Category: Regulatory

Africa / Base Erosion & Profit Shifting / Bermuda / Lonmin Plc / Offshore Companies / Offshore Investments / South Africa / Tax evasion investigations / Transfer pricing / United Kingdom / Western Metal Sales

Mail & Guardian NEWS OPINION BUSINESS ARTS & CULTURE EDUCATION SCI-TECH MULTIMEDIA SPECIAL REPORTS IN THE PAPER ZAPIRO PARTNERS NEWS NATIONAL AFRICA WORLD ENVIRONMENT SPORT HEALTH DATA AMABHUNGANE National Cyril Ramaphosa’s Lonmin tax-dodge headache

Posted On: September 19, 2014

Having recently blasted corporate tax evaders, the deputy president now has egg on his face after Lonmin’s Bermuda tax avoidance tactics surfaced. Evidence before the Marikana commission that Lonmin moved millions in platinum revenue from South Africa to tax-free Bermuda is likely to prove embarrassing for ANC deputy president Cyril… – Continue reading

Accounts and Audit / Banking Secrecy / Belgium / Credit Suisse / France / HSBC / Liechtenstein / Offshore Banking / Offshore Investments / Switzerland / Tax disclosure amnesty / Tax evasion investigations / UBS / USA

UBS Clients Lead Canada Surge in Admitting Hidden Income

Posted On: September 19, 2014

Clients of UBS AG (UBSN), Switzerland’s largest bank, have led a five-fold surge in the number of Canadian residents reporting hidden offshore income over the past eight years. Almost 6,000 taxpayers came forward in the past 12 months as part of the Canada Revenue Agency’s voluntary disclosure program to report… – Continue reading

Base Erosion & Profit Shifting / EU / G20 / Hybrids / Legislation / Luxembourg / OECD / Permanent establishment / Royalties / Tax competition / Transfer pricing / Treaty Abuse / USA

International Tax Alert: OECD Releases BEPS Papers

Posted On: September 18, 2014

Yesterday saw the release of the first set of deliverables under the OECD’s project on base erosion and profit shifting (BEPS).  These constitute the “building blocks” for an internationally agreed and co-ordinated response to government and media concerns in recent years about the perceived way in which shortcomings in relevant… – Continue reading

Controlled Foreign Companies / Legislation / Russia

‘Deoffshorisation’ of the Russian Economy: Updated version of the Draft Law on Controlled Foreign Company legislation and other measures

Posted On: September 18, 2014

The Russian Ministry of Finance has published an updated version of the draft controlled foreign company rules (hereinafter – “CFC”) on the 2nd of September (hereinafter – ‘the new Draft’). The previous drafts were covered in detail in our press releases of 24 March and 5 June. The new Draft… – Continue reading

Africa / Amazon / Apple / Base Erosion & Profit Shifting / China / EU / France / G20 / Google / India / Netherlands / OECD / South Africa / USA

Google, Apple and Amazon under fire in OECD war on tax evasion

Posted On: September 18, 2014

The OECD wants to force businesses to declare their turnover and number of employees in each country where they are active. Among the multinationals targeted are digital giants Google, Apple and Amazon. The Organisation for Economic Co-operation and Development (OECD) has announced an international action plan called “Project BEPS”, to target… – Continue reading

Banking Secrecy / France / Germany / HSBC / Japan / Offshore Banking / Offshore Investments / Switzerland / Tax evasion investigations / UBS

UBS in $1.4 Billion Test of French Tax-Evasion Crackdown

Posted On: September 18, 2014

UBS AG, the world’s biggest manager of money for the rich, has become the test case for French President Francois Hollande’s tax-evasion crackdown. The Swiss bank is set to learn from a Paris appeals court on Sept. 22 if it must post a 1.1 billion-euro ($1.4 billion) bond to cover… – Continue reading

Amazon / Base Erosion & Profit Shifting / G20 / Google / Hybrids / OECD / Starbucks / Tax treaties / Transfer pricing / Treaty Abuse / United Kingdom

OECD outlines anti-tax avoidance plan

Posted On: September 17, 2014

THE CLAMPDOWN on tax avoidance by multinational corporations has been bolstered by a series of recommendations made by the OECD. Companies including Google, Amazon and Starbucks have been in the firing line for their use of offshore jurisdictions to drive down their UK tax liabilities. In particular, the companies have… – Continue reading

Accounts and Audit / Automatic Exchange of Information / Base Erosion & Profit Shifting / China / G20 / Hong Kong / OECD / Tax treaties / Transfer pricing / Vietnam

Hong Kong Signs on to New OECD Global Tax Standards

Posted On: September 17, 2014

HONG KONG – The government of Hong Kong has recently announced that it will support the Organization for Economic Cooperation and Development’s (OECD) new global standards on the automatic exchange of information for the purpose of enhancing tax transparency and combating cross-border tax evasion. Earlier this year, the OECD released… – Continue reading

Base Erosion & Profit Shifting / Bulgari / Ireland / Italy / Tax evasion investigations / Transfer pricing

How Italian jewellery giant Bulgari struck tax gold

Posted On: September 17, 2014

Luxury brand came under investigation after routing €680m through its Irish unit Apple and Google are names regularly cited when it comes to using Ireland for aggressive tax planning, but the practice is open to a much wider range of businesses. Bulgari, the Italian jewellery giant whose products were made… – Continue reading

Cyprus / Double Taxation / India / OECD / Tax Information Exchange Agreements / Transfer pricing

Tax information: Cyprus accepts India’s condition

Posted On: September 17, 2014

Cyprus has accepted a key condition put forward by India on effective exchange of information on tax avoiders Cyprus has accepted a key condition put forward by India on effective exchange of information on tax avoiders, hoping its move, which comes amid continuing talks on amending their mutual tax treaty,… – Continue reading

Cyprus / EU / Gaar / Legislation / Loans / Residency / Tax Planning

Cyprus: Implications Of Anti-Avoidance Amendments To EU Parent-Subsidiary Directive

Posted On: September 17, 2014

Cyprus transposed the EU Parent-Subsidiary Directive1 into domestic legislation when it updated its tax laws in preparation for EU membership in 2004. The Income Tax Law and the Special Contribution for the Defence of the Republic Law provide a liberal system of double taxation avoidance, which also extends to non-EU countries,… – Continue reading

Anti money laundering / Cayman Islands / Corruption / Watson Canover

FIFA panel member is stood down during Cayman Islands corruption probe

Posted On: September 16, 2014

A member of FIFA’s financial watchdog panel has been temporarily suspended while implicated in the Cayman Islands corruption investigation. Canover Watson was questioned last month by police anti-corruption and financial crime units in his native Cayman Islands on suspicion of corruption and money-laundering. He denies wrongdoing. FIFA said audit committee chairman… – Continue reading

Bank of China / Banque centrale du Luxembourg / China / EU / Financial markets / Luxembourg / Offshore Banking / Offshore Investments

ICBC to clear RMB business in Luxembourg

Posted On: September 16, 2014

BEIJING, Sept. 16 (Xinhua) — The Luxembourg branch of China’s largest lender, ICBC, has been appointed as a clearing bank for renminbi business in the European country, the Chinese central bank said on Tuesday. The People’s Bank of China (PBOC) made the decision in accordance with a memorandum of understanding… – Continue reading

Australia / Base Erosion & Profit Shifting / G20 / OECD / Tax treaties / Transfer pricing

OECD Recommends Approach to Combating Corporate Tax Avoidance

Posted On: September 16, 2014

The Organization for Economic Cooperation and Development has released its first set of recommendations for a coordinated international approach to combat tax avoidance by multinational enterprises, under the OECD/G20 Base Erosion and Profit Shifting Project. The OECD and the Group of 20 finance ministers hope to create a single set… – Continue reading

Base Erosion & Profit Shifting / OECD

OECD Takes Aim at Improper Profit Shifting

Posted On: September 16, 2014

The Organization for Economic Cooperation and Development recommended Tuesday changes to international tax rules that could stop U.S. multinationals from shifting revenues and profits overseas. A total of 44 large economies, including the U.S., China and Japan, agreed with the new guidelines, but each country must change their laws and may not… – Continue reading

Cyprus / Double Tax Treaty / Gaar / India / Mauritius / Singapore / Transfer pricing

India Continues Tax Dispute With Cyprus and Mauritius

Posted On: September 16, 2014

India has seemingly reached an impasse with both Cyprus and Mauritius over the re-negotiation of their respective double taxation avoidance agreements (DTAA). For the former, the disagreement relates to Cyprus’s status as a notified jurisdictional area (NJA) in India, whilst for the latter, it pertains to the update of their… – Continue reading

Australia / Estonia / France / Italy / New Zealand / OECD / Portugal / Spain / Sweden / Switzerland / Tax competition / USA / Zimbabwe

Forget Zimbabwe, U.S. Tax System Ranks At Bottom, Just Better Than Portugal

Posted On: September 16, 2014

Remember the study last year that ranked our tax code right below Zimbabwe? Now, a new study by the Tax Foundation still ranks us near last. Zimbabwe wasn’t a part of this contest, since the new study looked only at the 34 countries making up the OECD. Still, we have… – Continue reading

Base Erosion & Profit Shifting / G20 / OECD / Offshore Banking / Offshore Investments / Transfer pricing / Treaty Abuse

OECD to publish first proposals on tax avoidance; Big tech on backfoot

Posted On: September 16, 2014

The OECD will today publish its first recommendations for a co-ordinated international approach to combat tax avoidance by multinational enterprises under the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project. Meanwhile there is already evidence in Europe that the confluence of massive tax avoidance and increased concerns about privacy is… – Continue reading

Anti money laundering / British Virgin Islands / Cayman Islands / China / Corruption / France / G20 / Guernsey / Hong Kong / India / Jersey / Offshore Banking / Offshore Investments / Samoa / Seychelles / Standard Chartered / Tax evasion investigations / United Kingdom / USA

British Virgin Islands suffers amid push against money laundering

Posted On: September 16, 2014

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/0/3fbed922-3d51-11e4-871d-00144feabdc0.html#ixzz3Eo63WbfR The British Virgin Islands has long attracted Chinese companies looking to… – Continue reading

Base Erosion & Profit Shifting / G20 / OECD / Tax treaties / Withholding tax rules

A global tax crackdown gets one step closer

Posted On: September 16, 2014

A proposed clampdown on global tax avoidance took a step forward on Tuesday with a leading global think tank releasing key recommendations ahead of a G-20 meeting later this month. The practice of companies shifting their profits to other country’s jurisdictions to avoid paying tax has drawn criticism from governments… – Continue reading

Base Erosion & Profit Shifting / Inversion / Legislation / Residence / USA / Withholding tax rules

No US Bipartisan Anti-Inversion Legislation In Sight

Posted On: September 16, 2014

While Senate Democrats continue to examine specific legislative proposals to deter US multinationals from using corporate inversions to move their tax residence abroad, Republicans remain insistent that any specific anti-inversion legislation should be explicitly linked to comprehensive tax reform. A new bill has been put forward by Charles Schumer (D… – Continue reading

Base Erosion & Profit Shifting / Dividends / G20 / Gaar / Hybrids / OECD / Permanent establishment / Residence / Tax competition / Tax treaties / Transfer pricing / Treaty Abuse

OECD releases 2014 BEPS deliverables

Posted On: September 16, 2014

On September 16, 2014, the Organisation for Economic Co-operation and Development (OECD)  released its first seven of 15 deliverables under the OECD/G20 base erosion and profit shifting (BEPS) project (the 2014 BEPS Package). The 2014 BEPS Package arises from the Action Plan on Base Erosion and Profit Shifting (the BEPS Action Plan),… – Continue reading

Bahamas / Belize / Offshore Investments / Privacy / Tax evasion investigations / Titan International Securities / USA

Bahamians In Fraud Probe Held In Belize

Posted On: September 15, 2014

TWO Bahamian men were arrested on Friday at an airport in Belize three days after they were indicted by US federal prosecutors over an alleged $500 million securities fraud and money laundering scheme, according to a Belize news report. #The US is seeking to extradite the men over the allegations…. – Continue reading

Automatic Exchange of Information / Canada / FATCA / IGA / OECD / USA

Canada: FATCA Is Not Your Enemy

Posted On: September 15, 2014

Over the past six years, the United States has become increasingly concerned that Americans are stashing money offshore, essentially evading U.S. tax. The IRS has increased filing requirements around foreign assets through the Foreign Account Tax Compliance Act (FATCA), which requires financial institutions around the world to report activities of… – Continue reading

Cox Tory Geoffrey / Ingenious Media / Loans / Offshore Investments / Phoenix Film Partners LLP / Tax evasion investigations / Tax Planning Failures / United Kingdom

Conservative MP implicated in tax avoidance scheme

Posted On: September 15, 2014

A CONSERVATIVE MP invested in an alleged tax avoidance scheme currently under investigation by HM Revenue & Customs. Conservative Geoffrey Cox QC – a top lawyer at Thomas More Chambers – is one of 230 who put cash into Pheonix Film Partners, run by Ingenious Media, the Mirror reports. Pheonix… – Continue reading

EU / Financial markets / Gibraltar / Offshore Investments

Gibraltar finalises, publishes insurance-linked securities (ILS) guidelines

Posted On: September 15, 2014

Gibraltar’s financial regulator, the Financial Services Commission (FSC), has finalized and published its guidelines for insurance-linked securities (ILS) following a consultation process with input from ILS experts from around the world. Gibraltar, like many other domiciles, is readying its regulatory environment to be able to act as a domicile and… – Continue reading

Canada / OECD / Offshore Companies / Offshore Investments / Tax treaties / Treaty Abuse

Corporations vs. Canada: The threat of treaty shopping

Posted On: September 15, 2014

With an eye to next year’s federal election, the Harper government has begun to sprinkle tax-relief treats across the country. Small businesses got theirs last week with a break on employment insurance premiums. Sometimes, however, what governments don’t do can be as telling as their actions. The Finance Department has… – Continue reading

Automatic Exchange of Information / China / Hong Kong / Legislation

Hong Kong supports tax information exchange standard

Posted On: September 15, 2014

HONG KONG, Sept. 15 (Xinhua) — China’s Hong Kong Special Administrative Region government supports the new global standard for automatic exchange of financial account information which can enhance tax transparency and combat cross-border tax evasion, Secretary for Financial Services and the Treasury KC Chan said here Monday.     “It… – Continue reading

Anti money laundering / Corruption / Legislation / Offshore Banking / Offshore Investments / Tax evasion investigations / Zimbabwe

Illicit financial flows curtail economic growth

Posted On: September 15, 2014

ALTHOUGH Finance minister Patrick Chinamasa’s 2014 Fiscal Policy Review statement announced last week seeks to widen government’s revenue inflows, analysts contend that there is need to seriously curb illicit financial flows (IFFs) from Zimbabwe if the economy is to experience the anticipated growth. Illicit financial flows through tax evasion, bribery,… – Continue reading

Ireland / Residency / Scotland / Tax competition / United Kingdom

Fears over tax loophole as Scottish independence could see thousands of wealthy people start claiming ‘non-domicile’ status

Posted On: September 14, 2014

Non-doms would only have to have a father born in Scotland, expert warns Status only worthwhile for those with assets worth several million Scottish independence could see thousands of wealthy people start to claim ‘non-domicile’ tax status, experts predict. Mark Davies, a tax expert at website Nondom, said: ‘To claim… – Continue reading

Cox Tory Geoffrey / Phoenix Film Partners LLP / Tax evasion investigations / United Kingdom

Britain’s highest-earning MP invests in alleged tax avoidance scheme under investigation by HMRC

Posted On: September 14, 2014

Britain’s highest-earning MP invests in alleged tax avoidance scheme under investigation by HMRC Tory MP Geoffrey Cox is one of hundreds of wealthy figures, celebrities and sports stars putting cash into Phoenix Film Partners LLP Britain’s highest-earning MP has invested in an alleged tax avoidance scheme being investigated by officials…. – Continue reading

Canada / Dividends / Double Taxation / Hong Kong / India / Offshore Investments / Singapore / Tax Planning / United Kingdom / USA / Withholding tax rules

How to Avoid Foreign Dividend Withholding Tax

Posted On: September 13, 2014

Using foreign stocks to diversify your portfolio can be a good move for investors looking to collect dividends and protect capital. But owners of dividend paying foreign stocks can find themselves being hit by another type of tax: foreign dividend withholding tax. Keeping as much of your dividends as possible… – Continue reading

Canada / FATCA / IGA / USA

Canada: Appeal Filed With The Federal Court Of Canada Seeking A Declaration That FATCA Is Unconstitutional And Should Not Be Enforced In Canada

Posted On: September 12, 2014

On Monday the 11th of August, an appeal was filed with the Federal Court of Canada in Vancouver seeking a declaration that the enforcement by the Canadian Government of the United States’ Foreign Account Tax Compliance Act (“FATCA”) on Canadian soil is unconstitutional. Under FATCA financial institutions enter into an… – Continue reading

Dividends / Double Taxation / Incorporation / Legislation / Offshore Companies / Tax competition / USA

Weighing tax benefits of S corporations

Posted On: September 12, 2014

Factors to consider in deciding which type of incorporation is best for you AS TAX LAWS continue to evolve, so do choices of entity. Being mindful of the alternatives is critical to achieving tax benefits. Both S corporations and Limited Liability Companies (LLC’s) are flow-throughs, which have long been a… – Continue reading

Australia / Base Erosion & Profit Shifting / G20 / Offshore Companies / Offshore Trusts / Tax Information Exchange Agreements

Heat on Joe Hockey over tax avoidance deal as government prepares to host G20

Posted On: September 12, 2014

Labor has accused the government of procrastinating on a key measure to stop multinational companies shifting profits offshore. It comes as the government prepares to chair the G20 finance ministers meeting in Cairns next week. The information-sharing deal, part of the global push to tackle tax avoidance, has been signed… – Continue reading

Africa / OECD / Offshore Investments / Offshore Morality / Tax evasion investigations

How tax inspectors could prevent the next Ebola outbreak

Posted On: September 12, 2014

Much has been written about the poor public health and clinical capacity to respond to the Ebola outbreak in West Africa. Inadequate medical and nursing staff resources, inadequate isolation wards, inadequate intensive care resources, insufficient ambulances. An international emergency response is being mounted in an attempt to fill this huge resource gap…. – Continue reading

Base Erosion & Profit Shifting / G20 / OECD / Transfer pricing

Transfer-pricing in the world of BEPS

Posted On: September 12, 2014

The past few years have seen a quantum leap in globalisation, resulting in free movement of capital and labour, shifting of manufacturing bases from high-cost to low-cost locations, gradual removal of trade barriers, technological and telecommunication developments, etc. These developments have, on one hand, led to increasing sophistication in tax… – Continue reading

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