The city’s most famous real-estate marketer has said he’s “leaning toward” supporting a levy on people who buy and then sell homes over a short period of time. “I suggest we look at a declining tax that sees a percentage of profits taxed if a home is sold—whether it’s three… – Continue reading
Georgia and Poland held negotiations in Warsaw this week over an agreement on avoiding double taxation on income and capital. At the bilateral meeting the sides initialed the renewal agreement, which is based on the OECD Model Convention 2014 and envisages the introduction of new standards of cooperation in taxation… – Continue reading
(Special) — The recent slump in oil prices is causing many Canadian investors to move their money from energy-weighted markets at home to foreign markets for better yields. While this may be a profitable investment strategy, it also can create its own set of problems because many investors may not… – Continue reading
The advantages of off-shore investments Two of the top reasons that South African investors are given to encourage offshore investments are that going offshore diversifies your portfolio and that it gives you access to sectors you could never find on the resource-heavy JSE. “While those are not reasons to be… – Continue reading
The Green Party is congratulating the Government for beginning to see sense on a capital gains tax, but is warning that limiting it to properties sold within two years of purchase doesn’t go far enough. “This is a welcome U-turn from the Government. Only last week they were saying that… – Continue reading
I. Introduction Following the approval by Parliament of Law No.23 of 11 March 2014 (hereinafter “Delega Fiscale”[1]), the Italian Government is now taking action and adopting the Legislative Decrees necessary to enforce this innovative tax reform. In fact, on 21 April 2015 the Council of Ministers has approved the drafts… – Continue reading
I. Introduction Following the approval by Parliament of Law No.23 of 11 March 2014 (hereinafter “Delega Fiscale”[1]), the Italian Government is now taking action and adopting the Legislative Decrees necessary to enforce this innovative tax reform. In fact, on 21 April 2015 the Council of Ministers has approved the drafts… – Continue reading
U.S. Rep. Alan Grayson, the outspoken, populist Democrat who thunders against Wall Street fat cats,and used to to joke about Mitt Romney’s low tax bill, incorporated a couple hedge funds in the Cayman Islands so investors could avoid taxes. Grayson Fund Ltd. and Grayson Master Fund were incorporated in 2011… – Continue reading
KPMG in Saudi Arabia is hosting a seminar on taxation of US individuals and the impact of Foreign Accounts Tax Compliance Act (FATCA) at the Marriott Hotel in Riyadh on May 26. Under US tax law, US citizens and US permanent residents (green card holders) are required to file US… – Continue reading
Global giant Standard Chartered Bank has been allowed by regulator Sebi to offer advisory services on regulated offshore products like stocks, bonds and mutual funds in markets outside India. “… SCB can advise on regulated offshore securities and investment products, which are in the nature of marketable securities issued by… – Continue reading
There are fears the Government’s plans to prevent foreign controlled banks from slipping under the taxman’s radar, could end up hitting their New Zealand customers in the pocket. The Inland Revenue Department (IRD) is proposing to impose a higher tax burden on non-resident investors who get income from interest, dividends… – Continue reading
Offshore investment firm RL360° Group has acquired Scottish Widow’s offshore business Clerical Medial International. In December 2014 it was reported Scottish Widows had put the business up for sale and several parties had expressed an interest in the Isle Man-based business, which manages around £5 billion of assets and 24,000… – Continue reading
Hong Kong’s Financial Services Development Council (FSDC) has released a report setting out recommendations on policies, including tax measures, to help Hong Kong capitalize on the increasing number of Chinese enterprises looking to invest and expand overseas. Introducing the report, “Chinese Enterprises ‘Going Global’: Opportunities and Hong Kong’s Policy Responses,”… – Continue reading
The American Chamber of Commerce has warned that new Irish tax incentives may fail because they do not match the needs of multinationals, reports the Irish News. The chamber, which represents 700 US companies, has said the forthcoming Knowledge Development Box – which will replace the discredited Double Irish structure… – Continue reading
Bermuda is listed as 14th in a survey of the world’s biggest tax havens, by a US activist non-profit organisation. The Global Citizen organisation placed the Island just ahead of Guernsey in the Channel Islands to round its 15-strong list — well behind the US, UK and number one spot… – Continue reading
NEW DELHI:Money makes the mare go, and it seems to have gone. From 2012 through 2014, overseas investment by Indians grew by an astonishing 700 per cent in the British Virgin Islands, a favourite tax haven for biz pashas with big bucks. After Narendra Modi — whose war was to… – Continue reading
Morgan Stanley veteran and former managing director Sridhar Sivaram told NDTV that the government’s decision to levy the contentious minimum alternative tax (MAT) retrospectively on foreign institutional investors (FII) for capital gains made during previous years, poses a hindrance to foreign fund flow into the country. “It’s very tough to… – Continue reading
Money makes the mare go, and it seems to have gone. From 2012 through 2014, overseas investment by Indians grew by an astonishing 700 per cent in the British Virgin Islands, a favourite tax haven for the biz pashas with the big bucks. Inexplicable, after Narendra Modi—whose war was to… – Continue reading
NEW DELHI:Investment made by individuals or other entities may not have broken the law or acted improperly to hide details, details of investments made in famous tax haven countries or countries with little to offer besides registration of mail box entities are indeed intriguing. For example, total investment to Switzerland… – Continue reading
Move to enable fund managers to locate themselves in India New Delhi, May 1: The Finance Minister Arun Jaitley has sweetened the income tax deal for certain offshore investment funds, boosting the chances of their fund managers to be based out of India. Sovereign wealth funds and investment funds promoted… – Continue reading
The Income Tax department has directed its officers that cases of foreign institutional investors (FIIs) seeking tax exmption under the Double Taxation Avoidance Agreements (DTAAs) with other countries must be decided within a month of claim filing, reports the New Kerala. “It has been decided that in all cases of… – Continue reading
With the Delhi High Court to resume hearing on Wednesday on the Rs.20.495 crore tax case slapped on Cairn India, experts voiced the apprehensions of foreign investors about an adversarial tax regime. “Foreign investors expect stability and clarity in tax policy, which has been coming from the top with the… – Continue reading
ISLAMABAD: Commerce Minister Khurram Dastgir Khan informed the National Assembly on Monday of what he called major steps taken by the government to facilitate the oft-troubled Afghan transit trade, which he said he had also conveyed to Kabul during a visit there earlier this month. The move, he said in… – Continue reading
The subdued outlook for the Australian economy is forcing companies to look overseas for ways to grow their business. Professional services giant EY’s Australasia Capital Barometer says the weak economic environment has resulted in many companies abandoning plans to look for acquisitions, or else search for opportunities overseas. Only 44… – Continue reading
The announcement of a ground-breaking tax free zone being established by the Albanian government around the port city of Durrës marks an exciting new phase for the country, as it beckons more and more foreign investors to look to its shores. The Albanian Ministry of Economy is set to create… – Continue reading
International finance centres (IFCs) are frequently used to structure Russian inward and outward investment and it has been observed that in 2012, 11 of the 40 main recipients of Russian FDI were IFCs1. The BVI is at the forefront of offshore investment into Russia, and the share of outward FDI… – Continue reading
The U.S. Treasury Department has released proposed rules aimed at limiting theability of hedge funds to delay or lower their taxes by funneling investments through offshore reinsurance companies. The draft IRS regulations, which will not take effect until after a public comment period and any subsequent revisions, are aimed at… – Continue reading
Spanish taxpayers who hold money and financial assets outside Spain barely use Gibraltar compared to other jurisdictions, according to figures revealed by the head of the Spanish tax agency in parliament in Madrid yesterday. Santiago Menéndez, director general of the Agencia Tributaria, told the parliament’s tax commission that 197,000 taxpayers… – Continue reading
CHEYENNE, WY, April 17, 2015 /24-7PressRelease/ — OUTPOST PROVISIONING LLC today announced the launch of its “Wyoming…the Offshore Alternative” campaign alongside release of its Wyoming Paymaster Purpose Trust product. “Wyoming…The Offshore Alternative” touts Wyoming as being the Offshore-equivalent for wealth protection without the inconvenience, scrutiny, compliance costs and risks involved… – Continue reading
Guernsey’s fiduciary sector was represented at a prominent international estate planning conference in the United States. Three representatives of Trust Corporation International attended the 11th annual International Estate Planning Institute event in Times Square, New York, where the firm was also a gold sponsor. A distinguished panel of experts debated… – Continue reading
His softball sentence of two years probation ended five years ago. But billionaire real estate developer Igor Olenicoff still can’t put behind him his December 2007 guilty plea to lying on his federal tax return about some $200 million he kept offshore. For that, he can blame his own litigiousness… – Continue reading
Offshore investment entities in the Cayman Islands and many other international financial centers should now start turning their attention to compliance with the Common Reporting Standard (“CRS”) promulgated by GATCA – Global FATCA. They must document all account holders existing on December 31, 2015, with the exception of entities with… – Continue reading
The Federal Government has floated the idea of lowering the corporate tax rate – arguing the current rate of 30% is not internationally competitive. The rationale is that globalisation makes capital perfectly mobile and the marginal non-resident investor in Australian companies will go where corporate tax rates are lowest. At… – Continue reading
Expats face special challenges in filing taxes Doha, 8 April 2015: With the US tax season in full swing, PwC’s US compliance tax and advisory team are helping Qatar residents with US interests to navigate the complex intricacies of US tax law. For those living in Qatar, the need to… – Continue reading
Suspicions rising that ‘hot money’ is being washed through Vancouver real estate As affluent Chinese buyers – spurred by relaxed regulations and a lower Canadian dollar – flood into British Columbia’s real estate market, warnings are rising that some cash deals may contravene federal money laundering rules. A 2015 report… – Continue reading
New Delhi/Mumbai: In the biggest-ever tax demand slapped on them, nearly 100 foreign funds have been asked to cough up an estimated USD 5-6 billion for ‘untaxed gains’ made by them in the Indian markets over the past years. The number of affected investors can rise substantially as assessments are… – Continue reading
The US and Canada are fuelling a record influx of foreign investment in the Netherlands; our local expert looks at why Despite a fair bit of doom and gloom over global economy figures, foreign companies continue to grow – and they continue to look at the Netherlands to help fuel… – Continue reading
More JSE-listed counters announce offshore opportunities. It is becoming increasingly difficult for JSE-listed property companies to find value and attractive deals in the local market, which has seen the offshore diversification spree continue. Industry players believe that the sector has turned over the last few years, with more property counters… – Continue reading
Reports that two South Africans are involved in what is alleged to be a massive Ponzi scheme created what some of the actors in the drama this week referred to as a media storm. The storm raged for most of the week, with the bad weather clouding some South African… – Continue reading
A new report by the United Nations Conference on Trade and Development (UNCTAD) says developing countries are losing about $100 billion every year through tax avoidance by multinational enterprises. According to the report, published this week, as much as $300 billion development finance was lost. The report notes that multinational… – Continue reading
Taxation is an extremely important source of funding for any state to finance the running of the Governmental functions. Even the oil-rich Arab states are now beginning to recognise the importance of this and starting to shift towards a lasting economy with citizens contributing to the national treasury with their… – Continue reading
Senate hearings to question alleged links between firm behind Queensland’s Abbot Point coal port, a Cayman Islands company and a $1bn rorts investigation The Greens will use Senate hearings to question the Foreign Investment Review Board (Firb) about alleged links between Australia’s biggest proposed coal venture, a Cayman Islands company… – Continue reading
Gurgaon: Advocating easing of entry barriers for global corporations, Finance Minister Arun Jaitley on Saturday said that India needs to become globally competitive from infrastructure to taxation. In his convocation address at the Management Development Institute (MDI) here he underlined the need for relaxing norms for entry of multinational corporations… – Continue reading
Hong Kong’s Government has published in its Official Gazette the Inland Revenue (Amendment) Bill 2015, which would extend the profits tax exemption for offshore funds to private equity funds. The Bill will be tabled in the Legislative Council on March 25. To reinforce Hong Kong’s aim of becoming a venture… – Continue reading
Azerbaijani and Sudanese officials have voiced readiness to further expand cooperation between the two countries. President Ilham Aliyev received a delegation led by Ali Ahmed Karti, Sudanese Foreign Minister on March 18. The head of the state expressed confidence that the visit of the Sudanese delegation will be fruitful and… – Continue reading
BELGRADE — Serbia and Portugal have “very good political and friendly relations” with Lisbon “strongly supporting” Serbia’s EU integration, it has been said in Belgrade. Portugal also supports Serbia’s bid to open accession negotiations chapters with the EU, the country’s Foreign Minister Rui Machete said during a joint news conference… – Continue reading
Two Calgary men have been convicted of defrauding the federal government of $14.1 million in taxes that should have been paid on registered retirement plans, in which the money was used for offshore investments. Steven Kendall and Christopher Houston were found guilty on Wednesday on one of four charges by… – Continue reading
Date: 18-Mar-15 to 19-Mar-15 Location: The Johannesburg Country Club (Woodmead) / Johannesburg / South Africa Category: Banking, Finance & Investment Conferences & Trade Fairs In response to an increasing awareness of the importance of Mauritius, and in light of the recent DTA agreements coming into effect 1 January 2015, now… – Continue reading
Towards the end of last December, the cabinet passed resolutions representing the latest attempt to turn Thailand into an attractive location in which to establish an international headquarters (IHQ). This is the third attempt in a little over a decade to lure multinational companies to Thailand. The first regional operating… – Continue reading
Irish eyes are smiling in corporate America. The Emerald Isle has emerged as the world’s top recipient of U.S. foreign direct investment, according to a report from the American Chamber of Commerce Ireland. In the first nine months of 2014, Ireland beat the likes of Canada, Mexico, the U.K. and… – Continue reading
