The budget deal agreed to by state lawmakers this week quietly targeted Microsoft for a $57 million tax increase over the next two years, and the Redmond software giant is apparently willing to go along with it. They haven’t advertised it, but the budget deal agreed to by state lawmakers… – Continue reading
On 23 June 2015, Mauritius signed the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Mauritius has taken a significant step to enhance its exchange of information legal framework. It is the seventh member of the African Tax Administration Forum to join the Convention and becomes the 87th… – Continue reading
On 1 July 2015, the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters entered into force in Russia. The Agreement was signed by Russia on 3 November 2011. The agreement is designed to facilitate international co-operation among tax authorities to improve their ability to tackle tax evasion and… – Continue reading
The independent intergovernmental organization FATF or The Financial Action Task Force (on Money Laundering), headquartered in Paris, has published a report as a guide for using digital currencies titled “Guidance for a Risk-Based Approach to Virtual Currencies.” It includes benefits of digital currencies as well as potential risks of money… – Continue reading
The Government has released exposure draft legislation to amend the anti-avoidance rules in Part IVA of the Income Tax Assessment Act 1936 (Cth) to prevent multinational entities using artificial or contrived arrangements to avoid a taxable presence in Australia. We will continue to monitor the progress of the exposure draft… – Continue reading
A private equity executive won his five-year legal battle with U.K. authorities to stop his fees from managing venture capital funds being taxed twice. George Anson, who has worked at Boston-based HarbourVest Partners for 25 years, faced a 67 pence levy on every pound earned from a Delaware company between… – Continue reading
OECD common reporting standard On 3 June 2015, the Treasurer announced that Australia had signed the Organisation for Economic Co-operation and Development’s (OECD) common reporting standard (CRS) Multilateral Competent Authority Agreement which enables automatic exchange of CRS information between countries. Australia proposes to implement the CRS from 1 January 2017,… – Continue reading
“There is much to be gained from the existing double taxation treaty between Trinidad and Tobago and the Kingdom of Spain,” said Spanish Secretary of State for International Co-operation and Latin America Jesús Gracia Aldaz in his address at the First T&T–Spain Partnership Forum at the Hyatt Regency in Port-of-Spain…. – Continue reading
CUSTOMS and Excise would be adding four mobile container scanners that would become operational within the next two months. The scanners would be used for locating narcotics, arms and ammunitions and explosives as goods arrive in the country. Customs would also be acquiring six more sniffer dogs to assist its… – Continue reading
THE ROBERT Fico government is preparing an additional 30 measures by which it wants to combat tax avoidance and tax evasion in Slovakia. It wants, for example, to use cover companies to uncover criminal deeds, names of debtors should be published on the website of the Financial administration and excise… – Continue reading
The Foreign Account Tax Compliance Act (FATCA) does not get most expatriate Americans’ vote, according to a new survey of Americans living abroad conducted by deVere Group, a financial consulting firm. Forty-eight percent of the 370 expats surveyed say they would vote for a presidential candidate who promises to repeal… – Continue reading
Vaduz (ots / IR) – The government has decided in your meeting of 30 June 2015 to open negotiations on a double taxation agreement with the Principality of Monaco. As a basis for understanding the OECD Model Convention serves. The agreement should also include a clause on exchange of information… – Continue reading
Swiss banks have long been seen as ‘safe havens’ for parking funds by Indians and other foreign nationals, but global pressure has been mounting in recent years on Switzerland to clamp down on their secrecy walls. Facing possible criminal action by India and some other nations over suspected black money,… – Continue reading
The British Virgin Islands (BVI) maintains its popularity as the jurisdiction of choice for international business companies by ensuring it is at the forefront of corporate legislation and international cooperation. The popularity of BVI companies continued unabated in 2014, with incorporations of approximately 60,000 new business companies during the year;… – Continue reading
An eyebrow-raising disclosure in the U.S. indictment of FIFA officials is that a representative of a Caribbean bank made it easy for one allegedly illegal transaction to be done by flying to New York to personally collect a check and then returned to deposit it in an account in the… – Continue reading
Latvia has become the second European state to remove Bermuda from its blacklist of uncooperative tax jurisdictions In June, the European Commission (EC) published a list of 30 uncooperative tax jurisdictions, with a so-called master blacklist comprising of countries that were targeted by 10 or more EU member states. Bermuda… – Continue reading
Latvia has become the second European state to remove Bermuda from its blacklist of uncooperative tax jurisdictions In June, the European Commission (EC) published a list of 30 uncooperative tax jurisdictions, with a so-called master blacklist comprising of countries that were targeted by 10 or more EU member states. Bermuda… – Continue reading
The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 in the wake of the revelations of the use of Swiss bank accounts for US tax evasion and out of a congressional desire to pursue what were supposed to be those most cunning US tax evaders. While FATCA is… – Continue reading
The legality and effectiveness of waiving the £100 fine for a late tax return is being queried, despite the move receiving a warm welcome from taxpayers. Nearly 900,000 people who missed the 31 January deadline for submitting their tax returns could be let off paying the fine. HM Revenue and… – Continue reading
1. Permanent Establishment 1.1. Subjects and activities that generate a PE Article 64 of the LISH provides that a PE is created whenever ever a resident abroad for tax purposes carries on with activities under the LH in Mexican territory or the exclusive economic zone over which Mexico has jurisdiction…. – Continue reading
A series of recent federal enforcement actions targeting weaknesses in financial institutions’ Bank Secrecy Act/anti–money laundering (BSA/AML) compliance programs continued on June 15, when the Department of Justice (DOJ), Financial Crimes Enforcement Network (FinCEN), and Federal Deposit Insurance Corporation (FDIC) announced a coordinated enforcement against West Virginia’s Bank of Mingo…. – Continue reading
Switzerland’s banks will beef up anti-money laundering measures, the Swiss banking association said on Tuesday, weeks after a report by a government-appointed group found the Alpine nation was still vulnerable to financial crime. More transparent rules due to come into force next year will make it harder for criminals to… – Continue reading
New digital identity systems could be used to combat money laundering and terrorist financing risks linked with the use of virtual currencies, the Financial Action Task Force (FATF) has said. In new guidance (48-page / 622KB PDF) it has issued, FATF said a risk-based approach is required when imposing measures… – Continue reading
Chinese emigration continues to grow as the nation becomes increasingly wealthy. However, a handful of those leaving the country are wanted financial criminals, and they are heading to all corners of the world. While the United States and Canada continue to be popular destinations for corrupt Chinese on the run,… – Continue reading
The Enforcement Directorate (ED) has sought legal assistance from Singapore and Mauritius to take forward its probe in the alleged financial irregularities in the Indian Premier League tournament (IPL) and its former chairman Lalit Modi. New Delhi: The Enforcement Directorate (ED) has sought legal assistance from Singapore and Mauritius to… – Continue reading
OLDWICK, N.J.–(BUSINESS WIRE)–Proposed U.S. legislation aimed at preventing offshore tax avoidance by closing a tax loophole that allows offshore reinsurers to take advantage of an exception to the passive foreign investment company (PFIC) rules of the U.S. Tax Code will not lead to rating revisions over the near term, according… – Continue reading
The Full Court of the Federal Court has recently removed previous doubts concerning whether Part IVA could be applied to a scheme involving the formation of a tax consolidated group. In the case that was before the Full Court, a company (Subco) joined a tax consolidated group and as a… – Continue reading
June 30 — Taxpayers continue to wrestle with big questions a year after the Foreign Account Tax Compliance Act opened for business. Acknowledging that the Internal Revenue Service is doing its best to implement a complex law, issues still remain as the reach of FATCA goes global, practitioners told Bloomberg… – Continue reading
The European Commission has released a working paper that looks at how significant the introduction of the modified nexus approach will be for the tax affairs of multinational companies that use patent box regimes Entitled Patent Boxes Design, Patents Location, and Local R&D, the paper suggests “that in the majority… – Continue reading
A common mistake when analyzing the tax implications of a cross border transaction is to jump too quickly to the ramifications of a tax treaty without first having a clear handle on the tax implications under the Income Tax Act (Canada) (“ITA”). A related issue is that even though a… – Continue reading
The UAE ranked 15th in an index rating countries’ residency-in-return-for-investment programmes As global economic growth slackens, a number of countries are offering citizenship or residency permits in return for investment in their markets. According to the latest Global Residency Programme Index by Henley & Partners, Portugal topped the list with… – Continue reading
We consider the retirement options for three top expat destinations – New Zealand, Bahrain and Singapore Retiring overseas is an aspiration for many expats, especially after they have spent much of their working life outside the UK. But while you may think you know what’s involved, there are many things… – Continue reading
A new HMRC taskforce has been launched to go after wealthy tax cheats in Northern Ireland. Investigators from HM Revenue and Customs will use Land Registry and Merchant Acquirer data to identify those with “badges of wealth” such as large houses, aeroplanes, boats and undeclared offshore bank accounts, which are… – Continue reading
FATCA will have an impact on virtually all trusts regardless of whether they have any US connection. Trustees must consider their status under FATCA as soon as possible to ensure that they comply with its provisions. What is FATCA? FATCA is an anti-avoidance measure introduced by the US authorities which… – Continue reading
FATCA will have an impact on virtually all trusts regardless of whether they have any US connection. Trustees must consider their status under FATCA as soon as possible to ensure that they comply with its provisions. What is FATCA? FATCA is an anti-avoidance measure introduced by the US authorities which… – Continue reading
NEW YORK and SHORT HILLS, N.J., June 30, 2015 /PRNewswire/ — Marking the one-year deadline for foreign financial institutions (FFIs) to identify their preexisting entity account base for purposes of the Foreign Account Tax Compliance Act (FATCA), KPMG LLP, the U.S. audit, tax and advisory firm, and Dun & Bradstreet… – Continue reading
Insurance and financial advisors are being reminded that they will be in the position from time to time to defend Barbados’ reputation as a ‘fine jurisdiction’ in the area of international and financial services, reports the Barbados Advocate. This was pointed out by Minister of Foreign Affairs and Foreign Trade,… – Continue reading
South Korea will serve as chair of an inter-governmental policymaking body on preventing money laundering starting next month, the country’s financial regulator said Monday. South Korea was appointed as the chair country of the Financial Action Task Force at its plenary meeting in February last year to become the third… – Continue reading
Banks and other financial companies want the new Conservative government to cut the cost of complying with a swath of new regulation, according to a survey by the Confederation of British Industry, reports The Guardian. When the employers’ lobby group asked firms what the government should do to help the… – Continue reading
PIA FORUM with DOREEN KAMBANGANJI Effects of money laundering and terrorist financing Min Zhu, deputy managing director of the International Monetary Fund (IMF), made the following expression on the effects of money laundering and terrorist financing: “Money laundering and the financing of terrorism are financial crimes with economic effects. They… – Continue reading
Switzerland’s private banks are close to ridding themselves of undeclared European accounts, a salutary process but one which has undermined efforts to grow their businesses. Following the financial crisis, cash-strapped governments chased accounts hidden at banks in Zurich, Geneva and Ticino where wealthy Europeans had taken advantage of Switzerland’s famous… – Continue reading
Protection from further scrutiny to be limited to foreign income disclosed during compliance window The income tax (I-T) department will take for granted the disclosures of hidden overseas wealth during the limited compliance period to be announced early this week under the new black money law. The persons using the… – Continue reading
By ESTHER MSETEKA, Mazabuka LUSAKA Stock Exchange (LuSE) chief executive officer Brian Tembo says there is need for Government to formulate a capital market policy that links foreign direct investment to listing. Mr Tembo said the country needs to find ways which can help create linkages between companies that invest… – Continue reading
“THE decision by a group of European Union (EU) Member States to blacklist Barbados as being non-cooperative and further claim that Barbados and 29 other countries, mostly small islands, do not meet its standards of transparency, exchange of information and fair tax competition, is hypocritical and on the face of… – Continue reading
The accusation that Hong Kong is a tax haven is unfounded and unfair, says Secretary for Financial Services and the Treasury Ceajer Chan Ka-keung. Chan wrote in his blog that the European Commission should review its inclusion of Hong Kong in the list of non- cooperative tax jurisdictions in mid-June…. – Continue reading
Belize’s banking sector has caught up with the standards and regulations set by the US and European Union for accountability and transparency in our offshore sector. That’s what the new Director of the Financial Intelligence Unit had to say at press conference rarely called by the stat. Unless you’re a… – Continue reading
When it comes to the topic of offshore corporations, some people immediately think of illegal tax shelters, but that is not the case. Currently, the IRS is working tirelessly to track down U.S. citizens and residents with unreported offshore income or assets and the new FATCA regulations make it virtually… – Continue reading
Transnational agrochemical and seed giant Monsanto has reiterated its desire to merge with fellow chemical-producing behemoth Syngenta, a company that has already rebuffed three previous purchase attempts by Monsanto. Announcing unexpectedly positive third quarter earnings late last week, Monsanto said that it is still seeking ways to woo Switzerland-based Syngenta… – Continue reading
The “wall of Chinese capital” hitting property markets in Sydney and Melbourne will not ease up until the government introduces its anti-money laundering legislation, says an expert in ‘flight capital’. James Tee, an ethnic Chinese property developer whose business specialises in “capital expatriation” – that is, getting money out of… – Continue reading
The Baltic republic of Latvia has pulled Bermuda off its blacklist of uncooperative tax jurisdictions supplied to the European Commission. And the move means the Island has dropped below the ten-nation threshold for inclusion on the EU hitlist — leading Finance Minister Bob Richards to demand Bermuda be taken off… – Continue reading
