South Korea’s financial regulator said Tuesday it plans to tighten its anti-money laundering checks into the nonbanking sector, joining growing global policy efforts to clamp down on the illegal activity. Under the plan, the Financial Supervisory Service said it will focus its inspection on high-risk sectors, as well as expand… – Continue reading
Urgent changes are needed to Australian tax laws, say experts, amid claims BHP Billiton and Rio Tinto avoided paying billions of dollars in tax during the mining boom. The Australian Tax Office has the mining giants in its sights over claims they have been saving more than $750 million a… – Continue reading
DMS Offshore Investment Services (‘DMS’) Limited was established in the Cayman Islands by Don Seymour in 2000. Over the past 15 years it has grown into one of the industry’s leading fund governance firms with over 200 people. One of the big focuses for the firm is ongoing regulation, in… – Continue reading
Allegations that News Corp engaged in an aggressive tax avoidance scheme have been strongly rejected by the company. News Corp Australia chief executive Julian Clarke said in a statement: “This claim is based on a fundamental misunderstanding of the nature of these transactions, US and Australian tax treaties and applicable… – Continue reading
India’s present ‘tax to GDP ratio’ is the lowest among BRICS and OECD countries. The Dollar Business Bureau The Minister of State for Finance, Jayant Sinha, on Monday, said, India needs to turn into a US$ 4-5 trillion economy for accelerating and achieving a sustainable growth over the next decade,… – Continue reading
Pope Francis is sweeping off clean the Vatican bank, which for many years has been cloaked with controversy for allegedly providing a safe haven to Italian individuals who laundered money and evaded taxes. On Wednesday, the Holy See’s signed tax treaty with the government of Italy — which obliges parties… – Continue reading
It’s been five years since the Foreign Account Tax Compliance Act (FATCA) became law and while the intentions were good – to crack down on those hiding money offshore and avoiding taxes, compliance comes at a price for individuals and corporations. “The upside of FATCA is that it is forcing… – Continue reading
Law360, New York (April 06, 2015, 3:10 PM ET) — A draft report released Friday by the Organization for Economic Cooperation and Development on strengthening controlled foreign-company rules to crack down on tax evasion said there are substantial disagreements among member states about how to best define CFC income. The… – Continue reading
The best week in American sports is upon us. The NCAA basketball championship is tonight. The Masters starts Thursday. And today is Major League Baseball’s Opening Day. More than any other sport, baseball is a game whose fans and historians cherish numbers: 61 (73*), 755 (762*), .366, 4,256, 56, 511,… – Continue reading
A serious need emerges, amid the global political and economic crisis, for the dialogue among religions, cultures, different political forces, and an important role in this process is in recent years played by Azerbaijan. In this regard, the Azerbaijani President Ilham Aliyev’s visit to Saudi Arabia is significant. It is… – Continue reading
Highlights of Finance Minister Arun Jaitley’s announced during his talk for an industry event. Finance Minister Arun Jaitley has said that the government will move GST Constitutional Amendment Bill in Lok Sabha in next few weeks. He also said that the government will provide reasonable compliance window under the new… – Continue reading
According to recent estimates, the number of wealthy Russians investing in the United States ballooned in 2014 as a result of political turmoil and a disintegrating ruble causing Russians to seek a safe haven for their wealth abroad. The amount of private net capital flowing out of Russia hit $120… – Continue reading
On April 3, 2015, as part of its Action Plan on Base Erosion and Profit Shifting (BEPS), the OECD released a discussion draft entitled “BEPS Action 3: Strengthening CFC Rules” (the Draft) for comments. The Draft stresses the importance of CFC rules in countering base erosion and profit shifting, and… – Continue reading
Till March 31, close to 100 FIIs got notices from the Tax Department for a controversial Minimum Alternate Tax (MAT) of 20 per cent, while they are now being followed up with Assessment Orders. In the biggest-ever tax demand slapped on them, nearly 100 foreign funds have been asked to… – Continue reading
Golf star Rory McIlroy is more likely to settle in the US and not Dubai, despite becoming a tax resident there, his manager has said. Donal Casey, chief executive of Rory McIlroy Inc, made the comments in response to reports by The Sunday Times describing the world number one golfer… – Continue reading
It has been revealed that illicit financial transfers are draining Africa of massive resources needed to uplift its majority poor from the claws of poverty and provide both productive and social infrastructure for development. The African Civil Society Circle, a group of nine civil society organizations and think tanks from… – Continue reading
The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), has recently issued FAQs regarding the immobilisation of bearer shares and units, as well as a press release to remind Luxembourg alternative investment fund managers (AIFMs) and non-EU AIFMs that market alternative investment funds (AIFs) in Luxembourg under… – Continue reading
FIIs will not have to pay MAT on their gains this financial year onwards as announced in the Budget, but there is ambiguity on whether FIIs are liable to pay MAT on the gains of the previous years. Moneycontrol Bureau Finance Minister Arun Jaitley Monday said India was no so… – Continue reading
Having failed to maintain its momentum of last year, and with its poll ratings falling, Ukip’s credibility is increasingly coming under fire. The latest problem to face party leader Nigel Farage is accusations of hypocrisy over tax avoidance. Some years ago, the former City trader attacked the EU for ‘creating… – Continue reading
New regime notified but experts say it might not get going without this incentive; however, both Sebi and tax authorities apprehend use for money laundering The liberalised regime for Global Depository Receipts (GDR) and American Depository Receipts (ADR) might not take off as long as the income tax (I-T) department… – Continue reading
National tax laws are struggling to keep pace with the rise of the digital economy and the progress of multinational companies. These factors leave gaps that are susceptible to misuse and lead to cases of double non-taxation, which undermine the integrity and fairness of tax systems around the world. The… – Continue reading
Warning from Corn Flakes maker comes amid international pressure to close tax loopholes Kellogg’s has warned that its profits could be hurt by the international drive against tax avoidance, which is targeting structures that benefit multinationals. The US-based maker of Corn Flakes, Rice Krispies and Coco Pops is worried that… – Continue reading
New Delhi/Mumbai: In the biggest-ever tax demand slapped on them, nearly 100 foreign funds have been asked to cough up an estimated USD 5-6 billion for ‘untaxed gains’ made by them in the Indian markets over the past years. The number of affected investors can rise substantially as assessments are… – Continue reading
You may be forgiven for thinking that once you no longer live in the United States, that your ongoing US tax obligations may be relatively simple or even non-existent, particularly if you have never held a US Passport or lived in the US. However the definition of US citizen is… – Continue reading
Interview with Partner and National Leader, Human Capital Services, EY India The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015, popularly called the “anti-black money bill” has been in the news for its stringent and sweeping provisions. Sonu Iyer, partner and national leader, human capital services, EY India,… – Continue reading
NEW DELHI: The Special Investigation Team (SIT) on black money is expected to file a fresh status report in the Supreme Court with regard to the action taken by various investigative agencies in cases related to illegal funds stashed abroad by Indians and tax evasion. Sources said the high-powered panel… – Continue reading
As you may already be aware, eligible individuals can currently contribute up to $180,000 per annum to their super fund using after-tax monies (known as nonconcessional contributions). Eligible individuals under age 65 can also bring forward an additional two years’ worth of contributions as long as they don’t exceed a… – Continue reading
Customs Intelligence will scrutinise all expensive cars that have been imported in Bangladesh in the last two years for tax evasion. Director General of Customs Intelligence and Investigation Directorate Moinul Khan said this while briefing the media about the seizure of a Mercedes Benz from the capital’s Dhanmondi area for… – Continue reading
Blackstone, the US private equity giant that until recently was locked in a dispute with Cork developer Michael O’Flynn, is willing to lend money to Irish SMEs. The firm hasn’t announced the plan publicly, but we are reliably informed that Blackstone will consider deals if approached by a borrower. The… – Continue reading
Writing for the Washington Post’s Wonkblog, and seizing the occasion of a House Ways and Means Committee vote to eliminate the federal estate tax, Matt O’Brien shines a momentary light on the estate tax, and comes up with some numbers that took me by surprise. Nominally, the inheritance tax takes… – Continue reading
The Ministry of Finance has issued ten Income Computation and Disclosure Standards (ICDS), operationalising a new framework for computation of taxable income by all assesses in relation to their income under the heads “Profit and gains of business or profession” and “Income from Other Sources”. The Central Board of Direct… – Continue reading
ATHENS: Greece may face European Economic Affairs Commission on 26% withholding tax plan. Bulgaria complained to the European Commission on 30 March about a new Greece law battling corporate tax avoidance that Sofia warns could undermine trade between the Balkan neighbors. In a letter to European Economic Affairs Commissioner Pierre… – Continue reading
Advertisement A false image depicts undocumented immigrants as criminals because they entered the United States illegally and received many government benefits. Wars in Korea, Vietnam, Afghanistan and Iraq created labor shortages. Some industrial complexes and corporate agriculture used growing numbers of undocumented laborers to whom they paid less than minimum… – Continue reading
Advance Pricing Agreements help avoid transfer pricing disputes with firms New Delhi, April 3: The Central Board of Direct Taxes (CBDT) has signed three more unilateral advance pricing agreements (APAs) with companies in India, taking the overall number of APAs to nine. An APA is an agreement between a corporate… – Continue reading
Law360, New York (April 03, 2015, 8:10 PM ET) — Three limited liability companies have urged the U.S. Supreme Court to review a Third Circuit decision finding that the Internal Revenue Service could require them to pay the full tax burden for a technology company transaction despite transfers of interest… – Continue reading
Last month US Senator Roger Wicker (R-Miss.) introduced a budget amendment SA 621 to repeal the Foreign Account Tax Compliance Act (FATCA) FATCA requires foreign financial institutions to disclose to the IRS about their U.S. customers’ accounts. The U.S. loses an estimated $150 billion in tax revenue each year to… – Continue reading
Law360, New York (April 03, 2015, 10:12 AM ET) –One of the tougher issues buyers face when engaging in preliminary discussions regarding a potential going-private transaction is whether and when an amendment to required U.S. Securities and Exchange Commission stock ownership disclosures needs to be filed as steps are taken… – Continue reading
The South African Revenue Service has revised its guide for individuals not resident in South Africa about the tax treatment of South Africa-sourced income. Its “Guide on the Taxation of Foreigners Working in South Africa 2014/15” deals mainly with employment income. Under the country’s income tax system, only amounts received… – Continue reading
As has been widely reported, the Finance Ministry has proposed a new property tax on land and building owners. However, Prime Minister Prayut Chan-o-cha has decided to delay the new tax, citing concerns about weak economic growth and the bill’s impact on the poor. Despite the prime minister’s latest decision,… – Continue reading
New rules mean that almost 100 governments around the world will exchange information about bank accounts Expat tax dodgers are running out of places to hide, as information about their bank accounts and assets will soon be exchanged between 93 governments globally. At present, if tax authorities suspect people of… – Continue reading
New York, NY, April 03, 2015 –(PR.com)– The Knowledge Group/The Knowledge Congress Live Webcast Series, brings together the world’s leading authorities and industry participants through informative two -hour webcasts. It has scheduled a live webcast entitled: “Emerging Issues: FATCA Goes Global LIVE Webcast” This two-hour event is scheduled on April… – Continue reading
Governments in resource-rich African countries must effectively negotiate the terms of operational contracts with mining companies and their affiliates if they are to avoid revenue losses that reduce their capacity to finance development, the African Civil Society Circle has said. The Circle is a coalition of nine civil society groups… – Continue reading
The likely centrepiece of Treasurer Joe Hockey’s assault on multinational profit-shifting – a so-called “Google tax” – risks breaking Australia’s international tax treaties, the Parliamentary Budget Office has found. The independent adviser warned that the unilateral introduction of a “diverted profits tax” like ones being considered by Australia and Britain… – Continue reading
A senator wants to change the law so the Canada Revenue Agency is required to annually report how much money is lost to tax evasion, after a two-year battle with “stonewalling” bureaucrats to get that information. Senate Liberal Percy Downe is tabling a private bill aimed at getting a handle… – Continue reading
A cross-party group of MPs has recommended prosecuting financial advisers who push their clients towards aggressive tax avoidance. The public accounts committee has published two reports into tax after examining the use of tax relief and the role of advisers from the Big Four accountancy firms. It follows the announcement… – Continue reading
We asked Vincenzo Villamena, a New York-based international tax adviser and certified public accountant with Online Taxman, and his British-expat client Ed Zitron of San Francisco, to share personal finance tips for expats, particularly those hailing from the U.K. Here are their top tips: 1. Mind your pensions & QROPS!… – Continue reading
Jurisdictional issues will limit success. It’s no secret that companies including Apple, Google and Amazon, seem to pay less than their fair share of tax in Australia. Despite booking huge revenues from sales to Australian customers they are able to reduce their profits in this country by shifting profits to… – Continue reading
(Reuters) – Prime Minister David Cameron on Thursday accused his political rivals of wanting to raise taxes and borrow more after coming under pressure from six party leaders over his plans to tackle Britain’s 1.5 trillion pound ($2.2 trillion) debt mountain. In the first and only full TV debate of… – Continue reading
ACCORDING to Greens leader Christine Milne, “Superannuation in Australia has become a tax haven for the wealthy.” Yet as far as most Australians can see, there is only one guaranteed, rolled-gold tax haven in the whole country. It’s called Parliament House, where a fortunate group of people are set to… – Continue reading
The Barbados Government Information Service has announced that negotiations are in progress for a double taxation agreement between Cyprus and Barbados, as well as for co-operation in other areas, such as tourism. At a recent meeting with the Barbadian Prime Minister the Cyprus High Commissioner to Barbados expressed his optimism… – Continue reading
