The Canada Revenue Agency (CRA) rents office space from a Vancouver-based property developer – a company that exploits offshore tax havens in Liechtenstein, the British Virgin Islands and Channel Islands. Larco Investments Ltd. owns three buildings in Montreal, Calgary and Edmonton where they rent office space to the CRA. Larco… – Continue reading
The Greek Government has tabled the nation’s 2016 Budget, which includes measures agreed as part of the recently negotiated third bailout. A statement released by the Finance Ministry was vague about the measures proposed. However, it said that authorities will reform the VAT code, amend social security rates, raise corporate… – Continue reading
Government should look to the example set by Barbados and start charging Value Added Tax (VAT) on betting and gaming activities in Trinidad and Tobago. This was the advice coming from Tax Director of KPMG’s TT operations, Nicole Joseph, during a post-budget forum hosted by the American Chamber of Commerce… – Continue reading
On October 5, 2015, the OECD released its final reports relating to the OECD/G20 base erosion and profit shifting (BEPS) project (the Final Reports). The BEPS project began in 2013 and has received unprecedented attention from governments and the private sector. The Final Reports outline the OECD’s recommendations and the… – Continue reading
Last year at this time, news about “tax inversions” was grabbing headlines – cases where large U.S. multinationals would buy a foreign company in a tax-friendly jurisdiction, and then relocate its headquarters to reap the tax arbitrage benefits. The Obama administration responded to the rash of high-profile inversions with new… – Continue reading
It could become more expensive for regulated online poker operators to offer services in the ring-fenced Italian marketplace thanks to a proposal to introduce a new “Digital Tax” beginning January 1, 2017. Economy Undersecretary Enrico Zanetti confirmed that if the tax becomes law, it will be levied on online gambling… – Continue reading
The Isle of Man, located in the Irish Sea between England and Ireland, is a self-governing country with population a little over 85000. The island has seen three decades of continuous economic growth and has embraced emerging technological innovations with open arms, including satellites and cellular service. It is now… – Continue reading
The Australian government announced on Monday that a review of the country’s Interactive Gambling Act will be carried out. Officials will be looking for ways to meet the increasing demand for innovative methods for live sports betting. The introduction of regulations for the illegal offshore gambling operators that provide their… – Continue reading
The Maltese climate, culture, history and lifestyle make Malta an attractive place to live in. The fact that this is coupled with a beneficial tax system for people taking up residence in Malta makes Malta an even more desirable location. Introduction to Malta Situated in the middle of the Mediterranean… – Continue reading
Greek lawmakers and European Union finance ministers have signed off on a third bailout deal, including a diverse range of tax increases and commitments to curtail spending. A memorandum between the two parties, released on the blog of the former finance minister Yanis Varoufakis, acknowledges that the Government has recently… – Continue reading
New data from Juniper Research has found that more than one in 10 adults worldwide will engage in some form of mobile or online gambling by 2019, with nearly half of adults in UK and Italian markets playing by that time. While to some extent the finding can be attributed… – Continue reading
In the wake of the recent arrests of stakeholders in the Maltese remote gaming sector, it seems that professional firms and the remote gaming authority did not carry out due diligence appropriately on ultimate beneficial owners of the companies they have registered and represented. This failure has seriously tarnished Malta’s… – Continue reading
These proposals can be implemented individually or as part of other reforms that may be in the pipeline PKF wishes to contribute its part towards the next budget implementation and for this purpose it has researched new areas which in its opinion warrant attention by the government during the public… – Continue reading
The international press, especially the Italian one, has been filled these past days with stories of ‘Ndrangheta criminals who have been arrested in Italy and who seem to have links with online gaming companies in Malta which they may have been using for money laundering. This is bad news for… – Continue reading
Revenues from Cambodia’s gambling taxes increased by 20 percent in the first six months of the year compared with the same period in 2014, thanks partly to players flocking to the country from neighboring Thailand. According to The Cambodian Daily, which cited a finance ministry official, gambling tax revenues reached… – Continue reading
Recent revelations that Walmart, the world’s biggest corporation, is maintaining secret subsidiaries in well-known offshore tax havens are outrageous but far from surprising to small business owners. That’s because we’re used to seeing large corporations abuse the tax system in ways that hurt our businesses, communities and families. Walmart’s hidden… – Continue reading
The battle between online gambling companies and the Government over the new tax on internet-based betting has escalated after the dispute was referred to Europe, The Telegraph reports. The High Court on Tuesday ruled that the Luxembourg-based Court of Justice of the European Union (CJEU) should decide on the issues… – Continue reading
Whether or not the point-of-consumption tax (POC) enacted by the United Kingdom in 2014 is a barrier to the free trade of services across the European Union is a question that will now head to the Court of Justice of the EU, following a ruling in a UK case yesterday…. – Continue reading
Blatt’s all folks!’ was probably the pick of the tabloid headlines following the announcement that Sepp Blatter intends (finally) to step down as president of Fifa. Over the course of the next few months, he won’t be the only person anxiously awaiting the outcome of the current investigations into alleged… – Continue reading
Odds improve for online gaming Regulate or delegate — that’s the question facing Pennsylvania legislators as bills to legalize online gambling gain traction. A new bill in the state Senate — SB 900, allows the state, among other things, to license operators to conduct Internet gaming. It’s a practice many… – Continue reading
A full and fascinating roundtable discussion based around the island’s place as an international finance centre was held at KPMG’s headquarters in Athol Street, Douglas. Around the table were David Karran, managing director, IQE, Simon Scott, managing director, Barclays Isle of Man, Andrew Thomas, chief executive, Isle of Man Enterprises… – Continue reading
The medium-term uncertainty of the UK’s continued membership of the EU remains a cloud on Gibraltar’s financial horizon, for the Rock’s membership of the 27-nation body – and thus her role as a stepping-stone into Europe’s vast financial market – is under Britain’s umbrella. And it is partly in response… – Continue reading
Six of the biggest names in global finance shelled out billions of dollars Wednesday to settle charges of rigging currency markets, but liberal lawmakers complain the government is just doling out slaps on the wrist. On Wednesday, the Justice Department announced a settlement that also saw five banks plead guilty… – Continue reading
The owner of the horse vying to become the first Triple Crown winner since 1978 asks that a federal judge dismiss a lawsuit that claims he owes $1.65 million in gambling debts. Ahmed Zayat’s horse, American Pharoah has already won the first two legs of the Triple Crown—the Kentucky Derby… – Continue reading
The online gambling industry is currently one of the industries raising more profits in the online sector. The idea of using virtual currencies to fund online accounts has been growing and the gambling industry doesn’t want to miss the train. Much like the gambling industry did before the digital currency… – Continue reading
Ireland might learn as the Isle of Man positions itself as the new bitcoin capital of the world While bitcoin is attractive because of its inherent decentralised nature, it has struggled to be perceived as a legitimate currency, given the lack of accountability and total absence of someone or something… – Continue reading
Fond du Lac County Treasurer’s Office is notifying the public that the Wisconsin Department of Revenue is auditing the 2014 Lottery and Gaming Credits claimed within Fond du Lac County. The Treasurer’s Office has mailed information to those individuals who may be affected by this audit. Those individuals are asked… – Continue reading
Macquarie Telecom has given full voice to an extremely serious problem facing Australian technology companies: That is, the gaming of the global tax system by multinationals puts Australia’s home-grown technology players who pay tax in Australia at a significant competitive disadvantage. This is a simple equation. It doesn’t matter how… – Continue reading
Corporations like Apple shouldn’t get a sweetheart deal to “onshore” profits, tax expert Scott Klinger tells Salon One of the more consequential paradoxes of American politics concerns the myth and the reality of bipartisan legislation. The myth is that American voters want it, and they want it bad. In fact,… – Continue reading
CINCINNATI — March traditionally is the best month for gambling operations, and new tallies show the Horseshoe Cincinnati Casino had its best month for revenues since a year ago. Last month’s results for the Horseshoe Cincinnati, with $17.5 million in revenues, bested every month since March a year ago. Revenues… – Continue reading
The Netherlands’ State Secretary for Security and Justice, Klaas Dijkhoff, has given his public backing for online gaming regulation in the country, raising hopes among many gaming operators and players that the proposed bill could soon become law. According to EGR Magazine, Dijkhoff, who replaced the former Secretary Fred Teeven… – Continue reading
New York, NY (April 1, 2015) – Attorney General Eric T. Schneiderman today announced the indictment of individuals charged with conspiring to abuse the unique 19th century America’s Cup Charitable Trust to shelter profits to the offshore tax havens in Bermuda, Guernsey, and The Isle of Man. Beginning in January… – Continue reading
CARSON CITY — Buried in the 130-page tax bill that Gov. Brian Sandoval pitched to lawmakers last week, there’s a safe haven for mining, gaming, insurance and bankers. The tax, known as the business license fee, is a broad-based framework that would levy new dollars from the state’s 330,000 businesses… – Continue reading
One of Britain’s leading lawyers Lord Pannick, QC, will be heading a team of Gibraltar Government experts at the Royal Courts of Justice in London this morning as the local gaming industry takes on the British Government over tax issues, reports the Gibraltar Chronicle. Government is not participating directly in… – Continue reading
PokerStars, the online gaming brand owned by Amaya Gaming, has been accused of large-scale fraud and tax evasion totalling €300 million ($318.4 million) by financial authorities in Italy. According to various reports, the tax fraud was run through Malta and the Isle of Man, which in turn meant Italy missed… – Continue reading
Rome police accuse PokerStars.it managing director over €300 million of undeclared monies that were traced to Malta and the Isle of Man The managing director of PokerStars in Italy, a leading online poker brand, has been accused of fraud and tax evasion of some €300 million by Rome’s finance police… – Continue reading
André Wilsenach, the executive director of the Alderney Gambling Control Commission (AGCC), has vowed to support those companies impacted by new point-of-consumption (POC) tax laws in the UK. As of November 1, 2014, operators providing remote gambling services to customers in the UK must hold a remote licence from the… – Continue reading
Athens: The Greek government plans to hire an army of amateur tax sleuths – including tourists – in a bid to fill the gaping hole in the country’s finances. According to a leak purporting to list the major reforms Athens will present at a crunch meeting of the Eurogroup in… – Continue reading
Claims that the UK Treasury has started “gaming” to protect its own revenues from devolved Scottish tax competition should be given further consideration, a committee of MSPs has recommended. Holyrood’s Finance Committee is seeking further evidence on the Smith Commission’s call for devolution to cause “no detriment” to any part… – Continue reading
As disclosed recently in a bankruptcy court filing, on January 27, 2015, the Financial Crimes Enforcement Network (“FinCEN”) imposed a $10 million civil money penalty pursuant to the Bank Secrecy Act (the “BSA”) on Trump Taj Mahal Associates LLC. Trump Taj Mahal consented to the imposition of the penalty (subject… – Continue reading
Refund Management Services (http://www.RefundManagement.com), the number-one choice for Canada’s biggest winners for U.S. gaming and casino tax refunds, is weighing in on a recent report showing international travel and tourism-related activities within the U.S. increased in November. Refund Management Services is also commenting on how, despite the strong dollar, U.S…. – Continue reading
The breathless conundrum for IP companies is four-fold: not only should royalties be taxed at a low rate in order to maximise profits; but also research and development (R&D) or acquisition costs should be considered as allowable expenses to the maximum possible effect, whilst also the jurisdiction where the IP… – Continue reading
As disclosed recently in a bankruptcy court filing, on January 27, 2015, the Financial Crimes Enforcement Network (“FinCEN”) imposed a $10 million civil money penalty pursuant to the Bank Secrecy Act (the “BSA”) on Trump Taj Mahal Associates LLC. Trump Taj Mahal consented to the imposition of the penalty (subject… – Continue reading
Warwick Bartlett, CEO of Global Betting and Gaming Consultants, discusses how government’s approach taxation means that rates are more likely to go up than down. The most pleasing sight at ICE 2015 was to see some of the younger companies which two years ago took the smallest booths are now… – Continue reading
The Chief Secretary to the Treasury has warned Scotland could be one of the most centralised countries in the world, with too much power concentrated in Edinburgh. Danny Alexander MP was giving evidence on fiscal devolution to Holyrood’s finance committee. He argued power should be devolved to local authorities. He… – Continue reading
Both the OECD and the EU are exploring options to change how digital businesses are taxed, while NGOs are stepping up their pressure on tax authorities to challenge large companies’ transfer pricing arrangements. No matter how robust your digital business’s transfer pricing arrangements appear to have been in the past,… – Continue reading
Costa Rica’s going under the magnifying glass for the next two weeks as international money laundering experts comb through the country’s books. President Luis Guillermo Solís declared the audit from the Financial Action Task Force of Latin America (GAFILAT) a subject of national interest in Monday’s edition of the official… – Continue reading
Business editor Duncan Foulkes quizzes three prominent Isle of Man businessmen on their thoughts ——————– Chris Eaton, Chief Executive Officer, The ILS Group There is no one major issue or initiative that faces the CSP and TSP sectors in 2015. Rather, they face more of a continued barrage of supra… – Continue reading
Businesses in the island’s vital financial services are gearing up for ‘substantial changes’ dealing with tax. That was one of the important messages to come out of a seminar organised by KPMG in the island. More than 200 experts attended the event which covered a series of changes in property… – Continue reading
The European Union has agreed rules to stamp out tax evasion and stop dirty money from criminal gangs or terrorism finance being channelled through anonymous companies. EU states and the European Parliament struck the agreement on Tuesday evening to update the bloc’s anti-money laundering rules, a statement from parliament’s economic… – Continue reading
