Veteran banker says India purchase reflects client demand for onshore private banking advice. Julius Baer’s Asia Pacific head Thomas Meier is preparing to leave Asia after 20 years, but he isn’t leaving Asia behind. The veteran banker, who also worked at Credit Suisse and Deutsche Bank, will continue to oversee… – Continue reading
COUNTIES should harmonise taxes to promote intra-county trade and attract investments, the Kenya National Chamber of Commerce and Industry has said. KNCCI chairman Kiprono Kittony yesterday said high and uncordinated taxes and levies are unfavorable for businesses, a move that has kept trade low between counties. He said the business… – Continue reading
News Hour: Today the European Parliament voted in favor of specific recommendations aimed at stopping corporate tax avoidance across the European Union. The plenary adopted the report of its special committee on tax rulings, which had been created after the Luxleaks scandal. Oxfam welcomes the parliament’s broad consensus on ending… – Continue reading
Corporation tax in Northern Ireland is on its way ‘The future depends on what you do today’. It’s a very simple mantra but it rings so true when you consider the author and what he achieved, Mahatma Gandhi truly was a man of iconic vision and wisdom. As details of… – Continue reading
Protecting the tax base of extractive industries, moving toward more responsive and flexible fiscal regimes, and improving international cooperation have become priorities in the Andean region, as commodity prices and revenues from extractive industries continue to decline, participants at a recent IMF conference heard. The three-day conference, Determining the Tax… – Continue reading
In order to encourage the growth of international trade including that of financial services, successive Maltese governments have sought to conclude double tax treaties with important trading partners as well as with emerging countries. This policy is expected to continue in the future. To date, treaties are in force with… – Continue reading
Over 90 jurisdictions have committed to the OECD’s Common Reporting Standard (CRS), creating comprehensive global automatic information exchange for financial assets and the entities through which such assets may be held. Over 70 jurisdictions have signed the OECD’s Multilateral Competent Authority Agreement, which implements the CRS. The CRS is scheduled… – Continue reading
MILAN (Reuters) – San Marino is looking for a new central bank governor to clean up its banks – traditional havens for tax dodgers – and fix their badly damaged balance sheets. Big problems for the micro-state began in 2009 when Italy, hit hard by the global financial crisis, added… – Continue reading
The evidence is in: company tax harms investment, innovation, and entrepreneurship — and even reduces wages. Not that you’d know this from reading some stories this week, which claim advocates of company tax cuts had avoided using evidence. This seems to be wilfully ignoring the strong evidence that is in… – Continue reading
The latest Tax Reform Business Barometer survey, issued by The Tax Council and Ernst & Young, found that tax professionals expect Congress to approve tax reform legislation no earlier than 2017, with most congressional leaders having all but given up hope that tax reform is achievable in the remainder of… – 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
Bern, 24.11.2015 – On 23 November 2015, Switzerland and Brazil signed in Brasilia an agreement on the exchange of information on tax matters (“Tax Information Exchange Agreement” TIEA). The Agreement with Brazil is the tenth TIEA signed by Switzerland. The agreement deepens the bilateral relations between Switzerland and Brazil. Switzerland… – Continue reading
The global rupee bonds would be used to refinance costly loans or raise capital for new projects with little currency risk Mumbai/Singapore: Some of India’s most indebted infrastructure and steel groups are considering so-called masala bonds to diversify their funding options as local banks tighten lending, investment banking sources with… – 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
Turkish Economy Minister Nihat Zeybekci says the country is set to follow in the footsteps of Spain, Portugal and Cyprus and launch its own Golden Visa scheme to grant citizenship to those foreigners who invest from €500,000-€1m in property, reports Property Showrooms. Leading Istanbul agent, Universal21, says the move could… – Continue reading
The World Bank has placed India twelve notches higher than last year in its Ease of Doing Business rankings for 2016. This comes close on the heels of the country’s sixteen place leap on the World Economic Forum’s Global Competitiveness index. These rankings underline the impact of the recent spate… – 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
DESPITE repeated allegations from the Spanish government that Gibraltar is a tax haven, news is regularly received that suggests this is far from the case, and that the government has been doing all that it can to ensure that it complies as fully as possible with international standards, whilst generating… – Continue reading
Already from December 1, 2015 come into force provisions requiring all financial institutions calling their clients to make statements about their residence tax (FATCA – Foreign Account Tax Compliance Act). It is the first significant action since records to OPF. FATCA imposes on foreign institutions, including the Polish reporting obligations… – Continue reading
ISLAMABAD: In a major scam tax evasion of hundreds of billions of rupees and whitening of black money worth trillions of rupees take place every year with the government authorities facilitating the extremely undervalued sales and purchases of thousands of residential and commercial properties throughout the country every day. While… – Continue reading
Nawaz Sharif has turned his full attention for close relations with Central Asian states since the five of them broke away from Russia 23 years ago. Fast track negotiations between Central Asian and Pakistani leaderships are slated to turn their countries into a big, new economic zone. Their desire and… – Continue reading
VietNamNet Bridge – Apple Operations International (AOI), the owner of Apple Vietnam, has been involved in in the past in tax evasion scandals in the US and Ireland. Vietnamese newspapers reported that Apple has ‘quietly established a subsidiary in Vietnam called Apple Vietnam Limited Liability Company as written in the… – Continue reading
Failed tax avoidance business Welbeck hired young actors to push schemes onto City big earners, and reaped millions in commissions that fuelled lifestyles of fast cars and exotic holidays, according to a whistleblower who worked at the firm. Welbeck Solutions sold pensions and financial products, but it specialised in tax… – Continue reading
Private companies that were given a historical exemption from filing annual financial reports are run by a who’s who of corporate Australia, including Malcolm Turnbull Private companies associated with Australia’s business elite, including prime minister Malcolm Turnbull, are on a list of entities not required to publish tax information under… – Continue reading
Notice 2015-79—released November 19, 2015, by the Treasury Department and IRS—announces their intention to issue regulations relating to inversion transactions and post-inversion restructuring transactions. Notice 2015-79 provides for rules that: Limit the ability of domestic companies to effect an inversion Limit the advantages of certain post-inversion restructuring transactions Clarify certain… – Continue reading
The creation of the Group of Twenty (G20) was believed to serve as a remedy to the harsh realities of the world today. The initial formation of the Group of Seven G7 could do little to avert pertinent challenges both the developing and the developed nations face frequently. So a… – Continue reading
The Chancellor could target capital gains tax for extra revenue when he delivers his Autumn Statement next week as gains from investors and landlords hit their highest on record in the past financial year, accountants suggest. George Osborne, who will unveil his spending plans for Britain next Wednesday, is under… – 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
Wrap platforms are increasingly evolving to meet the needs of investors looking offshore for growth, with the addition of managed funds, ETFs and SMAs, Cameron Garrett writes. Traditionally, the investment portfolios of Australians have been heavily weighted towards investing in Australian equities. This is an interesting statistic, especially as the… – Continue reading
The Ministry of Finance issued a regulation with guidance concerning the procedures for the exchange of financial information with other jurisdictions and countries. The “automatic exchange of information” (AEOI) process will allow for the exchange of data to verify and confirm compliance with tax obligations, including information from financial institutions…. – Continue reading
MUMBAI: India’s forthcoming budget may draw from some of the recommendations, especially in the realm of transfer pricing, contained in the final package of ‘Base Erosion and Profit Shifting’ (BEPS) measures, rolled out in October. Certain anti-abuse measures, such as thin capitalization, which for tax purposes disallows interest payments beyond… – Continue reading
THE United States of America (USA) wants all companies of US origin, individuals and body corporates that are resident in Swaziland to report their financial information in their home country, the USA. This development is a result of Swaziland government announcing that it will implement the United States Foreign Account… – Continue reading
The European Commission has asked the German Government to amend its inheritance tax (IHT) law after finding that current rules discriminate against those who are not resident in Germany for tax purposes in certain situations. Under German IHT law, a special maintenance allowance is granted to surviving spouses or registered… – Continue reading
NEW DELHI: Concerned over the misuse of double taxation treaty with Mauritius by certain entities, the government is working on measures to check such practices, a Finance Ministry official said today. The government is in the process of revising the Double Taxation Avoidance Agreement (DTAA) with Mauritius. Tax treaty amendments,… – Continue reading
On November 17, 2015 Russia and Singapore signed a Protocol revising the existing Agreement between the Government of the Russian Federation and the Government of the Republic of Singapore for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income (Hereafter: the Protocol)…. – Continue reading
Malta recently ranked first for efficiency in transposing directives into national legislation – but the chairman of Finance Malta, Kenneth Farrugia, believes that the pace of innovation needs to accelerate. “We claim to be nimble, but we need to push it much more. Innovation needs to be much faster paced…. – Continue reading
British oil and gas contractors are amid a huge financial upheaval as a combination of job cuts and tax changes threaten their well-paid lifestyle. Thousands of contractors in the oil and gas industry worldwide have lost their jobs as companies look to protect their cash by sacking staff. The oil… – Continue reading
On November 19, 2015 the European Commission published the key decisions of its November infringement package. One of the key decision mentioned is the Commission’s decision to request Germany to bring its inheritance tax rules on special maintenance allowances in line with EU law. According to a press release issued… – Continue reading
In recent days, the new Speaker of the House Paul Ryan (R-Wis.) signaled a priority for international tax reform in 2016. And if the newest recommendations from the Organization of Economic Cooperation and Development (OECD) are any indication of what’s ahead on the global tax scene for American businesses, it… – Continue reading
PRESS RELEASE – On November 19, the government of St. Lucia signed an agreement with the Government of the United States of America to implement the U.S. Foreign Account Tax Compliance Act (FATCA). Enacted by the U.S. Congress in 2010, FATCAtargets non-compliance by U.S. taxpayers using foreign accounts. FATCA requires… – Continue reading
Measures Will Impact Financial Services, Investment Fund, Aviation Leasing and Other Sectors G20 finance ministers last week finally approved the wide-ranging “BEPS” reforms to the international tax system. The measures include a proposed new OECD treaty definition of “Permanent Establishment” under which the mere negotiation of contracts could create a… – Continue reading
From FDI relaxations to gas pricing and now disinvestment and Vodafone talks, it is refreshing that the NDA government has gone on an overdrive to push measures to attain a high growth trajectory. The pace at which the NDA government is taking decisions after Bihar assembly election results is commendable… – Continue reading
Darion Pohl, chief executive of Prism Xpat provides an expert view on the factors an adviser needs to take into account when considering a defined-benefit pension transfer to a recognised overseas pension scheme for a UK retiree planning to retire overseas. This follows the introduction of the UK pension reforms… – 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
Fed decision due after December 15-16 meeting Hong Kong and mainland Chinese stocks both closed significantly higher on Thursday, adding to a global stock rally after minutes from the US Federal Reserve’s October meeting sent a stronger signal about a possible December rate increase. The Hang Seng Index advanced 1.4… – 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
If statistics are anything to go by, today India is the world’s fastest growing economy at 7.3% in 2015, outstripping the global average of 3.1%. With a new government in the centre, we do seem to be riding high on the growth trajectory. The Modi government has certainly done its… – Continue reading
