The Cayman Islands and Colombia are to sign an automatic exchange of tax information agreement under the Multilateral Convention on 1 July 2014. The Tax Information Exchange Agreement (TIEA) will be in accordance with global regulatory standards. This will be Cayman’s 36th such agreement, the third in 2014, with the Seychelles… – Continue reading
The Cayman Islands and Colombia will sign a tax information exchange agreement on July 1, the government announced. The TIEA will “be in accordance with global regulatory standards.” The agreement will be the 36th signed by the Cayman Islands, and the British Overseas Territory’s third in 2014, following similar pacts… – Continue reading
GEORGE TOWN, Grand Cayman–(BUSINESS WIRE)–The Cayman Islands and Colombia are to sign a Tax Information Exchange Agreement (“TIEA”) on 1 July 2014. The TIEA will be in accordance with global regulatory standards. This will be Cayman’s 36th such agreement, the third in 2014, with the Seychelles agreement being signed in… – Continue reading
Cyprus and India will have a new double taxation avoidance agreement signed by September the latest, an insider in Nicosia told The Cyprus Daily on Thursday. He dismissed reports in The Indian Express newspaper saying that Cyprus would be off the blacklist only when it agrees for a complete revamp… – Continue reading
Tax expert and member of the GSD executive Chris White has said that Daniel Feetham, the Leader of the Opposition, “was absolutely right in the statements he made. The Government of Gibraltar has signed 27 Tax Information Exchange Agreements.” In a recent statement the Gibraltar Government said that Mr Feetham… – Continue reading
NICOSIA and New Delhi are inching closer to putting their double taxation avoidance agreement (DTAA) back on track, financial sources said yesterday. The sources, familiar with the subject but speaking on condition of anonymity, played down reports from India that Cyprus was unlikely to get off the ‘blacklist’ any time… – Continue reading
BASSETERRE, St. Kitts, May 21st 2014 (CUOPM) – The St. Kitts and Nevis Federal Cabinet has paved the way for the signing of Tax Information Exchange Agreements (TIEAs) with Ireland and South Africa. Cabinet has approved the draft agreements between officials of the respective countries. “Those negotiation exercises have since… – Continue reading
The head of Canada’s investment industry association is urging the federal government not to defer legislation that will facilitate handing tax information of U.S. citizens living in Canada to authorities in the United States. Ian Russell, chief executive of the Investment Industry Association of Canada, made his pitch to the… – Continue reading
WASHINGTON (Reuters) – Hong Kong has reached an information-sharing agreement with the United States under a new law meant to combat offshore tax dodging by Americans, the U.S. Treasury Department said on Friday. Set to take effect on July 1, the Foreign Account Tax Compliance Act of 2010 (FATCA) will… – Continue reading
Last week, Israel and the US signed an information-sharing agreement for financial assets (primarily bank accounts) belonging to Israeli and US citizens, in an attempt to improve tax enforcement in both countries. “US residents who do not disclose information about accounts they hold in Israel could risk fines of up to 50%… – Continue reading
A host of countries, including Switzerland and Singapore, have committed to share all financial information with other governments New Delhi: India moved a step closer to gain access to bank account information of its citizens in offshore banks after a host of countries, including Switzerland and Singapore, committed to share all… – Continue reading
Forty-seven countries signed up Tuesday to automatically share bank data, including key financial centres Singapore and Switzerland, the OECD said, in what has been touted as a major step towards cracking down on global tax evasion. Under the declaration, the 47 countries have committed to “swiftly” pass new domestic laws… – Continue reading
The Cayman Islands and Belgium have officially signed a tax information exchange agreement. Cayman Financial Services Minister Wayne Panton and Belgian Ambassador Godelieve Van den Bergh signed the agreement last week at the Government Administration Building in Grand Cayman. The tax information exchange agreement is the 35th into which the… – Continue reading
WASHINGTON/SINGAPORE (Reuters) – Singapore has reached a tax information-sharing agreement with the United States under a new law meant to combat offshore tax dodging by Americans, a U.S. Treasury Department spokeswoman said on Monday. The deal, which was expected for more than a year, will make it much easier for… – Continue reading
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
(Reuters) – Israel has become the latest country to reach a tax information-sharing agreement with the United States under a new law meant to combat offshore tax dodging by Americans, a U.S. Treasury Department spokesperson said on Thursday. Set to take effect on July 1, the Foreign Account Tax Compliance Act of… – Continue reading
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
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
Baku, Fineko/abc.az. The U.S. is waiting for Azerbaijan’s response on the agreement on the exchange of tax information on the FATCA rules. The U.S. Embassy reports that the US has engaged the Azerbaijani government on this issue. “Now we’re waiting for their response. The US government is negotiating similar arrangements… – 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
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
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
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
The mainland’s efforts to fight tax evasion brought in 46.9 billion yuan (HK$59.2 billion) of additional taxes in 2013, 38 times more than 2008, according to the website of the State Administration of Taxation. Since 2011, China’s transfer pricing agreements with Hong Kong and Macau have saved 34.57 billion yuan… – Continue reading
Jersey Finance has welcomed the signing of the Tax Information Exchange Agreement (TIEA) with Belgium which took place in London on Thursday (March 13, 2014). The new agreement brings the total number of tax agreements Jersey has now signed with EU Member States to 20, which includes both TIEAs and… – Continue reading
Jersey and the Kingdom of Belgium signed a tax information exchange agreement (TIEA) at the Residence of the Ambassador for the Kingdom in London today (13 March 2014). The TIEA was signed for Jersey by the Minister for External Relations, Senator Sir Philip Bailhache. The Belgian Deputy Prime Minister and… – Continue reading
The Bermuda Court of Appeal has ruled that the target of an intergovernmental request for information under a Tax Information Exchange Agreement (TIEA) may require the Attorney General to produce the terms of the request in order to confirm that the request meets the statutory requirements under the International Co-operation… – Continue reading
The Canada-British Virgin Islands (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. The BVI-Canada TIEA is… – Continue reading
Jersey Finance has welcomed the signing of the Tax Information Exchange Agreement (TIEA) with Belgium which took place in London on Thursday (March 13, 2014). The new agreement brings the total number of tax agreements Jersey has now signed with EU Member States to 20, which includes both TIEAs and… – Continue reading
Russia’s Finance Ministry has received suggestions from several offshore zones on organization of negotiations on exchange of tax information, Russia’s Deputy Finance Minister Sergei Shatalov told a Week of Russian Business on Monday. “Lately, the finance ministry has received suggestions from the British Virgin Islands, Bermuda Islands, the Isle of… – Continue reading
NASSAU, The Bahamas – The Commonwealth of The Bahamas and the Czech Republic entered into an Agreement on the Exchange of Information on Tax Matters during a signing ceremony at the Ministry of Foreign Affairs on Thursday, March 6, 2014. Minister of State for Finance Michael Halkitis signed for The… – Continue reading
This was an appeal to the Court of Appeal from the decision of the Royal Court of Jersey, by which the Royal Court dismissed an appeal brought under Article 14(1)(c) of the Taxation (Exchange of Information with Third Countries) (Jersey) Regulations 2008 (the “Regulations”) and upheld the decision of the… – Continue reading
The President of Tynwald, the Hon Clare Christian, has welcomed His Excellency Mr Dominik Furgler, Ambassador of Switzerland to the United Kingdom, to Tynwald. His Excellency was joined by his wife, Mrs Hayam Furgler and Ms Rebekka Benesch, First Secretary for Financial and Fiscal Affairs on a two-day visit which… – Continue reading
Gibraltar lawmakers unanimously approved new legislation that will dramatically expand Gibraltar’s network of agreements for the exchange of tax information. The legislation implements OECD’s Convention on Mutual Administrative Assistance in Tax Matters in Gibraltar ahead of the March 1 deadline. The move is part of the Government of Gibraltar’s policy… – Continue reading
Switzerland must adopt a position on sharing bank client data with foreign tax authorities more quickly than originally thought and cannot hold back until all other countries have introduced the practice, its finance minister told a Swiss newspaper. So far, 42 countries have declared an interest in automatically sharing information… – Continue reading
G20 finance ministers speak loudly, mention big stick The world’s top 20 finance ministers have signalled once again that they’re sick of their taxes disappearing offshore and have signalled a strong intention to get their cash back. The ministers in question are all members of the Group of Twenty (G20)… – Continue reading
Finance ministers and central bankers from the world’s most powerful economies have vowed to crack down on offshore tax evasion by big multinationals. Bill English was among the who’s who of the finance world meeting in Sydney yesterday. New Zealand is not one of the G20 but was conferred unofficial… – Continue reading
Back in April 2013, the G5 Governments agreed to work together on a pilot scheme on multilateral and standardized exchange of tax information, with a new initiative on information exchange, based on the so-called FATCA (Foreign Account Tax Compliance Act) exchange model. Luxembourg, Liechtenstein, Malta, Greece, Iceland and Colombia have… – Continue reading
Group-of-20 nations agreed to implement a global standard for automatically exchanging information between tax authorities by the end of 2015, the Organization for Economic Cooperation and Development said. The endorsement is a step toward putting an end to “banking secrecy as we know it,” Pascal Saint-Amans, director of the OECD’s… – Continue reading
The Manx government has asked S&P to stop its ratings after the agency warned of risks to the island’s financial services industry from international regulation The Isle of Man government has told Standard & Poor’s to stop rating its debt after the agency downgraded the island’s credit rating. S&P cut… – Continue reading
The United States is pushing measures to close tax evasion loopholes with global co-operation at the G-20 summit in Sydney, Australia, where the group of 20 advanced and emerging economies are meeting. The U.S. is bent on reducing the loopholes used by MNCs to avoid tax. Just ahead of the… – Continue reading
The battle against offshore tax evasion is gaining momentum after Australia and the US struck a deal to combat tax-dodgers and G20 members prepared to sign off on a scheme for the automatic exchange of tax information. American Treasury Secretary, Jack Lew, and federal Treasurer, Joe Hockey, announced in Sydney… – Continue reading
It’s a u-turn, but unavoidable: bankers and politicians are preparing for the automatic exchange of tax information. Switzerland has helped develop the new standard, which the OECD wants to fast-track worldwide. The days when Swiss finance ministers said banking secrecy was non-negotiable and carved in stone are over. Switzerland has… – Continue reading
The income tax (I-T) department has not been able to make any headway in detecting the offshore investments by Indians, including 20 big names from Andhra Pradesh, in the safe havens abroad. The reason? ‘Non-cooperation’ by the foreign counterparts despite agreements for sharing tax information. It was after the much-publicized… – Continue reading
India’s recent decision to blacklist Cyprus for not providing tax data will hit developers and realty funds. Investors who have routed their funds through Cyprus are likely to face a big decline in returns as developers will now be expected to withhold higher tax amounts. So far, these investments were… – Continue reading
Cayman is taking steps to implement the legal aspect of various Tax Information Exchange Agreements (TIEA). A working group, made up of public and private sector representatives, is helping to develop the legal framework for the automatic exchange of information for tax purposes, in order to respond to the international regulations… – Continue reading
The OECD on Sunday delivered a new global standard to crack down on tax evasion with more than 40 countries already committing to the measures. Organisation for Economic Cooperation and Development (OECD) chief Angel Gurria called it “a real game-changer” that would boost international cooperation to reel in cheats. “Globalisation… – Continue reading
