Q4 net profit 478 mln shekels vs 633 mln * Bank provisioned 196 mln shekels in 2014 for U.S. tax evasion * Provisioned 360 mln shekels in Q4 for cost cuts * Shares down 1.3 pct (Adds quotes, details from news conference, analyst’s comments) By Tova Cohen TEL AVIV, March… – Continue reading
Promoters of tax avoidance schemes that have been identified as “high risk” by UK tax authorities must now publicise that they are being monitored so that potential customers are aware of the risks of using them, HM Revenue and Customs (HMRC) has announced.10 Mar 2015 Tax Disputes and Investigations Tax… – Continue reading
Switzerland expects in the future to sign a deal with Germany to automatically exchange tax information, Swiss Finance Minister Eveline Widmer-Schlumpf said, after the signing of a tax agreement with Italy, reports Customs Today. In the medium term we will sign a deal on automatic tax information sharing with Germany,”… – Continue reading
FATCA is a law requiring every foreign bank to excessively monitor and report to the Internal Revenue Service (IRS) the bank accounts of every American residing overseas – or risk severe punishment. WASHINGTON, D.C. – Sen. Rand Paul reintroduced S.663, a bill to repeal the Foreign Account Tax Compliance Act… – Continue reading
BRIDGETOWN, Barbados (CMC) – The Barbados Government says it will not tolerate businesses operating within the international business and financial services sector engaging in tax evasion practices here and is seeking support from the Paris-based Organization for Economic Cooperation and Development (OECD). Commerce Minister Donville Inniss, speaking in Parliament Tuesday,… – Continue reading
RIYADH — The Council of Ministers on Monday renewed its commitment to strengthen human rights and their protection, saying that it is part of the Kingdom’s firm approach that is derived from the Islamic Shariah. Custodian of the Two Holy Mosques King Salman chaired the Cabinet’s weekly session at Al-Yamamah… – Continue reading
Tax avoidance is being documented across the world, with Australia no exception. The government is now looking at how to clamp down on the billions of dollars being lost as top Australian firms are succeeding in dodging taxation. Last year saw the release of multiple reports highlighting the worrying number… – Continue reading
*BELIZE HITS NEW MILESTONE IN AML/CFT COMPLIANCE The Caribbean Financial Action Task Force (CFATF) recognizes the tremendous strides Belize has made in strengthening its regime for anti-money laundering and combating the financing of terrorism (AML/CFT) and concluded that Belize no longer poses a risk to the international financial system. At… – Continue reading
Cyprus signed four bilateral agreements with Bahrain on Monday, during President Nicos Anastasiades’ state visit to the kingdom where he was be received by ruler Hamad bin Isa Al Khalifa, where the two leaders also discussed issues of cooperation in tourism and the economy, as well as concerns about regional… – Continue reading
We are all familiar with the expression “the long arm of the law.” However, few laws’ arms are longer than that of the U.S. Foreign Account Tax Compliance Act (FATCA). Administrators of Canadian pension plans and financial institutions that hold or invest pension assets learned this last year when FACTA… – Continue reading
The Government of the Virgin Islands enhanced relations with the Portuguese Republic by concluding a Tax Information Exchange Agreement (TIEA) this week bringing the total signed TIEAs to 19. Deputy Premier and Minister of Health and Social Development, Honourable Dancia Penn, OBE, QC, and Secretary of State for Tax Affairs… – Continue reading
Public accounts committee to ask Stuart Gulliver, Chris Meares and the BBC’s Rona Fairhead key questions on tax arrangements at multinational bank Two senior HSBC executives and the chair of the BBC Trust will be questioned by MPs on Monday about their role at the bank, whose Swiss banking arm… – Continue reading
Public accounts committee to ask Stuart Gulliver, Chris Meares and the BBC’s Rona Fairhead key questions on tax arrangements at multinational bank Two senior HSBC executives and the chair of the BBC Trust will be questioned by MPs on Monday about their role at the bank, whose Swiss banking arm… – Continue reading
The head of Argentina’s tax authority has demanded that HSBC repatriate $3.5bn (£2.3bn) in funds that it says HSBC helped its clients move offshore. Ricardo Echegaray said that HSBC’s actions threatened the stability of the Argentine government. “HSBC built a platform to help clients evade tax,” said Mr Echegary in… – Continue reading
Structures for investments from overseas investors in French real estate that involve Luxembourg vehicles may need to be restructured if an expected change to the double tax treaty between France and Luxembourg takes effect, an expert has said.09 Mar 2015 Property tax Property Tax Structured real estate Specialist property investment… – Continue reading
Singapore’s tax authority will step up monitoring “corporatisation” trends that suggest high-income earners are setting up companies to avoid higher income taxes, said Senior Minister of State for Transport and Finance Josephine Teo on Monday. She noted that the main risk for higher income taxes is that Singapore’s tax regime… – Continue reading
Amid mounting pressure last year, the US launched a supposed crackdown on tax inversion. But it might not have been as far-reaching as was made out, and with good reason The recent G20 crackdown on tax avoidance by funnelling profits through tax havens has sparked a variety of reactions –… – Continue reading
André Wilsenach, the executive director of the Alderney Gambling Control Commission (AGCC), has vowed to support those companies impacted by new point-of-consumption (POC) tax laws in the UK. As of November 1, 2014, operators providing remote gambling services to customers in the UK must hold a remote licence from the… – Continue reading
David Kuenzi of Thun Financial Advisors weighs in on the perils of U.S. expats investing in foreign mutual funds. Send your expat finance questions to expat@wsj.com. Keep an eye on WSJ Expat to see if your questions — and answers provided by our experts — are published. U.S. expat commit… – Continue reading
Bosses at HSBC were yesterday accused by MPs of turning a blind eye to alleged tax evasion in its Swiss private banking arm. In an ill-tempered hearing with the Public Accounts Committee, members said they did not believe that executives in London were oblivious to what was happening. Chief executive… – Continue reading
The Maltese Government has said in a statement that it has today acquired from the French Government the data, popularly known as Swiss Leaks, insofar as it relates to Maltese nationals. The data was presented in Paris in the presence of French Finance Minister Michel Sapin to the representative of… – Continue reading
Barbados and Cyprus have announced that they are to begin negotiating a double taxation agreement (DTA) to strengthen economic relations between the two territories. Barbados Prime Minister Freundel Stuart noted that although diplomatic relations between the two countries were established in 1972, economic opportunities have yet to be fully explored…. – Continue reading
The U.S. Department of Justice is considering actions against taxpayers who wrongfully used the Streamlined Procedures to assert non-willful conduct. As quoted in Tax Notes Today: “Speaking at the Federal Bar Association Section on Taxation annual tax law conference in Washington, Caroline Ciraolo, acting assistant attorney general in the Tax… – Continue reading
Skip to content Using Gmail with screen readers Click here to enable desktop notifications for Gmail. Learn more Hide 34 of 34 Web Clip Forbes.com: Most popular stories – Volt Vs. Tesla: The Dealership Experience – 7 hours ago ready to post 9 mar 2015 D Ready to post –… – Continue reading
NEW YORK (TheStreet) — Bank of America (BAC) has just been accused of using U.S. government-insured depositor money to finance trades facilitating “dividend tax arbitrage.” This is the practice of moving stocks around to different jurisdictions so that the ultimate client beneficial owner of the stock minimizes the tax he… – Continue reading
The Caribbean Financial Action Task Force (CFATF) recognizes the tremendous strides Belize has made in strengthening its regime for anti-money laundering and combating the financing of terrorism (AML/CFT) and concluded that Belize no longer poses a risk to the international financial system. At the recently concluded CFATF Plenary, member countries… – Continue reading
MANHATTAN (CN) – Israel’s largest bank helped procure sham loans for clients and advised them to dodge taxes in other ways, a shareholder class action says. Michael Porat, a citizen of Israel, filed the 57-page complaint against Bank Leumi and various international subsidiaries in New York County Supreme Court. Sixty-one… – Continue reading
FATCA could have a bearing on the provisions of the proposed Indian law A new bill to deal with black money parked abroad that the government is planning to bring in the current session of Parliament is likely to be influenced by the law in the United States to check… – Continue reading
India and US Foreign Account Tax Compliance Act (FATCA) would be signed a new information sharing agreement in New Delhi on tax evasions, reports Customs Today. The US has given India time till September 30 to put in place a framework to track down the assets that nationals of each… – Continue reading
SAN JUAN, Puerto Rico – With recession biting into profits at their chain of burger restaurants and surf shops, two brothers responded in a way Puerto Rico authorities say is common: by shortchanging the government. Javier and Oscar Juelle failed to turn over $1.27 million in sales taxes they collected… – Continue reading
Subramaniam Swamy has been a strong advocate for abolishing income tax. There is a basic dichotomy in the taxation structure in India — many corporates pay taxes that are a fraction of what they should be paying while the salaried class get deductions that can’t really be called deductions due… – Continue reading
Many business owners have substantial personal assets invested in their business. This can have significant implications, not only for you and your business, but also for your family’s financial security. To protect your investment, both business and personal, your business strategy should include carefully structured tax-planning components to ensure you… – Continue reading
There have recently been some well-publicised examples of multinationals buckling under pressure because they were perceived to be paying too little income tax. Towards the end of 2012, Starbucks in the UK undertook to pay £20-million of corporate income over two years, despite insisting it had complied with the tax… – Continue reading
Sparks are flying after Netflix said it would not charge GST on the Australian version of its online television service which launches next Tuesday. United States-based Netflix, Quickflix, Foxtel Play, Presto and Stan, partly owned by Fairfax Media, are locked in a bidding battle to secure the best programs for… – Continue reading
Athens: The Greek government plans to hire an army of amateur tax sleuths – including tourists – in a bid to fill the gaping hole in the country’s finances. According to a leak purporting to list the major reforms Athens will present at a crunch meeting of the Eurogroup in… – Continue reading
Vivienne Westwood’s donation of £300,000 to the Green Party sparks controversy over her company’s use of off-shore account She is probably Britain’s most influential — and definitely most controversial — fashion designer. So perhaps it was inevitable that when Dame Vivienne Westwood became the Green Party’s biggest supporter with a… – Continue reading
ISLAMABAD: The criminal involvement of senior officials of Large Taxpayers’ Unit (LTU) Lahore in tax evasion case has entangled the Federal Board of Revenue (FBR) in a perplex situation to proceed forward the case against the tax evaders. In the ending of last month suspended three Inland Revenue service officers… – Continue reading
A tax loophole is denying British youth and unemployed workers the chance to earn a living or to be trained in a new career. The sneaky technicality, which is fully supported by the European Union, is predominantly used when projects are funded from ‘European regional funds’ such as roads and… – Continue reading
KUWAIT CITY, March 7: Baker Tilly Kuwait for Audit, Tax and Consulting is pleased to announce a new consulting service for individuals with respect to the Foreign Account Tax Compliance Act (FATCA) aiming to assist US citizens and Green Card holders residing in the State of Kuwait to comply with… – Continue reading
NEW DELHI: Indian Central Board of Direct Taxes (CBDT) will outline rules to give relief on foreign pre-paid taxes. Currently, the income tax law does not provide the manner for granting credit of taxes paid in any country outside. Now, this situation is sought to be addressed with the latest… – Continue reading
Introduction In the autumn statement the Chancellor of the Exchequer announced the introduction of a new Diverted Profits Tax (DPT). Against the context of international co-operation in the OECD led consultation on ways to ensure profits are taxed where they are generated (the Base Erosion and Profit Shifting project (BEPS),… – Continue reading
NEW DELHI: Indian Central Board of Direct Taxes (CBDT) will outline rules to give relief on foreign pre-paid taxes. Currently, the income tax law does not provide the manner for granting credit of taxes paid in any country outside. Now, this situation is sought to be addressed with the latest… – Continue reading
Planning to enjoy your retirement in a different country? Check these tax, banking and investment issues More than 400,000 Britons have retired abroad, attracted by better weather, a laid-back lifestyle and a lower cost of living. But if you want to join them, you will need to make serious adjustments… – Continue reading
Luxembourg: French President Francois Hollande urged Luxembourg on Friday to “go as far as possible” in tackling tax avoidance in the wake of the Luxleaks scandal. Investigative journalists last year found top international companies including Disney, Microsoft and Heinz benefiting from sweetheart tax deals with Luxembourg. “Luxembourg has committed to… – Continue reading
The recent tax scandals had revealed that HSBC bank offered a friendly advice to its private clients on how to succeed in their tax evasion attempts. This effectively shows that our societies are divided between those who have higher share of wealth (and thus greater opportunities to pursue their interests)… – Continue reading
Chile is the fifth largest economy in South America and increasingly one of the most significant U.S. trading partners in the region. U.S. foreign direct investment into Chile was $39.9 billion for 2012 (the latest year for which official figures are available). And in 2013, the U.S. exported $17.6 billion… – Continue reading
With effect from 1 January 2015, The Income Tax (Guernsey) Law, 1975 was amended so that non-Guernsey residents will now be taxed on their pension benefits paid from an occupational pension scheme approved under section 150 of the Law, irrespective of whether they have performed services in Guernsey or not…. – Continue reading
Republican Senators Mike Lee and Marco Rubio have put forward version 2.0 of their tax reform proposal first released last September. The two men offer a bit more detail to their sweeping plan this time around, and it’s still a strong, pro-growth proposal. The broad strokes of the Lee-Rubio plan… – Continue reading
SANTIAGO, CHILE – Prosecutors are asking a judge to charge the owners of a prominent Chilean financial company with bribery, tax evasion and illegally financing the campaign of right-wing politicians. Attorney General Sabas Chahuan is seeking formal charges against Carlos Delano and Carlos Lavin, who own the Penta Group, which… – Continue reading
BRUSSELS, March 6 (KUNA) — The EU warned Friday that the continued withholding of Palestinian revenues by Israel could be highly detrimental to the stability and security of the region. “This decision runs counter to Israel’s obligations under the Paris Protocol of the Oslo Agreement. It should be recalled that… – Continue reading
