establishment / Residence / Transfer pricing

EY: MENA governments considering new tax measures to meet budget expenditures

Posted On: July 26, 2015

The evolving tax landscape in the MENA region was discussed at the EY MENA Tax Conference held recently in London. The conference was attended by EY Tax specialists and senior finance and tax executives from major European companies with investments in the MENA region. Sherif El-Kilany, MENA Tax Leader, EY,… – Continue reading

Bahamas / Bankruptcy / Canada / Court cases / FATCA / USA

This Week in The Bahamas – Commentary by Elcott Coleby: July 19 – 24, 2015

Posted On: July 25, 2015

Bahamas Supreme Court rejects Baha Mar’s Delaware chapter 11 application In a ruling by Justice Ian Winder on Wednesday of this week, The Bahamas Supreme Court Denied Baha Mar’s Chapter 11 Bankruptcy Recognition Petition. This paves the way for the Supreme Court to appoint a provisional liquidator on the 31st… – Continue reading

FATCA / IGA / Isle of Man / OECD / United Kingdom / USA

Russell Bedford Firm SMP Partners Announces Launch of FATCA and CRS Reporting Tool

Posted On: July 25, 2015

London, United Kingdom, July 25, 2015 –(PR.com)– A Secure On-line Reporting System which provides a cost-effective method for financial institutions’ FATCA and Common Reporting Standard (CRS) reporting requirements has been successfully deployed. Developed by Webtech Limited in conjunction with Russell Bedford’s Isle of Man member firm SMP Partners, the solution… – Continue reading

Burundi / Corruption / Double Taxation / Investments / Kenya / Netherlands / South Sudan / USA

Kenya: Bold New Bilateral Agreements Cement U.S.-Kenya Ties

Posted On: July 25, 2015

Kenya signed several pacts with the US during talks between US President Barack Obama and Kenya’s President Uhuru Kenyatta, signalling a deepening of bilateral relations in trade and investment. Addressing a joint press conference, President Obama said discussions on the prospects of introducing direct flights between the two countries were… – Continue reading

Anti money laundering / Corruption / Investments / Offshore Trusts / Russia / United Kingdom

Foreign criminals use London housing market to launder billions of pounds

Posted On: July 25, 2015

Corporations, usually based in offshore tax havens, are sometimes used by buyers keen to hide ownership of assets, says National Crime Agency spokesman Foreign criminals are using the London housing market to launder billions of pounds, pushing up house prices for domestic buyers, a senior police officer has warned. Donald… – Continue reading

Investments / Loans / Tax evasion investigations / United Kingdom

HMRC claims victory against £29 million tax avoidance scheme

Posted On: July 24, 2015

HM Revenue & Customs (HMRC) has won a case against £29 million ‘sham’ tax avoidance scheme in a tribunal case, reports Citywire. The First-Tier Tribunal rules against tax avoidance scheme the Brain Disorders Research Limited Partnership and partner Neil Hockin’s attempts to claim £29 million in tax relief. The investors… – Continue reading

Azerbaijan / Double Taxation / FATCA / IGA / Tax Information Exchange Agreements / USA

Azerbaijan completed preparation of draft agreement with U.S. on FATCA

Posted On: July 24, 2015

Baku, Fineko/abc.az. The Azerbaijan’s Ministry of Taxes pays much attention to agreements on information exchange. According to Orkhan Musayev, International Relations Department Manager at the Ministry, such agreements, the same as agreements on elimination of double taxation, are very important. “So far, the Ministry of Taxes has signed agreements on… – Continue reading

Automatic Exchange of Information / G20 / Residence / South Africa / Tax evasion investigations

Third party returns – exchange of information in accordance with international tax standards

Posted On: July 24, 2015

In order to provide the necessary legislative amendments required to implement the tax proposals that were announced in the 2015 National Budget on 25 February 2015, the National Treasury (Treasury) published the 2015 Draft Tax Administration Laws Amendment Bill (TALAB) on 22 July 2015 for public comment. One of the… – Continue reading

Canada / FATCA / India / Investments / Tax evasion investigations / Tax treaties / USA

Despite Fatca clearance, MFs shun investment from US, Canada

Posted On: July 24, 2015

Fatca was introduced in 2010, to curb offshore tax evasion by US entities and citizens Even after the signing of a treaty between the governments of India and America to comply with the latter’s Foreign Account Tax Compliance Act (Fatca), mutual funds (MFs) continue to remain wary of accepting investments… – Continue reading

Base Erosion & Profit Shifting / EU / FATCA / Guernsey / IGA / Investments / Jurisdiction / OECD / Real Estate

Guernsey: fund domicile

Posted On: July 24, 2015

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

Base Erosion & Profit Shifting / Double Taxation / FATCA / Guernsey / IGA / Legislation / OECD / United Kingdom / USA

Guernsey meets the global tax challenges

Posted On: July 24, 2015

The implementation of stricter taxation scrutiny globally shows no sign of abating. Nonetheless, Guernsey is well-placed to meet many of these challenges, and indeed thrive in this new world order. Guernsey has repeatedly demonstrated an ability to comply with international obligations and adapt to challenges and changing circumstances and the… – Continue reading

Liechtenstein / Memorandum of Understanding (MoU) / Tax Information Exchange Agreements / United Kingdom

Liechtenstein Disclosure Facility To Close In December

Posted On: July 24, 2015

The UK and Liechtenstein have published a Joint Declaration that provides for the early closure of the Liechtenstein Disclosure Facility. The UK’s March 2015 Budget brought forward the final date for registration to participate in the LDF from April 2016 to December 31, 2015. The Joint Declaration, signed this month,… – Continue reading

Apple / EDF / EU / Fiat / France / Starbucks / State Aid

EDF hit with £1bn tax bill

Posted On: July 24, 2015

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

Court cases / FATCA / IGA / Offshore Banking / Privacy / USA

Lawsuit by U.S. Presidential Candidate Challenges the Constitutionality of FATCA

Posted On: July 24, 2015

Senator Rand Paul, R-Ky., along with six current and former U.S. citizens living abroad, filed a lawsuit, July 14, in the U.S. District Court for the Southern District of Ohio challenging the constitutionality of the Foreign Account Tax Compliance Act (FATCA) and foreign bank account reporting (FBAR) regime. “FATCA eschews… – Continue reading

FATCA / IGA / Isle of Man / United Kingdom / USA

Dealing with FATCA and other problems

Posted On: July 24, 2015

A business partnership claims to have successfully deployed a secure online reporting system for financial institutions grappling with the headache of FATCA and Common Reporting Standard (CRS) reporting requirements. Developed by Webtech Limited in conjunction with corporate service provider SMP Partners, the ‘solution’ is said to be designed by users… – Continue reading

Base Erosion & Profit Shifting / Controlled Foreign Companies / Dividends / Double Taxation / Earnings stripping / Intellectual Property / Investments / Legislation / Netherlands / OECD / Pakistan / Permanent establishment / Real Estate / Residence / Royalties / Tax Credit / Tax Laws / Tax Planning / Tax treaties / Transfer pricing / Treaty Abuse / United Kingdom / USA

The intersection of US tax treaty policy, tax reform and BEPS

Posted On: July 24, 2015

Introduction US tax treaty policy can be affected by pressures for tax reform from within the United States and by major developments in international taxation from without. Talk of US tax reform has been widespread for years, although it is sometimes hard to gauge how much of the talk is… – Continue reading

Gaar / United Kingdom

HMRC Consults On Stronger Anti-Avoidance Sanctions

Posted On: July 24, 2015

HM Revenue and Customs (HMRC) has published details of proposals to strengthen sanctions against serial promoters and users of tax avoidance schemes, and introduce specific penalties where the General Anti-Abuse Rule (GAAR) applies. The plans are set out in a new HMRC consultation, which explains how each of the measures… – Continue reading

Australia / EU / Greece / Ireland / Legislation / Offshore / Profit Shifting / Tax evasion investigations / Tax Planning / Transfer pricing / USA

U.S. Tax Avoidance Trumps Greek Tax Evasion

Posted On: July 24, 2015

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

Beneficial Ownership / British Virgin Islands / Corruption / Real Estate / United Kingdom

More transparency over UK prime property ownership needed to prevent fraud, campaigners say

Posted On: July 23, 2015

Plans to create a public registry of the real owners of UK companies should be extended to make it clear who is behind the companies that own high-value London properties, Global Witness has said. Plans to create a public registry of the real owners of UK companies should be extended… – Continue reading

Anti money laundering / Beneficial Ownership / British Virgin Islands / Corruption / United Kingdom

New call for prime London agents to be more transparent

Posted On: July 23, 2015

A pressure group is calling for estate agents to conduct additional checks to ensure the legal provenance of buyers’ funds, and wants all on- and off-shore companies owning UK property to be obliged to tell the Land Registry the identify of their beneficial owners. Global Witness – a group campaigning… – Continue reading

Anti money laundering / India / SEBI / Tax evasion investigations

Sebi busts billion-dollar ‘tax evasion shops’ in stock market

Posted On: July 23, 2015

MUMBAI: Suspecting tax evasion of at least Rs 5,000-6,000 crore, regulator Sebi has clamped down on a large number of organised syndicates who had set up ‘shops’ to convert black money into legitimate-looking funds through the stock market platform. While more than 900 entities have been banned from capital markets… – Continue reading

Base Erosion & Profit Shifting / Capital gains / Double Taxation / Latvia / Mongolia / Seychelles / UAE / Uganda / Uruguay / Vietnam / Yemen

Khalifa ratifies UAE agreements

Posted On: July 23, 2015

ABU DHABI: President His Highness Sheikh Khalifa Bin Zayed Al Nahyan has issued a number of federal decrees with respect to ratifying agreements between the UAE and a number of friendly countries and transferring, appointing and promoting a group of diplomatic corps members. The decrees have been published in the… – Continue reading

Africa / Automatic Exchange of Information / OECD / Tax evasion investigations / Tax Information Exchange Agreements

Linkage Between Tax Transparency and Information Critical for Sustainable Development

Posted On: July 23, 2015

The link between global tax transparency and domestic resource mobilization was a key issue discussed at the sidelines of the Financing for Development conference. The side event, jointly organised by the Organisation for Economic Cooperation and Development (OECD) and UN-DESA,was attended by President of the African Development Bank, Donald Kaberuka,… – Continue reading

Capital gains / Double Taxation / Japan / Northern Ireland / United Kingdom

Japan and the UK exchange notes concerning article 7 (“business profits”) of the Japan-UK Tax Convention

Posted On: July 23, 2015

On July 23, 2015 the Japanese Ministry of Finance issued a press release announcing that on July 22, 2015 the Government of Japan and the Government of the United Kingdom exchanged notes concerning Article 7 of the Convention between Japan and the United Kingdom of Great Britain and Northern Ireland… – Continue reading

BSI / HSBC / Julius Baer / Privatbank Bellerive / SB Saanen / Tax evasion investigations / USA

Two more Swiss banks strike deals with US over tax evasion

Posted On: July 23, 2015

WASHINGTON — Two more Swiss banks will pay penalties to the United States as part of settlements that mean they will not face criminal charges for helping Americans avoid taxes, US authorities said on Thursday. SB Saanen Bank AG will pay nearly $1.4m and Privatbank Bellerive AG will pay $57,000,… – Continue reading

Citizenship / Double Taxation / EU / Legislation / Residence / Scotland / United Kingdom

New Scotland bill – tax implications

Posted On: July 23, 2015

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

Guernsey / Isle of Man / Jersey / Liechtenstein / OECD

Crown Dependency disclosure facilities seen underused

Posted On: July 23, 2015

Crown Dependency disclosure facilities set up to offer individuals the opportunity to disclose any overdue payments or irregularities have yielded “surprisingly” low returns for HMRC, according to Pinsent Masons. The international law firm said just £13.9m ($21.6m, €19.7m) has been collected since the facilities opened in April 2013, with £5.6m… – Continue reading

FATCA / Jamaica / Tax evasion investigations / USA

FATCA Takes Effect Next Month

Posted On: July 22, 2015

Effective August 17, financial institutions in Jamaica will be required to transmit relevant financial information to Tax Administration Jamaica (TAJ) – the competent authority – on persons who reside permanently in the United States (US) or persons who earn a substantial amount of their income from or within the United… – Continue reading

Disclosure of Tax Avoidance Schemes (DOTAS) / Legislation

HMRC spares ‘non-aggressive’ trusts from IHT avoidance scheme crackdown

Posted On: July 22, 2015

HM Revenue & Customs has proposed strengthening the ‘hallmarks’ it uses to identify inheritance tax planning arrangements but has excluded certain types of trusts used alongside life assurance policies. Under draft legislation released last week, a scheme will fall under the disclosure of tax avoidance schemes regime if its main… – Continue reading

Base Erosion & Profit Shifting / Ethiopia / EU / FATCA / OECD / Tax competition / Tax evasion investigations

Dictators and Billionaires Demand Creation of UN Tax Agency

Posted On: July 22, 2015

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

British Virgin Islands / Cayman Islands / FATCA / IGA / Legislation / OECD / Singapore / Tax evasion investigations / United Kingdom / USA

Cayman Islands: Navigating The Complexities Of International Tax Compliance

Posted On: July 22, 2015

Introduction Recently, the Cayman Islands Department of International Tax Compliance (DITC) notified financial institutions that in October 2015 it will be introducing local regulations to implement the OECD’s Common Reporting Standard (CRS), also commonly referred to as global FATCA or GATCA. That notice also served as a reminder that international… – Continue reading

Automatic Exchange of Information / Banking Secrecy / Canada / Offshore Banking / Offshore Investments / Tax evasion investigations

Why you should voluntarily disclose offshore investments

Posted On: July 22, 2015

In recent years, the popularity of the Canada Revenue Agency’s voluntary disclosures program – which enables taxpayers to correct any mistakes or omissions in their previous tax filings – has ballooned. When taxpayers come forward, their tax problems get solved, the CRA reduces the accrued interest and, most important, waives… – Continue reading

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