In December 2013, despite an ongoing official review of its existing agreements, the Indian government signed a bilateral investment treaty (BIT) with the United Arab Emirates. Information on the deal was recently made public by the Ministry of Finance after persistent efforts by civil society groups. Earlier in 2013, the… – Continue reading
Public Accounts Committee is questioning the Revenue Commissioners All files drawn up by a whistleblower into alleged tax evasion by former senior politicians were fully examined and followed up, the chairman of the Revenue Commissioners has said. Addressing the Dáil Public Accounts Committee, Josephine Feehily said all material on the… – Continue reading
To minimise confusion and litigation, the government will bring fresh guidelines to clearly explain the meaning of terms “arm’s length basis” and “ordinary course of business”, used in the Companies Act, 2013. “After understanding the significance of these two terms for our industry, we have decided to bring fresh guidelines,”… – Continue reading
The Finance Minister added that free trade should also mean fair trade Calling upon revenue intelligence agencies to enhance cooperation with their global counterparts to check tax evasion and smuggling, Finance Minister Arun Jaitley today said free trade should also mean fair trade. Although the fiscal incentives for financial malpractices… – Continue reading
The Swiss voted down the initiative “Save Our Swiss Gold” on Sunday, November 30, by a margin of three to one, rejecting efforts to shore up the Swiss National Bank’s (SNB) balance sheet. Switzerland, a direct democracy, entertains an average of five such referendums every year, and most of them… – Continue reading
Late yesterday afternoon the Government published its response to the consultation on extending Capital Gains Tax (CGT) to non-UK resident owners of UK residential property. This is the latest step in a series of significant changes in the last couple of years to the tax treatment of UK residential property…. – Continue reading
With the expansion of business globally and mobilisation of investments, businesses are facing challenges on managing their cash flows, funds, and financial risks to increase competitiveness. Having a “treasury centre” is one of the solutions. A treasury centre helps a business significantly reduce its transaction costs and increase financial efficiency…. – Continue reading
The Chancellor reaffirmed the Government’s continued support for the OECD’s work on base erosion and profit shifting (BEPS) and modernisation of the international framework for taxing multinational companies. Measures in relation to three specific areas are announced – a consultation on hybrid mismatches and the introduction of the OECD’s proposals… – Continue reading
Business people often believe that the only consequence of a tax offence will be the claim for the outstanding (non-paid) taxes and administrative penalties. The issue of potential criminal liability of the chief executive officer is usually disregarded. This may be a serious mistake of the affected company and its… – Continue reading
Chancellor George Osborne has announced a new 25 per cent tax on profits generated by multinationals in the UK that have been “artificially diverted” offshore. Delivering his Autumn Statement today, Osborne said he wanted to see big global businesses “pay their fair share.” He has announced that there will be… – Continue reading
Legislation seeking to stop U.S. corporations from moving their legal address abroad to avoid paying U.S. tax rates would raise significantly more revenue than originally thought, according to the official congressional scorekeeper. The Joint Committee on Taxation now says that Democratic legislation to curb inversions would raise $33.6 billion over… – Continue reading
UK government plans to counter aggressive tax planning techniques used by multinational enterprises to divert profits from the UK to low tax jurisdictions could harm the international prospects of UK businesses according to an expert.03 Dec 2014 Corporate tax Tax Advanced Manufacturing & Technology Services UK Europe The new ‘diverted… – Continue reading
Finance Minister Michael Noonan has said that Ireland’s tax regime is fully transparent and that the Government supports international tax reform efforts. Noonan told an Institute of International and European Affairs conference that the world of international taxation is changing rapidly. He pointed out that, “in an increasingly globalized world,… – Continue reading
Donald Grove, Contributing Editor, The Casey Report Implementation of the infamous Foreign Account Tax Compliance Act (FATCA) got underway in earnest on July 1, 2014. A cacophony of protests and warnings could be heard as that date approached, and it has only grown louder as more and more people realize… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. The UK announced plans to raise over £1bn over the next five years from a new “diverted profits”… – Continue reading
The controversial ‘double Irish’ tax mechanism was never part of the Irish tax code and was not a viable way of building a sustainable economy, says Minister for Finance Michael Noonan. Speaking at a major tax conference organised by the Institute of International and European Affairs, Mr Noonan, said the… – Continue reading
Panel suggests reintroduction of Fringe Benefits Tax and Banking Cash Transaction Tax The Tax Administration and Reform Commission (TARC) has suggested reintroducing the Fringe Benefits Tax (FBT) and Banking Cash Transaction Tax (BCTT) to widen the tax base, minimising various tax exemptions, and staying away from amnesty schemes as these… – Continue reading
The Brazilian Federal Government decided to reduce from 20% to 17% the percentage of the maximum income tax rate required from the low-tax countries classified as “favored taxation country or dependency” (país ou dependência com tributação favorecida) or “privileged fiscal regime” (regime fiscal privilegiado). This measure was adopted by means… – Continue reading
December 3: The UK government today issued items that focus on multinational corporations and follow the OECD’s base erosion and profit shifting (BEPS) action plan—one issuance being a consultation document concerning hybrid mismatch arrangements, and the other being the Autumn Statement 2014 that includes provisions relating to country-by-country reporting, the… – Continue reading
December 3: Budget bill 2015—which would provide a tax credit for research and development (R&D) and would introduce a patent box regime—was passed by the Italian lower house on 30 November 2014. The budget bill is pending consideration by the Italian Senate. Changes to the legislation are possible during this… – Continue reading
The Netherlands has ended its resistance to EU measures aimed at tightening up the way companies use European parents and subsidiaries to reduce taxes, the NRC reports on Wednesday. Junior finance minister Eric Wiebes has written to parliament, urging MPs to support the Dutch position to amend the current regulations… – Continue reading
The Position to Date In July 2014, the Cayman Islands government issued The Tax Information Authority (International Tax Compliance) (United States of America) Regulations, 2014 (the “US FATCA Regulations”), The Tax Information Authority (International Tax Compliance) (United Kingdom) Regulations, 2014 (the “UK FATCA Regulations”) and the Guidance Notes on the… – Continue reading
Entrepreneurs’ relief – for many years sole traders and partnerships have been able to incorporate their businesses selling the value of the business including goodwill to the new corporate. The gain is taxed at 10 per cent, the proceeds remain on loan to the company as a directors’ loan and… – Continue reading
The Government has announced a further crackdown on tax avoidance schemes which fall under its Disclosure of Tax Avoidance Schemes regime. In the Autumn Statement today, the Government said it will increase penalties for non-declaration of Dotas schemes and publish more information on schemes and their promoters. It says this… – Continue reading
An attempted crackdown on tax avoidance by firms will prove “futile” and the Government should instead work on an international agreement to target company owners, a former City minister has said. Lord Myners, a former Labour minister and former chairman of companies including Marks and Spencer, said firms would find… – Continue reading
Bill Dodwell comments: “Chancellor George Osborne will deliver the final Autumn Statement of this parliament. We expect that most of the announcements will concentrate on the outcomes from proposals launched at earlier Budgets, together with some technical changes. There will also be the first consultation on how the UK should… – Continue reading
As oil prices plunge and Russia bleeds capital, the Kremlin is cracking down on residents who it says are evading taxes through holdings overseas. A law slated to go into effect on Jan. 1 is designed to clamp down on Russian citizens and companies that the Kremlin thinks are avoiding… – Continue reading
BVI Business Companies A1. What is the law on keeping and retaining records? Section 98 of the BVI Business Companies Act 2004 (BCA) has always provided that a BVI business company must keep records that: are sufficient to show and explain the company’s transactions; and will, at any time, enable… – Continue reading
Non-resident UK homeowners that have spent less than 90 days in their UK property in the previous tax year will be liable to pay capital gains tax (CGT) on any gains when they sell that property from next year, the UK government has confirmed.02 Dec 2014 Private wealth tax Tax… – Continue reading
London & Capital’s US family office has seen its assets under management (AUM) surge by 226% to £750 million and managing director Daniel Freedman sees no signs of this growth slowing. The company has been a clear winner in this specialist field after many wealth managers and banks withdrew their… – Continue reading
The Cayman Islands currently has in place an intergovernmental agreement (IGA) with each of the United States and the United Kingdom and has passed domestic legislation to make compliance with the IGAs a matter of Cayman Islands law (Cayman FATCA). The Cayman Islands Tax Information Authority (TIA) issued Guidance Notes… – Continue reading
A Canada Revenue Agency crackdown on tax-free savings accounts has some people wondering whether TFSAs will always be shielded from a federal government that might be looking to generate cash. Here’s what will get your TFSA audited by the CRA Bank of CanadaCanada’s Taxman has an audit project targeting Canadians… – Continue reading
What unites the dates February 12, 2013, July 19, 2013, and September 16, 2014? They are the key dates to this point in the OECD’s crusade against base erosion and profit shifting, which will be remembered either as a well-coordinated campaign against abusive tax avoidance by large multinational enterprises, or… – Continue reading
December 2: A tax commission charged with examining the tax system in Norway today submitted its report—NOU 2014: 13—to the Minister of Finance that describes proposals for changes to the corporate tax system and for adjustments to the tax system, in general. The tax commission’s report will be submitted for… – Continue reading
December 2: A tax commission charged with examining the tax system in Norway today submitted its report—NOU 2014: 13—to the Minister of Finance that describes proposals for changes to the corporate tax system and for adjustments to the tax system, in general. The tax commission’s report will be submitted for… – Continue reading
Project cannot be a ‘dialogue of the privileged’, stresses Minister for Finance Plans to reform the global tax system must not be used to create advantages for larger countries, Minister for Finance Michael Noonan has said. Addressing a conference in Dublin, he said Ireland overwhelmingly supported the Organisation for Economic… – Continue reading
Complying with USA FATCA and UK/EU Data Protection Requirements The US Foreign Account Tax Compliance Act (FATCA), passed by Congress in March 2010, was finally implemented in July 2014. The Act makes the US the only large economy to tax its nationals on all of their earnings anywhere in the… – Continue reading
The Department of Finance is actively involved in the BEPS process, but how it manages to balance national interests with a commitment to help developing countries reap the benefits of the reforms remains to be seen’ The recent Luxembourg leaks have kept the spotlight firmly on the lengths to which… – Continue reading
New rules for the UK’s General Betting Duty (GBD), Pool Betting Duty (PBD), and Remote Gambling Duty (RGD) entered into force on December 1, 2014, shifting the place of supply for tax purposes from the place of supply to the place of consumption. The reforms affect those businesses providing remote… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. The UK has lost its top slot in a league table of multinational companies’… – Continue reading
Action taken against tax avoidance by HM Revenue & Customs continues to be “unacceptably slow” and is putting tax revenues at risk, a group of MPs has warned. In a 16-page report, HMRC’s Progress in Improving Tax Compliance and Preventing Tax Avoidance, Eighteenth Report of Session 2014/15, the House of… – Continue reading
JOHANNESBURG – It has been quite difficult to keep up with the flurry of regulatory reforms in the financial services industry. Apart from the introduction of tax-free savings accounts next year and the fact that certain retirement reform regulations have been postponed, a number of other changes are also in… – Continue reading
UK chancellor George Osborne is set to unleash a new strict liability rule and higher penalties to capture those with offshore assets who are ignoring their tax obligations, according to a leading tax expert. John Cassidy, partner at audit, tax and advisory firm Crowe Clark Whitehill, predicts Osborne’s Autumn Statement… – Continue reading
Ireland has knocked the UK off the top spot as the most competitive tax destination, according to KPMG’s annual survey of Britain’s largest businesses However, the UK has increased the number of times it is mentioned in the companies’ top three competitive tax regimes. The KPMG Annual Survey of Tax… – Continue reading
AN essential part of the Transfer Pricing (TP) documentation process is that of finding and selecting closely comparable companies. Only comparable, independent companies can truly establish the arm’s length nature of the intercompany transactions under review. This process of finding comparable companies and the arm’s length price they pay or… – Continue reading
George Osborne’s targeting of corporate tax dodges faces voter scepticism • Chancellor waters down tech company measures • Disbelief will greet key plan in autumn statement Almost 60% of adults in the UK don’t believe politicians’ promises to tackle corporate tax avoidance, according to a damning poll published ahead of… – Continue reading
It feels like FATCA has been around for years already, yet some companies are still coming to terms with its implications. However, as Kirsten Morel explains, impending deadlines are now creating a real sense of urgency It’s four years since US Congress enacted the Foreign Account Tax Compliance Act (FATCA),… – Continue reading
North East Labour MEP Paul Brannen on why European Commission president Jean-Claude Juncker can crack the tax dodge problem The expression ‘poacher turned game keeper’ sprang to mind this week in the European Parliament as in meeting after meeting Jean-Claude Juncker’s suitability for the top job in the European Union… – Continue reading
In the African tax sphere, the trend remains for headline tax rates to continue to remain stable or decrease. Withholding tax rates have generally remained stable, although the experience of Dentons and our clients is that African tax authorities are requiring tax to be withheld from payments that have not… – Continue reading
A combination of lower corporation tax and increased aggression from HMRC has seen a significant rise in yields THE AMOUNT OF CORPORATION TAX HM Revenue & Customs collects from UK companies has risen 25% to £4bn, from £3.2bn, over the last 12 months. Increased activity in preventing tax avoidance by… – Continue reading
