Hedge fund manager Daniel Loeb was singled out for criticism by labor leaders who are urging the U.S. to limit investors’ ability to lower tax obligations through offshore reinsurance ventures. “When just one hedge fund takes advantage of this loophole, it means hundreds of millions of dollars are lost that… – Continue reading
Blatant corporate and personal tax evasion contributed to Greece’s debt crisis, but it’s dwarfed by the tax avoidance of U.S. multinationals operating in countries like Australia. There’s a popular misconception that Greece’s debt crisis was self-inflicted. ‘The Greeks are a bunch of tax evaders! They should never have been allowed… – Continue reading
Law 20,780 – published in the Official Gazette on September 29 2014 – introduced the most complex and comprehensive tax reform in Chile for decades. Several provisions are already in force, while others will enter into force on January 1 2016. Most of the remaining provisions will be in full… – Continue reading
Plans to create a public registry of the real owners of UK companies should be extended to make it clear who is behind the companies that own high-value London properties, Global Witness has said. Plans to create a public registry of the real owners of UK companies should be extended… – Continue reading
A pressure group is calling for estate agents to conduct additional checks to ensure the legal provenance of buyers’ funds, and wants all on- and off-shore companies owning UK property to be obliged to tell the Land Registry the identify of their beneficial owners. Global Witness – a group campaigning… – Continue reading
ABU DHABI: President His Highness Sheikh Khalifa Bin Zayed Al Nahyan has issued a number of federal decrees with respect to ratifying agreements between the UAE and a number of friendly countries and transferring, appointing and promoting a group of diplomatic corps members. The decrees have been published in the… – Continue reading
The Commissioner of Taxation has released a new Practice Statement, PS LA 2015/4, setting out “refreshed” practice and procedures for Advance Pricing Arrangements (APAs). The process outlined in PS LA 2015/4 retains many of the features of the old APA process described in PS LA 2011/1, but adopts a new… – Continue reading
The UK’s tax authority has launched a consultation to provide certainty around the tax treatment of new types of insurance capital, reports IFR Asia. The government said as part of the 2014 Budget that it would make regulations to ensure that insurers’ Solvency II instruments, that are issued in the… – Continue reading
Moves to track offshore buyers are rushed and confusing and could increase compliance costs to taxpayers, the Government has been warned, reports the New Zealand Herald. In its submission on the Taxation (Land Information and Offshore Persons Information) Bill, EY (formerly Ernst & Young) said the proposed legislation was being… – Continue reading
The government wants the UK’s largest businesses to sign a voluntary code of conduct on tax which would see them renounce aggressive tax planning and vow to follow the spirit as well as the letter of the law. Big businesses would also be obliged to publish an annual tax strategy,… – Continue reading
On July 23, 2015 the Japanese Ministry of Finance issued a press release announcing that on July 22, 2015 the Government of Japan and the Government of the United Kingdom exchanged notes concerning Article 7 of the Convention between Japan and the United Kingdom of Great Britain and Northern Ireland… – Continue reading
This report summarizes the OECD paper describing the consensus approach on intangible property regimes under BEPS Action 5. On 6 February 2015, the Organisation for Economic Co-operation and Development (OECD) released a trio of papers that address three of the focus areas in its Action Plan on Base Erosion and… – Continue reading
Effective August 17, financial institutions in Jamaica will be required to transmit relevant financial information to Tax Administration Jamaica (TAJ) – the competent authority – on persons who reside permanently in the United States (US) or persons who earn a substantial amount of their income from or within the United… – Continue reading
THIRUVANANTHAPURAM, JULY 22: In its quest to collect taxes from multinational companies (MNCs), the government should not create a structure that makes their operations completely unviable, said Parthasarathi Shome, former Chairman, Tax Administrative Reforms Commission. “The basic thing to remember is that India is part and parcel of a much… – Continue reading
The digital economy is an increasing concern for taxpayers, especially in light of impending BEPS guidance, but how it will impact different industries will vary. The fundamental principle behind the digital economy, in terms of transfer pricing, is its reliance on intangible assets and the difficulties when deciding which jurisdiction… – Continue reading
The Securities and Futures Commission (SFC) has released its annual survey, which showed the combined fund management business in Hong Kong sustaining another year-on-year increase to reach a record high at the end of 2014 of almost HKD17.7 trillion (USD2.3 trillion), up 10.5 percent. The survey’s findings indicate that Hong… – Continue reading
As globalist forces and the international institutions they control openly prepare to plunder humanity’s wealth, Third World dictators and tax-funded “civil society” groups have stepped up their demands for a United Nations tax authority — supposedly to ensure that they all get their “fair share” of the loot from Western… – 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
Introduction Recently, the Cayman Islands Department of International Tax Compliance (DITC) notified financial institutions that in October 2015 it will be introducing local regulations to implement the OECD’s Common Reporting Standard (CRS), also commonly referred to as global FATCA or GATCA. That notice also served as a reminder that international… – Continue reading
In recent years, the popularity of the Canada Revenue Agency’s voluntary disclosures program – which enables taxpayers to correct any mistakes or omissions in their previous tax filings – has ballooned. When taxpayers come forward, their tax problems get solved, the CRA reduces the accrued interest and, most important, waives… – Continue reading
July 22: Tax legislative changes in Austria were passed by the parliament, and the effective date for most changes is 1 January 2016. Among the provisions are the following items. Withholding tax on dividend distributions, capital gains The withholding tax rate for dividends and capital gains will be increased to… – Continue reading
Apple, Google, and other major U.S.-based multinationals may soon be able to bring more of their foreign-earned income back to American shores without facing a huge tax burden, as lawmakers are moving forward on a tax reform framework that could eliminate taxes on international earnings and authorize a one-time repatriation… – Continue reading
July 22: The Irish Revenue Commissioners updated a list of “frequently asked questions” (FAQs) concerning FATCA reporting obligations of Irish reporting financial institutions. A list of FAQs concerning the Common Reporting Standard (CRS) was also released. Read the FATCA and CRS FAQs (21 July 2015) from the Irish Revenue Commissioners…. – Continue reading
BRUSSELS–European Union regulators ordered France to recover 1.37 billion euros ($1.5 billion) in state funds from Electricite de France SA (EDF.FR) after concluding the French electricity supplier had benefited from illegal tax breaks. The decision, which follows an annulment of a similar 2003 decision by the EU’s top court, comes… – Continue reading
You might think your bank records–especially foreign banks–are personal and confidential. Yet the government can make you hand over your bank records, even if they incriminate you. It turns out not even the Fifth Amendment can protect you. With FATCA, the pace of foreign account disclosures is frantic, and the… – Continue reading
Even before the government’s options paper on tax reform is released later this year, many reforms have been taken off the table, at least before the next election. Here’s the expert view on six. Broadening or increasing the GST Some experts say expanding the GST, which is a regressive tax,… – Continue reading
As governments around the world establish austerity measures to compensate for decreases in tax receipts, a new catch phrase has emerged: double non-taxation. Double non-taxation is the phrase used by governments to denote untaxed or lightly taxed profits that result from effective, legal tax planning techniques. These techniques include application… – Continue reading
On 8 June 2015, the Law “On optional declaration of assets and bank accounts (deposits) by individuals” (the “Capital or Tax Amnesty Law”) came into force. It was announced as part of the deoffshorisation campaign and opens a window of opportunity for the business community to declare “grey” assets without… – Continue reading
A report published today by Global Witness, alleging that an individual with ties to a former Kazakh public official owns large swathes of London, follows much recent interest in the issue of public officials owning property in the UK via secretive corporate structures that conceal their interest. Earlier this month,… – Continue reading
Mexico on July 17, 2015, published the text of its agreement with Turkey to avoid double taxation between the two countries and prevent tax evasion. The double tax agreement (DTA) was signed in 2013 and is valid from July 23, 2015. Under the agreement, dividends will be subject to a… – Continue reading
The total of uncollected VAT and income revenue by HM Revenue and Customs (HMRC) rose by £1 billion in the last 12 months to an eye-watering total of £34 billion. The £34 billion ‘tax gap’ – the difference between what HMRC is actually owed and what it physically collects –… – Continue reading
Moves to track offshore buyers are rushed and confusing and could increase compliance costs to taxpayers, the Government has been warned. In its submission on the Taxation (Land Information and Offshore Persons Information) Bill, EY (formerly Ernst & Young) said the proposed legislation was being rushed through to come into… – Continue reading
In a published report, anti-corruption organisation highlights complex structures through which swaths of UK property are owned Global Witness has called for greater transparency around the ownership of UK properties after reviewing alleged links between a former Kazakh secret police chief accused of money laundering and a London property portfolio… – Continue reading
Pharmaceutical industry acquisition target Perrigo (PRGO) Wednesday said it’s buying German pharmacy company Naturwohl Pharma GMbH, the latest transaction in the sector’s surge of mergers and acquisitions. Perrigo, operated from Michigan but headquartered in Dublin following a corporate tax inversion, did not disclose terms of the deal for Naturwohl and… – Continue reading
SAO PAULO (AP) ” Three top officials of Brazil’s Camargo Correa construction company have become the first business executives to be convicted in the corruption-kickback scandal engulfing state-run oil company Petrobras. The Federal Prosecutor’s Office says Judge Sergio Moro on Monday sentenced the three on charges of money laundering, corruption… – Continue reading
The government has sought the opinion of legal experts on allowing foreigners to directly invest in Indian venture capital (VC) and private equity (PE) funds. A direct access under the “automatic route” would quicken fund inflows, cut cost and do away with investment pooling vehicles in tax havens such as… – Continue reading
Categorizing it as a “large scale, continuing, complex commercial crime,” a judge has sentenced two Calgary businessmen to prison for five years for defrauding the federal government of millions in taxes that should have been paid on registered retirement savings plans. Court of Queen’s Bench Justice Peter McIntyre said Steven… – Continue reading
On 20 March 2015, Poland’s government approved an agreement with the United States, implementing the Foreign Account Tax Compliance Act (FATCA) in Poland. FATCA is a US anti-avoidance law. It requires financial institutions abroad to provide the US tax authority with information about their US citizen clients. Poland is one… – Continue reading
Companies have just days left to settle their use of employee benefit trusts (EBTs) with HM Revenue & Customs or risk facing substantially higher tax bills, accountancy firm Moore Stephens has warned. Employers have until 31 July to settle their use of EBTs, which were offshore trusts widely used to… – Continue reading
Senate tax writers cleared a hodgepodge of expired tax breaks on Tuesday, as lawmakers insisted they don’t want to wait until year’s end to restore a group of incentives that historically has had bipartisan support. The Finance Committee voted to extend the roughly $95 billion collection of tax breaks, known… – Continue reading
Top lawmakers and the White House are in the early stages of discussing an ambitious overhaul of how the U.S. taxes its multinational firms, according to officials involved in the effort. The talks, part of an effort to find funding for a long-term highway bill, are preliminary and could yet… – Continue reading
The Finance Ministry of the United Arab Emirates has released US Foreign Account Tax Compliance Act guidance notes and the registration form for entities to access the FATCA reporting portal. FATCA, enacted by the US Congress in 2010, is intended to ensure that the US obtains information on accounts held… – Continue reading
Several measures have been taken to combat black money both by way of policy level initiatives as well as through more effective enforcement action. The fall in deposits by Indians in Swiss banks may be a result of the steps being taken by the government to unearth black money stashed… – 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
In cooperation with their Latvian colleagues, Ukrainian investigators have uncovered and frozen more than USD 80 mln (EUR 73 mln) worth of funds in Latvian bank accounts. The funds were moved there by Serhiy Kurchenko, a well-known associate of ousted president Viktor Yanukovych, the Russian LSM site reported yesterday via… – Continue reading
The Organisation for Economic Co-operation and Development (OECD) has urged SA to increase taxes on the wealthy, tighten up on corporate and personal tax allowances and broaden the valued-added tax (VAT) base in order to raise the resources it will need to fund development, reports Business Day Live. The OECD’s… – Continue reading
The European Parliament’s special tax committee is seeking to punish multinationals for refusing to send representatives to a hearing in June by revoking lobbyist passes and preventing access to senior European Commission officials. AB InBev, AmazonEU, Barclays Group, Fiat Chrysler Automobiles, Google, HSBC Bank, Ikea, McDonalds and The Coca-Cola Company… – Continue reading
THE HAUGE, July 20 (Xinhua) — The Dutch-German agreement to enhance the exchange of information on tax rulings was “an important step” towards greater transparency, but there is still a long way to go before reaching common ground on harmonized corporate tax policies within the European Union (EU), according to… – Continue reading
Most South Africans think the prospect of working and living in a foreign country is an exciting adventure. However, the ins and outs of your tax affairs can be enough to make one less adventurous. The first thing to establish is what your “tax residency status” is. This is easier… – Continue reading
Irish people investing in other countries often lose up to a fifth of dividends Irish tax refund specialists Taxback. com have introduced an online service to help people recover tax withheld on share dividends in other countries. *Irish people investing abroad often lose up to a fifth of their dividends… – Continue reading
