Do trustees need to register with the US Internal Revenue Service (the “IRS”) before 1 January 2015? Does registration need to be made in respect of a trust? These questions need to be given due consideration by Cayman Islands and British Virgin Islands (“BVI”) trustees and the trusts in respect… – Continue reading
Maples and Calder Michael Gagie, Richard Grasby, Tim Clipstone, Christopher Capewell, Jon Fowler and Tim Frawley Do trustees need to register with the US Internal Revenue Service (the “IRS”) before 1 January 2015? Does registration need to be made in respect of a trust? These questions need to be given… – Continue reading
Indian corporates are likely to increasingly access the offshore debt capital markets for their funding requirements once the investment cycle restarts, according to Fitch Ratings. “The growth is likely to be driven by the need to refinance debt and fund capex once the investment cycle restarts and as many corporates… – Continue reading
This publication provides a brief overview of the expected impact on entities established in Bermuda of (a) the foreign account tax compliance provisions (“FATCA”) of the Hiring Incentives to Restore Employment Act, 2010 of the United States of America (the “US”); and (b) equivalent rules implemented in relation to United… – Continue reading
In recent times there has been a welcome return to activity in the Irish real estate market. Overseas investors have been circling and private equity groups have started investing heavily in Irish real estate amid confidence that the Irish economy has stabilised and is returning to growth. In this briefing… – Continue reading
A senior figure is suspected of secretly keeping accounts in a Swiss bank that were not reported to the tax authorities in Israel, in an affair called the “Swiss Bank Affair,” sources inform “Globes.” Israel Tax Authority investigators conducted a search of the senior figure’s home. As in the information… – Continue reading
Some statistics rank London as the fourth largest ‘French’ city by population, and the number of French individuals moving to the UK is growing. This is not surprising – the UK offers a highly favourable tax regime for ‘non-domiciled’ individuals moving to the UK, while entrepreneurs, professionals and high net… – Continue reading
Ambassador to London Matthew Barzun says US citizens must pay up Boris Johnson was born in New York so faces a tax bill in America London Mayor has branded the Transatlantic rules ‘outrageous’ Barzun defends US firms like Amazon and Google over tax dodging Insists they are just playing by… – Continue reading
Tennis legend Roger Federer is set to move into a 6.5million glass mansion in a Swiss tax-haven Wollerau Three-storey building comes with floor-to-ceiling windows, a swimming pool and view across Lake Zurich Wollerau is one of the lowest tax municipalities in Europe and has attracted other multi-millionaires Tennis ace Roger… – Continue reading
The Property Council of Australia has joined efforts by the broader business community to lobby the federal government to implement significant tax reforms next year. Members of the Business Coalition for Tax Reform (BCTR) will meet with the Australian Council of Social Service (ACOSS) on December 15 to commence discussions… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/e3cae272-73d4-11e4-82a6-00144feabdc0.html#ixzz3LIqHN5hj A seafront car park in St Peter Port overlooked by Guernsey’s… – Continue reading
In yesterday’s Autumn Statement, the UK Chancellor announced several measures that will directly affect non-UK individuals who live or own property in or are considering moving to the UK. Although in many cases the measures will mean that such individuals are liable to pay more tax in the UK than… – Continue reading
John Cartwright (pictured), Chief Executive of the Association of Real Estate Funds (AREF), comments on the UK government’s objective to introduce stamp duty land tax relief in 2016… We welcome the government’s intention to introduce a stamp duty land tax (SDLT) relief for seeding investment – a much needed removal… – Continue reading
The Swiss voted down the initiative “Save Our Swiss Gold” on Sunday, November 30, by a margin of three to one, rejecting efforts to shore up the Swiss National Bank’s (SNB) balance sheet. Switzerland, a direct democracy, entertains an average of five such referendums every year, and most of them… – Continue reading
Late yesterday afternoon the Government published its response to the consultation on extending Capital Gains Tax (CGT) to non-UK resident owners of UK residential property. This is the latest step in a series of significant changes in the last couple of years to the tax treatment of UK residential property…. – Continue reading
The mayor of London’s refusal to comply with the Foreign Account Tax Compliance Act (FATCA) by paying his American taxes has been labelled “noble” by Nigel Green, chief executive at deVere. Green said Boris Johnson’s claim that it is “outrageous” for the US to tax expat American citizens, made in… – Continue reading
Bill Dodwell comments: “Chancellor George Osborne will deliver the final Autumn Statement of this parliament. We expect that most of the announcements will concentrate on the outcomes from proposals launched at earlier Budgets, together with some technical changes. There will also be the first consultation on how the UK should… – Continue reading
As oil prices plunge and Russia bleeds capital, the Kremlin is cracking down on residents who it says are evading taxes through holdings overseas. A law slated to go into effect on Jan. 1 is designed to clamp down on Russian citizens and companies that the Kremlin thinks are avoiding… – Continue reading
Non-resident UK homeowners that have spent less than 90 days in their UK property in the previous tax year will be liable to pay capital gains tax (CGT) on any gains when they sell that property from next year, the UK government has confirmed.02 Dec 2014 Private wealth tax Tax… – Continue reading
The refusal by the Mayor of London to pay his American taxes has been hailed as “noble” and “brave” by the CEO of independent financial advisor, deVere Group. The comments from Nigel Green, founder and chief executive of deVere Group, which operates in 100 countries and has $10 billion under… – Continue reading
Passage by the French assembly on 18 November 2014 of a draft Finance Bill for 2015 (which now will be presented to the Senate) Introduction by the French government on 12 November 2014 of a second draft amended Finance Bill for 2014 In general, the draft Finance Bill for 2015… – Continue reading
The fund will hit the markets by the middle of next year and invest in residential projects like the last fund Having raised a $250-million (Rs 1,500 crore) offshore fund in July this year, real estate fund manager HDFC Property Fund is now gearing up to launch a $500-million (Rs… – Continue reading
Sol Campbell owns £25m house in London and Northumberland mansion He appeared on BBC2’s Daily Politics to explain mansion tax was unfair Ex-England footballer said proposed levy was a ‘tax on aspiration’ He said Labour should instead pursue companies who had avoided tax But MP Owen Smith said people had… – Continue reading
Love him or hate him, you have to say that Boris Johnson makes a very good point about FATCA. Having been hit with a US tax bill due to his unwanted dual citizenship, Johnson – who is as British as they come in all fairness – says he will not… – Continue reading
An Australian parliamentary committee on Thursday (Nov 27) recommended strengthening rules on foreign investment in the country’s booming housing market, calling enforcement of the current framework “severely lacking”. SYDNEY: An Australian parliamentary committee on Thursday (Nov 27) recommended strengthening rules on foreign investment in the country’s booming housing market, calling… – Continue reading
Canadian taxpayers with an interest in a partnership that holds specified foreign property (as defined in subsection 233.3(1)) may face uncertainty when assessing their form T1135 (“Foreign Income Verification Statement”) filing obligations. Depending on the partnership’s structure, either (1) the taxpayer may be required to file form T1135 in respect… – Continue reading
Should London’s Mayor Boris Johnson pay U.S. taxes and file FBARs? Born in New York, the iconic London mayor never gave up his U.S. citizenship. But rather than quietly paying U.S. taxes, Mr. Johnson in an NPR interview called it ‘outrageous’ to tax U.S. citizens on their global income. Mayor… – Continue reading
Boris Johnson has a point about his U.S. tax bill, but he should still cough up. The London mayor objects to the fact that his dual UK and U.S. citizenship means he has been issued with an American tax bill, and he says he won’t pay. Though many U.S. expats… – Continue reading
Credit Suisse AG (CSGN)’s $2.6 billion plea bargain resolving allegations it helped wealthy Americans avoid paying taxes faces a final hurdle from a federal judge who will decide whether to accept it or throw it out. The first global banking unit in more than a decade to plead guilty to… – Continue reading
People curious to know the amount of “black money” stashed by Indians in foreign banks may be in for yet another disappointment after the Supreme Court monitored Special Investigation Team (SIT), submits its findings. After six months in office, the Narendra Modi Government has not been able to lay its… – Continue reading
Domestic banks are to be required to allocate 1.5 percent of their total housing loans as provision for bad debts within the next three years to reduce risks should the property market slow down, the Financial Supervisory Commisson (FSC) said yesterday. The announcement came after the commission reached an agreement… – Continue reading
In our previous post, we looked at the ways that global corporations minimise their tax burdens by routing income through offshore tax havens and transfer pricing. The ultimate beneficiaries of these shenanigans, of course, are actual people rather than legal entities. Many of these people also take advantage of offshore… – Continue reading
November 18: The Treasury Department and IRS today released for publication in the Federal Register final and temporary regulations (T.D. 9704) concerning the treatment of U.S. and foreign persons that fail to file gain recognition agreements (GRAs) or that fail to satisfy other reporting requirements associated with transfers of property… – Continue reading
Proposals to extend capital gains and investment income tax exemptions under Portugal’s Non-Habitual Residents Tax Regime have not been passed, say government officials It seems that the Portuguese government has shelved plans, at least for 2015, to extend capital gains and investment income taxation exemptions. However, officials say they are… – Continue reading
Sears Holdings and Pinnacle Entertainment have become the latest US companies to announce that they are considering establishing real estate investment trusts (REITs), to unlock tax advantages that have been considered by some companies as an alternative to a corporate inversion. REITS do not pay corporate tax as long as… – Continue reading
Being a non-UK resident can offer certain tax advantages however new regulation around capital gains tax proposed to take effect next year, may have implications for non-residents when they dispose of a residential property as Kirstie Carr of Mogers Drewett explains. Capital gains tax (CGT) is a tax which applies… – Continue reading
After the US bailed out the insurance conglomerate AIG in 2008, the company’s employees kept to business as usual—which included setting up complex tax structures to avoid taxes in Europe and Japan. In 2008, the company was on the brink of a bankruptcy that would have created huge losses throughout… – Continue reading
The Australian tax office wants comments on a 2016 plan for buyers of some property worth more than AUS$2.5m sold by foreigners to withhold 10% for the tax office Overseas owners selling prime property in Australia may have 10% taken out as part of the deal, under tax proposals being… – Continue reading
CBC probe finds civil servants’ pensions invested via Luxembourg shell companies to avoid foreign tax Cabinet Minister Tony Clement has moved to distance the federal government from a Crown corporation’s decision to set up a complex arrangement of offshore companies as part of a tax “avoidance scheme” on pension investments… – Continue reading
This publication provides a brief overview of the expected impact on entities incorporated in the British Virgin Islands (the “BVI”) of (a) the foreign account tax compliance provisions (“FATCA”) of the Hiring Incentives to Restore Employment Act, 2010 of the United States of America (the “US”); and (b) equivalent rules… – Continue reading
High Court refuses special leave application in capital gains tax dispute The High Court has refused the special leave application by the taxpayer in a case involving the liability to capital gains tax (CGT) of a ‘limited partnership’ formed in the Cayman Islands. The application for special leave followed the… – Continue reading
London is an increasingly important hub for offshore law firms, which are winning business from City-based financial institutions, and clients in Russia, western Europe and sub-Saharan Africa. Offshore law firms are constantly evolving, it seems. Traditionally, they operated in one offshore territory: whether the British Crown dependencies of Jersey, Guernsey… – Continue reading
New York • Shifting the address of his Liberty Global Inc. from Colorado to London last year didn’t just put billionaire John C. Malone in a position to reduce his company’s tax bill. He also took precautions to avoid the capital-gains hit that the so-called inversion would trigger for him… – Continue reading
Hawala networks are being replaced by sophisticated transfer pricing approaches. The image is easy to envision. Corrupt politicians, crooked corporate honchos and evil criminals stashing away their ill-gotten gains in shady Swiss banks. Thousands of crores of rupees that should be earning India tax revenue wilfully being hidden from authorities… – Continue reading
66% of Law Firms Work With at Least Some of Their Tax Clients to Identify and Document All Relevant Intangible Assets for Transfer Pricing NEW YORK, Oct. 30, 2014 (GLOBE NEWSWIRE) — As scrutiny by tax authorities mounts, the identification and documentation of intangible assets, such as patents, trademarks and… – Continue reading
Non-residents will only be able to purchase land in Sri Lanka through long lease agreements and purchases will be subject to payment of a land lease tax (LLT), under the Land (Restrictions on Alienation) Act, which was recently given parliamentary approval. In accordance with regulations which have been provisionally applied… – Continue reading
HT Correspondent, Hindustan Times New Delhi, October 29, 2014 First Published: 09:16 IST(29/10/2014) | Last Updated: 10:26 IST(30/10/2014) The government on Wednesday submitted a list of 627 Indians holding accounts in HSBC Bank, Geneva, to the Supreme Court, which directed its special investigating team (SIT) to examine them and take… – Continue reading
VietNamNet Bridge – Recent surveys about the tax policies applied to foreign-invested enterprises (FIEs) show that Vietnamese have become choosier about foreign direct investment (FDI) and FIEs (foreign-invested enterprises). “Do you think that the FIEs in Vietnam are transparent in tax payments?” was one survey question raised by Thoi Bao… – Continue reading
KUCHING: Accounting firm Deloitte Malaysia stressed on the government increasing focus on transfer pricing whereby there is a new requirement for taxpayers to declare if one has prepared all the necessary transfer pricing documentations. In the past, one was only required to disclose related-party transactions but there was no requirement… – Continue reading
New CIBC report offers tax tips for U.S. vacation properties TORONTO, Oct. 28, 2014 /CNW/ – CIBC (TSX: CM) (NYSE: CM) – As Canadians look to take advantage of low U.S. house prices to buy vacation homes and escape the chill of winter, a new report by Jamie Golombek, CIBC’s… – Continue reading
