Overview If you have been reading my articles on JD Supra for a while, you will know that I love Afro-Cuban and Brazilian music. Nevertheless, the Hall and Oates song Private Eyes, is a more fitting song to describe the state of offshore planning in Tax Havens than “Oye Como… – Continue reading
NEW DELHI: Following the Panama Papers leak, India is seeking to restart talks with the Central American country on a Tax Information Exchange Agreement (TIEA) that can help uncover information on wealth hidden away from public scrutiny. Talks with Panama on such an agreement aimed at information exchange on tax… – Continue reading
In a search for financial records of a U.S. taxpayer who allegedly parked undeclared income offshore, the Internal Revenue Service (IRS) and the U.S. Department of Justice (DoJ) are seeking to enforce a summons against a U.S. branch of a foreign bank for records held by a foreign branch of… – Continue reading
The Swiss Federal Council has adopted a dispatch on the implementation of a new tax information agreement (TIEA) with Brazil and submitted it to Parliament for approval. The agreement was signed in November 2015. It is the tenth TIEA signed by Switzerland. The Council said that the agreement governs the… – Continue reading
“It is tantamount to an economic blockade”. That’s how Antigua and Barbuda’s Prime Minister, Gaston Browne, described the current withdrawal from Caribbean indigenous and offshore banks of correspondent relationships by US banks. His sentiments were echoed by Dean Barrow and Freundel Stuart, the prime ministers of Belize and Barbados respectively…. – Continue reading
Double tax treaties enable competent authorities of the treaty partners to exchange important tax information necessary for implementing the treaty or the domestic laws on taxes of every kind and description imposed. For instance, exchanges of information may be made regarding tax avoidance by companies of the contracting states.Nevertheless information… – Continue reading
Officials said the Central Board of Direct Taxes (CBDT) has asked the taxman to send across to it all such cases for exchange of information which are getting “time barred” by March 31. With the current financial year coming to a close soon, CBDT has asked the Income Tax department… – Continue reading
In an effort to provide their tax administrations with more tools to combat corporate tax avoidance through transfer pricing, officials from 31 countries today signed an agreement setting out the parameters for automatic exchange of country-by-country reports on large multinational corporations. The agreement — the Multilateral Competent Authority Agreement on… – Continue reading
Macau’s Financial Services Bureau (DSF) has confirmed to Business Daily that the local authority is to sign a Tax Information Exchange Agreement (TIEA) with South Korea, which would add to the existing 15 jurisdictions that have already signed this agreement with the territory. According to the Bureau, its South Korean… – Continue reading
Hong Kong’s newly signed double tax deal with Russia is said to support the territory’s ongoing efforts to expand its tax treaty network with jurisdictions along “the Belt and Road.” The Belt and Road, or the Silk Road Economic Belt, is a Chinese Government economic development project, which is primarily… – Continue reading
BRASILIA, Jan 14 (Reuters) – Brazilian President Dilma Rousseff on Thursday signed a bill that gives amnesty to holders of undeclared offshore assets in exchange for a fine, part of efforts to cut a swelling budget gap and revive investment in the recession-hit economy. The law offers amnesty from prosecution… – Continue reading
Last year Jersey cemented its position as a leading centre for companies looking to list – as reflected in the rise in volume and value of Jersey companies listed on exchanges around the world. Here are some challenges that lie ahead in this jurisdiction over the next 12 months. In… – Continue reading
Hong Kong (HKSAR) – The Inland Revenue (Amendment) Bill 2016 was gazetted today (January 8). “The Bill seeks to put in place a legal framework for Hong Kong to implement the new international standard for automatic exchange of financial account information in tax matters (AEOI) as promulgated by the Organisation… – Continue reading
The Argentine tax authorities (AFIP) posted an updated “white list” of countries, jurisdictions, and territories—that is, a list of countries and jurisdictions that are identified as cooperative for tax transparency purposes. A broader application of Argentina’s transfer pricing rules will not apply to transactions involving entities located in the countries… – Continue reading
NEW DELHI: Government has collected a total of Rs 2,428.4 crore in taxes after over 600 declarations were made by stash holders to the Income Tax department under the one-time black money compliance window that ended last year. The Central Board of Direct Taxes, in a statement, said this amount… – Continue reading
Although the British Virgin Islands is often seen as an offshore tax haven, a closer look shows such opinions may be overstated There is a stereotypical image of the so-called ‘tax haven’ for ‘shady people to put their money’. While it is true that BVI Finance enjoys warm, sunny weather… – Continue reading
Insurers and financial advisers are required to know the tax information of their customers, according to guidance published by the Association of British Insurers (ABI) and the Association of Professional Financial Advisers (APFA). The new requirement follows UK information exchange agreements including Foreign Account Tax Compliance Act, agreements with Crown… – Continue reading
Non-Belgian shareholders with a participation in a Belgian company with an acquisition value of at least €2.5m (but not reaching the 10 per cent participation threshold under the Parent–Subsidiary Directive) are now entitled to the Belgian participation exemption regime. In C-384/11 (Tate & Lyle Investments), the European Court of Justice… – Continue reading
India on Wednesday approved the signing and ratification of an agreement with the Maldives for exchange of information aimed at curbing tax evasion and avoidance. According to the Economic Times of India, the approval was given by the Union Cabinet chaired by Prime Minister Narendra Modi. “The agreement will stimulate… – Continue reading
In order to exchange information aimed at curbing tax evasion and avoidance, Union Cabinet chaired by the Prime Minister Narendra Modi approved the signing and ratification of an agreement between India and Maldives. The Agreement will stimulate effective exchange of information between the two countries which will help curb tax… – Continue reading
On December 30, 2015 on the website of the Dutch Staatscourant the text of the Competent Authority Arrangement between the Competent Authorities of the United States of America and the Kingdom of theNetherlands was published. The Competent Authority Arrangement between the Competent Authorities of theUnited States of America and the… – Continue reading
The World Captive Forum takes place in Florida next month Bermuda’s business chiefs will be out in force at next month’s World Captive Forum. The event, to be held in Florida, will include several speakers from Bermuda including lawyers, regulators and business leaders. And Bermuda delegates will use the event… – Continue reading
US Democratic presidential hopeful Bernie Sanders has pledged a crackdown on tax avoidance involving Bermuda and other offshore jurisdictions. Mr Sanders, currently trailing Hillary Clinton in the race for the nomination as presidential candidate, made the promise on an online political channel in America. Mr Sanders said he would use… – Continue reading
MINSK, 29 December (BelTA) – The work on the agreement on sharing tax data between member states of the Eurasian Economic Union (EEU) is in the final stage. The statement was made by Belarusian Tax and Duties Eurasian Economic Union (EEU)Minister Sergei Nalivaiko during the press conference hosted by the… – Continue reading
Pakistan and the US have decided to share intelligence on income tax and bank accounts of Pakistani citizens that have dual nationality. The two countries will agree on one of three options laid down in Foreign Accounts Tax Compliance Act (FATCA) approved by US Congress and sign the proposed US-Pak… – Continue reading
On December 18, 2015 the Inland Revenue Authority of Singapore issued a press release announcing that on that same date the Agreement between the Government of the Republic of Singapore and the Government of the Republic of Ecuador for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion… – Continue reading
On December 18, 2015 the Inland Revenue Authority of Singapore issued a press release announcing that on that same date the Agreement between the Government of the Republic of Singapore and the Government of the Republic of San Marino for the Avoidance of Double Taxation and the Prevention of Fiscal… – Continue reading
China Commits to Automatic Exchange of Tax Information Approved by the State Council, China has committed to the Organization for Economic Co-operation and Development’s (OECD’s) global standard for automatic exchange of tax information and will start to automatically exchange information with other countries’ tax authorities by September, 2018. On December… – Continue reading
The Protocol amending the Multilateral Convention on Mutual Administrative Assistance in Tax Matters will lead to substantially more transnational identity theft, crime, industrial espionage, financial fraud, and the suppression of political opponents and religious or ethnic minorities by authoritarian and corrupt governments. It puts Americans’ private financial information at risk…. – Continue reading
India and Korea on December 9 agreed to suspend collection of taxes during the pendency of Mutual Agreement Procedure (MAP). This MoU will relieve the burden of double taxation for the taxpayer in both the countries. Two days later, India and Japan signed a protocol for amending the existing convention,… – Continue reading
Caribbean territory Saint Kitts and Nevis has proposed legislative changes to improve its ability to exchange information with treaty partners in tax matters. The territory’s Prime Minister, Timothy Harris, explained that the changes have been prompted by an increasing number of requests from treaty partners, which he attributed to a… – Continue reading
Come 2017, tax information on all foreign nationals holding bank accounts or other financial holdings in Cayman will be automatically shared with tax authorities in their home countries when the Mutual Administrative Assistance in Tax Matters convention kicks in. Maples, in a Cayman Islands Automatic Exchange of Information update statement… – Continue reading
The Isle of Man has signed a tax information exchange agreement with Spain, reports the Isle of Man Today. It’s part of what the Manx government calls its ‘continuing commitment to meet international standards in tax co-operation and transparency’. The agreement was signed by Mr José Manuel Gutiérrez Delgado, Financial… – Continue reading
Basseterre, St. Kitts, December 11, 2015 (SKNIS): The proposed amendments to the Saint Christopher and Nevis Mutual Exchange of Information on Taxation Matters (Amendment) Bill, 2015 would greatly assist in minimizing the challenges that St. Kitts and Nevis faces when executing obligations under Agreements with treaty partners, said Prime Minister,… – Continue reading
Thirteen jurisdictions signed the OECD Multilateral Competent Authority Agreement (MCAA) at a meeting on October 29-30, 2015, in Barbados. In joining the MCAA, the territories commit to automatically exchange tax information with other nations’ tax authorities under the OECD’s new tax information exchange standard, the Common Reporting Standard. A total… – Continue reading
Providenciales, 08 Dec 2015 – Since December of 2014, the Turks and Caicos signed an Intergovernmental agreement or IGA so that the laws of the US FATCA or Foreign Accounts Tax Compliance Act and the UK equivalent could have force in these islands. Last month, the Ministry of Finance issued… – Continue reading
On 8 December 2015, the Council adopted a directive aimed at improving transparency on tax rulings given by member states to companies in specific cases about how taxation will be dealt with. The directive is one of a number of initiatives aimed at preventing corporate tax avoidance. It will require… – Continue reading
On October 30, 2015, the Global Forum on Transparency and Exchange of Information for Tax Purposes decided that Cyprus, Luxembourg and Seychelles have actually and substantially implemented the international standard on transparency and exchange of tax information. Therefore, companies no longer have the obligation to declare payments made to persons… – Continue reading
The new agreement marks the end of bank secrecy between San Marino and the EU. As of 2017, San Marino and EU Member States will automatically exchange information on the financial accounts of one another’s residents. Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said: “This agreement… – Continue reading
The Tax Department will thoroughly investigate the income of all Cyprus residents on the Lagarde list, going as far back as 2003. The Department will look into their income after 2006, to determine whether they met their tax obligations up to date. Chief tax inspector Klelia Papadopoulou told Phileleftheros daily… – Continue reading
As part of the Isle of Man Government’s continuing commitment to meet international standards in tax co-operation and transparency, a Tax Information Exchange Agreement (TIEA) has been signed with Spain. The agreement was signed by Mr José Manuel Gutiérrez Delgado, Financial Counsellor of the Embassy of Spain to the UK,… – Continue reading
Right to levy capital gains tax by India is also part discussions, he said India is engaged in “positive talks” with Mauritius on revision of bilateral tax treaty as some issues still need to be sorted out, an official said today. “Negotiations have been going on. Talks with Mauritius have… – Continue reading
NEW DELHI, DEC 3: Domestic taxpayers would do well to fully disclose their foreign assets with Indian tax authorities, Jayant Sinha, Minister of State for Finance, has said. Non-disclosure of foreign assets could turn a “risky” proposition for taxpayers, Sinha said in his inaugural address at the 6th meeting of Automatic… – Continue reading
Swiss Senate has sealed the end of banking secrecy for foreign clients, following the House of Representatives in accepting the legal groundwork for the automatic exchange of information. The decision paves the way for a “decorous funeral for tax secrecy,” as senator Roberto Zanetti of the leftwing Social Democrats put… – Continue reading
As the Joint Ministerial Council meeting continues in London this week Financial Services Minister Hon Wayne Panton says he intends to meet with European States in a bid to have Cayman removed from their lists of third-country, Non-cooperative Tax Jurisdictions. The minister, speaking at the last sitting of the Legislative… – Continue reading
Finance Minister Ishaq Dar has said the government does not have any evidence of Rs 430 billion being taken out by Pakistanis abroad adding the figure was based on media reports. The Minister stated this while addressing a news conference after a special meeting of the Economic Co-ordination Committee (ECC)… – Continue reading
Participants listen to an expert during the seminar hosted by KPMG Qatar. KPMG in Qatar held a seminar recently to help chief financial officers and chief compliance officers from financial institutions understand the implications of Common Reporting Standard (CRS) and what they need to do to comply. The seminar comes… – Continue reading
ITR Correspondent Italy has updated its rules governing transactions with parties located in tax havens. Following a legislative process which began in 2013, the Italian Government on September 14 2015 enacted a decree addressing a wide array of international tax matters, including one of the most controversial Italian tax rules… – Continue reading
A European Parliamentary debate this afternoon discussed measures that would lead to the curtailing of tax evasion and avoidance. A debate was sparked last year when it was revealed that Luxembourg had struck preferential multi-billion dollar tax deals with some of the world’s largest multinational corporations. This debate has been… – Continue reading
Bern, 11.24.2015 – Four additional double taxation agreements (DTAs) have entered into force between Switzerland and Cyprus, Iceland, Estonia and Uzbekistan. They contain provisions on mutual assistance in accordance with the internationally applicable standard. At the same time they promote the development of bilateral economic relations. With Cyprus, Switzerland has… – Continue reading
