With regard to business operations, a resident of one country (e.g., Panamanian company) may be taxed in the other country (e.g., Israel) if it has a “permanent establishment” (PE) in the other country. Panama is famous for its canal, colorful history and cool offshore tax regime. To that we can… – Continue reading
Pat Rabbitte, Ireland’s energy minister, has introduced a proposal to increase Irish offshore tax rates. The proposed rules will provide a higher tax take for the state, ensuring earlier revenue from developed fields, Rabbitte said at a Dublin conference. The proposed rules would charge taxes on a field by field… – Continue reading
Local banks have little choice but to comply with a controversial law that requires financial institutions around the world to hand over information about American citizens that will be passed on to the US tax department, the New Zealand Bankers’ Association says. The US Foreign Account Tax Compliance Act (FATCA),… – Continue reading
The Russian authorities are ready to provide the U.S. internal revenue service with information on American depositors, but have drafted a bill for similar measures in the United States. All foreign banks that work with Russian clients will be obligated to disclose information about such clients to Moscow. Primarily, the… – Continue reading
Bermuda has again been singled out and labelled “a tax haven” by US legislators as they last week attached an amendment to US federal funding measures, seeking to block federal contracts to former American companies involved in corporate inversions. A leading publisher of financial information, Bankrate Inc, reported at Bankrate.com:… – Continue reading
The UK Chancellor, George Osborne, announced new sanctions against offshore tax evasion, last month. The UK government intends to introduce a new “strict liability” criminal offence for not declaring untaxed offshore assets. Under the plans announced by the Chancellor, HM Revenue & Customs (HMRC) would no longer need to prove… – Continue reading
The Italian Supreme Court ruled, on April 16, that all transactions carried out between companies belonging to the same Group, and all of which have offices in Italy, are subject to the arm’s length principle. Ruling No. 8869 confirmed once more the Supreme Court’s position already expressed through Ruling No…. – Continue reading
The Tanzania Revenue Authority (TRA) has set up new tax determination guidelines aimed at providing consistency in tax administration on both domestic and cross-border transactions.The new system –“Transfer Pricing Regulation” will also provide taxpayers with insights on the procedures followed in determination of income tax, duty and levies in various… – Continue reading
International tax policy changes being considered by the OECD could shave €1bn off Ireland’s annual multinational tax take, a Dáil Committee has heard. Addressing a joint sub-committee hearing on global taxation matters, yesterday, Brian Keegan — director of taxation at Chartered Accountants Ireland — said the OECD’s base erosion and… – Continue reading
Regulatory compliance is an ongoing, escalating cost that is stifling profitability. Today, the “cost of compliance” is now 85% of a financial institution’s average operational budget, leaving a mere 15% available for programs like business development and customer acquisition. Many institutions continue to rely on disconnected, incomplete approaches to regulatory… – Continue reading
THE Department of Finance has launched a public consultation on how Ireland’s tax system might respond to proposed international changes. The Organisation for Economic Cooperation and Development (OECD) is already conducting a public discussion around its Base Erosion and Profit shifting (BEPs) project, which could see tax avoidance loopholes shut… – Continue reading
Supreme Court reiterates the principle that income of a discretionary trust cannot be taxed in the hands of a beneficiary unless distributed to the beneficiary. Where trustees have clearly retained the income of the trust and brought it forward year to year without disbursing it to the beneficiaries, the trust… – Continue reading
With any opportunity that seems too good to be true, there is often a fatal flaw. That is the case with The Partnership to Build America Act, introduced by U.S. Rep. John Delaney, D-Md., and U.S. Sen. Michael Bennet, D-Colo. The bill offers a way for multinational corporations to bring… – Continue reading
The head of Canada’s investment industry association is urging the federal government not to defer legislation that will facilitate handing tax information of U.S. citizens living in Canada to authorities in the United States. Ian Russell, chief executive of the Investment Industry Association of Canada, made his pitch to the… – Continue reading
The Companies (Miscellaneous Provisions) Act 2013 was signed by the President on 24th December 2013. This action had the effect of changing the citation of the Companies Acts to “1963 to 2013”. This citation should henceforth appear on all copies of Memoranda and Articles of association filed with the CRO…. – Continue reading
The Companies (Miscellaneous Provisions) Act 2013 was signed by the President on 24th December 2013. This action had the effect of changing the citation of the Companies Acts to “1963 to 2013”. This citation should henceforth appear on all copies of Memoranda and Articles of association filed with the CRO…. – Continue reading
