At a very high level, it’s a simple concept: a multinational borrows money from a related company overseas, and then uses the interest bill and the repayment methods to reduce tax exposure in Australia. If the loans – and the interest rates – are big enough, the tax savings can… – Continue reading
NITI Aayog vice-chairman Arvind Panagariya, who is a sherpa for the G20 Leaders’ Summit to be held at Antalya in Turkey on November 15 and 16, says the member countries recognise that India will continue to grow at high rate that will contribute to the global growth. He tells Indivjal… – Continue reading
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
Economist and policy consultant, Avernash Persaud is urging government to remove concessions for foreign investors, a similar advice proffered by the International Monetary Fund (IMF). Persaud said government should instead focus its attention on infrastructure development. Persaud, who has assisted in policy development in countries like Singapore, said investors will… – Continue reading
Two decades after Ken Dart renounced his U.S. citizenship and took his tax attorney with him to the Caribbean, the billionaire bond investor and local kingpin is reinventing himself as the Cayman Islands’ biggest real estate owner. In a rare glimpse into Dart’s holdings, Mark VanDevelde, chief executive of the… – Continue reading
The company at the centre of the revelations denied any wrongdoing Some of the best-known names in British football face losing millions of pounds after being allegedly advised to invest in “risky” projects that have subsequently failed or were hit with tax bills. Rio Ferdinand and Andy Cole, both former… – Continue reading
The UK is one of several countries to introduce voluntary disclosure schemes. More people are coming forward to regularise their affairs as they realise there is nowhere left to hide in this new world of tax transparency. Tax authorities and financial institutions are gearing up for the new automatic exchange… – Continue reading
NEW DELHI: Dismissing apprehensions of Mauritius being used to route black money as “misconception”, its Prime Minister Anerood Jugnauth has termed the issue as an aberration in the “very special” ties with India and hoped that revision of their tax treaty won’t harm its interests. Stating that Prime Minister Narendra… – Continue reading
First it was the scourge of public sector corruption, until now the mortifying spectacle of South Africa’s post-apartheid transition. Now, with the ground shifting beneath the world’s sclerotic economy – and the past few years have produced more tremors than ever in the 21 years of democracy – it’s a… – Continue reading
Plans to list its European REIT on the JSE. Feeding South Africans’ seeming insatiable desire for rand-hedge stocks, Schroder Real Estate is planning to launch a European Real Estate Investment Trust (REIT), which will have a primary listing on the London Stock Exchange with a secondary listing on the Johannesburg… – Continue reading
Paul Singer has a good track record as a money manager. In 1995, he bought $20 million worth of Peruvian debt at a discounted price of $11.4 million, then forced Peru’s government, through lawsuits, to eventually pay nearly five times his initial investment — some $58 million. In 2002 and… – Continue reading
Exclusive More than 100 victims of notorious conman Peter Foster have moved to freeze funds held in offshore tax havens after more than $10 million was siphoned from his online gambling company Sports Trading Club. Fairfax Media can reveal Foster and at least eight associates have been served with freezing… – Continue reading
On 5 October 2015 the OECD published the final package of recommendations to reform the international tax system – the “BEPS” Project. Base Erosion and Profit Shifting (BEPS) refers to tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations… – Continue reading
Since Minister Noonan announced in October 2014 that Ireland would introduce a “best-in-class” Knowledge Development Box (“KDB” ), there has been a lot of speculation about ‘how low would he go’. Budget 2016 announced that the rate of tax which will apply for income qualifying under the new KDB will… – Continue reading
The 3 Tax Packages are as follows: 1) Tax package to boost earned income Law: Businesses that increase employee wages will receive a 10 percent tax credit (5% for large corporations) on the portion that was increased, on the condition that wage growth exceeds average growth for the past 3… – Continue reading
A question being considered in Australia—concerning country-by-country (CbyC) reporting—is whether an investment entity is to be excluded from the “group” for CbyC reporting purposes. A preliminary position being advanced is when an entity is not required to prepare consolidated financial statements for financial reporting purposes, then it would be excluded… – Continue reading
The visit aimed to explore ways of developing and promoting the technical partnership as well as exchanging experience on financial and economic affairs between the two parties. The UAE delegation started off with a visit to the Capital of Norway Oslo, during which the Ministry of Finance (MoF), signed an… – Continue reading
On Wednesday, a federal jury found an Anchorage plastic surgeon guilty of wire fraud and tax evasion after he hid assets worth millions of dollars during his divorce. The trial against Michael Brandner, 67, lasted eight days and resulted in convictions on four counts of wire fraud and three counts… – Continue reading
Prime Minister of Mauritius, Anerood Jugnauth, on Tuesday said there will be no revisions to the main provisions of its Double Tax Avoidance Agreement (DTAA) with India as both countries are happy with the existing provisions of the tax treaty. “This treaty between our two countries has been there for… – Continue reading
Non-resident Indians (NRIs) have one more investment option to choose from. The Reserve Bank of India (RBI) has allowed NRIs to invest in the National Pension System (NPS), under Foreign Exchange Management Act. NPS will allow NRIs to invest in a mix of equities and debt and save for their… – Continue reading
Secretary general of he Union of Arabs and Sam Fattouh for an international approach to the globalization of law “Vta” American FATCA, any tax compliance with the Law on Foreign Americans accounts, to become international law under labeled GATCA “Gta” (Global Account Tax Compliance Act), any tax compliance law global… – Continue reading
Claiming that a lot of information on illicit funds is lying unused by the Indian authorities, HSBC whistleblower Herve Falciani said on Tuesday that he is willing to cooperate with the investigative agencies in their black money probe but would need protection in return. He also claimed that millions of… – Continue reading
An Israel delegation is scheduled to visit Australia in June 2016. The Israel Tax Authority is negotiating a treaty for prevention of double taxation with Australia, sources inform “Globes.” Tax Authority head Moshe Asher is currently in advanced talks with Australian Treasurer Joe Hockey, who himself declared that the Australian… – 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
Britain’s large current account deficit may be less serious than it appears due to distortions created by companies avoiding tax, incoming European Central Bank policymaker Philip Lane said in a research article published on Tuesday. Lane, an economics professor who will succeed Patrick Honohan as Ireland’s central bank governor later… – Continue reading
Video game publisher Activision Blizzard (NASDAQ:ATVI) is satisfying its sweet tooth for acquisitions by buying mobile game maker King Digital Entertainment (NYSE:KING), best known for “Candy Crush Saga.” Activision announced late Monday that it has agreed to pay $18 in cash per share for London-based King, in a deal worth… – Continue reading
Biz-friendly tax regime is one of incentives Belgium, a global hub for international government institutions, wants to attract more Korean investment with its business-friendly tax regime. At the “Belgium: Gateway to Europe” seminar at the Koreana Hotel on Oct. 27, the event host, the Embassy of Belgium, invited Bart Adams,… – Continue reading
At the end of this year an amnesty for UK tax resident persons whose offshore income and gains have not been disclosed to HMRC closes, and it is important the implications are understood according to Michael Crowe, a director at Grant Thornton in the Isle of Man. In the UK’s… – Continue reading
As the 2016 Presidential campaign heats up with debates and public appearances replete with the candidate’s opinions on the economy, ISIS, and education, among others, few candidates have mentioned the issue of corporate tax reform, especially as it relates to a level playing field between the U.S. and foreign markets,… – Continue reading
A spate of so-called “tax inversion” deals involving companies based in Ireland appears to be distorting the country’s foreign direct investment (FDI) numbers, The Irish Times reports. An OECD report suggests investment by Irish firms abroad more than doubled to US$75 billion in the first half of 2015. The study… – Continue reading
NEW DELHI: Often accused of being an offshore financial centre misused for round tripping, Mauritius today assured India that it will “walk the extra mile” to ensure that its reputations as clean and trusted jurisdiction is upheld at all costs. “We will put in all the necessary efforts and walk… – Continue reading
The aim is that the neighboring country will have greater control over information. Merida, Yucatan. The Tax Compliance Act relating to accounts abroad (FATCA, for its acronym in English) is not a tool to seek to collect more taxes from 65 member countries, said Enrique Hernandez, international tax specialist. “It… – Continue reading
Budgets are made up of spending and revenue. But budget negotiators in Washington are talking only about what spending to cut, not what revenue to raise — even though there are gaping tax loopholes to close. Closing them would eliminate the need to cut critical services that benefit tens of… – Continue reading
Mexico is experiencing a rough time, economically speaking at the moment, but hopes are high for better times ahead. With new tax laws and a relatively young government, these are interesting times for this country. To find out more about how the recent tax reforms will affect Mexico and the… – Continue reading
TEMPO.CO, Jakarta – Finance Minister Bambang Brodjonegoro said that a total of 4,000 foreign investment (PMA) companies were under scrutiny over tax evasions. “Mostly, [the companies] practiced transfer pricing,” Bambang said at his office on Tuesday, October 27, 2015. Bambang explained that the probe was not about the potential of… – Continue reading
With effect from November 1, mutual fund investors will have to make additional declaration pertaining to foreign account tax compliance act (FATCA) and common reporting standards (CRS) for all new accounts opened, failing which their applications will get rejected. Under FATCA and CRS, Indian financial institutions will be required to… – Continue reading
For many years, policymakers have criticized the strategies that American corporations use to reduce their taxes by shifting income and capital offshore. The impetus behind these strategies is the U.S. corporate income-tax rate — at 35 percent, the highest of any industrialized nation, easily surpassing countries such as the U.K…. – Continue reading
(CNS Business): The use of Cayman Islands funds as a wealth management tool for high net worth Latin American families was debated last week at the STEP LatAm Conference in Brazil, where kidnapping is a constant worry for the wealthy and demand for outbound investments is fuelled by privacy and… – Continue reading
Ireland has announced a new 6.25 per cent corporate tax rate for intellectual property research Ireland’s 12.5 per cent corporate tax rate is already one of the lowest in Europe, Economia reports. Now, companies investing in research and development (R&D) will be able to avail of the even lower rate… – Continue reading
Uzbekistan’s Foreign Minister Abdulaziz Kamilov received the copies of credentials of Iran’s new Extraordinary and Plenipotentiary Ambassador Bahman Agharazi Dormani, Uzbek Foreign Ministry said. During the meeting, the sides discussed the status and priority areas of Uzbek-Iranian cooperation in political, trade, economic, cultural, humanitarian and other spheres. They reiterated mutual… – Continue reading
Shaikh Mohammed and Gruevski attended the signing of a double tax avoidance agreement between the governments of the UAE and the Republic of Macedonia. His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, received Nikola Gruevski, Prime Minister of Macedonia,… – Continue reading
India will apply a 5 percent withholding tax to offshore rupee bonds for foreign investors, in line with the rate applied to domestic debt, Manoj Joshi, joint secretary at the finance ministry, told reporters on Tuesday. The clarification comes amid some confusion about whether the withholding tax also applied to… – Continue reading
MUMBAI: The government is set to ease a few pre-set conditions for offshore fund managers to allow private equity investors to shift base to India without attracting a tax on capital gains by relaxing safe harbour rules, people familiar with the matter said. The government is likely to allow a… – Continue reading
Prime Minister of Estonia Taavi Rõivas met on Friday with Japanese Economy Minister Akira Amari who came to visit Estonia to study Estonia’s e-services and they discussed the two countries closer trade relations and the development of the digital society, the government’s communication unit reports BC. Japan is the first… – Continue reading
Credit Suisse Group AG, the Swiss Bank that unveiled a major shift in strategy last week to focus on wealth management over investment banking, plans to make acquisitions and invest about $400 million in Switzerland in the next few years, Chief Executive Officer Tidjane Thiam and Chairman Urs Rohner said… – Continue reading
The offshore yuan market faced a rocky patch following Beijing’s shock devaluation in August, but the push to internationalise the currency has lost little momentum, according to The Strait Times. Similarly, Singapore’s role in the growth of the yuan is likely to continue unabated. The general manager of ICBC Singapore,… – Continue reading
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, today received at Zabeel Palace, Nikola Gruevski, Prime Minister of Macedonia, and his accompanying delegation. At the beginning of the meeting, which was attended by Sheikh Maktoum bin Mohammed bin Rashid… – Continue reading
You must have received an email or a letter from your mutual fund (MF), if you have been investing in MFs, asking for some details. If you haven’t yet received such communication, you might receive a letter or email shortly. Your fund house wants to know if you pay taxes… – Continue reading
The European Commission and the World Bank urged Romania on Monday to push ahead in its anti-corruption crackdown by recovering stolen assets following court convictions. Corruption in Romania has deterred foreign investors, while tax evasion and bribery put a further strain on the public finances. Anti-corruption prosecutors have launched investigations… – Continue reading
Provisional Measure No. 692/2015 increases the income tax rate on capital gains earned by individuals and certain companies1 from 15% to 15%-30%. As from January 1st, 2016, when the new rules will become applicable, capital gains earned on the sale or disposition of any assets or rights located in Brazil… – Continue reading
