George Osborne’s family business struck a £6m deal with a property developer based in an offshore tax haven, it has been reported. The upmarket wallpaper firm Osborne & Little is claimed to have linked up with a corporation in the British Virgin Islands to turn its former headquarters in an… – Continue reading
Jersey has attracted foreign direct investment worth more than US$65bn and distributed FDI worth more than US$75bn, according to a new report, which highlights the territory’s contribution to the global economy, reports Tax News. The report, “Jersey’s Contribution to FDI,” was produced by global management advisory firm Investment Consulting Associates… – Continue reading
Senate Majority Leader Mitch McConnell threw cold water Wednesday on a bipartisan plan to use revenue from tax reform to repair the nation’s crumbling roads and bridges, even as Republicans grope for a way to keep highway projects running this summer. McConnell (R-Ky.) signaled plans to take up consideration of… – Continue reading
Nairobi – Two European tax havens receive more than a quarter of all global foreign direct investment, ActionAid said on Tuesday, calling for an international deal to tackle tax avoidance and reduce poverty. Luxembourg and the Netherlands receive almost 26% of the world’s foreign investment, although they earn less than… – Continue reading
Where Qualified Dividend Treatment Is Important, Serious Consideration Should Be Given to Ensuring the Company Is Eligible for Treaty Benefits Before Taking It Public. Dividends generally are taxed at ordinary income rates (up to 39.6 percent for individuals). Qualified dividends derived by individuals, however, are taxed at the preferential rate… – Continue reading
Britain’s corporation tax rate will fall to 19% in 2017 and 18% by 2020 Corporation tax in Britain will fall to 18% by 2020 in a move which Chancellor George Osborne claims will send out a message that Britain is open for business. Mr Osborne made the announcement in his… – Continue reading
BARBADOS is targeting the South American country of Colombia for more international business. A delegation from the island will be spending the next week or so in that country as this island looks to broaden the more than $900 million in domestic contributions by the international Business and Financial Services… – Continue reading
With a new government at India’s center and positive macroeconomic fundamentals working in its favor, the private equity industry is expected to invest more actively into India over the short to medium term. In the past year, inflation has steadily tapered, the fiscal deficit has been reduced, domestic demand has… – Continue reading
The UK Government’s goal is to make the UK the best place in the world to locate an international business; it has one of the most open economies globally, a highly skilled workforce, access to capital markets, a first-class infrastructure, and a highly competitive corporate tax system. UK tax policy… – Continue reading
STELLAR Capital Partners, the newly constituted investment company aligned to retail tycoon Christo Wiese, will acquire an influential stake in industrial supplies and services business Torre for R690m. According to a Stock Exchange News Service (SENS) announcement released on Monday night, an unidentified vendor consortium will sell 133-million Torre shares… – Continue reading
As chancellor allegedly George Osborne prepares to crack down on non-doms in Wednesday’s budget, experts have recommended offshore bonds as an alternative to those facing an increasing amount to protect their foreign earnings from UK tax. According to The Financial Times, chancellor George Osborne has committed to increasing the annual… – Continue reading
Kenyans in the US will be protected from double taxation, the Kenyan ambassador to the US, Robinson Githae, has said. Mr Githae said he understood the concerns of Kenyans in the US after a provision of a federal law requiring US citizens and permanent residents (green card holders) to report… – Continue reading
Chancellor George Osborne needs to carry out an “ambitious” tax reform agenda in his Budget on Wednesday, the Institute of Directors (IoD) has said, reports the BBC News. Simplifying the “painfully complex” tax system would allow him to “deliver an investment-boosting Budget”, said IoD director Simon Walker. In May, a… – Continue reading
Access to company data is vital if policymakers are to understand how changing regulatory requirements influence performance Much focus has recently fallen on the issue of tax avoidance, as research on the subject has increasingly shown that the global economy is losing out on billions of dollars to a byzantine… – Continue reading
Experts expect restrictions to pensions tax relief for higher earners Some also predict Osborne may look to overhaul the bank levy Chancellor George Osborne could this week usher in deeper than expected spending cuts by forcing the Government to run a budget surplus within two years. Wednesday’s Budget, the first… – Continue reading
China’s securities regulator said on Friday it expects the country’s tax authorities to view favourably a landmark new mutual fund recognition scheme between Hong Kong and the mainland, reports Reuters. The plan launched on July 1 allows funds domiciled in Hong Kong and China to be sold in each others’… – Continue reading
Lisbon: Portuguese prosecutors said on Thursday they plan to charge former interior minister Miguel Macedo for his role in a money-laundering scandal linked to “golden” visas, which handed residency permits to wealthy foreigners. The announcement came shortly after Portugal’s National Assembly decided to lift the parliamentary immunity Macedo enjoyed as… – Continue reading
The Cyprus government has introduced radical tax reforms that aim to attract foreign direct investments and non-domiciled individuals, simplify levies for properties, return tax-collection to local municipalities and encourage tax-breaks for direct injections where local companies are strained for cash-flow, reports the Financial Mirror. Finance Minister Haris Georghiades said that… – Continue reading
The Ethiopian Investment Commission and Center for the Promotion of Investments in Cŏte ďIvoire (CEPICI) signed a Memorandum of Understanding (MoU) which would serve as a guideline to augment commercial exchanges,implement joint investment projects and boost economic cooperation among others, between the two countries. Speaking at Ethio-Ivorian Business and Investment… – Continue reading
MUMBAI: Tax treatment could well decide the fate of rupee-denominated offshore bonds, envisaged as a solution to the country’s infrastructure funding needs. The authorities are likely to levy just 5 per cent withholding tax in the final guidelines as anything higher than that could strangle the plan at birth, said… – Continue reading
New Zealand-Canada double tax agreement to help investors WELLINGTON, July 2 (Xinhua) — A new double tax agreement between New Zealand and Canada is set to facilitate investment and trade between the two nations, Revenue Minister Todd McClay said Thursday. The new agreement will lower withholding taxes on dividends, interest… – Continue reading
CASTRIES (St Lucia), July 2 (BERNAMA-NNN-CARIBBEANNEWS) — Chief prosecutors from Commonwealth countries in the Caribbean region have gathered for the first time to discuss recurrent issues that interfere with the prosecution of corruption and money laundering and the recovery of the proceeds of these crimes. Organised by the Commonwealth Secretariat… – Continue reading
Confidence has returned to real estate markets in Europe, and London is still a firm favourite with investors, offering vast tax-efficient opportunities for Qatari investors, according to Aqua Group, the first offshore trust company to receive licence from the Qatar Financial Center (QFC). In view of the need for better… – Continue reading
Florida governor releases 33 years of tax returns. Jeb Bush made $29 million in the first seven years after he left public office, dramatically increasing his wealth during a recession, a financial crisis and the Obama presidency he has criticized. Bush’s tax returns, released Tuesday, show how the former Florida… – Continue reading
Dubai — The UAE ranked top in the world along with Malta and Monaco for lighter tax burdens placed on residents on both personal and corporate levels, according to a latest report. The annual report released by Henley & Partners revealed the outcomes of the Global Residence Program Index (GRPI)… – Continue reading
VietNamNet Bridge – It is clear that the US has been increasing its investments in Vietnam and that Vietnam needs to grab the great opportunities brought by the capital flow. Dr Vu Chi Loc from the Hanoi Foreign Trade University noted that Vietnam’s deep integration into the global economy in… – Continue reading
“There is much to be gained from the existing double taxation treaty between Trinidad and Tobago and the Kingdom of Spain,” said Spanish Secretary of State for International Co-operation and Latin America Jesús Gracia Aldaz in his address at the First T&T–Spain Partnership Forum at the Hyatt Regency in Port-of-Spain…. – Continue reading
The British Virgin Islands (BVI) maintains its popularity as the jurisdiction of choice for international business companies by ensuring it is at the forefront of corporate legislation and international cooperation. The popularity of BVI companies continued unabated in 2014, with incorporations of approximately 60,000 new business companies during the year;… – Continue reading
The UAE ranked 15th in an index rating countries’ residency-in-return-for-investment programmes As global economic growth slackens, a number of countries are offering citizenship or residency permits in return for investment in their markets. According to the latest Global Residency Programme Index by Henley & Partners, Portugal topped the list with… – Continue reading
We consider the retirement options for three top expat destinations – New Zealand, Bahrain and Singapore Retiring overseas is an aspiration for many expats, especially after they have spent much of their working life outside the UK. But while you may think you know what’s involved, there are many things… – Continue reading
Insurance and financial advisors are being reminded that they will be in the position from time to time to defend Barbados’ reputation as a ‘fine jurisdiction’ in the area of international and financial services, reports the Barbados Advocate. This was pointed out by Minister of Foreign Affairs and Foreign Trade,… – Continue reading
The Policy and Advocacy Manager of Tax Justice Network – Africa (TJN-A) has urged African governments to review tax incentives for free zone companies. “Tax incentives must apply to companies that have something to show. These companies must be able to create massive employment and other services to benefit the… – Continue reading
NEW DELHI, India – Tanzanian President Jakaya Kikwete was recently in New Delhi at the invitation of Indian investors and to drum up more foreign investment for his country The interactive session was attended by several hundred businesspeople and organised by the Confederation of Indian Industries (CII). Kikwete said although… – Continue reading
The owners of hedge fund-backed reinsurers, including one tied to John Paulson, could have to pay more taxes or shift their focus under a bill introduced by Senator Ron Wyden to counter what he called abuses by offshore companies. “For over 10 years now this loophole has allowed some hedge… – Continue reading
Ahead of Dublin visit, health expert discusses fighting poverty and sharing prosperity. “The Koreans have a saying that you bury your spouse in the ground but you bury your children in your heart,” said Dr Jim Yong Kim. The Korean-born health expert is speaking to The Irish Times at his… – Continue reading
MUMBAI: India 0 Vs Pakistan 1. It’s not the outcome of a ODI series between the traditional rivals but a progress card on reforms in the world of real estate. At a time Indian realtors and investors are struggling to roll out real estate investment trusts (REIT) amid regulatory complications… – Continue reading
A new treaty makes it more difficult for companies to take advantage of tax loopholes to avoid their financial obligations. Globally, initiatives are afoot to close tax loopholes and South Africa is one of the frontrunners – its new treaty with Mauritius removes the allure for tax-shy corporates doing business… – Continue reading
The bad news: Big corporations are becoming even better at cheating the system. There is no good news. “Only the little people pay taxes,” the billionaire hotelier, and serial tax cheat, Leona Helmsley said in the ’80s. And that’s perhaps a truer statement now than it was then. While the… – Continue reading
The Financial Supervisory Commission (FSC) and the Central Bank of the Republic of China (Central Bank) issued the amended Offshore Banking Act Enforcement Rules (“Rules”) and the new Regulations Governing Offshore Insurance Branches （”Regulations”）, respectively per letters Ref. No. Jin-Guan-Bao-Zong-Zi No. 10402567211 and Ref. No. Tai-Yang-Wai-She-Yi-Zi No. 1040021857 on 25… – Continue reading
Corporate entities are often deemed to be related in terms of excise law if (a) they are interconnected undertakings and / or (b) they have mutuality of interest in the business of each other. Excise and Customs law are the oldest surviving indirect tax legislations in India. Despite this, till… – Continue reading
UNCTAD supported India’s plans to replace bilateral investment protection treaties with a new pact that seeks to plug gaps and enhance legal protection of foreign investors in India as well as Indian investments abroad. Developing nations are witnessing annual tax revenue losses to the tune of $100 billion due to… – Continue reading
MORE foreign direct investment (FDI) is expected to flow into Thailand and other countries in East and Southeast Asia following emerging growth of the regional economy and infrastructure development. Thailand, meanwhile, should amend and adjust its laws to facilitate increased FDI and ensure fair benefit for all involved, according to… – Continue reading
Almost all estate planning clients own real estate in one form or another – a residence, a vacation home, or rental property. Real estate presents unique challenges in estate planning because debt is often associated with the property and because it may be difficult (or not desirable) to sell the… – Continue reading
Introduction The UK Finance Act 2015 received royal assent on March 26 2015. This included final legislation for the introduction of a capital gains tax charge on non-residents who dispose of UK residential property. The new charge applies to such disposals made on or after April 6 2015. This update… – Continue reading
Taiwan and China might sign an agreement on the avoidance of double taxation later this year, the Ministry of Finance said yesterday. “Technical issues” led to a breakdown in negotiations in 2009 on such a pact, which could significantly lighten the tax burdens on companies and Taiwanese doing business across… – Continue reading
The verities of international tax law are no more. The days of strong residence-based rules of corporate taxation are numbered. The age of the Permanent Establishment (“PE”) as the central concept of international tax is drawing to a close. That seems to be the message from the OECD International Tax… – Continue reading
Lawmakers of The Gambia Tuesday considered and ratified two agreements on the avoidance of double taxation, signed between the Republic of The Gambia, the Republic of the Turkey and the State of Qatar. Tabling the motion before the House, Hon. Abdou Kolley, the minister of Finance and Economic Affairs said… – Continue reading
The South African Revenue Service (SARS) has extended its Third Party Business Requirement Specification (BRS) for data submissions via Direct Data Flow (DDF) to include withholding tax on interest and tax-free savings and investments. The extension will be available for year-end data submissions due on May 31, 2016 (for the… – Continue reading
(Newsroom America) — Gregg R. Mulholland, a dual U.S. and Canadian citizen, has been arrested at Phoenix International Airport during a layover of his flight from Canada to Mexico on charges of securities fraud conspiracy and money laundering conspiracy for fraudulently manipulating the stocks of numerous U.S. publicly-traded companies and… – Continue reading
Offshore reporting carries many special rules, all of them with a raft of potential penalties. By now, most U.S. persons are familiar with the requirement to report their offshore accounts and assets. For those who are not, you must report all income and disclose the existence of accounts on tax… – Continue reading
