Promising a ‘modern tax system’ with low and globally competitive rates, Finance Minister Arun Jaitley has assured foreign investors against any retrospective action and said taxpayers will be seen as “partners and not as potential hostages or victims”. For domestic taxpayers also, the rates need to be low as taxes… – Continue reading
CHEYENNE, WY, April 17, 2015 /24-7PressRelease/ — OUTPOST PROVISIONING LLC today announced the launch of its “Wyoming…the Offshore Alternative” campaign alongside release of its Wyoming Paymaster Purpose Trust product. “Wyoming…The Offshore Alternative” touts Wyoming as being the Offshore-equivalent for wealth protection without the inconvenience, scrutiny, compliance costs and risks involved… – Continue reading
Nothing is certain in India except death and tax disputes. Ask foreign portfolio investors: they now face demands for past dues of as much as $6.4 billion. The wrangle stems from the Minimum Alternative Tax, or MAT, which officials say leads to a 20 percent levy on capital gains by… – Continue reading
ROME–Italy’s Chamber of Deputies passed legislation Wednesday aimed at avoiding double taxation with Taiwan. It is the first time Italy’s parliament has passed legislation related to relations with Taiwan. The bill gained the support of the center-left Democratic Party, the largest party in the Chamber of Deputies, as well as… – Continue reading
Chinese authorities will cooperate with Indonesia to confiscate more than $500 million of ill-gotten assets illegally transferred to China by corrupt Indonesian banking officials. Under the Treaty on Mutual Legal Assistance in Criminal Matters between China and Indonesia that took effect in 2006, the Ministry of Justice will “give support… – Continue reading
The Italian Ministry of Economy and Finance has removed the Isle of Man from its blacklist. The new list implements provisions, announced in the Italian Budget for 2015, that jurisdictions that have exchange of information arrangements with Italy are excluded from its blacklist on the deductibility of costs. The effect… – Continue reading
World-Herald Bureau WASHINGTON — Nebraska rancher John McFadden will be watching this week as the House votes on eliminating the federal estate tax that could affect how much of his 500-head cattle operation he leaves to his children. McFadden saw much of his grandfather’s land sold off to pay taxes… – Continue reading
If there’s a “most frustrating set of tax facts” to be considered today as this year’s Tax Week comes to a close, it’s got to be this: the billions of dollars that tax scofflaws cheat their fellow citizens out of and the conservative, budget-cutting policies that help enable it. As… – Continue reading
On 17 March 2015 Cyprus and Bahrain signed a new double taxation agreement. Like all of Cyprus’s recent DTAs it closely follows the 2010 OECD Model Tax Convention. Its main provisions are summarised below. Taxes covered The agreement applies to taxes on income imposed by either country. In Bahrain these… – Continue reading
Rato’s dealings include misappropriation of funds through a Visa card totaling 6 Million Euro, income from serving on the international advisory board of a Turkish bank in violation of Spanish banking laws, and a series of shell corporation divestments. UPDATE: Spanish prosecutors have arrested Rato, charging him with fraud, money-laundering… – Continue reading
In response to Pranay Gupte’s story on a story published by Firstpost, the Secretary to the Mauritius cabinet, S Seebaluck, has rebutted some of the points made in the story titled: “Mauritius cracks whip on Muslims, not a’ role model of democracy’ as PM Modi said after all.” The following… – Continue reading
Dixcart, an international business support services provider, has released a new guide on the UK’s Diverted Profits Tax, which was altered ahead of its introduction on April 1, 2015. The DPT is intended to counter aggressive tax avoidance by multinational companies. It is charged at a rate of 25 percent… – Continue reading
“Tax policy and administration should incentivise compliance. They should be administered fairly, transparently, with minimum discretion, with no harassment of taxpayers but also ensuring that tax evasion is dealt with firmly.” Promising a ‘modern tax system’ with low and globally competitive rates, Finance Minister Arun Jaitley has assured foreign investors… – Continue reading
It has never been easier for Americans to start businesses while living outside the U.S. If you are an American entrepreneur operating abroad, however, be aware of U.S. tax reporting obligations on non-U.S. businesses operated by Americans and make sure you are leveraging the value of U.S qualified retirement accounts… – Continue reading
When Hillary Clinton recently borrowed Elizabeth Warren’s talking points and claimed “the deck is still stacked in favor of those at the top” (in our economic and political system) against regular working people, did she mention reforming the tax code — and then offer any solutions? The simple answer is… – Continue reading
The British Virgin Islands International Tax Authority (ITA) has launched its BVI Financial Account Reporting System (BVIFARS). The portal was opened yesterday and is ready to accept enrolment applications from BVI Reporting Financial Institutions (FI) which are required to submit information under the Intergovernmental Agreement (IGA) between the BVI and… – Continue reading
Foreign owners of UK property assets are being advised to seek property valuations to avoid falling foul of changes to Capital Gains Tax, writes David Westgate – Managing Director, Andrews Letting & Management CHANGES to Capital Gains Tax for UK property investors based overseas were first announced by George Osborne… – Continue reading
The measure probably won’t advance further, at least not this year. The U.S. House voted to repeal the 99-year-old U.S. estate tax amid a partisan clash over whether the government should break up concentrated wealth or make it easier to pass along assets to the next generation. The House passed… – Continue reading
At least 21 financial advisers in Switzerland charged with aiding American tax dodgers are at large With its tan marble floors and leather-clad reception desk, the staid Zurich offices of the Julius Baer Group, one of Switzerland’s largest private banks, are an unlikely place to find an alleged fugitive from… – Continue reading
Last week some of Australia’s biggest and richest companies voluntarily fronted up to a senate inquiry on corporate tax avoidance. Bigwigs from big brands, including Apple, Google, Microsoft, Rio Tinto, BHP Billiton and Fortescue Metals, squirmed under the spotlight as they were grilled about how they (legally) shift profits offshore… – Continue reading
On March 30, 2015, the U.S. Department of Justice (DOJ) announced that it reached the first non-prosecution agreement under the Swiss bank program with BSI, S.A. (BSI). BSI, one of Switzerland’s ten largest banks, has agreed to pay $211 million in fines and cooperate in any related civil or criminal… – Continue reading
The South African Revenue Service (SARS) has issued a revised draft interpretation note that discusses the principles and guidelines for the considering the “place of effective management” in determining the tax residence of a company. SARS points out that the concept of residency is critical in determining a company’s South… – Continue reading
Rodrigo Rato, the former head of the International Monetary Fund and deputy prime minister of Spain, was detained by customs agents in Madrid on Thursday night as the tide of corruption allegations swamping the country’s political establishment reached a fresh high. Rato, 66, is being investigated for possible money laundering… – Continue reading
Finance Minister Arun Jaitley on Tuesday said the government will press ahead with Rs 40,000 crore tax demand on foreign institutional investors as FIIs lost a case against levy of tax on capital gains they made. “FIIs went to a tribunal, which is called Authority for Advance Rulings (against levy… – Continue reading
Get three tax advisers in the same room and they will come up with at least four definitions of tax avoidance: put in a couple of members of the public and the total will double. There are a few purists who dispute that tax avoidance exists – either something is… – Continue reading
Portugal’s deputy prime minister, Paulo Portas, and Saudi Arabia’s minister of trade, Tawfiq bin Fawzan Al-Rabiah, recently signed an agreement abolishing double taxation between the two countries, as part of a continued broader effort by Portugal’s government to boost exports and investment. The document was signed after a meeting in… – Continue reading
Rome, April 16 (CNA) Italy’s Chamber of Deputies passed legislation Wednesday aimed at avoiding double taxation with Taiwan. It is the first time Italy’s parliament has passed legislation related to relations with Taiwan. The bill gained the support of the center-left Democratic Party, the largest party in the Chamber of… – Continue reading
OECD director admits UK’s Google tax may undermine some of the body’s BEPS work GOVERNMENT plans to introduce a diverted profits tax have caused embarrassment at the OECD, according to Pascal Saint-Amans [pictured], the body’s director leading the Base Erosion and Profit-Shifting (BEPS) project. Appearing via video link before Australia’s… – Continue reading
The Attorney-General, Hon. Aiyaz Sayed-Khaiyum today received the new non-resident Ambassador of the Sultanate of Oman to Fiji, His Excellency Nazar Al-Said. In welcoming the Omani envoy to Fiji, Minister Sayed-Khaiyum said that the Fijian Government looked forward to developing its bilateral relations with Oman, particularly in the areas of… – Continue reading
One of Ed Miliband’s key election advisers pays no UK tax on his reported £300,000 earnings, it has emerged. David Axelrod, a former adviser to Barack Obama, admitted he was not a resident in the UK for tax purposes and the Labour party pays him in dollars through his consultancy…. – Continue reading
On Tuesday we told you about what the Prime Minister said at the Summit of the America’s about the perilous state of Belize and the Region’s banking industry after draconian anti money laundering measures were enacted by the US Government. He said, quote, “there is a crisis in my own… – Continue reading
It seems like the ultimate irony. At least 21 Swiss bankers under U.S. indictment for helping Americans skirt income taxes remain at large in their native country and out of the hands of prosecutors, reports Bloomberg. But the whistleblower who helped the Justice Department in its probe ended up going… – Continue reading
KATHMANDU, APR 16 – With the selected consultant for the Tanahu Hydropower Project demanding income tax exemption during ongoing negotiations before signing a contract, the Nepal Electricity Authority (NEA) has said that the government cannot provide the facility as the current tax law does not allow it. The NEA clarified… – Continue reading
Corporate treasury departments will have to start complying with International tax rules and provide documentation for transactions according to recent reports. G20 leaders attempted to reform the international tax system in July 2012 by setting up the Base Erosion and Profit Shifting (BEPS) project. This task was given to the… – Continue reading
As foreign portfolio investors balk at India’s claim of $6.4 billion in back taxes, the finance ministry’s latest demand isn’t damping interest in the nation’s stocks and bonds. Foreigners were net buyers of local equities every day barring one since the finance ministry said April 6 it is well within… – Continue reading
Cross border transactions involving German entities investing in French real estate may need to be restructured as a result of proposed changes to the France/Germany double tax treaty, according to two experts. French tax expert Franck Lagorce and German tax expert Werner Geisselmeier, both of Pinsent Masons, the law firm… – Continue reading
BEIJING: A total of 57 countries have been approved as founding members of a Chinese-led infrastructure bank, Beijing said on Wednesday, and Norway is included despite frosty relations over a Chinese dissident’s Nobel prize. No nations that formally sought to become founding members of the Asian Infrastructure Investment Bank (AIIB)… – Continue reading
Lithuania thanks Japan for lending support to the ambition to join OECD On 15 April 2015, Minister of Foreign Affairs of Lithuania Linas Linkevicius in a meeting with Parliamentary Deputy Minister for Foreign Affairs of Japan Kentaro Sonoura expressed his gratitude to Japan for supporting Lithuania’s ambition to join the… – Continue reading
All of the firms have established funds based in offshore tax havens such as Cayman Islands and Jersey, analysis reveals Sixteen of the top 50 European hedge funds or their executives have donated more than £6.5m to the Conservatives, according to a new analysis of data. All of the firms… – Continue reading
In a major relief to Vodafone, the Supreme Court on Wednesday rejected the income tax department’s appeal challenging Vodafone Essar Gujarat’s transfer of certain passive assets to Vodafone Essar Infrastructure. However, it said that the department is free to raise tax demand under relevant tax laws but can’t block the… – Continue reading
Suppose you own 2 houses: one in a state with an income tax and another in an income-tax-free state, such as Florida or Nevada, where you spend an increasing amount of time. You’re ready to assert you primarily reside in the tax-free state. Goodbye, big tax bill? Don’t be surprised… – Continue reading
Suppose you own 2 houses: one in a state with an income tax and another in an income-tax-free state, such as Florida or Nevada, where you spend an increasing amount of time. You’re ready to assert you primarily reside in the tax-free state. Goodbye, big tax bill? Don’t be surprised… – Continue reading
It’s undoubtedly too soon to begin getting your hopes up yet, but there are signs that the new GOP controlled Congress may finally be getting down to some of the regular business we were promised during the election. Plenty of fire and brimstone has been flying around both chambers over… – Continue reading
In October 2012 Portugal launched its Golden Visa Residence Programme with the aim to provide prospective Non-EU foreign investors with the opportunity to take up residency in Portugal through investment. Recently, the Portuguese Parliament promulgated a set of new rules pertaining to this particular programme. The said rules are still… – Continue reading
In This Issue: – Fifth Circuit Ruling in BMC Software, Inc. v. Comm’r. Is Good News for Taxpayers – When Is a Second Inspection Not a Second Inspection? – Captive Insurance Litigation: Key 2014 Cases – Excerpt from Fifth Circuit Ruling in BMC Software, Inc. v. Comm’r. Is Good News… – Continue reading
Washington State Auditor Troy X. Kelley has been indicted for federal income tax evasion, lying to investigators, concealing millions of dollars, and making repeated false statements. The 10-count indictment relates to Mr. Kelley’s career before becoming the state’s auditor. Not surprisingly, though, Governor Jay Inslee wants Mr. Kelley to resign…. – Continue reading
An agreement was signed between GIFT SEZ and NCDEX on Thursday at Gandhinagar, according to a joint media statement Ahmedabad: National Commodity & Derivatives Exchange Ltd (NCDEX), India’s leading online commodity exchange, said it will set up an international commodity and derivatives exchange in the special economic zone (SEZ) area… – Continue reading
This week, the Royal Bank of Canada became the first bank to complete cross-border Renminbi (RMB) payment using Canada’s new RMB Trading Hub through the hub’s designated clearing bank, Industrial & Commercial Bank of China (Canada). On 23 March, Royal Bank of Canada (RBC), other Canadian banks and government delegates… – Continue reading
Top Democrats in both the House and the Senate are bringing back legislation to crack down on offshore tax deals. Senate Minority Whip Dick Durbin (D-Ill.), Rep. Sandy Levin (D-Mich.) and five other Democratic lawmakers are proposing to ban companies that shift their legal address abroad and score a lower… – Continue reading
The IRS is growing increasingly uncomfortable that an increasing number of smaller companies and professional firms have been doing what larger companies do — creating their own or joining a captive insurer, reports Insurance Journal. The IRS believes some of these smaller companies are creating these so-called “microcaptives” in order… – Continue reading
