Hong Kong has signed its first ever tax information exchange agreement (TIEA), paving the way for its implementation of the US foreign account tax compliance act. Signed last month, the TIEA was enacted following an order made by the head of the Government of Hong Kong, Leung Chun-ying. It comes… – Continue reading
The U.S. Treasury announced that on April 11, 2014, India agreed “in substance” to sign a Model 1 FATCA IGA with the US. The IGA would therefore require Indian financial institutions to report information on U.S. account holders to India’s Central Board of Direct Taxes, which would then share the information… – Continue reading
MoUs cover defence, tourism, archives and double taxation — MUSCAT — Oman and the Kingdom of Spain signed a memorandum of understanding (MoU) in the field of archive and documentation at Al Alam Palace within the framework of the Spanish monarch’s visit to the Sultanate, yesterday. The Government of Oman… – Continue reading
The Tax Information Exchange Agreement (TIEA) signed by Macau and Japan comes into force on May 22, the Ministry of Finance of Japan said in a press release published yesterday. Starting from May 22, both contracting parties can request information for criminal tax matters without regard to the taxable year… – Continue reading
New Delhi – The government Tuesday disclosed to the Supreme Court the names of 26 people who had accounts in banks in Liechtenstein, revealed to India by German authorities. A bench of Justice H.L.Dattu, Justice Ranjana Prakash Desai and Justice Madan B. Lokur were given these names by Solicitor General… – Continue reading
Expats, offshore investors and multinational companies are the target of a new global tax network that is set to revolutionise how governments impose tax laws. Even before the US-led Foreign Account Tax Compliance Act (FATCA) takes effect from July 1, 2014, the Organisation of Economic Co-Operation and Development (OECD) is… – Continue reading
It is reported in the Indian financial press that Cyprus and India will finalise the amendments to their double taxation avoidance agreement in the next few weeks. The Indian High Commissioner to Cyprus has said that a team from the Indian ministry of finance is expected to visit Cyprus in… – Continue reading
In tax evasion sentencing, a question of character SARASOTA – Before sentencing a Sarasota psychiatrist in a $15 million tax fraud case today, a federal judge will consider attorneys’ contrasting depictions of her character. Facts Court documents Click here to read court documents in the Hough case. Patricia Lynn Hough’s… – Continue reading
Macau is preparing to sign a Tax Information Exchange Agreement (TIEA) with the United Kingdom of Great Britain and Northern Ireland. According to the Official Gazette published yesterday, Chief Executive Fernado Chui Sai On granted authority to Secretary for Economy and Finance Francis Tam Pak Yuen to sign a TIEA… – Continue reading
The double taxation agreement (DTA) between Singapore and Barbados came into force on April 25, 2014, after the completion of ratification procedures by both sides. The DTA is intended to boost cross-border trade and investment between Singapore and Barbados by providing greater clarity on both parties’ taxing rights to ensure… – Continue reading
On April 25, an order was gazetted in Hong Kong to implement the tax information exchange agreement (TIEA) with the United States that was signed on March 25 this year, as part of preparations for the US Foreign Account Tax Compliance Act in Hong Kong. “This is the first TIEA… – Continue reading
Australia signed a tax-information sharing agreement with the U.S. Treasury Department on Monday ahead of a new U.S. law that will crack down on offshore tax avoidance. The accord, one of a number of so-called intergovernmental agreements (IGA) between Washington and individual countries, comes ahead of the implementation in the United… – Continue reading
Starbucks, which has been the focus of some criticism in the UK in recent years for not paying what some argued was its fair share of corporate tax – thanks to its use oftax mitigation techniques – is to move its European, Middle East and Africa head offices to London…. – Continue reading
Beanie Baby creator H. Ty Warner’s sentencing for tax evasion left him on probation, but the recent appeal filing seeks to change his fate. In September 2013 H. Ty Warner, creator of the mid-’90s craze of animal-shaped Beanie Babies, was charged with federal tax evasion stemming from an illegal offshore… – Continue reading
BERLIN — The high-profile tax evasion trial against former Bayern Munich president Uli Hoeness has prompted a surge in the number of Germans turning themselves in to authorities for failing to properly declare their taxes. Munich daily Sueddeutsche Zeitung reported Wednesday that some 13,000 sought to escape prosecution by submitting… – Continue reading
The UK Chancellor George Osborne is tightening the screws on the tax dodging UK super-rich, as he’s proposing to increase fines for those who hide their money in offshore tax havens and send them to jail even if they didn’t intend to evade tax. “We are changing the balance of… – Continue reading
New York’s top financial regulator has sought numerous documents from Credit Suisse Group AG as it ramps up a continuing tax-evasion probe of the Swiss bank, according to a person familiar with the matter. The New York Department of Financial Services sent a subpoena last week to Credit Suisse demanding… – Continue reading
India and Switzerland are discussing ways to share information on specific accounts relating to black money stashed in the European nation, Finance Minister P Chidambaram said here today. The Minister further said that he received a reply on his letter from his Swiss counterpart and will send India’s response in… – Continue reading
Bulgaria’s Cabinet has approved a draft proposal to update the memorandum on avoiding double taxation with Romania, replacing the current agreement signed in 1994, and mandated Finance Minister Petar Chobanov to negotiate and sign the new deal. The issue was first discussed during a joint meeting of the Bulgarian and… – Continue reading
Hong Kong (HKSAR) – Some 120 participants from the business sector joined a seminar in Kuala Lumpur, Malaysia, today (April 25) to learn more about the benefits and business opportunities under the “Comprehensive Double Taxation Agreement” (CDTA) signed between Hong Kong and Malaysia. Organised by the Hong Kong Economic and… – Continue reading
There was a time when Beanie Babies were the hottest thing since Dutch tulip bulbs. But, like all fads, the market eventually collapsed and these strangely obsession-inducing toys were packed away into attics across America. But what of Ty Warner, Beanie Baby tycoon? Well, he got filthy stinking rich, but… – Continue reading
KUALA LUMPUR, April 25 (Bernama) — The comprehensive double taxation agreement (CDTA) signed between Malaysia and Hong Kong is expected to further boost bilateral trade and investments between the two countries. Speaking to reporters on the sidelines of the Malaysia and Hong Kong CDTA seminar here Friday, Director of Hong… – Continue reading
LONDON (Thomson Reuters Foundation) – British Prime Minister David Cameron has written to the leaders of the UK’s overseas territories and crown dependencies to encourage them to create public registries that would reveal the true owners of companies registered in their jurisdictions. “I believe that beneficial ownership and public access… – Continue reading
The implementation of stricter rules by the Organisation for Economic Cooperation and Development (OECD) surrounding tax treaty benefits could see these benefits not being granted as easily as they were in the past, says professional services firm Deloitte. “The discussion surrounding ‘inappropriate circumstances’ relating to the issues of treaty shopping… – Continue reading
The Foreign Account Tax Compliance Act (“FATCA”) is a US tax measure enacted in 2010 to prevent and detect US tax evasion and improve taxpayer compliance. It targets tax non-compliance by US taxpayers with foreign accounts by imposing a 30% withholding tax on their transactions with foreign financial institutions and… – Continue reading
HM Revenue and Customs (HMRC) has announced that the new convention for the avoidance of double taxation signed between the United Kingdom and Spain will enter into force on June 12, 2014. The agreement provides for a 10 percent rate on dividends, except where those dividends are paid out of… – Continue reading
India, Cyprus will in the next few weeks finalize changes to their double taxation avoidance agreement New Delhi: India and Cyprus moved a step closer to settling a tax dispute that led to the Mediterranean island nation being blacklisted by New Delhi. The two countries will, in the next few weeks,… – Continue reading
BAKU (Azerbaijan), April 24 (Bernama) — Azerbaijan and Spain have signed a Convention on the Elimination of Double Taxation with Respect to Income and Property Tax and Prevention of Tax Avoidance, Azerbainjan’s Azertac reported. The agreement was signed by Azerbaijani Foreign Minister Elmar Mammadyarov and his Spanish counterpart Jose Manuel… – Continue reading
A Provisional Measure passed by the Senate allows tax to be levied on profit earned abroad by domestic companies, even if the earnings are not nationalized. Attorney Luiz Felipe Ferraz says the rule renders treaties void. São Paulo – Provisional Measure 627, from 2013, which alters the taxation regime for… – Continue reading
The US and Belgium have made a deal to share bank account information to improve international compliance with tax rules. Belgium has announced that it had reached an agreement with the United States on sharing bank account information as part of international efforts to crack down on tax evasion. “This… – Continue reading
A Swiss delegation is likely to visit Pakistan by August-end to discuss the possibility of re-negotiating and upgrading treaty on Avoidance of Double Taxation between Pakistan and Switzerland. It is reliably learnt on Tuesday that Pakistan is set to re-negotiate and upgrade treaty on Avoidance of Double Taxation with Switzerland… – Continue reading
Gibraltar Private Bank & Trust Co. warned its shareholders that federal regulators are seeking to hit the bank with a new enforcement action and civil monetary penalties, including against individual board members. The Office of the Comptroller of the Currency and the U.S. Department of the Treasury are pursing these harsh civil measures because they’ve… – Continue reading
Move will let MNCs claim tax relief in their home country for adjustments made by Indian authorities, eliminate double taxation New Delhi: To minimize transfer pricing disputes, the Indian tax department is likely to sign advance pricing agreements with Japan and the UK in the next few weeks. This would give… – Continue reading
You pay your fair share of taxes. Small businesses do too. It’s the price we pay to educate our kids, protect our communities and have some security in retirement. Why shouldn’t some of America’s largest corporations pay their fair share too? Corporations are making record profits. But 111 profitable Fortune 500… – Continue reading
Maltese Foreign Affairs Minister George Vella met with Moldavian Deputy Prime Minister Natalia Gherman to sign a dual taxation treaty (DTT) and a joint declaration, according to a press release issued by the Maltese Government. The joint declaration confirms Malta’s support for Moldova’s bid for greater integration in the EU…. – Continue reading
Vietnam and Japan signed and exchanged a diplomatic note on the enactment of their agreement on double tax avoidance and tax evasion prevention, at a ceremony in Hanoi on April 15. Deputy Foreign Minister Ho Xuan Son and Japanese ambassador to Vietnam Fukuda Hiroshi represented the two governments to sign… – Continue reading
Belgium and the US will sign an intergovernmental agreement (IGA) in Brussels on April 23 for the implementation of the US Foreign Account Tax Compliance Act (FATCA), the Belgian Finance Ministry has announced. The IGA requires the Belgian Tax Administration and the US Internal Revenue Service (IRS) to exchange information… – Continue reading
After several rounds of negotiations, on 28 March 2014, a new Double Taxation Treaty (“new DTT”) was signed between the governments of the PRC and Germany to replace the old DTT which was signed by both governments on 10 June 1985. The new DTT incorporates new elements of a typical… – Continue reading
Here come the tax acronyms; FATCA, AEOI, specified US persons & the potential for a tax residence licence in your wallet alongside your driver’s licence Posted in Personal Finance April 15, 2014 – 07:22am, By Gareth Vaughan First we get FATCA then we’ll get AEOI. Apologies for the acronyms. FATCA… – Continue reading
HMRC ‘Must Change Approach’ To Successfully Tackle Tax Evasion April 14th, 2014 Legal Expert Reacts To Offshore Evasion Strategy Document HM Revenue and Customs (HMRC) needs a change in approach rather than more powers if it is to improve its efforts to tackle tax evasion, according to a legal expert… – Continue reading
More than three people a day have disclosed offshore income or assets in the fortnight since the Australian Taxation Office announced an amnesty, The Australian Financial Review reports. According to the newspaper, tax commissioner Chris Jordan said early results were promising, with 16 disclosures and 33 expressions of interest about possible disclosures… – Continue reading
OECD BEPS Project: If new international corporate tax rules take effect from 2016, at least €50bn or half the annual value of services exports will be vapourised. Nevertheless, Ireland should support reform to a) protect the 12.5% corporation tax rate that will continue to give the country an advantage in… – Continue reading
But reports of ‘brain drain’ plague agencies investigating financial crimes under new law Police in Hong Kong received 33,000 reports of suspicious financial transactions last year – a 12-year high and a 40 per cent rise from 2012 – after Hong Kong tightened its money-laundering laws. Police have initiated more… – Continue reading
Mauritian conglomerate Ireland Blyth IBLP.MZ says uncertainty over new tax rules by key trading partner India has affected its business by putting off investors using the Mauritius financial center to invest in India. Nicolas Maigrot, chief executive of the group which has a wide range of interests in financial services,… – Continue reading
The Liechtenstein Disclosure Facility (LDF) is a tax disclosure facility for UK taxpayers. It is open to those with unpaid UK tax liabilities who had assets outside the UK (whether or not in Liechtenstein) as at 1 September 2009. It can be used to regularise their tax affairs on preferential… – Continue reading
Article 27 of the new double taxation agreement between Spain and Cyprus provides that the agreement will enter into force three months after the exchange of official notifications between the governments concerned that all ratification procedures have been completed. We understand that notifications were exchanged in March, which means that… – Continue reading
Twitter is no longer banned in Turkey, but the country’s prime minister Recep Tayyip Erdogan today pledged to “go after” the social network for evading taxes, Yahoo reports. We were unable to find any proof that tax evasion has or has not occurred, but it’s certainly a serious charge from… – Continue reading
India had received in $8.17 bn during April- January 2012-13 Foreign Direct Investment inflows from Mauritius have almost halved during April-January period of last fiscal to $4.11 billion on fears of impact of GAAR and possible re-negotiation of the tax avoidance treaty. India had received in $8.17 billion during April-… – Continue reading
Britons hiding income in tax havens overseas to be made criminal offence Tough new measure was announced by George Osbourne at U.S. meeting It could help recoup some of £15billion in tax that goes missing each year HMRC estimates that outright tax evasion costs the Exchequer £5billion Britain is… – Continue reading
Joe Oliver says Canada brings labour market, tax reforms to international forum Finance ministers from the G20 nations say they will press ahead on tax reform to prevent profit-shifting by companies and new governance measures for banks to prevent future bank failures. At the conclusion of a morning meeting in Washington, Finance Minister… – Continue reading
