For as long as leaders from low-income countries are excluded from the solution, tax avoidance will inflict costly and sometimes life-threatening consequences on millions of individuals Politicians have been all-too-eager to label 2014 a milestone year for action on tax avoidance, with many of the world’s leading economies having introduced… – Continue reading
Voltaire wrote “If you see a Swiss banker jumping out of a window, follow him, there is sure to be a profit in it”. Following this train of thought India is seen to be ruined by a cartel of Swiss bankers, terrorists and corrupt industrialists. Unlimited black money is apparently… – Continue reading
A couple of decades ago, the senior management of major corporations was often less than responsive to public pressures of various sorts. With a few exceptions where major media got involved, issues such as customer complaints or public outrage over corporate policy (labor exploitation, tax avoidance) could almost always be… – Continue reading
Both the OECD and the EU are exploring options to change how digital businesses are taxed, while NGOs are stepping up their pressure on tax authorities to challenge large companies’ transfer pricing arrangements. No matter how robust your digital business’s transfer pricing arrangements appear to have been in the past,… – Continue reading
Hillary Clinton will give two speeches Wednesday in Canada and is co-hosted by the Canadian Imperial Bank of Commerce. The bank has recently come under investigation from the United States for helping wealthy Americans offshore money in the bank’s Caribbean accounts to avoid paying federal taxes. The Elizabeth Warren-supporting wing… – Continue reading
Outlook: The OECD’s work on corporate tax avoidance has proceeded at a faster rate than many expected According to Oxfam, on current trends the richest 1 per cent of the world’s population will have a greater share of its wealth than the remaining 99 per cent within two years. The… – Continue reading
On Dec. 12, 2014, Rep. John Delaney (D-MD) proposed a new version of his “repatriation holiday” tax plan. The latest version would require multinational corporations to pay a token amount of taxes on their accumulated offshore profits and exempt those profits from any further U.S. income tax. Delaney’s new plan… – Continue reading
Costa Rica’s going under the magnifying glass for the next two weeks as international money laundering experts comb through the country’s books. President Luis Guillermo Solís declared the audit from the Financial Action Task Force of Latin America (GAFILAT) a subject of national interest in Monday’s edition of the official… – Continue reading
Voltaire wrote “If you see a Swiss banker jumping out of a window, follow him, there is sure to be a profit in it”. Following this train of thought India is seen to be ruined by a cartel of Swiss bankers, terrorists and corrupt industrialists. Unlimited black money is apparently… – Continue reading
The Tax Story in 2015: Myths, Misconceptions and Reality Checks by Aswath Damodaran, Musings on Markets Each of us believes that we pay our fair share in taxes and that it is other people that do not, and not surprisingly, we find evidence to back up our priors. I find… – Continue reading
As significant changes take effect with pensions, offshore tax evasion and property, 2015 looks like it will be an interesting year. However, there are still opportunities to be found despite the ongoing upheaval. As we all start a fresh new year, many advisers will be starting to think about the… – Continue reading
After almost three years’ negotiations over untaxed Italian assets in Swiss banks, Switzerland and Italy have reached an agreement in principle on future cooperation in tax matters. The agreement between Switzerland and Italy was initialled on 19 December 2014 The two governments are currently preparing the signature of a Protocol… – Continue reading
(Bloomberg)– A Swiss banker who faced more than three years in prison for providing WikiLeaks with confidential details of his former employer’s offshore activities walked out of a Zurich courtroom a free man on Monday. Rudolf Elmer, 59, was given a suspended fine of 16,800 Swiss francs ($19,397) for violating Swiss… – Continue reading
Jan 20 (Agencies): The Modi government has decided not to divulge details of the 627 account holders being probed in the black money case. On Monday, the centre filed an affidavit in the Supreme Court asking it to dismiss senior advocate Ram Jethmalani’s petition that seeks details of the 627… – Continue reading
Tax forms will arrive in the mail any day now. At least one county in the area wants residents to know they’re cracking down on those who try to dodge the bill from Uncle Sam. Platte County Prosecutor Eric Zahnd announced last week that his office collected $220,000 in back… – Continue reading
Congressional Democrats are preparing new efforts to curb the offshore tax deals that drew the ire of President Obama last year. Senate Minority Whip Dick Durbin (D-Ill.), Sen. Jack Reed (D-R.I.), Rep. Sandy Levin (D-Mich.) and Rep. Lloyd Doggett (D-Texas) will introduce legislation on Tuesday seeking to stop the maneuver… – Continue reading
Observers of offshore financial centres will know that post 2008 they have been weathering a perfect storm. Firstly, reduced transactional flows, simply because there is less money available for structured finance and investment generally. Secondly, a constant barrage of negative publicity, which deliberately seeks to conflate tax evasion and tax… – Continue reading
Kansas Governor Sam Brownback had championed the largest tax cuts in the state’s history, eliminating taxes on non-wage earnings for nearly 200,000 small businesses. Just like all Republicans these days, Brownback had made cutting taxes and shrinking government the centerpieces of his government. Now the great State of Kansas has… – Continue reading
Since the introduction of the Transaction Value System of customs valuation by Canada on January 1, 1985, the Canada Border Services Agency (CBSA) has maintained a stated policy of denying refund claims of related party importers who seek to amend declared values for duty to account for adjustments that decrease… – Continue reading
Introduction Malta is increasingly becoming a financial services centre of repute looked at by a number of financial services operators as the ideal platform to set up their private pension schemes. Malta’s success is attributable to the flexible and prudent manner in which the industry is regulated, providing the desired… – Continue reading
A recent clarification issued to Foreign Portfolio Investors (FPIs) clarified that fund managers of FPIs who are present in India would not be treated as permanent establishments in India, addressing the concern that the FPIs may be taxable in India to the extent attributable to permanent establishments. An extension of… – Continue reading
A person who earns income must pay tax in the country he earns in as well as the country he resides in. In order to avoid this, India has signed Double Taxation Avoidance Agreements (DTAAs) with many countries so that the income is taxed only once. To claim this benefit,… – Continue reading
Although the Swiss authorities are poised to initiate formal talks for the return of the plundered money, the Pakistani government remains dilatory to sign a formal agreement for the purpose; it was learnt here on Saturday. Sources said that government in order to avoid face-off with Pakistan Peoples’ Party (PPP)… – Continue reading
Midlands businesses can still benefit from the Patent Box, according to international accountancy firm Mazars. It follows plans to amend it – resulting in a narrower focus on UK R&D. That is the verdict from Birmingham professionals Peter Jelfs, senior tax manager at international accountancy firm Mazars, and Nicholas Braddon,… – Continue reading
AROUND the world, large, listed companies are troubled by cyber-security risks and company taxes, yet these concerns remain fairly low on the priority list of boards of directors. According to a PwC report on nonexecutive directors’ practices and remuneration trends, 60% of directors said their board had not discussed public… – Continue reading
Italy and Switzerland have agreed an amendment to their double tax agreement to enhance tax information exchange provisions. It is hoped that the agreement will be signed before the March 2 deadline set by Italy’s new voluntary disclosure program to enable Switzerland’s removal from Italy’s “black list.” After three years… – Continue reading
No issue dominates this year’s legislative and regulatory agenda of the risk management and property/casualty insurance community as reauthorization of the federal terrorism insurance backstop did even several weeks ago. Extension of the program, which lapsed several days before Congress reinstated it in early January, united the industry around a… – Continue reading
Amazon made its bones avoiding taxes, and its tax history could bear on its current EU troubles. Amazon got bigger and more nimble than anyone else by betting on America’s love of tax avoidance.By edging the competition with no sales tax, Amazon grew to become the poster child of sales… – Continue reading
We commissioners have vowed to clamp down on evasion and fraud to make sure all companies pay their fair share 2014 was the year the world discovered there is no whisky in a double Irish and no cheese in a Dutch sandwich. Discussions about fair taxation and tax avoidance featured… – Continue reading
City Residents Forced Into Double Taxation Unfortunately, Lewis County officials seem to conveniently forget that “city” resident/taxpayers are entitled to the same consideration given to resident/taxpayers who live in the unincorporated area of Lewis County — something akin to an “us vs. them” situation.
Brian Hayes: Ireland has nothing to apologise for Ireland is not a tax haven and should not allow itself to be “scapegoated” by larger European countries, Fine Gael MEP Brian Hayes has said. Ireland had nothing to apologise for and was critical of the approach taken to a number of member… – Continue reading
Switzerland and Italy have reached an agreement in principle on future cooperation in tax matters. Negotiations with Italy over untaxed Italian assets in Swiss banks have been running for two and a half years. The agreement will facilitate the processing of the Italian voluntary disclosure programme recently adopted by Italy’s… – Continue reading
New Assistant Treasurer Josh Frydenberg has dismissed concerns from business and tax experts that changing the international tax rules could result in Australia losing mining tax revenue to nations like China, describing it as a “furphy”. Mr Frydenberg has also raised Australia’s competitiveness internationally as a concern, saying corporate taxes… – Continue reading
The German Fiscal Code provides for the possibility of a voluntary self-disclosure of tax evasion. Taxpayers are able to correct or complete their own incorrect tax returns or furnish relevant information previously omitted. In such cases, the taxpayer will be exempt from criminal prosecution for tax evasion in respect of… – Continue reading
Wisconsin’s Democratic Sen. Tammy Baldwin reintroduced legislation this week to implement the “Buffett Rule” as part of a tax fairness package. Baldwin and Sen. Sheldon Whitehouse, D-Rhode Island, introduced a bill that would require multi-million-dollar earners to pay at least 30 percent effective federal tax rate. It would generate an… – Continue reading
On 19 December 2014 the Luxembourg Parliament enacted Bill n° 6720 (theBudget Law) and Bill n°6722 (the Zukunftspack – Action Plan for the Future) introducing new Luxembourg tax measures applicable for corporations and individuals as of 2015. Looking back at 2014, and especially the last couple of months during which… – Continue reading
The debate of the last couple of years about corporation tax in Europe resembles a popular ‘whodunnit’: point at an obvious suspect before realising that things are not as they seem. The storyline is still being written, but it risks taking a shortcut by identifying some politically convenient suspects, without… – Continue reading
House Judiciary Committee chairman Bob Goodlatte, R-Va., this week jumpstarted the sputtering effort to allow states to collect sales taxes on sales by out-of-state, mostly Internet-based, sellers. Known as “home rule and revenue return,” his plan would allow Internet purchases to be taxed – but at the rate established by… – Continue reading
New Assistant Treasurer Josh Frydenberg has dismissed concerns from business and tax experts that changing the international tax rules could result in Australia losing mining tax revenue to nations like China, describing it as a “furphy”. Mr Frydenberg has also raised Australia’s competitiveness internationally as a concern, saying corporate taxes… – Continue reading
Anyone who participates in an employee stock option or stock purchase plan at work could overpay their taxes — perhaps by a lot — if they don’t understand a reporting requirement that took effect in 2014. Under the requirement, all brokers must report cost basis on Form 1099-B for stock… – Continue reading
The Greens/EFA group has succeeded in its bid to set up a special enquiry committee into tax evasion and dumping, after gaining the support of over 25 per cent of MEPs, as required by parliament rules. This comes on top of an enquiry report currently being drafted by parliament’s economic… – Continue reading
BRUSSELS– Amazon.com Inc.’s “cosmetic” tax arrangements in Luxembourg may give the U.S. online retailer an illegal advantage over competitors, European Union regulators said Friday, marking the latest phase of a widening crackdown on alleged sweetheart tax deals for multinationals. Amazon is one of four companies whose tax affairs are being… – Continue reading
The US IRS system being launched for Fatca compliance filing places new demands on firms seeking to comply with the foreign tax withholding law. Will the new system prove workable? The launch by the US Internal Revenue Service (IRS) this week of its International Data Exchange Service (IDES) seems intended… – Continue reading
The International Chamber of Commerce (ICC) has reaffirmed its active engagement in the second phase of the G20 / Organization for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) project while underscoring the importance of a coordinated and consistent approach to tax law changes. ICC continues to… – Continue reading
On Jan. 13, Rep. Lloyd Doggett (D-TX) and Sen. Sheldon Whitehouse (D-RI) introduced the Stop Tax Haven Abuse Act. The bill would eliminate incentives for U.S. companies to shift jobs overseas, close offshore loopholes to ensure corporations are paying their fair share in taxes, and change rules on corporate inversions…. – Continue reading
The Swiss Government has launched a three-month consultation period on draft legislation that will pave the way for Switzerland to implement tax information sharing agreements with other countries. Finance minister Eveline Widmer-Schlumpf announced the schedule in Bern on Wednesday and explained in outline that the cabinet wants Switzerland to agree… – Continue reading
SINGAPORE: A revised Agreement for the Avoidance of Double Taxation (DTA) was signed between the Republic and France on Thursday (Jan 16). The revised DTA offers improved terms for businesses such as lower withholding tax rates for dividends and includes anti-abuse provisions, according to a joint press release on Friday…. – Continue reading
The Foreign Account Tax Compliance Act (FATCA) information exchange network has gone live and is receiving the first reports on the financial affairs of US taxpayers. The online network links tax authorities in 110 countries and more than 145,000 financial institutions with the Internal Revenue Service (IRS). Financial institutions outside… – Continue reading
ISLAMABAD: The Finance Ministry has proposed amendments to the Anti-Money Laundering (AML) Act 2010, in order to further improve it in lines with suggestions of the stakeholders regarding the anti-money laundering efforts and the Combating the Financing of Terrorism (CFT) regime. A well-placed source at the Finance Ministry told Customs… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights.http://www.ft.com/cms/s/0/3e5cbbfa-9bff-11e4-b6cc-00144feabdc0.html#ixzz3OtSPx5Gf The European Parliament is poised to launch a full inquiry into sweetheart… – Continue reading
