Lawyers for convicted tax evader Ty Warner said his sentence of two years’ probation was reasonable, pointing out that the punishment of the Beanie Babies billionaire was consistent with more than half of the offshore banking cases that the government has prosecuted, according to a court filing Thursday. Last October,… – Continue reading
On Friday, 27 June 2014, the Irish Revenue Commissioners (in conjunction with the Department of Finance) finalised the relevant Regulations with respect to FATCA. These Regulations will come into operation on 1 July 2014. As readers will be aware, the Irish and US Governments signed an intergovernmental agreement (“Irish IGA”)… – Continue reading
A Winnipeg auto-financing company has been slapped with a large fine for years of tax evasion. Barbara Reimer Auto Financing Ltd. was fined $152,000 in provincial court this morning. Barbara Reimer, as director of the company, entered guilty pleas on its behalf to Income Tax Act violations for evading paying… – Continue reading
The international boundary that divides the United States and Canada is the longest international border on Earth, and many communities and businesses have interests lying on both sides. The shared border facilitates the largest trade relationship between any pair of countries in the world. It is therefore unsurprising that Americans… – Continue reading
NEW DELHI: Vodafone Thursday said it will continue the process of international arbitration initiated under the India-Netherlands Bilateral Investment Treaty to resolve the ongoing Rs 20,000-crore tax dispute against India, while a local tax official said the department will continue with its tax demand on the telecom major. Earlier today, Finance Minister Arun Jailtey… – Continue reading
Umuahia — Governor Thoedore Orji of Abia State has disclosed that the new tax regime being put in place by the State government is targeted at removing all forms of fraudulent practices that had bedeviled tax payment and collection in the past.. The Governor who stated this at the maiden… – Continue reading
An international law firm has accused HM Revenue & Customs of a “sudden and unprecedented escalation” after it revealed full details about the powers which will allow it to impose £1m fines on tax advisers. Ray McCann, partner at Pinsent Masons, said the powers, which are aimed at cracking down… – Continue reading
On 1 July 2014, the Ministry of Revenues and Levies of Ukraine issued Order #368 ‘On amendment of generalised tax consultation on transfer pricing related issues, adopted by Order #699’, which significantly changed the respective tax consultation #699. In particular, the order included additional questions and clarifications and drastically changed… – Continue reading
A lot of Americans are moving out of the homeland, getting rid of their American citizenship and with it a whole lot of tax. The American system of Worldwide tax and FATCA levied on the citizens is one of the driving forces for this shift. The IRS collects taxes from… – Continue reading
Birmingham’s Quaker heritage means scores of trust funds are set to be put under the spotlight in a US-inspired tax evasion swoop, the sector has been warned. Trusts are at the heart of a new compliance regime aimed at rooting out hidden assets and pressurising tax havens to come clean…. – Continue reading
Tax Since the 1970s, U.S. taxpayers with foreign banks accounts have been required to annually report their foreign bank account information to the Department of Treasury on a Report of Foreign Bank and Financial Accounts (“FBAR”) by June 30th of each year. In addition to requiring the filing of an… – Continue reading
NEW DELHI: India and the UK today expressed the determination to work together to tackle the menace of tax evasion even as Britain agreed to support infrastructure projects in the country. UK Export Finance will provide a line of credit of one billion pounds (about Rs 10,000 crore) for the… – Continue reading
India and the United Kingdom today reiterated their determination to lead on tackling tax evasion, noting that the two countries would begin exchanging tax information on an automatic basis from 2017 with each other and with a large number of jurisdictions as part of their commitment to early adoption of… – Continue reading
The recently enacted FATCA makes it mandatory for Indian tax authorities to share information about earnings of NRIs in US. However both India and US have a treaty signed to avoid double taxation. NRIs living in US can certainly benefit from this treaty The US government has recently enacted Foreign… – Continue reading
Britain is likely to receive little more than half of the £3 billion-plus expected from an agreement reached with Switzerland to tackle offshore tax evasion, HM Revenue and Customs has told MPs. Chancellor George Osborne’s 2012 Autumn Statement forecast the taxman would collect an additional £3.12 billion as a result… – Continue reading
To act as an investment manager the company is required to be appropriately regulated Offshore companies owned by NRIs or persons of Indian origin can act as investment manager for newly created class of overseas investors, FPIs, provided they are well regulated in their jurisdiction, Sebi has said. As per… – Continue reading
Macau and Guernsey are set to ink a new tax information exchange agreement (TIEA). While no date has been set yet, the announcement was published yesterday in the Official Gazette. According to the Official Gazette, the Secretary for Economy and Finance Francis Tam Pak Yuen is to sign the agreement… – Continue reading
Hong Kong (HKSAR) – The Secretary for Financial Services and the Treasury, Professor K C Chan, today (July 8) signed in Hong Kong an agreement with Korea for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income on behalf of the Hong… – Continue reading
Transparency rules aimed at clamping down on tax evasion are now in force, meaning more information will be shared with the UK tax authorities Expat savers who remain resident in the UK for tax purposes now have to provide more information when they open offshore bank accounts – to be… – Continue reading
Minister of Finance Hany Kadry Dimian has announced plans for Egypt to take on a policy of tax sharing internationally in an effort to protect the Egyptian taxpayer from double taxation. This is within the framework of government procedures to increase revenue and reform an exhausted economy. In a statement… – Continue reading
The Bucharest police conduct on Tuesday morning (July 8) 26 searches in the Romanian capital and Ilfov county, to dismantle a group specializing in tax evasion and money laundering. The damage in this case is estimated at EUR 1.5 million, according to a statement of the General Directorate of Bucharest… – Continue reading
Singapore raises maximum jail term for money laundering SINGAPORE, July 7 (Xinhua) — Singapore’s parliament passed an amendment to the Corruption, Drug Trafficking and Other Serious Crimes Act on Monday to raise the maximum jail term for money laundering. The maximum jail term for money laundering was raised from seven… – Continue reading
THE GOVERNMENT is still awaiting assurance from Thailand that a World Trade Organization (WTO) ruling on cigarette taxation issued in favor of the Philippines will not be invalidated by an ongoing tax evasion case there. Asked to comment on a status report submitted by Thailand to the WTO last June… – Continue reading
“A government that robs Peter to pay Paul, can always count on the support of Paul”– George Bernard Shaw. Well, the UPA government certainly did a Peter to multinational companies operating in India by hiking withholding taxes from 10% to a good 25% in the 2013 budget. Who is the… – Continue reading
A rights group is suing Nigeria’s president and attorney general for dropping corruption charges against the son of the former military dictator accused of helping to launder millions in stolen funds. The government last month withdrew charges against Mohammad Abacha in a deal that saw $227 million looted by Gen…. – Continue reading
(Reuters) – European officials have asked Luxembourg to hand over documents relating to U.S. online retailer Amazon’s tax affairs in the country, the Financial Times reported on Thursday, citing official sources. The EU’s competition commission has requested information from the Grand Duchy, where the online retailer’s main European operating company… – Continue reading
500 property raids launched in the last year – managing to hit a new record high Property searches by HM Revenue & Customs (HMRC) to target tax evasion jumped by 12% in the last year* to 500, up from 445 property raids in 2012/13, according to data obtained by Pinsent… – Continue reading
Property-buyers and expats in Spain should note that a new Double Taxation Convention between the UK and Spain, which was signed in London on 14th March 2013, came into force in June 2014. Richard Way, Editor of www.OverseasGuidesCompany.com, publishers of www.SpainBuyingGuide.com said: “From June 12th, rules for withholding tax on… – Continue reading
Besides DTAC, both nations have BIPPA; India has been largest exporter of goods and services to Mauritius since 2007 Seeking to dispel concerns about Mauritius being used for round-tripping of Indian money, the island nation’s financial sector watchdog has sought a quick resolution of tax related issues between the two… – Continue reading
The British Virgin Islands (BVI) government entered into its twenty-sixth tax information exchange agreement (TIEA) with the Government of Japan on 18 June 2014. This new TIEA is not present in force but will enter into force on the thirtieth day after completion of the domestic implementation procedures by both… – Continue reading
Myanmar is clamping down on illegal trading and tax evasions to better reflect its trade numbers. Over a one-and-a-half-year period, officers confiscated illegal goods worth about US$17 million. YANGON: Myanmar is clamping down on illegal trading and tax evasions to better reflect its trade numbers. Over a one-and-a-half-year period, officers… – Continue reading
South Carolina property owners who rent their homes to vacationers will face more tax-related scrutiny under one new state law, but some could see big tax savings under another new law. The impacts will mostly play out in beach communities where such rental properties are plentiful. The added scrutiny, which… – Continue reading
Minister of Finance Hany Dimian said introducing amendments to some provisions of the tax law on individual’s annual income allow inserting articles to combat tax evasion. The Minister added that this comes within the reform package adopted by his ministry to address the new budget deficit. These amendments, President Abdel… – Continue reading
Treasurer Joe Hockey has said that he will improve the structural integrity of Australia’s tax system to address international tax avoidance by multinational enterprises. In particular, the tax law will be tightened to prevent a multinational from shifting profits from Australia by claiming excess interest expense deductions. This tax avoidance technique is… – Continue reading
Amazon’s Luxembourg-located tax affairs are under the scrutiny of the EU’s Competition Commission as regulators and lawmakers in the bloc widen an investigation into tax avoidance strategies carried on at the European headquarters of big companies. Amazon looks likely to join Apple, Starbucks and Fiat Finance and Trade, all of… – Continue reading
Amid a global crackdown on tax avoidance, EU competition regulators last month opened a probe into suspected tax breaks for Apple Inc. in Ireland, Starbucks Corp. in the Netherlands and Fiat Finance & Trade SA in Luxembourg. Microsoft Corp, the world’s biggest software maker, is among companies embroiled in a… – Continue reading
The Romanian police conducted on Friday morning (July 4) 76 searches in Bucharest and six counties, at dozens of clinics suspected of tax evasion and money laundering through illegal VAT refunds via ghost companies, reports local Mediafax. The damage in this case is estimated at EUR 68 million. The police… – Continue reading
Finland’s Tax Administration has lost a landmark court case on transfer pricing. The Supreme Administrative Court’s ruling means the taxman could now lose out on hundreds of millions of euros in tax. The Finnish Tax Administration could lose out on millions of euros in tax from multinationals after a decision… – Continue reading
THE BUREAU OF INTERNAL Revenue (BIR) yesterday filed seven criminal complaints against traders and companies suspected of dodging taxes due to the government with a combined liability of P389.59 million. In a press release, the BIR said DG Cold Chain, Inc., a distributor of Nestlé products, was sued for underdeclaring… – Continue reading
LUXEMBOURG/BRUSSELS (Reuters) – The European Commission is widening its probe into how multinationals use countries such as Luxembourg to cut their tax bill, an official with knowledge of the matter said on Friday. Last month, the Commission warned Ireland, another EU country that offers companies offshore tax status, that it… – Continue reading
The authorities are looking to entice Russian-owned offshore firms to repatriate capital. A new law will impose penalties on such companies for tax evasion, but offers 2-year amnesty for those firms which decide to relocate to Russia. The Finance Ministry has decided to grant a 2-year amnesty for offshore companies… – Continue reading
Treasurer Joe Hockey will introduce legislation this month to tighten corporate taxation loopholes but says there must be a global solution to tax evasion. The government is going ahead with rule changes to lower the amount of debt a multinational firm based in Australia can have on its books. This… – Continue reading
OPINION: In February and April I wrote about a decision of the Taxation Review Authority (TRA) that found a taxpayer was still a New Zealand tax resident despite living predominantly outside New Zealand for more than 10 years. In those articles I highlighted why I thought the authority’s decision was… – Continue reading
Deal Allows U.S. to Enforce its Foreign Account Tax Compliance Act, or FACTA JERUSALEM—Israel has joined 80 other countries in signing an agreement with the U.S. government on fighting offshore tax evasion, the Israeli finance ministry said Wednesday. According to the agreement, Israel’s tax authority will submit information on local… – Continue reading
The BVI Government has signed a Model 1B (non-reciprocal) Intergovernmental Agreement (IGA) in relation to the US Foreign Account Tax Compliance Act (FATCA), it was announced on 30 June 2014. It was announced in March this year that negotiations had been concluded with the US and later in April the… – Continue reading
The Finance Ministry is pushing ahead with its program to entice Russian-owned offshore firms to repatriate capital. A new law will impose penalties on such companies for tax evasion, but offers the carrot of a 2-year amnesty for those firms which decide to relocate to Russia. The Finance Ministry has… – Continue reading
Spain signed an agreement with the Dominican Republic to avoid double taxation of individuals and companies that are subject to levies in both nations. The accord, published today in the Spanish government’s Official Bulletin, allows income tax paid in one nation to be deductible in the other nation from income… – Continue reading
Sweeping rules aimed at stopping tax evasion took effect on Tuesday, ushering in a new system that Obama administration officials say will leave tax cheats with fewer havens overseas. The Foreign Account Tax Compliance Act, one of President Obama’s initiatives for fighting offshore tax evasion, is arriving after multiple delays,… – Continue reading
The 2010 Foreign account tax compliance act represents a significant initiative by the United States to tackle offshore tax evasion. But it has not been popular with Chinese authorities, especially the banking sector, in part because it was considered an extra burden. Why should it obligate itself to do such… – Continue reading
Isle of Man chief minister Allan Bell has labelled tax information exchange agreements (TIEAs) ‘redundant’ and defended the lack of any new double taxation agreements (DTAs) signed by the island since the one with Luxembourg in April last year. The last TIEA it signed bilaterally was with the Czech Republic… – Continue reading
