A call to tax technology companies such as Apple and Google in the countries where they have substantial activities has re-ignited concerns companies may be taxed twice and stop business altogether. The Organisation for Economic Co-operation and Development, which is working on a global plan to prevent companies from avoiding paying… – Continue reading
The European Council this week adopted a directive strengthening EU rules on the exchange of information on savings incomes, aimed at enabling the member states to better clamp down on tax fraud and tax evasion. The EU Directive requires the member states to exchange information automatically so as to enable… – Continue reading
Hong Kong may feel affect of any new law to uncover financial information China is expected to impose its own version of the new US tax law which requires financial institutions around the world to provide Washington with information on US taxpayers, analysts say. On March 25, the Secretary for… – Continue reading
It would be surprising if Union finance minister P. Chidambaram’s threat to his Swiss counterpart — to declare Switzerland an uncooperative nation for not sharing information on the 562 Indians who allegedly stashed their black money in Swiss banks — is actually carried out. The threat has trade implications. These… – Continue reading
Recent discussions about the movement of capital and offshore accounts have to be a major cause for concern. During a Central Bank seminar recently, Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss, sounded the warning that compliance with the recently passed Foreign Account Tax Compliance Act… – Continue reading
The Anti-Tax Evasion Act and the Finance Act 2014 have introduced an annual transfer pricing documentation filing obligation and new disclosure requirements for large companies. Since 2010, French companies that have an annual turnover or gross asset value exceeding €400 million, are related to a French or foreign entity exceeding one of… – Continue reading
In the early hours of Thursday Morning, Australia announced a tax amnesty on any tax resident with offshore assets not declared to the Australian Taxation Office Geraint Davies, Managing Director of Montfort International sees this move as significant from many perspectives. “We have seen the breaking news of a complete… – Continue reading
NEW DELHI: The Indian Tax authorities and the Swiss government could be headed for a showdown over what the Indian side regards as lack of co-operation from the Alpine country over access to information on bank accounts. Last week Finance Minister P Chidambaram wrote to his Swiss counterpart – officials… – Continue reading
BASSETERRE, St. Kitts, March 26th 2014 (CUOPM) – The Member Governments of the Eastern Caribbean Currency Union (ECCU) have commenced discussions with the United States of America (US) towards executing an Inter-Governmental Agreement (IGA) for the implementation of the provisions of the US Foreign Account Tax Compliance Act (FATCA). The… – Continue reading
The Tax Office is allowing Australians with money parked in offshore accounts to avoid harsh penalties by coming forward, in an amnesty program worth up to half a billion dollars. ATO Commissioner Chris Jordan will announce the program today, which will reduce the penalties for taxpayers who hand over information… – Continue reading
WASHINGTON (Reuters) – Caterpillar Inc’s offshore tax strategies will come under scrutiny on Tuesday at a U.S. Senate hearing expected to examine dealings by the world’s largest mining and construction equipment maker in Switzerland, Bermuda and Luxembourg. With many multinationals being criticized for tax avoidance, veteran tax sleuth Senator Carl Levin… – Continue reading
The Luxembourg and US governments have today signed an agreement to improve international tax compliance and implement the so-called Model 1 Intergovernmental Agreement (IGA) of the US Foreign Account Tax Compliance Act (FATCA). As a result of this agreement, the Luxembourg Tax Administration has set up two working groups including… – Continue reading
The U.S. and Indian competent authorities are famously at loggerheads over the principles to be applied in transfer-pricing double-tax cases. Some of the important issues involved are: the appropriate markup on costs for services; when and how to reward location savings; and whether marketing intangibles exist. Virtually all of these… – Continue reading
The long arm of the American tax man has officially reached its way to Hong Kong. The question is, will it extend to the rest of China? Hong Kong, a special administrative region of China, signed an agreement with the U.S. on Tuesday to share tax information about Americans who… – Continue reading
A former Severstal executive has been indicted for hiding as much as $7.5 million from US tax authorities in Swiss bank accounts held at UBS AG. Victor Lipukhin, a former steel trader for Russian steel maker Severstal, hid assets in two Swiss UBS bank accounts from 2002 through 2007, said… – Continue reading
Hong Kong and the United States Tuesday signed an agreement on exchange of tax information. Hong Kong’s Secretary for Financial Services and the Treasury,K C Chan, on behalf of the Hong Kong Special Administrative Region( HKSAR) government, signed the agreement with the US consul general to Hong Kong and Macao,… – Continue reading
A looming global crackdown on aggressive tax avoidance is set to stop internet companies slashing bills by routing profits to havens. Plans to “restore taxation” in the countries where digital companies make their sales and base their headquarters were set out on Monday in the first international response to the… – Continue reading
Ghana and Denmark have signed a Double Taxation Agreement, moving the bilateral cooperation between the two countries to another level. A Double Taxation Agreement regulates the tax treatment of income or capital gains in situations where the same taxpayer is subject to tax in two states with respect to the… – Continue reading
OECD plan to make practice of shifting locations ineffective New rules aimed at preventing the type of aggressive tax avoidance schemes run by some of the largest multinational employers here will begin to be introduced in September, according to a draft report seen by The Irish Times . Structures that artificially shift… – Continue reading
RIYADH, March 24 (KUNA) — Saudi Arabia and Hungary have signed an agreement for double taxation avoidance and prevention of fiscal evasion with respect to taxes on income and capital, and its related protocol. The deal was signed by Saudi Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf and Hungarian… – Continue reading
As part of a plea agreement, an ex-Credit Suisse banker recently disclosed how U.S. customers avoided offshore account disclosure requirements. In an effort to crack down on offshore accounts, federal prosecutors have stepped up investigations of the largest Swiss banks, their bankers and account holders. The most recent bank to… – Continue reading
Ghana and Denmark have signed a Double Taxation Agreement, moving the bilateral cooperation between the two countries to another level. A Double Taxation Agreement regulates the tax treatment of income or capital gains in situations where the same taxpayer is subject to tax in two states with respect to the… – Continue reading
LONDON — They are the most expensive and luxurious flats in the whole of London. Their ultramodern bay windows offer an unobstructed view onto Hyde Park. An underground corridor connects them to the Mandarin Oriental, the palace where Michelin-starred chef Heston Blumenthal has one of his prized restaurants. In total, the… – Continue reading
The European Union has formally adopted the Savings Tax Directive after six years of negotiations. The directive is intended to bolster the power of the EU to crackdown on tax evasion. The measure was adopted shortly after Luxembourg and Austria abandoned their opposition to the plan. EU tax commissioner Algirdas Semeta, commenting… – Continue reading
European Union competition watchdogs ordered Luxembourg to hand over details of tax breaks for businesses after they said the Grand Duchy was hindering a state-aid probe spanning several EU nations. Luxembourg refused to deliver details concerning the 100 largest companies benefiting from a special program for companies whose profits stem… – Continue reading
A report by the Government Accounting Office details who took part in the first voluntary disclosure program for offshore accounts. If you made an honest mistake and failed to keep up on international account reporting requirements, it is important to spe March 25, 2014 /24-7PressRelease/ — Congress has been on… – Continue reading
As 2008 began, the future looked brilliant for green energy giant Suntech Power and its high-flying founder, Shi Zhengrong. Suntech was one of the world’s largest makers of solar panels, the first non-state-owned Chinese company traded on the New York Stock Exchange. And Shi, born to a farm family so… – Continue reading
Despite bilateral trade touching $83M in 2012, the two countries have greater ambitions given the untapped opportunities that the destinations offer. UAE Minister of Economy Sultan bin Saeed Al Mansouri stressed that the bilateral relationship between the UAE and Luxembourg is witnessing significant progress across the economy, trade and investment… – Continue reading
European Union antitrust regulators ordered Luxembourg on Monday to hand over information on its corporate tax practices as part of their investigation into tax loopholes which have allowed companies such as Starbucks and Apple to cut their tax bills. The move by the European Commission came after Luxembourg failed to… – Continue reading
NAIROBI, KENYA: Seychelles Foreign Affairs Minister Jean Paul Adam has commended President Uhuru Kenyatta for his transformational leadership, terming it an ‘inspiration’ to the whole region. Mr. Adam said Seychelles was looking forward to working more closely with the Jubilee administration for the benefit of the people of the two… – Continue reading
What is FATCA? FATCA or the Foreign Account Tax Compliance Act, is actually a section of the Hiring Incentives to Restore Employment (HIRE) Act passed into United States law in March 2010, that comes into force on 1 July 2014. It is unique in its extra-territorial reach, being an attempt… – Continue reading
Both sides express interest in collaborating on small and medium enterprises and the renewable energy sectors Abu Dhabi: Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, has reaffirmed the importance of economic relations between the United Arab Emirates and the Republic of Malta during the visit of Dr. Christian… – Continue reading
The European Council has adopted a directive over exchanging information on savings incomes in a bid to clamp down on tax fraud and evasion The directive will strengthen EU rules over the exchange of information on savings incomes and help member states to share details and information more easily. Directive 2003/48/EC… – Continue reading
An inability to open a bank account is not news for everyone in Hong Kong. Just ask the long-suffering American residents. “Nobody wants to deal with the US citizen account signatory, whether it is a company account or an account for my own financial needs,” said Ross Feingold, a director… – Continue reading
In the end of February 2014, Cyprus and Norway signed a double tax treaty between the two governments. The treaty signed between the two countries is a step to the further development of trade and economic relations between the two countries. The Cypriot government aims at expanding the existing network… – Continue reading
SEOUL, March 20 (Yonhap) — South Korea’s tax office said Thursday it has launched an investigation into the country’s largest entertainment agency amid rumors of offshore tax evasion by the company that manages some of the top K-pop celebrities. The National Tax Service (NTS) recently sent dozens of auditors to… – Continue reading
EU AGREES ON SYSTEM TO TACKLE TAX EVASION. The Associated Press has the story, “European Union nations on Thursday agreed on a sweeping policy to fight tax evasion after tiny Luxembourg dropped its reservations to new rules which render its secretive banking culture more transparent. Luxembourg Prime Minister Xavier Bettel… – Continue reading
Given all the publicity about tax avoidance by multinationals over the last year or more, the clamour for action to be taken, and the government’s commitment to do so, Mr Osborne might have been expected to make at least some reference to this subject in his Budget speech. In fact,… – Continue reading
States agree to automatic exchange of non-EU citizens’ savings account details After years of opposition, Luxembourg and Austria have agreed to back automatic exchange of savings account information on non-citizens to tackle tax fraud in the EU. Their shift was welcomed by other EU leaders meeting in Brussels and allows ministers to sign off… – Continue reading
Mar 21, Colombo: Sri Lanka will sign a revised agreement with Singapore for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income, the government media unit said. The Cabinet of Ministers has granted approval for the President, in his capacity as the… – Continue reading
Tax Avoidance/ Evasion: On Wednesday George Osborne, UK chancellor, proposed new rules in his Budget 2014 statement to reduce the opportunities for rich individuals and companies to avoid or evade personal and corporate taxes. Also this week, two prominent US senators wrote to the Justice Department to seek extradition of about 30… – Continue reading
The Canada-BVI Tax Information Exchange Agreement (“TIEA”) came into force on 11 March 2014. The TIEA was signed in May 2013, and the effective date provisions are set out in Article 13 of the Agreement. The BVI is now party to 25 TIEAs. What are the benefits? The BVI/Canada TIEA is significant due… – Continue reading
Vice Prime Minister Liviu Dragnea declared on Thursday after his meeting with the Chief Executive of the Hong Kong Special Administrative Region K.Y. Leung that Romania and Hong Kong will start negotiations for the signing of the double taxation agreement that was already discussed last summer during Prime Minister Victor… – Continue reading
NAIROBI (Xinhua) — The Kenyan government on Monday signed an agreement with the Seychelles to phase out double taxation on companies from the two countries. Kenya’s Cabinet Secretary for Treasury Henry Rotich said the elimination of double taxation will promote flow of investments, trade and labor between the two countries. “ Kenya has… – Continue reading
Switzerland and Argentina have recently signed a new agreement for the avoidance of double taxation with respect to taxes on income and on capital. The treaty replaces the provisional agreement of 1997 and provides for the exchange of information upon request, in line with the current international standard. This is… – Continue reading
Look before you leap out of Israeli residence. Israel now has tax rates below the OECD average and no estate or inheritance tax. Israeli residents relocate abroad for a variety of reasons, sometimes business, sometimes personal. If the relocation is for a short period, they will typically claim various expense… – Continue reading
Leaders of the European Union (EU) member states on Thursday reached an agreement on strengthening EU rules on taxation of savings income. “This is indispensable for enabling the member states to better clamp down on tax fraud and tax evasion,” said European Council President Herman Van Rompuy in his statement… – Continue reading
DESPITE George Osborne’s platitudes to last month’s G20 meeting in Australia – “It is not fair if big companies avoid their taxes by shifting their profits around artificially” – the Eye has discovered that the government has signed its most significant PFI deal to date (a new £190m children’s hospital… – Continue reading
WASHINGTON (Reuters) – Multinational businesses that often fight with the U.S. Internal Revenue Service over their worldwide taxes may be dropped from an IRS program meant to smooth corporate audits, a senior IRS official said on Tuesday. Speaking at a conference, Michael Danilack, a deputy U.S. IRS commissioner, raised concerns… – Continue reading
Washington, DC – California attorney Christopher M. Rusch was sentenced to serve 10 months in prison for helping his clients Stephen M. Kerr and Michael Quiel, both businessmen from Phoenix, hide millions of dollars in secret offshore bank accounts at UBS AG and Pictet & Cie in Switzerland, the Justice… – Continue reading
