Clandestine accounts in Switzerland are clearly becoming too hot for many people. In the first half of 2014 in North Rhine-Westphalia (NRW), three times as many voluntary declarations of an incomplete tax return relating to Switzerland are reported to have been received than in the same period of the previous… – Continue reading
It is taken for granted that any gain on the sale of your home is exempt from Capital Gains Tax (CGT). For those who have just one home and have used it as such throughout its period of ownership that will always be the case. CGT exemption also applies to… – Continue reading
New Delhi: To address the problem of illegal money stashed abroad, India has asked Switzerland to join a ‘early adopter group’ mandating an automatic exchange of information amongst the countries involved in the group, Parliament was informed on Tuesday. “The finance minister has written a letter to the Swiss finance… – Continue reading
Is your client a resident of New York State for tax purposes? Under NYS Tax Law Section 605(b), a resident is defined as someone who is domiciled in New York State, or who maintains a “permanent place of abode” (PPA) and spends more than 183 days of the tax year… – Continue reading
NEW YORK – According to industry insiders there is a battle waging over Software-Defined Networking (SDN) that is a way to build corporate networks without the networking gear built by companies such as Cisco (NASDAQ:CSCO) and Juniper Networks (NYSE:JNPR). The battle pits network equipment manufacturers against a string of companies… – Continue reading
Financial advisors often have to answer questions from expats about the difference between a self-invested personal pension (SiPP) and a Qualifying Recognised Overseas Pension Scheme (QROPS). On the face of it, both work in similar ways, allowing the retirement saver to manage their own investments. But the underlying tax and… – Continue reading
Robert Redford has sued New York State over a personal tax bill that goes back to 2005. Regarded as Hollywood royalty, the Sundance Film Festival founder, celebrated actor, director, and producer is generally considered the godfather of indie films. He has a Patrician air, a golden touch, and liberal values… – Continue reading
New Delhi: In its effort to unearth black money stashed away abroad, India has received data on over 24,000 instances of alleged tax evasion and dubious funds, which has been detected in foreign shores in the last financial year. These cases are now under investigation by the taxman even as… – Continue reading
Unlike U.S. persons who are subject to U.S. federal income tax on their worldwide income, foreign persons generally are subject to U.S. taxation on two categories of income: (i) certain types of passive U.S.-source income (e.g., interest, dividends, royalties and other types of “fixed or determinable annual or periodical income,”… – Continue reading
(Reuters) – Auto parts supplier Delphi Automotive Plc (DLPH.N) said it would “vigorously contest” pressure by U.S. tax authorities to file taxes in the United States as a domestic company, when its tax base is in the UK. Delphi, which operates out of Detroit, is one among several American companies… – Continue reading
The British Property Federation (BPF) and the Chartered Institute of Taxation (CIOT) have welcomed an announcement from HM Revenue and Customs (HMRC) that institutional investors and companies with diverse ownership will be excluded from plans for a new capital gains tax (CGT) on UK properties sold by non-residents. The charge… – Continue reading
A new global standard for governments to crack down on tax evasion has been released by the Organisation of Economic Cooperation and Development (OECD). Almost 70 countries have already signed up to the charter, which will roll out a US style Foreign Account Tax Compliance Act (FATCA) law globally. FATCA… – Continue reading
London: At least £122 billion (Dh755 billion) of property in England and Wales is held through companies in offshore tax havens where ownership is difficult to trace, a Financial Times analysis of Land Registry data has found. The figure — more than the total value of all housing stock in… – Continue reading
The Isle of Man, Dubai and Guernsey, all known as captive domiciles, are being joined by a new rival – the US state of Ohio. Legislation has recently been signed meaning that businesses will be able to create captive insurance companies in the state in order to cater for their… – Continue reading
The reputation of many jurisdictions, or so called ‘tax havens’, has been attacked by other nations, most which fail to apply the same policies that they advocate for others. Over the last two decades, International Financial Centers (IFCs) have made vast changes to their laws and their enforcement, aiming to… – Continue reading
PARSA, AUG 08 – Different business firms in the district have been slapped with a combined fine of Rs 53.9 million by the Inland Revenue Office (IRO) Birgunj for tax evasion. The IRO had found 47 firms of evading tax by making fake Value Added Tax (VAT) bill. However, the… – Continue reading
WASHINGTON (Thomson Reuters Foundation) – The world’s richest nations must toughen their laws against money laundering, tax havens and tax evasion if a global drive against corruption and illicit finance is to deliver results, senior African diplomats said on Thursday. “There are two sides to this coin. If there were… – Continue reading
PORT-LOUIS, Mauritius, August 6, 2014 /PRNewswire/ — Living on a paradise island has always been your dream? Don’t look any further. Mauritius is the right destination. Located in the pristine turquoise waters of the Indian Ocean, Mauritius is a small tropical island, only 12 hours of flight from Paris. Since… – Continue reading
One side effect of soaring home prices: Real estate taxes are soaring too. The government provides many incentives to homeownership, including the mortgage-interest deduction and capital gains exclusion. But the interest deduction is generally limited to interest on $1.1 million in mortgage debt. And the capital gains exclusion is limited… – Continue reading
The Securities and Exchange Commission wants to make an example of two Texas brothers found by a jury at a civil trial to have acted fraudulently to evade taxes, but a defense lawyer said Wednesday that the more than $750 million sought by the government is “hotly contested.” A Manhattan… – Continue reading
BANGKOK: The United Nations’ Economic and Social Commission for Asia and the Pacific (ESCAP) has proposed to the regional countries creation of an ‘Asia-Pacific Tax Forum’ to monitor tax legislation and regulations across the region. This is to help develop regional best practice and address issues such as avoidance of… – Continue reading
Australians who have dodged tax outside Australia have less than five months to voluntarily disclose or face going to jail, a law firm warned. Mills Oakley Lawyers said evaders can voluntarily disclose tax evaded through false deductions and offshore undeclared income through the Australian Taxation Office (ATO) initiative Project DO… – Continue reading
The son of a congressman, who could face time in prison following his federal indictment on theft and tax-fraud charges, was released on bail Tuesday afternoon. Chaka Fattah Jr., 31, is accused of everything from tax fraud to stealing from the Philadelphia School District as part of the wide-ranging indictment… – Continue reading
In a desperate bid to build pressure on firebrand cleric Tahirul Qadri, the government has issued final demand notices of Rs 1.71 billion in outstanding taxes to 16 office-bearers of the Tehreek Minhajul Quran (TMQ), including four persons of the Qadri family and two people who died several years ago,… – Continue reading
The court of Dhaka’s Special Judge Rezaul Islam set Sep 12 for witnesses’ deposition in the Tk 26.5 million tax evasion case. Babar was present at the time of hearing on Wednesday, where he had pleaded innocent. His counsel sought more time before the charge framing but the judge rejected… – Continue reading
In March 2010, the US Congress enacted the Hiring Incentives to Restore Employment (HIRE) Act, which included provisions that are known as the Foreign Account Tax Compliance Act, or FATCA. This was aimed at preventing tax evasion by US persons through the use of accounts held with foreign financial institutions…. – Continue reading
Romanian fashion designer Adina Buzatu was recently prosecuted for tax evasion and money laundry, in a file here the prejudice exceeds some EUR 22.4 million. She was recently placed under accusation by the Directorate for Investigating Organized Crime and Terrorism (DIICOT), according to Digi24. Buzatu is one of the 20… – Continue reading
MULTINATIONAL companies shifting their profits from Africa to low-tax jurisdictions are only partly responsible for the erosion of the continent’s tax revenue bases. The African Tax Administration Forum (Ataf) believes some countries have signed away their tax revenue because of weak domestic policies, and ill-conceived tax incentives and mining contracts…. – Continue reading
MOSCOW, August 5 (RAPSI) – The Russian Finance Ministry intends to exclude Malta from the list of offshore zones due to the double taxation and prevention of tax evasion convention having been ratified between the governments of Russia and Malta, RIA Novosti reports. Respective changes to the list of offshore zones… – Continue reading
Germany’s Ministry of Finance announced that a law enabling the implementation of the United States’ Foreign Account Tax Compliance Act (FATCA) has come into force. The ministry said that the FATCA-USA Implementation Regulation, known in German as FATCA-USA-Umsetzungsverordnung or FATCA-USA-UmsV, entered into force on July 23, 2014. Germany signed the… – Continue reading
A decision on Northern Ireland’s bid to have the right to set its own corporate tax rate is due after next month’s referendum on Scottish independence. Conor O’Brien reflects on the latest controversy surrounding the Republic’s corporation tax regime 5 AUGUST 2014 President Obama’s recent remarks about the practice of… – Continue reading
Dear Reader, This is a really timely question. Renting vacation homes, or even a part of your primary residence, is becoming more common thanks to a variety of online sites that make it easy to market property and attract renters. The pluses are obvious. Not only can a vacation home… – Continue reading
MONTREAL — Changing a liquidator and the tax consequences of owning two properties were among the topics raised in the latest batch of reader questions. Here’s what they wanted to know. Q: “My father recently passed away. He named a financial institution as co-liquidator but they tell me their fee… – Continue reading
The Internal Revenue Service is offering tax relief to U.S. citizens and resident aliens living or working in war-torn South Sudan. The IRS issued Announcement 2014-28 last week, which provides guidance to U.S. citizens or resident aliens living and working abroad whose tax home is in a foreign country and… – Continue reading
The findings of a two-year investigation into possible tax avoidance by a Zambian copper operation of Swiss commodities giant Glencore (LON:GLEN) will not be made public by The European Investment Bank. In 2005, the EIB – which is owned by EU member states and in 2013 provided some $75 billion… – Continue reading
In March 2014, the British Virgin Islands Government announced that it had concluded negotiations with the US with respect to a Model 1B Intergovernmental Agreement with the United States (the IGA). The IGA (which was eventually signed on 30 June 2014) provides the framework for the implementation of the US Foreign… – Continue reading
For weeks, concerns have been mounting across the UK about a tidal wave of shock tax demands about to hit tens of thousands of individuals and businesses – and with good reason. Now that the Finance Bill 2014 has received Royal Assent, HMRC has two new weapons it can use… – Continue reading
Stellar Group is at the centre of a probe by HM Revenue and Customs into its financial affairs, but there is no suggestion Gareth Bale is under suspicion Agents behind some of the biggest transfers in British football are being investigated for alleged tax avoidance. Stellar Group – which helped… – Continue reading
Measures to discourage Jersey companies engaging in “abusive tax schemes” for UK residents have been welcomed by industry body Jersey Finance. Geoff Cook, Jersey Finance CEO, said new rules were “pro-active and forward thinking”. He also said he supported tax competition and legitimate tax planning. In July the Times newspaper… – Continue reading
Russia’s Finance Minister, Anton Siluanov, has told President Vladimir Putin that a new bill to deter Russian tax residents from hiding income offshore is expected to raise about RUB30bn (USD844m) from overseas accounts in Cyprus and the Netherlands. During a Government meeting on July 30, 2014, Siluanov explained that entrepreneurs… – Continue reading
AROUND 16,000 TAX AVOIDERS are to be given the chance to settle their outstanding liabilities with HM Revenue & Customs, the department has confirmed. On average, each of the users of the contractor loan schemes covered by this settlement opportunity owes £11,000 a year in tax. The schemes involve complex… – Continue reading
Once was a time when what was Swiss was as clear as an alpine lake. Its Gruyère could be relied upon to be meltingly delicious in a fondue. The finely crafted watches of Zurich could be relied upon to keep the time to the second. And the bankers could be… – Continue reading
A NEW REPORT makes the case that “sweeping legislative measures” are unnecessary when it comes to the regulation of Bitcoin in Canada. Prepared by lawyers Jillian Friedman and Joseph Neudorfer for the Bitcoin Foundation Canada, Bitcoin and the Law says usage of the leading cryptocurrency is already well covered by… – Continue reading
New Delhi: The government Wednesday ruled out any tax amnesty scheme to unearth black money saying it goes against honest taxpayers even as it sought to send out a positive signal to investors by promising a re-look at the controversial GAAR shortly. Finance Minister Arun Jaitley also referred to demands of… – Continue reading
Tax avoidance, the American way. Little Rock, Arkansas-based telco Windstream has caused a stir by announcing a novel scheme to reduce the amount of federal taxes it has to pay. It intends to spin off certain network assets into a publicly traded real estate investment trust (REIT). In so doing,… – Continue reading
Hong Kong’s banks, in the midst of adapting to the new US Foreign Account Tax Compliance Act (FATCA), are now facing a tax headache on a global scale. In July, the month where FATCA became a reality for the region, the OECD published guidelines on the adoption of a much… – Continue reading
(CS) The Foreign Account Tax Compliance Act, more commonly known as FATCA, will be submitted to a vote at the Luxembourg parliament this autumn, before coming into force next year, Finance Minister Pierre Gramegna has revealed. In answer to a parliamentary question by CSV MP Laurent Mosar, Gramegna said that… – Continue reading
Guyana and the United States have concluded “in substance” an intergovernmental agreement (IGA) for implementation of the US Foreign Account Tax Compliance Act (FATCA). FATCA was enacted by the US in March 2010 as a mechanism designed to reduce the level of tax evasion which currently exists. It seeks to… – Continue reading
Costa Rica News – Let the finger pointing begin. Remember in Costa Rica it is never anyone’s own responsibility when you are caught doing something wrong in the Costa Rican government. The population just takes their examples from the higher ups. The Ministry of Finance is now investigating Costa Rica’s… – Continue reading
NEW YORK (Reuters) – A former partner at defunct law firm Jenkens & Gilchrist, whom prosecutors have called the most important cooperating witness in the largest criminal tax fraud case in U.S. history, was sentenced on Wednesday to six months in prison. At a court hearing in New York, U.S…. – Continue reading
