The BMF has application letter sent to the chief financial authorities of the countries associated with the between the Federal Republic of Germany and the United States of America concluded by 31.5.2013 FATCA Agreement. Background Background of extensive, comprehensive 71 pages, application letter from the Federal Ministry of Finance on… – Continue reading
On August 4 and 5, 2015, the FC heard oral arguments in a lawsuit—commenced on August 11, 2014 by two Canada-US citizens—that challenges the law implementing the Canada- US intergovernmental agreement (IGA) relating to FATCA (Virginia Hillis et al. v. The Attorney General of Canada et al., court file no…. – Continue reading
They say the only certain things in life are death and taxes, but a large number of non-U.S. citizens may have found a way to avoid at least one of those. Under U.S. tax law, the estates of foreign holders of U.S. assets, such as stocks, real estate and valuables,… – Continue reading
The Department of Justice announced today that Banque Bonhôte & Cie SA (Banque Bonhôte) has reached a resolution under the department’s Swiss Bank Program. The Swiss Bank Program, which was announced on Aug. 29, 2013, provides a path for Swiss banks to resolve potential criminal liabilities in the United States…. – Continue reading
As of July 15 2015, 55 financial institutions and banks in Ghana have registered themselves to comply with FATCA. So, chances are that if you tried to open a bank account in Ghana, the bank now requires you to fulfil some United States (U.S.) reporting obligations in addition to the… – Continue reading
Ayar Law Group speaks about amnesty programs expiring as foreign banks comply with FATCA. Read more: http://www.digitaljournal.com/pr/2728314#ixzz3qQF5Tmeq Nov. 2, 2015 / PRZen / VANCOUVER, British Columbia — The unofficial period of grace to reveal foreign bank accounts to the IRS is ending for U.S. taxpayers. Those who don’t comply with… – Continue reading
A Financial Action Task Force (FATF) delegation visits Israel this week to consider Israel’s application for membership. “Israel is working tirelessly to upgrade its standing as a regional leader in the struggle against money laundering and financing of terrorism through persistent regulatory changes and a more effective regime. Up until… – Continue reading
FATCA, the Foreign Account Tax Compliance Act, is up and running. If you have foreign accounts or foreign assets, it is an important law that has changed banking and privacy in radical ways. And it has done so worldwide, not just for Americans, but for anyone having even remote American… – Continue reading
Ayar Law Group speaks about Amnesty Programs expiring as foreign banks comply with FATCA. Oct. 22, 2015 / PRZen / DELHI, India — The unofficial period of grace to reveal foreign bank accounts to the IRS is ending for U.S. taxpayers. Those who don’t comply with the law may soon… – Continue reading
Michigan Tax Attorney, Venar Ayar talks about Amnesty Programs expiring as foreign banks comply with FATCA. Oct. 21, 2015 / PRZen / DETROIT — The unofficial period of grace to reveal foreign bank accounts to the IRS is ending for U.S. taxpayers. Those who don’t comply with the law may… – Continue reading
The local implications for the Foreign Accounts Tax Compliance Act (FATCA) are far reaching. So said First Caribbean International Bank (FCIB) representative Norlan Gabriel, who was a panel member on NBC Radio’s “Views on Issues” programme last Sunday. The latest edition of the radio programme was aimed at disseminating information… – Continue reading
On 17 September, 2015, China State Administration of Taxation (SAT) released the Discussion Draft for the Implementation Measures for Special Tax Adjustments (“Discussion Draft”), as a complete revamp to the existing trial version of the Implementation Measures, i.e., Circular 2. Circular 2 has been serving as a backbone transfer pricing… – Continue reading
The number of banks with deferred prosecution agreements with the U.S. government keeps growing. The subject is tax evasion involving American account holders. Today, under FATCA, banks everywhere want to know if you are compliant with the IRS. And the IRS keeps updating its list of foreign banks where offshore… – Continue reading
The TIGTA audit was initiated to assess the IRS’s progress in implementing the FATCA. WHAT TIGTA FOUND TIGTA found that the IRS has taken steps to provide information to affected stakeholders that Tigtalogo explains the FATCA requirements and expectations. However, TIGTA identified improvements that are required to ensure compliance and… – Continue reading
FATCA was passed to prevent U.S. citizens from evading tax by focusing primarily on foreign financial institutions with U.S. account holders. The Foreign Account Tax Compliance Act (FATCA) was enacted as part of the 2010 Hiring Incentives to Restore Employment Act, and its provisions became effective as of 7/1/14. FATCA… – Continue reading
Information on Completing the Form 8802, Application for United States Residency Certification Many U.S. treaty partners require the IRS to certify that the person claiming treaty benefits is a resident of the United States for federal tax purposes. The IRS provides this residency certification on Form 6166, a letter of… – Continue reading
Tax evasion is a massive global industry. Of every hundred dollars people put in bank accounts and investments, eight are socked away in tax havens such as Switzerland and Singapore, according to work by the UC-Berkeley economist Gabriel Zucman. While only the very wealthy can afford to play this international… – Continue reading
New York, NY, September 05, 2015 –(PR.com)– The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Colleen P. Waddell, Managing Director, Outlier Solutions will speak at the Knowledge Group’s webcast entitled: “Latest Regulatory Developments Under FATCA: Best Compliance Practices Uncovered… – Continue reading
The Internal Revenue Service has issued additional informal guidance regarding implementation of the Foreign Account Tax Compliance Act (FATCA). First, the IRS published a new “Frequently Asked Question” on its website addressing form and documentary evidence received by facsimile or email. The text of the guidance, which states that withholding… – Continue reading
The U.S. and China enjoy increasingly strong connections. Yet virtually no Chinese family or business relishes dealing with the Internal Revenue Service (IRS). American tax laws are famously complex, and dealing with the IRS can be like quicksand. Of course, whether they like it or not, U.S. citizens and green… – Continue reading
In a new update on the financial status of the UAE, the International Monetary Fund (IMF) has advised additional taxation among several options for the UAE government to further strengthen its revenue base in order to minimise dependence on the fluctuating global oil price, reports the Emirates 24/7. The UAE… – Continue reading
HE Voluntary Disclosure Programme introduced in 2012 to encourage taxpayers to regularise their affairs has some flaws that need addressing to be able to expose the real amount of money that has left SA illegally. Tax experts warn that the process in SA is relatively expensive, there are uncertainties because… – Continue reading
The UK is going ‘head to head’ with the Isle of Man and other jurisdictions with the reforms announced in last week’s summer budget, iomtoday reports. That’s the verdict of Treasury Minister Eddie Teare, who says that changes to the UK’s corporation tax, inheritance tax and reformed non-domicile rules will… – Continue reading
Washington, DC—(ENEWSPF)—July 9, 2015. The Department of Justice announced today that two banks, Banque Pasche SA and ARVEST Privatbank AG, have reached resolutions under the department’s Swiss Bank Program. “Banque Pasche and ARVEST have provided detailed information regarding the ways in which Swiss banks helped U.S. taxpayers conceal foreign accounts… – Continue reading
New Delhi: The government on Sunday introduced simplified income tax return forms, abandoning a previous attempt to seek detailed disclosures of foreign trips and bank accounts from taxpayers, even as it retained clauses to check evasion. While taxpayers will not have to disclose details of all foreign travel undertaken by… – Continue reading
President Putin coined a new word in his state of the nation address at the end of 2012, when he called for new measures for the “deoffshorisation of our economy”, reports the International Business Times. This was to become a major addition, not just to the Russian vocabulary but to… – Continue reading
Now that Costa Rica has been formally invited to go through the process of becoming a candidate nation worthy of joining the Organization for Economic Cooperation and Development (OECD), financial advisors and legal professionals are starting to ponder how their clients will be impacted by this new chapter in our… – Continue reading
Jason Porter explores the tax regimes in Portugal, France, Malta and Cyprus – four of the most advantageous territories for UK ex-pat retirees People aged 55 and over are now entitled to their pension in the form of a lump sum, to be taxed at marginal rates applying in the… – Continue reading
Big hue and cry from the rich and the powerful against modification of tax return forms has again pushed the govt on back foot John Maynard Keynes famously said the avoidance of tax is the only intellectual pursuit that carries a reward. Historically, tax ‘avoidance’ is understood as an intellectual… – Continue reading
Autumn Statement 2014, Budget 2015 and Finance Act 2015 The UK Chancellor delivered his Autumn Statement on 3 December 2014 and his Budget speech on 18 March 2015. For an overview of some of the key announcements, please see our Autumn Statement 2014 briefing and Budget 2015 briefing. The UK’s… – Continue reading
One million American citizens in Canada face double tax troubles. Max Reed explores these challenges in a spring series. The United States has two tools with which to collect information on accounts held by its citizens, FATCA and FBAR. Lots of attention has been paid to FATCA, less so to… – Continue reading
International finance centres (IFCs) are frequently used to structure Russian inward and outward investment and it has been observed that in 2012, 11 of the 40 main recipients of Russian FDI were IFCs1. The BVI is at the forefront of offshore investment into Russia, and the share of outward FDI… – Continue reading
What exactly is the point of a Coalition government if it offers the same sort of tax increases as voters expect from Labor and the Greens? It’s disturbing how quickly the Abbott government has turned its attention to boosting government revenue rather than reducing government spending. It’s only been in… – Continue reading
On March 30, 2015, the U.S. Department of Justice announced that it had entered into a nonprosecution agreement with BSI SA, the first Swiss bank to reach resolution with the U.S. government as to its potential criminal exposure for assisting its U.S. clients in engaging in tax evasion.[1] As part… – Continue reading
Switzerland is to amend federal tax legislation to prevent the double taxation of certain permanent establishments (PEs) located in the country. The planned reform is the result of a consultation on the application of the flat-rate tax credit. It will affect PEs in Switzerland that have their registered office in… – Continue reading
MPs say transfer pricing, though legal, presents challenges when determining if firms have evaded taxation and they want the practice criminalised. The portfolio committee on trade and industry has heard calls for the criminalisation of transfer pricing – a practice that, when abused, results in large corporations shifting profits offshore… – Continue reading
In This Issue: • It’s Stifling in Here! SEC Rules That Companies Can’t Put Restrictive Language in Confidentiality Agreements That Could Potentially Stifle Whistleblowers • An Opinion on Opinions: U.S. Supreme Court Decision in Omnicare • Is OFAC the New Black? Schlumberger and PayPal—The Rise in the Enforcement of Sanctions… – Continue reading
Doing so would get rid of ‘overlapping and duplicative disclosure requirements,’ says advocacy group for Americans abroad The IRS’ taxpayer advocate is urging the tax service to simplify rules for Americans living overseas. Currently, foreign bank accounts must be reported both to the Treasury, in a Report of Foreign Bank… – Continue reading
SOUTH Africa’s Finance Minister Nhlanhla Nene says African leaders need to focus more on tax policies and the diversification of tax resources in order to foster growth. Speaking at an African Tax Administration Forum conference on Tuesday, he said the global focus on international taxation offered a unique opportunity for… – Continue reading
CHINA Tax Free Reorganisations • With circulars 109 and 116 jointly issued in December 2014 by the Ministry of Finance and the State Administration of Taxation, the Chinese authorities have relaxed the conditions for internal reorganisations. • Circular 109 deals with internal reorganisations. Provided the pertinent requirements are met, the… – Continue reading
Global cues are negative with the Asian markets starting the week on the back foot, following a lower finish on Wall Street on Friday. Moneycontrol Bureau The Indian equity market is likely to open in the green as suggested by SGX Nifty, that was trading at 8618.00, up 3 points… – Continue reading
EUROPEAN M&A DOS AND DON’TS FOR NON-EUROPEAN BUYERS Inbound M&A in Europe by non-European buyers increased in 2014 by 68.6% compared to 2013, representing over a third of USD 901.4 billion total European M&A.1 For non-European buyers the basic framework of transactions may be similar, but there are a number… – Continue reading
ABU DHABI: The UAE Cabinet has on Sunday endorsed hosting the headquarters of the joint Police Force of the Gulf Co-operation Council (GCC) in Abu Dhabi. By hosting the GCC Police Force, the UAE aims to foster its relations with the other Gulf countries to safeguard the region from any… – Continue reading
Now, the Aadhar Card holders need not to file income-tax returns physically. New ITR forms will link to Aadhar card and do away with the physical ITR-5 for those who are Aadhar-verified by the Electronic Verification Certification (EVC) system. The Central Board of Direct Taxes (CBDT) has introduced Aadhar card… – Continue reading
TACKLING tax evasion and dealing with the fast-growing digital economy were top of the agenda at a conference on taxation yesterday. Singapore’s Senior Minister of State for Finance and Transport, Mrs Josephine Teo, told the event that the tax authorities around the world are acting to address tax dodges more… – Continue reading
Baker & Hostetler LLP On Tax Day it is a helpful reminder that a variety of income tax reporting obligations are associated with offshore assets. Any ownership of an asset that gives rise to income when those assets are located outside of the United States may need to be reported… – Continue reading
– Rising Cost of Compliance Within The Tax And Financial Regulatory Environment Creates Opportunities For Increased Efficiency – CHICAGO–(BUSINESS WIRE)–As the economy continues to accelerate, many organizations plan to grow by entering into new markets in the years ahead, reveals the first ever BDO USA, LLP Tax Outlook Survey. Fifty… – Continue reading
Offshore investment entities in the Cayman Islands and many other international financial centers should now start turning their attention to compliance with the Common Reporting Standard (“CRS”) promulgated by GATCA – Global FATCA. They must document all account holders existing on December 31, 2015, with the exception of entities with… – Continue reading
The IRS is claiming victory as ObamaCare’s first tax filing season appears to be wrapping up with only a few hiccups. John Koskinen, the agency’s commissioner, said recently that the current filing season has gone “swimmingly” despite the extra burdens of the Affordable Care Act (ACA) and cutbacks to the… – Continue reading
Australia is one of a handful of countries that offers franking credits, making the nation’s investors the envy of their counterparts elsewhere in the world. A franking credit is an income tax credit that companies can pass on to their shareholders. It is the result of dividend imputation, or attribution…. – Continue reading
