THE Department of Finance has launched a public consultation on how Ireland’s tax system might respond to proposed international changes. The Organisation for Economic Cooperation and Development (OECD) is already conducting a public discussion around its Base Erosion and Profit shifting (BEPs) project, which could see tax avoidance loopholes shut… – Continue reading
The hunt for money hidden in Swiss bank accounts by U.S. citizens has become a global chase, with prosecutors tracing records to Singapore, the Cook Islands and elsewhere as U.S. authorities increase the pressure on Swiss lenders to turn over evidence, according to officials. Kathryn Keneally, head of the Justice… – Continue reading
Liechtenstein and the US have signed an intergovernmental agreement (IGA) for the implementation of the US Foreign Account Tax Compliance Act (FATCA), the Liechtenstein Government has announced. The IGA requires the Liechtenstein Tax Administration and the US Internal Revenue Service (IRS) to exchange information automatically on accounts held by US… – Continue reading
I am not a financial advisor or consultant and this column is presented only to help explain to many senior citizens what appears to be a warning currently making the rounds on the Internet. In my research of the notice the online truth digging site of “TruthorFiction.com” has provided their… – Continue reading
LONDON (Thomson Reuters Foundation) – Most developing countries do not have tax systems sophisticated enough for them to join a new OECD-led transnational project for countries to automatically exchange tax information in an effort to tackle evasion and offshore financial havens, said an official from the OECD. The Paris-based Organisation… – Continue reading
Bulgaria and the USA reached an agreement in substance regarding the implementation of the FATCA legislation in Bulgaria. You will find below a brief overview of this specific legislation, its application in Bulgaria and the main responsibilities arising for the Bulgarian business in this regard. What is FATCA? On 18… – Continue reading
Suisse Group AG (CSGN) set a new standard for punishment in the U.S. crackdown on offshore tax evasion. Julius Baer Group Ltd., Zuercher Kantonalbank and the Swiss unit of HSBC Holdings Plc (HSBA) are among those seeking to avoid pleading guilty to helping Americans cheat the Internal Revenue Service —… – Continue reading
Azerbaijan and the U.S. intend to sign a double taxation evasion agreement in the near future, Azerbaijan’s Deputy Minister of Taxes, Sahib Alakbarov told journalists on May 26. The minister said that among other things, this document will allow the Ministry of Taxes to actively fight against the Azerbaijani residents… – Continue reading
Revenue Minister Todd McClay must release the text of the Inter-Governmental Agreement which affects tens of thousands of Kiwis who were born or have worked in the United States, Labour’s Revenue spokesperson David Clark says. National is about to introduce legislation to ratify an agreement between the US and New… – Continue reading
India amended its domestic tax law for transactions with taxpayers of certain tax jurisdictions, as an anti-avoidance measure. The amendments involving transactions made in Cyprus include a temporary 30% withholding tax for all transactions between India and Cyprus in place since March. Under the double tax treaty between India and… – Continue reading
CALGARY – A Calgary-based United States tax expert has recommended to the federal government that Canada follow the lead of other countries and include certain Canadian trusts within the definition of organizations subject to reporting under the recent Intergovernmental Agreement between the Canada and the U.S. “This would eliminate the… – Continue reading
TEHRAN (FNA)- A senior trade official termed the recent memorandum of understanding (MoU) signed by Turkey and Iran on avoiding double-taxation as an important development with major positive impacts on the two countries’ trade relations. “The MoU signed between Iran and Turkey has been a wide stride in the (two… – Continue reading
A Cyprus court has frozen the assets of three offshore entities through which Mechel’s main shareholder and chairman Igor Zyuzin owns a 67.4 percent stake in the indebted steelmaker and coalminer, Interfax news agency reported Monday. Zyuzin is a controlling shareholder in Mechel, which has been hit by weak prices for its products, forcing it to sell loss-making assets and to negotiate delayed… – Continue reading
The internet retail giant Amazon is facing fresh claims of tax avoidance after its latest accounts showed it routed more than £11 billion through its Luxembourg-based subsidiary in 2013 – yet paid only £4 million in UK corporation tax last year. Amazon trades through the Luxembourg subsidiary, Amazon EU SARL,… – Continue reading
The Inland Revenue Department of Cyprus (“IRD”) will proceed with the signing of Model 1 IGA (Inter Governmental Agreement) with the US Treasury, following the Foreign Account Tax Compliance Act (FATCA). The Model 1 IGA requires Foreign Financial Institutions (FFIs) to report all FATCA-related information to their own governmental agencies,… – Continue reading
New Delhi: Keen to further boost bilateral ties with India under the incoming government led by Narendra Modi, Cyprus is looking to bolster tourism activities as well as make the island nation a shooting destination for Indian film makers. Cyprus, the seventh largest source of FDI (foreign direct investment) into… – Continue reading
During the last financial year, India attracted $5.98 billion in FDI from Singapore, whereas it was $4.85 billion from Mauritius Press Trust of India | New Delhi May 26, 2014 Last Updated at 00:45 IST Singapore has replaced Mauritius as the top source of foreign direct investment o India, accounting… – Continue reading
There’s a bill that will go into effect on July 1. It’s known as H.R. 2847 which contains FATCA (the Foreign Account Tax Compliance Act of 2010). H.R. 2847 also known as HIRE (the Hiring Incentives to Restore Employment Act) was a law passed in March 2010 which will go into… – Continue reading
Legislation aimed at finding American tax evaders would give up personal information of Canadians with ties to the U.S. OTTAWA—If one wants another clear-eyed illustration of the power imbalance between Washington and the federal Conservatives, one need look no further than a tax deal signed between the two countries last… – Continue reading
Introduction Successive surveys of tax executives and senior finance professionals at multinational companies show that risks associated with transfer pricing have become the number one tax-related concern for businesses operating across several jurisdictions. Ernst and Young’s (EY’s) latest Global Transfer Pricing Survey shows that businesses are taking increasing heed of… – Continue reading
SLOVAK law-enforcement forces known as ‘tax cobra’ have uncovered a tax evasion case concerning the import of mineral oil from Poland, which cost the state at least €9.5 million, head of the Financial Directorate Frantisek Imrecze revealed at a press conference on June 2, as reported by the TASR newswire…. – Continue reading
India’s tax dispute with Vodafone Plc regarding its purchase of Hutch Essar seven years ago is likely to reach the International Court of Justice (ICJ) in the Hague, Netherlands a few weeks from now, sources privy to the matter said, adding this would be an unprecedented development in the history… – Continue reading
When it comes to being an expat, as far as the UK taxman is concerned, absence does not make the heart grow fonder. A tax specialist gives tips on avoiding problems. There is no avoiding the fact that moving overseas or returning to the UK creates some tax issues, and… – Continue reading
Automobile equipment maker Denso Corp. filed a suit Monday seeking nullification of tax authorities’ 2012 order for the payment of around 6.1 billion yen in back taxes on the income of its Singapore unit in a tax haven countermeasure. Denso brought the case to the Nagoya District Court after paying… – Continue reading
Increasing numbers of the wealthy global elite are saying goodbye to their home country and taking up residence elsewhere in an effort to preserve their riches. Popular destination countries like Cyprus, Spain and Australia have programs that offer a path to citizenship or permanent residency — for those who can… – Continue reading
Former Bayern Munich president Uli Hoeness began a 3-1/2-year jail sentence on Monday after being convicted in March of evading $40 million in taxes, German media reported on Monday. The state prosecutor in Munich declined to comment on the report and said there would be no official confirmation. Daily Bild… – Continue reading
Prosecutors Trace Accounts Across the Globe as Authorities Pressure Swiss Banks The hunt for money hidden in Swiss bank accounts by U.S. citizens has become a global chase, with prosecutors tracing records to Singapore, the Cook Islands and elsewhere as U.S. authorities increase the pressure on Swiss lenders to turn… – Continue reading
Mauritius to provide automatic tax info exchange for India Ramgoolam, who was here to attend BJP leader Narendra Modi’s swearing-in as Prime Minister yesterday, also said that Mauritius would not allow anybody to abuse or misuse its jurisdiction for any illicit activities. Seeking to allay apprehensions about Mauritius being used… – Continue reading
Cases like alleged involvement of 500 Indians in parking money in HSBC‘s Geneva Branch, 26 Indian account holders of LGT Bank may all be probed by SITThe special investigation team (SIT), announced on Tuesday by the Cabinet, will probe all cases of black money – be it related to the money allegedly stashed away by Indians abroad… – Continue reading
Prosecutors investigating a list of 2,602 Greeks with 1.5 billion euros ($1.95 billion) in secret Swiss bank accounts have reportedly found that 90 percent of them are tax cheats. – See more at: The ongoing probe by financial prosecutors, Panagiotis Athanasiou and Galinos Mpris in cooperation with the Deputy Prosecutor… – Continue reading
Russian lawmakers and banks are still squabbling about how to join the Foreign Account Tax Compliance Act (FATCA) network after the US closed the door on talks following Moscow’s role in the Ukraine crisis. In recent weeks, Finance Minister Anatoly Aksakov pledged to Russian banks that a new law allowing… – Continue reading
Azerbaijan and the U.S. Internal Revenue Service (IRS) agreed to conclude an intergovernmental agreement on implementation of the Foreign Account Tax Compliance Act (FATCA) by Azerbaijani banks, the Ministry of Taxes of Azerbaijan said on May 21. Starting from July 1, 2014 the banks in all countries should join the… – Continue reading
India has asked Switzerland to speed up the ratification of the Organization for Economic Cooperation and Development (OECD) convention on automatic exchange of tax information. ”I would urge you and your (Swiss) government to ratify the multilateral convention on mutual administrative assistance in tax matters as early as possible,” outgoing… – Continue reading
AsiaOne Business News released an article on the expectation of Singapore to dislodge Switzerland as the world’s wealth management capital (Business AsiaOne, 5/12/14) last week. AsiaBiz Services, Singapore’s leading company formation consultancy, affirmed that the main reasons for the country’s acquisition of its enormous share of global offshore wealth are attributed to… – Continue reading
The Special Investigation Team (SIT) constituted by the government to “bring back black money” is likely to help India plug its wealth draining to offshore tax havens with Swiss global tax activists saying that the government can put pressure on Switzerland by blacklisting it as a non-cooperative jurisdiction and complaining… – Continue reading
WASHINGTON (Reuters) – Taking aim against corporate tax avoidance, Democrats in the U.S. Congress called on Tuesday for curbs on U.S. multinationals that shift tax domiciles abroad in deals known as “inversions.” While still rare, these deals are becoming more common, with two recently attempted transactions by Pfizer Inc and… – Continue reading
Moving abroad to start a new job can be one of the most exciting yet stressful experiences of your life — but it can also end up saving you a bundle in federal income tax. This is because U.S. expatriates frequently take advantage of the foreign earned income exclusion to… – Continue reading
Following the recent offer by U.S drugmaker Pfizer to acquire British pharmaceutical firm AstraZeneca, congressional Democrats are proposing new limits on the ability of U.S.-based firms to establish foreign residence and thus cut their U.S. corporate tax bill. Even before this latest flap, the Obama Administration proposed curbs on this… – Continue reading
Internal Revenue Commissioner Kim Henares has again defied a Supreme Court ruling on the self-executory nature of tax treaties by issuing a circular prescribing additional requirements before privileges granted under a tax treaty may be enjoyed. Henares issued Revenue Memorandum Circular No. 37-2014, announcing the coming into force of the… – Continue reading
Uncle Sam is poised to poke his pointy nose into the financial affairs of millions of Canadians who have no connection to his country, and – no matter how distasteful you find this – pushing back will only make it worse. This is the gloomy – but credible – conclusion… – Continue reading
On April 9, 2014, the Finance Ministry issued guidelines on the application of agreements on the avoidance of double taxation (DTAs), which requires tax agents and tax authorities to conduct an assessment of whether foreign recipients of income in Russia have the right to apply a tax exemption in Russia… – Continue reading
Liechtenstein said Friday that it has signed a anti-tax fraud pact with Washington that requires banks in the principality to provide information about accounts held abroad by US taxpayers to US authorities. Under the agreement, Liechtenstein would implement the Foreign Account Tax Compliance Act (FATCA), which came into effect on… – Continue reading
The Liechtenstein Government plans to set up a working group to closely monitor and recommend domestic tax policy responses to the Organisation for Economic Co-operation and Development’s (OECD’s) Base Erosion and Profit Shifting (BEPS) project. The Government anticipates that the OECD’s work will have a significant impact on the territory’s… – Continue reading
NASSAU, Bahamas — The government has been urged to implement an investor-citizenship program that would effectively allow high-net-worth individuals (HNWIs) to trade investment in The Bahamas for citizenship rights as a means of spurring growth in the economy. Sean McWeeney QC, a partner with law firm Graham Thompson and Co., is advocating… – Continue reading
Bank of America tops the list of Charlotte-based companies avoiding big tax bills by keeping profits offshore, according to a new report by a nonprofit tax research and advocacy group. Citizens for Tax Justice found that 301 U.S. Fortune 500 companies disclosed holding nearly $2 trillion in profits offshore. By… – Continue reading
The Supreme Court of India in a recent ruling (Commissioner of Wealth Tax, Rajkot v. Estate of Late HMM Vikramsinhji of Gondal (Civil Appeal No. 2312 of 2007) has held that the Indian resident beneficiaries of an offshore discretionary trust shall not be subject to tax on the trust’s income… – Continue reading
Switzerland isn’t the only tax haven feeling the heat from countries that are trying to scrape more revenue by raking in taxes from citizens with undeclared offshore assets. According to the U.K.-based Ethical Consumer, mini-states, like Andorra and the Cayman Islands, and financial centers, like Hong Kong and Singapore, all offer banking… – Continue reading
WASHINGTON — European bank Credit Suisse AG pleaded guilty Monday to helping wealthy Americans avoid paying taxes through secret offshore accounts and agreed to pay about $2.6 billion. The Justice Department said it was the largest penalty imposed in any criminal tax case. It is also the largest bank to… – Continue reading
The Chartered Institute of Taxation (CIOT) has voiced concern over the proposed withdrawal of the principal residence election for all taxpayers. The authority has responded to HM Revenue and Customs’ (HMRC) plans to extend capital gains tax (CGT) to non-residents in certain circumstances, and fears the proposal could have a significant… – Continue reading
Swiss bank helped wealthy Americans avoid taxes using off-shore accounts for decades, authorities say Credit Suisse AG’s guilty plea and $2.6 billion payment in a high-profile case brought by the Justice Department are being held out as a warning to foreign banks believed to be helping U.S. taxpayers conceal assets…. – Continue reading
