As per the estimates, in last six months Rs.150 crore of value added tax was evaded by giving wrong declaration in imports only on JNPT port Trade circles have alleged a surge in tax evasion by importers of vegetable oils. According to an official from the Solvent Extractors’ Association (SEA),… – Continue reading
U.S. Treasury Secretary Jack Lew is urging Congress to act to prevent U.S. companies shifting their headquarters abroad to benefit from a lower tax rate. “Congress should enact legislation immediately — and make it retroactive to May 2014 — to shut down this abuse of our tax system,” Lew wrote… – Continue reading
Poor countries are losing almost $1 trillion a year to illicit financial flows like tax evasion, money laundering and bribery, which would be enough to put an end to all preventable child deaths by the end of next decade, a new report says. If the money from those illicit flows was invested… – Continue reading
The owner of an office supply business in Tralee, Co Kerry, and a “generous” charity worker, was found to have almost €800,000 in Swiss and other foreign bank accounts uncovered on foot of a revenue investigation and a European tip-off. John Cashell, aged 59, of Stacks Mountain, Kilflynn, Co Kerry,… – Continue reading
FIRMS STILL HAVE to report transactions with US citizens to the Bureau of Internal Revenue (BIR) despite registering with the Internal Revenue Service (IRS), a government official said. BIR Commissioner Kim S. Jacinto-Henares said that while many local firms had committed to supply data to the IRS to comply with… – Continue reading
BEIJING: China and the United States of America have recently signed the Federal Account Tax Compliant Act (FATCA), which requires the Internal Revenues Service (IRS) to disclose to China, the bank account information of Chinese-born pro-democracy activists, who fled their homeland to live in America. According to Forbes, “One of the most insidious… – Continue reading
British expats living in Spain will have to be on their toes to keep up with the new Spanish tax rules There are a number of changes afoot which could trip you up faster than a flamenco dance. These include: · A new double tax treaty · New disclosure rules… – Continue reading
The start of tax information reporting between the US and foreign governments and financial institutions under Foreign Account Tax Compliance Act (FATCA) from July 1, 2014 triggered a rush of nations joining the network at the eleventh hour. The major surprise for FATCA watchers was China agreeing ‘in substance’ to… – Continue reading
Foreign entities use this to document their status On June 25, 2014, the Internal Revenue Service released long-awaited instructions to Form W-8BEN-E, used by foreign entities to document their status under both chapter 3 and chapter 4 (the Foreign Account Tax Compliance Act (FATCA)) of the Internal Revenue Code. The… – Continue reading
28 suspects of evading taxes on fruit and vegetable products are under questioning by prosecutors of the DIICOT. These include two officials from the National Agency for Fiscal Administration (NAFA). Prosecutors of the DIICOT Bucharest, along with officers from the Bucharest Organised Crime Squad, conducted 46 searches on Wednesday in… – Continue reading
The finance ministry will soon consider tax expert Parthasarathi Shome’s suggestions on possible instances where offshore sale of Indian assets need not be taxed here, said a finance ministry official. The Shome Committee had in its 2012 ‘Report on Retrospective Amendments Relating to Indirect Transfer of Indian assets’ suggested that… – Continue reading
GUWAHATI, July 14 – Evasion of tax and forest royalty has become a major cause of concern for Assam. Though the Bureau of Investigation of Economic Offences (BIEO) of the Assam Police managed to detect some such evasions, those were tips of the iceberg and it is up to the concerned departments to be more vigilant… – Continue reading
Tighter cross-border rules, less arbitrary national government policy and improving returns at home are likely to prompt rich investors from emerging markets to move assets back onshore. Offshore assets are likely to move increasingly onshore as cross-border rules tighten and grow more aligned and wealthy individuals feel domestic tax authorities… – Continue reading
Gary Barlow, his manager and fellow Take That stars Mark Owen and Howard Donald ploughed £66million into the programme called Icebreaker Gary Barlow is thinking of suing experts who advised him to invest millions in a tax avoidance scheme after telling a pal: “I’m not evil.” The Sunday People reports,… – Continue reading
The latest proposed tax inversion deal just got even bigger. U.S. bidder AbbVie hiked its offer for Dublin-based Shire PLC Sunday after four days of talks in a deal that could now reach $31.35 billion, underscoring what it sees as the benefits of a tie-up that will also give it… – Continue reading
The use of ‘inefficient’ branch networks for fundraising goes against international practice, but mainland banks gain marketing benefits When it comes to their offshore debt programmes, mainland banks embrace the mantra of thinking globally and acting locally. Looking at all offshore debt issued by the five biggest mainland banks since… – Continue reading
KENYA Revenue Authority is currently recovering Sh25 billion outstanding tax from international companies that a recent audit showed were involved in transfer pricing, it announced on Friday. Commissioner general John Njiraini said the authority has recently conducted transfer pricing audits involving over 50 cases which have so far yielded tax… – Continue reading
Andrea Leadsom, a high-flying Treasury minister, received more than £70,000 from a family business, the parent company of which is controlled out of the Virgin Islands tax haven. The payments, which appear to be within the letter of the rules for political donations, have been criticised because of the contrast… – Continue reading
India’s government challenged the merger of Vedanta Resources Plc (VED)’s local units in court on the grounds the deal by the flagship company of billionaire Anil Agarwal was aimed at avoiding taxes. The merger is a “device” for tax evasion, according to the petition filed today by the Ministry of… – Continue reading
Millionaire investors in a £5billion alleged tax avoidance scheme run by financier Patrick McKenna’s investment firm Ingenious are preparing to settle with the taxman rather than face a court battle with the authorities. The Ingenious scheme, revealed by The Mail on Sunday four years ago, is one of the biggest… – Continue reading
Recently announced proposals by the Italian government to abolish withholding tax on loan interest payments and lift restrictions on direct lending to Italian companies are expected to give a major boost to the country’s loan market. The moves should make it much easier and cheaper for foreign banks and other… – Continue reading
ISLAMABAD: The US authorities have made direct contacts with Pakistani commercial banks to seek data of account holders of their nationals in a bid to comply with their law known as the Foreign Account Tax Compliance Act (Fatca), The News has learnt. However, the Nawaz Sharif government has taken a… – Continue reading
Houston: Preparer Diane Caldwell Larry has pleaded guilty to falsifying client returns. During her plea hearing, she admitted that while operating Paradise South Tax Services she prepared 33 materially false client returns for tax years 2007 through 2010. Those returns generated excessive refunds and cost the IRS some $168,792. Larry… – Continue reading
Ingersoll-Rand (IR) is a great American success story. Founded 143 years ago by a Connecticut farmer who invented a steam-powered rock drill, the company made tools that carved out the Panama Canal and shaped Mt. Rushmore. More recently it’s become a leader in energy-efficient air conditioners: Ingersoll-Rand’s Trane unit has… – Continue reading
Another day. Another inversion. This one, though, with a twist. On Tuesday evening, U.S.-based Salix Pharmaceuticals Ltd.SLXP -1.52% announced plans to merge with a unit of Cosmo Technologies Ltd.’s and take up residence in Ireland for tax purposes. What makes this different from a typical inversion deal is the fact… – Continue reading
Popular restaurant chain’s Channel Islands tax haven trust at top of elaborate web of companies is worth £750m A secretive £750m trust located in a Channel Islands tax haven sits at the top of an elaborate offshore web of companies belonging to the family behind the Nando’s chicken chain. The… – Continue reading
Lawyers for convicted tax evader Ty Warner said his sentence of two years’ probation was reasonable, pointing out that the punishment of the Beanie Babies billionaire was consistent with more than half of the offshore banking cases that the government has prosecuted, according to a court filing Thursday. Last October,… – Continue reading
On Friday, 27 June 2014, the Irish Revenue Commissioners (in conjunction with the Department of Finance) finalised the relevant Regulations with respect to FATCA. These Regulations will come into operation on 1 July 2014. As readers will be aware, the Irish and US Governments signed an intergovernmental agreement (“Irish IGA”)… – Continue reading
To energise capital markets, the government today proposed a slew of measures, including tax benefits and easier regulations for foreign investors and corporate bonds besides creating a new instrument Bharat Depository Receipts, helping BSE benchmark Sensex to jump 434 points. Finance Minister Arun Jaitely in his maiden budget also annouced… – Continue reading
The international boundary that divides the United States and Canada is the longest international border on Earth, and many communities and businesses have interests lying on both sides. The shared border facilitates the largest trade relationship between any pair of countries in the world. It is therefore unsurprising that Americans… – Continue reading
QCs doctors, pop stars and others have been caught up in a major tax avoidance plan in the UK, which have included former UK-based and now Wellington City CEO Kevin Lavery. Mr Lavery formerly worked as chief executiv e of the Cornwall Council and invested £1.2m according to the documents… – Continue reading
Umuahia — Governor Thoedore Orji of Abia State has disclosed that the new tax regime being put in place by the State government is targeted at removing all forms of fraudulent practices that had bedeviled tax payment and collection in the past.. The Governor who stated this at the maiden… – Continue reading
An international law firm has accused HM Revenue & Customs of a “sudden and unprecedented escalation” after it revealed full details about the powers which will allow it to impose £1m fines on tax advisers. Ray McCann, partner at Pinsent Masons, said the powers, which are aimed at cracking down… – Continue reading
Advisers with expatriate clients, or whose clients’ investments span multiple jurisdictions, may find a more level playing field as global regulators work together more, Angelo Venardos has said. The editor of tax book World’s Leading Financial and Trust Centres said that many offshore financial centres, such as the British Virgin… – Continue reading
On 1 July 2014, the Ministry of Revenues and Levies of Ukraine issued Order #368 ‘On amendment of generalised tax consultation on transfer pricing related issues, adopted by Order #699’, which significantly changed the respective tax consultation #699. In particular, the order included additional questions and clarifications and drastically changed… – Continue reading
Baku, Fineko/abc.az. Azerbaijan de facto joined the American tax reporting system FATCA (Foreign Account Tax Compliance Act): on July 8 President Ilham Aliyev sanctioned the Azerbaijani banks to report to other states about their customers directly or through mediators. The President of Azerbaijan approved the relevant amendments to the law… – Continue reading
Tax Since the 1970s, U.S. taxpayers with foreign banks accounts have been required to annually report their foreign bank account information to the Department of Treasury on a Report of Foreign Bank and Financial Accounts (“FBAR”) by June 30th of each year. In addition to requiring the filing of an… – Continue reading
David Murray’s financial system inquiry should push to remove withholding tax on non-residents’ deposits in Australian banks to help diversify the funding base of local banks and create more competition from foreign institutions. Next week’s report from the inquiry should also drive the development of a corporate bond market, back… – Continue reading
NEW DELHI: India and the UK today expressed the determination to work together to tackle the menace of tax evasion even as Britain agreed to support infrastructure projects in the country. UK Export Finance will provide a line of credit of one billion pounds (about Rs 10,000 crore) for the… – Continue reading
David Murray’s financial system inquiry should push to remove withholding tax on non-residents’ deposits in Australian banks to help diversify the funding base of local banks and create more competition from foreign institutions. Next week’s report from the inquiry should also drive the development of a corporate bond market, back… – Continue reading
The recently enacted FATCA makes it mandatory for Indian tax authorities to share information about earnings of NRIs in US. However both India and US have a treaty signed to avoid double taxation. NRIs living in US can certainly benefit from this treaty The US government has recently enacted Foreign… – Continue reading
A secret list of account holders reveals how rich Britons are legally exploiting tax havens, despite a UK government crackdown. The identities of thousands of wealthy offshore clients of a major Channel Isles private bank have been leaked to the International Consortium of Investigative Journalists. The individuals include donors to… – Continue reading
Britain is likely to receive little more than half of the £3 billion-plus expected from an agreement reached with Switzerland to tackle offshore tax evasion, HM Revenue and Customs has told MPs. Chancellor George Osborne’s 2012 Autumn Statement forecast the taxman would collect an additional £3.12 billion as a result… – Continue reading
DETROIT — Delphi Automotive plc is in the crosshairs of a battle between the IRS and many large American companies over the use of offshore tax shelters. Delphi is the latest corporation in dispute with the federal government over its tax practices. The IRS notified the supplier last month it… – Continue reading
The Seychelles offer a wide variety of financial services, including offshore banking, investments and insurance. The inexpensive International Business Company (IBC) is the most popular corporate entity and can be used for many purposes with few limitations. The International Business Company IBC is the most widely used vehicle for offshore… – Continue reading
To act as an investment manager the company is required to be appropriately regulated Offshore companies owned by NRIs or persons of Indian origin can act as investment manager for newly created class of overseas investors, FPIs, provided they are well regulated in their jurisdiction, Sebi has said. As per… – Continue reading
Hong Kong (HKSAR) – The Secretary for Financial Services and the Treasury, Professor K C Chan, today (July 8) signed in Hong Kong an agreement with Korea for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income on behalf of the Hong… – Continue reading
The long awaited instructions for Form W-8BEN-E, Certification of Foreign Status of Beneficial Owner for United States Tax Withholding (Entities), were finally posted on the IRS website on June 24, 2014. Form W-8BEN-E will now be the most common form to be used by foreign entities to certify their status under both (i) Chapter 3 of… – Continue reading
New Delhi: Offshore companies owned by NRIs or persons of Indian origin can act as investment manager for newly created class of overseas investors, FPIs, provided they are well regulated in their jurisdiction, Sebi has said.As per Sebi, non-resident Indian (NRI) or person of Indian origin (PIO) is not eligible… – Continue reading
“A government that robs Peter to pay Paul, can always count on the support of Paul”– George Bernard Shaw. Well, the UPA government certainly did a Peter to multinational companies operating in India by hiking withholding taxes from 10% to a good 25% in the 2013 budget. Who is the… – Continue reading
