Maltese individuals resident and domiciled for tax purposes, that is people whose permanent residence is in Malta, are required to pay tax in Malta on their worldwide income, according to the Income Tax Act. This essentially means that Minister Konrad Mizzi is required to pay tax on foreign earnings. However… – Continue reading
Russia has come close to blacklisting the UK as a tax haven as concerns grow over Scotland’s booming offshore business. The Kremlin’s Finance Ministry had announced that it would officially equate Britain with traditional “fiscal paradises” like Panama, the British Virgin Islands and the Caymans. Such a humiliating move would… – Continue reading
Tempur Sealy swung to a loss in the fourth quarter as a tax dispute with Denmark that may take years to resolve continued to weigh on the world’s largest mattress maker. The net loss of $11.3 million, or 18 cents a share, reflected in part a balance sheet charge related… – Continue reading
There is no doubt that Cayman Islands remain the favorite domicile for alternative investment funds globally. Cayman is a full service jurisdiction complying with all international standards, but it’s also business-friendly, with a lot of demand to have all relevant industry services located there: 184 banks, 149 trust companies, 108… – Continue reading
Here’s a transaction that did the rounds some years ago. If I wanted some foreign exchange in the future I could enter into a contract with a bank by which it would sell me some. Assume that, in order to get a bank to promise to give me $2bn in… – Continue reading
LAHORE: Directorate of Intelligence Inland Revenue (I&IR), Federal Board of Revenue (FBR) in a raid recovered, impounded and retained record of a known educational institution in an income tax evasion case. The income tax evasion by the educational institution, which has around 100 branches of schools, colleges and different entrance… – Continue reading
The beneficiaries included Anheuser-Busch InBev NV, BP Plc, BASF SE, Proximus SA, Atlas Copco AB, Wabco Holdings, and Celio France SAS. proximus SE This estimate does not include any benefits associated with a successful appeal of the decision, nor does it reflect guidance we expect to receive from the Belgian… – Continue reading
In its continuing effort to keep the BVI Business Companies Act (the “Act”) at the forefront of offshore company law legislation, the BVI Government, in direct consultation with the private sector, has introduced several updates to the Act as follows: To allow weighted voting by directors whereby certain directors may… – Continue reading
A deadline for comments on the draft guidelines to determine the tax residency of a foreign company has been extended to January 9. The government felt the need to determine a company’s place of effective management due to lack of detail in the Income Tax Act leading to the possibility… – Continue reading
When purchasing a real property overseas, there are situations when it may prove advantageous or even necessary to do so through an offshore corporation, rather than owning the property individually. It is crucial to understand that this can also have significant US tax consequences for US persons. Fortunately, “checking the… – Continue reading
The Department of Justice announced today that Edmond de Rothschild (Suisse) SA and Edmond de Rothschild (Lugano) SA (collectively EdR Switzerland) reached a joint resolution under the department’s Swiss Bank Program. EdR Switzerland will pay a penalty of more than $45 million. The Swiss Bank Program, which was announced on… – Continue reading
According to Baroness Neville-Rolfe, Parliamentary Under Secretary of State at the Department for Business, Innovation and Skills, the United Kingdom “is at the forefront of a dramatic increase in transparency about company ownership” in developed countries. However, it is the UK which is going to provide the testing ground for… – Continue reading
Growth and profitability have been at the crux of the corporate agenda and defined the way businesses function. Companies have nevertheless encountered challenges while trying to achieve these goals, which have inevitably required them to sometimes ‘work around the way of the land’. For instance, it is a common concern… – Continue reading
The BVI Business Companies Act 2004 (“BCA“) is shortly due to be amended by the BVI Business Companies (Amendment) Act 2015 (the “Amendment Act”). As well as keeping the British Virgin Islands (“BVI“) corporate regime at the forefront of compliance with international standards, the Amendment Act is intended to provide… – Continue reading
the company will make a complaint against the decision Nokian Tyres plc (HEX:NRE1V) has received a renewed reassessment decision from the Tax Administration, according to which the Company is obliged to pay EUR 87 million additional taxes with punitive tax increases and interests concerning tax years 2007-2010. Payment must be… – Continue reading
Over recent years, Kingdom of Morocco has created a legal and regulatory framework very attractive for foreign investors. In addition to its political stable environment, a recent series of tax treaties with numerous countries and reforms in almost all of its sectors of activities, in conjunction with its creation of… – Continue reading
Hong Kong’s Financial Services Development Council (FSDC) has released a number of research reports, including one that addresses tax issues relating to open-ended fund companies (OFCs) and private equity (PE) investments, reports Tax News. One report entitled “A Paper on the Tax Issues on OFCs and Profits Tax Exemption for… – Continue reading
On November 30, 2015, the UK tax authorities at HM Revenue and Customs (HMRC) reached an agreement with Jersey about the interpretation of the company residence tie-breaker provision of the Jersey-UK income tax treaty. After reviewing other income tax treaties that contain similar provisions, HMRC will now take the view… – Continue reading
“Luxembourg is famous for two things: its steel industry and its rose cultivation industry”. This quote from an Italian guidebook of the 1930s was uttered by Luxembourg’s Finance Minister Pierre Gramegna at the annual conference of the Luxembourg Directors’ Association on 17 June 2015[1]. The economic outlook of the tiny… – Continue reading
Police last week raided the Nicosia offices of the law firm representing the Hermitage Fund, embroiled in the largest fraudulent tax rebate case in Russian history, the Cyprus Mail has learned. On Friday, two senior Russian interior ministry officials along with local police officers searched the Nicosia offices of a… – Continue reading
Sean Connery has not played James Bond for years, but is still a public figure prosecutors might like to attack. He was cleared, but Mr. Connery’s wife, Micheline Roquebrune, has been charged with taking part in an alleged plot to defraud the Spanish treasury of millions in taxes. It is… – Continue reading
KUWAIT CITY, Nov 29: “The world of taxation has changed tremendously impacted by FATCA, transfer pricing, Base Erosion and Profit Sharing, and others which require dramatic changes in existing operating models and structures,” remarked Fouad Douglas, PwC Country Senior partner, at a tax seminar organised by the PwC in conjunction… – Continue reading
The Government continues to take a tough line on tax avoidance, with both political and financial motives… Building on its consultation document from July this year (HMRC consultation on strengthening sanctions for serial tax avoidance) it confirmed it will introduce legislation in the Finance Bill 2016 to implement the following… – Continue reading
Santo Domingo.- Internal Taxes (DGII) director Guarocuya Feliz on Sunday agreed with Institutional and Justice Foundation (FINJUS) vice president Serbio T. Castaños that large fortunes need to be investigated over tax evasion. “This position is in line with the work the institution carries out to eliminate banking secrecy to ensure… – Continue reading
East African countries expect to collect more revenue under a new code drawn, by the world’s richest economies to stop foreign multinationals from dodging taxes in host countries. The new code — Base Erosion and Profit Shifting (BEPS) — adopted by G20 at its meeting in Turkey two weeks ago,… – Continue reading
Australian punters will be thrilled to know that when they do their shirts gambling their post-tax dollars, those very same dollars, which become the pre-tax dollars of the British online betting giants, are funnelled off to places like Gibraltar, pre-tax. University of NSW accounting academic, Jeff Knapp, and Fairfax Media… – Continue reading
City watchdogs say Barclays adopted a no-questions-asked policy Bank did not check where ultra-wealthy clients’ money came from £72million fine has been imposed on the bank for turning a blind eye Barclays has been shamed over a murky £1.9billion deal with ultra-wealthy clients which left the country vulnerable to financial… – Continue reading
When the first flames of the Arab Spring began to burn, a Tunisia suffering from decades of mismanagement, inequality and abuse broke free from under the long reign of Zine Al-Abidine Ben Ali. As the government fell and the turmoil in the country spread across the region, the sheer scale… – Continue reading
Following an independent report which ranked the British Virgin Islands (BVI) as the most important offshore jurisdiction for the sixth consecutive year, local stakeholders are singing the territory’s praises, with one going as far as to claim that the report has challenged the common perception that the BVI is being… – Continue reading
FOCUS: Significant changes to the international tax system planned for the next five years, coupled with a major shift in attitudes towards tax avoidance, has all but killed off the traditional tax scheme. So what does the future hold for businesses seeking to engage in tax planning? To celebrate Out-Law’s… – Continue reading
Greater China, Southeast Asia Seen as Global Leaders in Use of Offshore Vehicles, Drawn by Efficiency & Legal Frameworks Key Highlights: OIL’s sixth annual survey shows: The offshore industry will be a leaner, more resilient and confident member of the global economy by 2020, driven by demand from increasing numbers… – Continue reading
Hong Kong is tipped to become the world’s largest offshore corporate services centre by 2020, helped ironically, by the industry’s own struggles against reform demands coming from western governments and pressure groups. On notice after high profile money laundering and tax avoidance scandals, traditional offshore havens like the British Virgin… – 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
On November 22, 2015 the Israeli Ministry of Finance issued a press release announcing that on November 18, 2015 the Israeli Knesset approved in second and third reading a bill to increase the enforcement ability against tax evaders. According to the press release the bill allows the director of the… – Continue reading
On 17-18 November 2015, a new regional meeting as well as a governmental workshop on BEPS was held for the Latin America and the Caribbean region to discuss the outcomes of the BEPS Project, and the ways that the countries can explore to be involved on an equal footing in… – Continue reading
The offshore industry is poised for growth, as the industry insiders see the demand for offshore financial and corporate services likely to increase in the coming years, according to an industry survey conducted by OIL, a corporate service provider specializing in international incorporations. The industry has been battling negative perceptions… – Continue reading
The offshore industry is poised for growth, as the industry insiders see the demand for offshore financial and corporate services likely to increase in the coming years, according to an industry survey conducted by OIL, a corporate service provider specializing in international incorporations. The industry has been battling negative perceptions… – Continue reading
As the founder of a startup company, one of the first questions you need to consider is “where should I incorporate my company?” Investors are drawn to the British Virgin Islands (BVI) for its flexible and modern corporate regime, tax neutrality, respected legal system, political stability and effective regulatory framework…. – Continue reading
SINGAPORE-listed Sinarmas Land is looking to unlock the value of its investment properties in Indonesia by spinning them into a real estate investment trust (Reit) but has not decided on whether to list in Singapore or Jakarta, with tax benefits on offer likely to be a key determinant. “The unlocking… – Continue reading
Professional services firm PwC has predicted that UK Chancellor George Osborne will introduce an “apprenticeship levy” and seek to lessen the impact of tax credit cuts when he delivers his Autumn Statement on November 25. In his Summer Budget, Osborne pledged that the Government would “introduce an apprenticeship levy on… – Continue reading
Through tweaks to the Model Tax Convention, the OECD believes its work on profit shifting will stem elaborate structures, such as commissionaire arrangements, used by large multinationals to avoid the creation of a permanent establishment. The Organization for Economic Cooperation and Development, however, responded to concerns from taxpayers by narrowing… – Continue reading
Nov 22, 2015- Lack of clarity over double taxation on petroleum products from China will delay the signing commercial agreement with Petro-China. For now, the government is sending a technical team of Nepal Oil Corporation (NOC) to China on Monday to clarify the issue of taxation before a high level… – Continue reading
Company used actresses including former Alan Partridge star to bombard financial sector workers with cold calls The grey Basinghall Street office building, in the heart of London’s City financial district, gives few clues about the frenzy of activity that was going on inside. But for years, this was the home… – Continue reading
HA NOI (VNS) — The Ministry of Finance has instructed commercial banks to completely stop over-the-counter tax payments and work with tax agencies to implement online tax payments by the beginning of December. Accordingly, it can be made via the general department’s e-portal and other online banking services such as… – Continue reading
David Cameron’s party reported fresh donations of £217,500 from Lycamobile weeks after BuzzFeed News revealed the telecoms giant’s “deeply suspicious” business practices. The Tories have accepted a fresh donation of £217,500 from Lycamobile in defiance of calls on the party to sever its ties with the controversial telecoms group. The… – Continue reading
Tax administrators want to maximise the amount of revenue collected without stifling the county’s competitiveness as a business destination. How should ASEAN countries navigate changing international conditions to meet this goal? By Rebecca Tan – As Benjamin Franklin once famously said, “In this world, nothing can be said to be… – Continue reading
Hong Kong is tipped to become the world’s largest offshore corporate services centre by 2020, helped ironically, by the industry’s own struggles against reform demands coming from western governments and pressure groups. On notice after high profile money laundering and tax avoidance scandals, traditional offshore havens like the British Virgin… – Continue reading
Latest developments under the Base Erosion and Profit Shifting (BEPS) initiative of the Organisation for Economic Co-operation and Development (OECD) was one of the key points of a recent four-day visit by KPMG’s global leader for Transfer Pricing Services Sean Foley to Vietnam. He shared the issue with Vietnam’s General… – Continue reading
BRUNO Manser Funds (BMF) is investigating an art painting donated to the Art Gallery of South Australia by a a company linked to Abdul Taib Mahmud, a Malaysian politician who ruled Sarawak for over three decades. The conservation group is calling on the art gallery to disclose the full value… – Continue reading
Online accommodation platform, Airbnb, appeared before the Senate Inqury into the tax avoidance of multinational companies on Wednesday, with the ANZ manager arguing the startup brings a significant amount of money into the economy. Airbnb has found itself in the spotlight on Wednesday, when a Senate inquiry into the tax… – Continue reading
