Ireland’s corporate tax regime is not transparent, the head of the European Parliament’s special committee on tax rulings said. On a visit to Dublin yesterday, Alain Lamassoure said Ireland’s regime may be transparent for “the experts, for the big four [audit firms], for Apple, probably”. But he added: “The simple… – Continue reading
Dutch tax advisors are increasingly questioning the way some companies use shell or letterbox companies purely to move income from interest and royalties through the Netherlands to tax havens, the Financieele Dagblad says on Friday. A committee from the European parliament is in the Netherlands on Friday to look into… – Continue reading
The company that runs a swathe of Britain’s internet service is being bought by an American predator that plans to fold it into a giant international tax haven. Telecity operates data centres all over Europe – which house the wires that make the internet work – including sites in London… – Continue reading
Capital gains tax charges from 6 April 2015 The scope of capital gains tax (CGT) has been extended and now applies to gains arising on the sale of UK residential property by non-UK tax residents (non-residents). Only gains arising after 5 April 2015 are subject to the new charge as… – Continue reading
MUMBAI: India’s capital markets regulator has stepped in to back foreign portfolio investors (FPIs) as they oppose the minimum alternate tax (MAT). In a recent letter to the finance ministry, Sebi has voiced its concerns over the possible impact of MAT on foreign funds — the largest group of investors… – Continue reading
■ Barclays and HSBC have been named in legal papers filed in the US ■ Documents have also named London-based Standard Chartered Bank ■ Allegedly moved suspect transactions linked to Fifa through their accounts ■ Britain’s Serious Fraud Office is understood to be monitoring situation Two of Britain’s biggest High… – Continue reading
The Swiss government and hundreds of Swiss banks have been roiled by the U.S. crackdown on American tax evaders. With six years of almost non-stop hits to the country and its bankers, it may be no surprise that now Switzerland is publishing the names of foreign tax evaders. Some observers… – Continue reading
Registering a company in Singapore is as good as declaring that you have judged your options, made your preparations, and now that the time is right, you mean nothing but, business. Opening a company in Singapore is an act enough for the investors to gauge the depth of your intent… – Continue reading
Ireland still offers unfair tax deals to multinationals despite its claims of being fair and open, Alain Lamassoure, the head of the European Parliament’s tax committee has said, reports the Irish Examiner. His allegation comes as the European Commission announces it wants every member state to agree to adopt the… – Continue reading
The government is likely to introduce measures to include majority of the withholding tax (WHT) paying but non-tax complying people in the tax net and is considering establishing a border security force to replace numerous agencies to regulate the movement of people and goods during the next financial year. An… – Continue reading
Avago Technologies Ltd.’s pending takeover of Broadcom Corp. taps an arcane tax structure that has being dusted off amid a rise in cross-border mergers. Avago said it is prepared to offer Broadcom shareholders special partnership units that would defer any taxes triggered by the $37 billion tie-up, which was announced… – Continue reading
The executive chairman of Walgreens Boots Alliance said the Deerfield-based drugstore chain was made a “whipping boy” by the Obama administration and elected officials opposed to corporate tax inversions. “The Obama administration and (Treasury Secretary Jack Lew) were taking the opportunity to select any company that was even thinking about… – Continue reading
It is not uncommon for affluent families from certain countries to maintain offshore structures to hold a portion, and often times a significant portion, of their wealth. The reasons for holding assets outside of their country of residence are many, and such assets are frequently held in foreign corporations. As… – Continue reading
A report from the Foreign Investors Council of Romania has proposed additional tax policy reforms to build on recent progress made towards a more equitable and transparent tax system. The FIC wants to see closer consultation between the tax authority (ANAF) and business representatives, with more time allowed for stakeholders… – Continue reading
Thousands of Indian citizens in the US – from IT workers, health professionals, students and everyone else under the sun – will soon be innocent victims to snooping by the Indian government. If an Indian citizen holds a bank account in the US, minute details about his/her bank account will… – Continue reading
With regard to direct tax, the government promulgated in 2012 a law named ‘Transfer Pricing’. The law is scheduled to be effective from July 01, 2015. Transfer pricing is a globally common phenomenon. In different countries of the world, this law is in existence. According to the best international practice,… – Continue reading
After Switzerland initiated measures to regulate its banks, most of the unaccounted money stashed in Swiss banks is suspected to have been diverted to countries like Mauritius and Singapore. The Special Investigation Team on black money has taken cognisance of the issue raised by the enforcement agencies. “Although the Swiss… – Continue reading
The proposed common corporate tax base for companies operating in the European Union is intended to reduce tax avoidance. The European Commission is planning to crack down on international tax avoidance by proposing that companies operating in the European Union follow a single set of rules to calculate taxable profits…. – Continue reading
Sluggish syndicated loan dealflow is proving to be good news for small and mid-cap privately-owned Chinese companies like Golden Eagle Group and Xinyi Solar, which are finding themselves able to enjoy pricing levels usually reserved for better known names. And so great is bank demand for assets that looser structuring… – Continue reading
The International Monetary Fund has welcomed plans for corporate tax reform in Switzerland and called for its “timely completion.” Switzerland has faced international pressure in recent years to reduce the favorable tax treatment provided to multinational corporations in many cantons, the IMF noted in its 2015 Article IV Consultation report… – Continue reading
Portugal can be a very attractive country to live in from a tax point of view. The inheritance tax regime is very benign here, and there is no wealth tax. Tax efficient arrangements can lower tax liabilities on your investment and pension income. And if you are a new resident,… – Continue reading
Expat Americans have revealed they don’t feel well-represented by the US government, but many do not bother to vote in elections even if they can do so, research has found. There are an estimated 7.6 million Americans living abroad but a poll has found that only 58% of them voted… – Continue reading
Following our article at the end of last year on the potential changes to the UK patent box regime further details have been released on the new regime, timings and additional work to be done. On 6 February 2015, the Organisation for Economic Co-operation and Development (OECD) published a paper… – Continue reading
The European Parliament endorsed the anti-laundering directive under which the ultimate owners of the companies will have to be listed in central registers in EU countries. The registries will be open to authorities, financial intelligence units, and individuals having a “legitimate interest” (for example investigative journalists). The “legitimate interest” in… – Continue reading
NEW DELHI: Months after it failed to sign the G20 information sharing agreement, India is set to sign the global treaty on June 3 which will enable it to access data related to bank accounts from across the world, including tax havens that were earlier refusing to cooperate. While information… – Continue reading
Half the 30 such cases, worth Rs 10,000 crore, to be addressed India is set to sign agreements with Japan to resolve as many as 15 transfer pricing disputes. These agreements follow the one recently signed with the US. The agreements will be for cases that fall in the ambit… – Continue reading
Union appointed industry super fund trustees should use their board influence to treat profit shifting by multi-national companies as a corporate governance issue and also promote infrastructure investment, delegates at the 2015 ACTU Congress were told yesterday. Emma Maiden, deputy assistant secretary of Unions NSW, told an estimated 800 union… – Continue reading
Ireland has been urged to keep an open mind on new plans for a common EU corporate tax base. The plans are expected to be unveiled as early as next month and will be discussed by the European Commission today, Economics Commissioner Pierre Moscovici said yesterday. The so-called Common Consolidated… – Continue reading
Brussels competition arm investigating Ireland for use of ‘comfort letters’ to companies The European Commission is to propose a mandatory common corporate tax base next month as part of a wide-ranging clampdown on corporate tax avoidance. Under a discussion document to be looked at by EU commissioners in Brussels today,… – Continue reading
Bern, Switzerland: As India tries to uncover who has stashed untaxed money abroad, Switzerland is, in an unusual deviation from its super-secretive banking rules, releasing the names of people who are being investigated for alleged tax evasion in their countries of origin. Among the seven Indians named so far by… – Continue reading
On March 18, 2015, the European Commission (the “Commission”) published a package of tax transparency measures. The tax transparency package is the result of the Commission’s ambitious agenda to confront harmful tax competition and perceived corporate tax avoidance in the European Union. The Commission has prepared a proposal for a… – Continue reading
Bangladesh Bank will take all possible measures to liberalise country’s foreign-exchange rules and regulations for attracting foreign investors to a number of proposed economic zones. The decision was taken at a meeting between the central bank and the Bangladesh Economic Zones Authority (BEZA) at the BB headquarters Tuesday. Presided over… – Continue reading
Fortescue Metals Group established a company in Singapore that could buy and sell its iron ore more than a year before it started attacking its rivals for doing the same thing. The company, called Fortescue International Marketing, is incorporated and domiciled in Singapore. Still dormant, it is ready to be… – Continue reading
There has recently been a wave of global regulatory reforms which affect fundraising. These changes are far-reaching and can impact how fund managers structure funds, their proposed investor base, how and where funds are marketed, the remuneration that may be received, registrations that may be required and dealings with investors…. – Continue reading
In a bid to fight tax avoidance by international business behemoths like Amazon and Apple, the European Commission is proposing mandatory rules to make companies pay taxes to all the countries in which they generate profit. The Commission on Wednesday unveiled plans to overhaul the European Union’s outdated tax system,… – Continue reading
The Swedish Tax Agency (STA) bears the burden of proof that pricing between associated companies differs from what would have been agreed between independent companies but this burden has proved difficult for it to meet. New approaches used by the STA in its investigations suggest it puts more effort in… – Continue reading
Muscat: Taxpayers across the globe, including Oman, are facing increased scrutiny of their tax returns and positions taken as the pressure on governments increases to raise revenues from taxes, says an expert at KPMG. Ashok Hariharan, partner and head of tax for KPMG in the Middle East and South Asia… – Continue reading
The Organization for Economic Co-operation and Development (OECD) published its Base Erosion Profit Sharing (BEPS) action plan in July 2013 to address perceived flaws in international tax rules. The Plan was endorsed by G20 with implementation to be completed by the end of 2015. WRIN.tv spoke with John O’Leary, a… – Continue reading
Peter Scully writes: From 6 April 2015 there will no longer be tax advantages for non-UK residents who invest in the UK residential property market. These changes have seen Capital Gains Tax (CGT) exemption being removed along with restricted access to Private Residence Relief (PRR) as well as the potential… – Continue reading
The U.S. is examining banks’ conduct as part of a wide-ranging corruption probe of international soccer that has led to charges against 14 people, including officials with the sport’s organizing body. Money involved in the two-decade-old bribery scheme passed through U.S. banks including Citigroup Inc. and JPMorgan Chase & Co.,… – Continue reading
Investments Derived From Structural Reforms The approved structural Reforms are an unprecedented opportunity for a transformational economic growth in Mexico, being the most relevant from an investment point of view the reforms related to Energy, Telecommunications and Antitrust, which have put Mexico in the radar of Multinational companies seeking to… – Continue reading
The FINANCIAL — Tax transparency is becoming the new norm as the OECD, European Commission and national governments demand more data from businesses. However, many companies do not have systems or resources in place to meet new requirements, according to EY’s report, A new mountain to climb: tax reputation risk,… – Continue reading
Britain’s banks have in recent years paid a third of the corporation tax they were paying less than a decade ago despite a rebound in profits, a study showed yesterday, reports the Times of Malta. The study comes as HSBC and Standard Chartered assess whether to move their headquarters to… – Continue reading
Switzerland and the European Union have signed an agreement providing for the automatic exchange of banking information, effective 2018. On Wednesday, Swiss State Secretary for International Financial Matters Jacques de Watteville signed the accord in Brussels along with EU Tax Commissioner Pierre Moscovici and Latvian Finance Minister Janis Reirs. Before… – Continue reading
Perhaps the most quoted dictum from any tax case comes from Judge Learned Hand of the United States Court of Appeals for the Second Circuit in the 1934 case of Evelyn Gregory against Guy T. Helvering (then the commissioner of the I.R.S.): Any one may so arrange his affairs that… – Continue reading
People with non-domiciled tax status living in the UK who wish to preserve the anonymity of their offshore finances must notify HMRC by 30 May, warns international law firm Pinsent Masons. Otherwise full details of their offshore accounts, trusts and companies held in Crown Dependencies or British Overseas Territories will… – Continue reading
MANY businesses lack the systems or resources to meet new global tax disclosure and transparency requirements, according to an EY report. The report, which surveyed 962 tax and finance executives in 27 jurisdictions, found more than two thirds of respondents said they would need additional resources in order to gather… – Continue reading
ISLAMABAD: An investment exhibition, inviting the crème de la crème of society to put their money in real estate opportunities in the Middle East, does not sound like the kind of place the government may want to raid. But the Federal Board of Revenue (FBR) – which has been worried… – Continue reading
The countries of the Central American region have incorporated and reformed their legislations to the international regulations of Transfer prices and practically all the applicable legal provisions to related parties have already been expanded in the region, which implies, that the companies with regional presence must visualize, review and engage… – Continue reading
The first fiscal amendment of the Juan Carlos Varela government was passed earlier this month on May 4, by Law 27 of 2015. Here are two important pointers of the fiscal reform: 1. TAXABLE INCOME PRODUCED IN PANAMA Article 694 of the CF originally included as taxable income the income… – Continue reading
