Taxes covered The agreement applies to taxes on income imposed by either country. In Bahrain these are currently the income tax payable under Legislative Decree No. 22/1979 (“the Oil Tax”); in Cyprus they are income tax, corporate income tax, Special Contribution for Defence (known as SDC tax) and capital gains… – Continue reading
The Financial Monitoring Service of Azerbaijan’s Central Bank will send the National Action Plan on the elimination of risks in the fight against money laundering and terrorism financing to the World Bank in September 2015. The National Plan was discussed by WB’s experts during a seminar held in Baku between… – Continue reading
BMI View: Montserrat’s economic growth will slow significantly in the coming years as the key financial services sector faces headwinds from an international crackdown on tax havens in the Caribbean. Additionally, th e end of a government programme of capital investment will also temper the island’s economic activity beginning in… – Continue reading
Confidence has returned to real estate markets in Europe, and London is still a firm favourite with investors, offering vast tax-efficient opportunities for Qatari investors, according to Aqua Group, the first offshore trust company to receive licence from the Qatar Financial Center (QFC). In view of the need for better… – Continue reading
On 1 July 2015, the President of Cyprus announced a number of tax reforms. The tax reforms will aim in modernising the taxation framework of Cyprus and making it more fair and more competitive, while limiting the taxation burden and offering incentives for growth. The announcement was made while Addressing… – Continue reading
Foreign Affairs Minister Julie Bishop has promised that Australia will not be “a safe haven for the proceeds of corruption” in Papua New Guinea, as police in both countries probe the role of Australian lawyers there. Ms Bishop’s intervention and the police probes were triggered by explosive video footage that… – Continue reading
We consider the retirement options for three top expat destinations – New Zealand, Bahrain and Singapore Retiring overseas is an aspiration for many expats, especially after they have spent much of their working life outside the UK. But while you may think you know what’s involved, there are many things… – Continue reading
The “wall of Chinese capital” hitting property markets in Sydney and Melbourne will not ease up until the government introduces its anti-money laundering legislation, says an expert in ‘flight capital’. James Tee, an ethnic Chinese property developer whose business specialises in “capital expatriation” – that is, getting money out of… – Continue reading
GENEVA — The FIFA corruption scandal is prompting fresh moves to stem money laundering in Switzerland, but the nation long known as a haven for hiding money may be slow to change. The Swiss government announced new measures this month following the investigation of soccer’s governing body to tighten control… – Continue reading
MUMBAI: India 0 Vs Pakistan 1. It’s not the outcome of a ODI series between the traditional rivals but a progress card on reforms in the world of real estate. At a time Indian realtors and investors are struggling to roll out real estate investment trusts (REIT) amid regulatory complications… – Continue reading
Almost all estate planning clients own real estate in one form or another – a residence, a vacation home, or rental property. Real estate presents unique challenges in estate planning because debt is often associated with the property and because it may be difficult (or not desirable) to sell the… – Continue reading
Offshore investors in UK real estate face a range of tax obligations and charges to be managed. This briefing introduces some of the key tax aspects for investors using various offshore structures. UK tax on gains Gains realised by non-residents on the disposal of commercial (non-residential) UK real estate are… – Continue reading
A former Secret Service agent Shaun Bridges has agreed to plead guilty to charges of stealing hundreds of thousands of bitcoins from Silk Road. Shaun Bridges, the second of the two former US agents accused of stealing cryptocurrency during the investigation of the Silk Road marketplace, will plead guilty to… – Continue reading
After a controversial political debate, the Swiss voters have decided to reject the popular initiative to introduce a federal inheritance tax with a vast majority of 71.7% in the popular vote of 14 June 2015.. The 26 Cantons also unanimously rejected the the popular initiative. The clear result shows that… – Continue reading
EMPORIUM — The Cameron County School District Board of Directors was unable to pass a tax millage rate during their regular meeting held on Thursday evening. Despite voting four times on various rates, the board was unable to come to a consensus. Only seven members were present for the meeting,… – Continue reading
Abstract Over the past 25 years, Cyprus has become the portal of choice for investment into and out of Russia and Central and Eastern Europe. The new Russian de-offshorization law, which took effect on 1 January 2015, will have significant implications for users of overseas structures. This article examines the… – Continue reading
White House advisor Valerie Jarrett was tasked by President Obama with trying to kill a controversial income tax perk used by the “wealthy and well-connected.” Yet she made a killing on a Chicago real estate deal by enlisting the same benefit. That’s what the Better Government Association found in a… – Continue reading
Wal-Mart Stores Inc. owns more than $76 billion of assets through a web of units in offshore tax havens around the world, though you wouldn’t know it from reading the giant retailer’s annual report. A new study has found Wal-Mart has at least 78 offshore subsidiaries and branches, more than… – Continue reading
The Haifa District Court is considering whether Ofer was an Israeli resident in 2006-2010. The Israel Tax Authority is demanding payment of NIS 940 million from the estate of billionaire Sammy Ofer, who passed away on June 3, 2011 at the age of 89, according to an order issued by… – Continue reading
Report on ‘poor’ neighborhoods full of mansions sparks calls for tax enforcement, residency documentation OTTAWA — The Canadian government takes a “zero tolerance” stand on tax evaders and is currently conducting audits on property owners in B.C., according to the Canada Revenue Agency. But Vancouver immigration lawyer Samuel Hyman said… – Continue reading
KARACHI: Federal budget for fiscal year 2015-16 (FY 16) is apparently hinting government is interested in promoting black money or trying to force decent tax paying investors to invest in real estate sector, stock brokers say. Instead of giving incentives, Finance Minister Ishaq Dar has dismayed taxpayer investors by increasing… – Continue reading
Crucial deadlines are approaching for millions of U.S. taxpayers who live abroad or have offshore financial ties. For expatriates, the annual income-tax filing deadline is normally June 15, instead of April 15. In addition, all U.S. taxpayers with offshore accounts totaling more than $10,000 in 2014–regardless of where they live–have… – Continue reading
The government is likely to come out with a fresh value-added tax reform plan for the real estate, finance and consumer-oriented services industries next month, ending the three-year reform on all service industries, according to unconfirmed reports. The Ministry of Finance is believed to have already drafted the plan and… – Continue reading
TRENTON – A New Jersey think tank says the state could reap hundreds of millions of dollars by changing tax rules to close loopholes and make multi-state corporations pay what they owe. The left-leaning New Jersey Policy Perspective called on lawmakers to enact combined reporting to thwart businesses that operate… – Continue reading
In its report issued in May 2015, the International Monetary Fund (IMF) warned against the exceptional risks and challenges facing Lebanon as a result of several political and security factors both at the domestic and foreign levels. These challenges also result from worrying economic factors in terms of growth, the… – Continue reading
ZIMBABWE intends to relax rules around offshore investments by local pension funds by allowing them to invest in foreign markets –subject to regulatory approvals. Currently, pension funds are prohibited from investing offshore, but the amendments to the Pension and Provident Fund Bill of 2015 seeks to allow them to invest… – Continue reading
The present French Tax Update will focus on an overview of several noteworthy French tax court decisions issued during the past few months, in particular in relation with double tax treaty conditions to benefit from a tax credit, abuse of law challenges, increased amortization rates, and priority preliminary ruling requests… – Continue reading
Argentina and Chile have signed a new double tax treaty to replace the treaty unilaterally terminated by Argentina in 2012. Ignacio Rodriguez and Andres Edelstein of PwC in Argentina outline the new structuring opportunities that are available for taxpayers. Argentina and Chile signed a new double tax treaty on May… – Continue reading
A Gold Coast businessman has been banned from the financial services industry for taking $4 million from self-managed super fund (SMSF) investors to fund his own real estate investments. The Federal Court in Brisbane banned Craig Gore permanently and five other people from carrying on any business related to superannuation… – Continue reading
New Delhi: The government on Sunday introduced simplified income tax return forms, abandoning a previous attempt to seek detailed disclosures of foreign trips and bank accounts from taxpayers, even as it retained clauses to check evasion. While taxpayers will not have to disclose details of all foreign travel undertaken by… – 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
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
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
Non-Resident Indians (NRI) constitutes a significant portion of buyer percentage when it comes to real estate transactions in India. Irrespective of constituting a considerable portion, they still face a lot of hassles in the process of taxation when buying or selling properties. Rajan Pillay representing his client who is an… – Continue reading
UK rental prices for the three months to April rose by 10 per cent British expats living in the UAE are taking advantage of rising rents in the UK to purchase investment properties, according to Offshore bank, Skipton International. The bank says it has seen a lot of interest from… – Continue reading
Belgium and the Russian Federation announced in March 2007 that they would negotiate a new double tax treaty (the “Treaty”). Nearly seven years after discussions began on 20 November 2008, the Treaty was finally signed on 19 May 2015 in Brussels. This newsflash is based on an unofficial version of… – Continue reading
ISLAMABAD – The PML-N government is mulling to bring amendments in law to empower Federal Board of Revenue (FBR) to purchase urban land at about 25 per cent over and above rates declared in transfer deeds in order to stop tax evasion. Currently, the people involved in the real estate… – Continue reading
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
By stopping bogus claims of residency, his idea would force foreigners to pay capital gains tax when they sell a home in Canada OTTAWA — Inspired by the legendary FBI ploy to nab a notorious gangster, a B.C. immigration lawyer suggests the Canadian tax system be used to discourage the… – Continue reading
Ahead of their joint event on Deoffshorisation Compliance on 21 May, TMF Group’s Sub Regional Director for CIS and the Nordics Alex Medlock and Artem Toropov, Senior International Tax Associate at law firm Goltsblat BLP LLP (the Russian practice of Berwin Leighton Paisner), outline the key deoffshorisation/CFC compliance requirements and… – Continue reading
“Location, location, location” the well-known real estate mantra, is a notion that advisors of high- and ultrahigh-net-worth clients might also want take to heart. “Residency drives how much sophisticated wealth structuring and asset protection you can do,” says Merrill Lynch advisor Adam Katz. While the concept that it’s better to… – Continue reading
Georgia’s freshman Senator David Perdue is a big advocate of the Fair Tax – a proposal long linked to the Peach State that calls for replacing federal income taxes with a national sales tax on all goods and services. Perdue talked up the plan in the GOP primary and general… – Continue reading
This note is intended as an introduction to inheritance tax (IHT) issues that need to be covered where a “non-dom” (an individual domiciled outside the UK) is planning on becoming resident in, or is already resident in, the UK. It should be emphasised that this is a complex subject, and… – Continue reading
Subsidies that make borrowing irresistible need to be phased out THE way that black holes bend light’s path through space cannot be smoothed out by human ingenuity. By contrast, a vast distortion in the world economy is wholly man-made. It is the subsidy that governments give to debt. Half the… – Continue reading
FOR NRIs wishing to invest in property in India, there are a variety of factors to be considered. A NRI can transfer any immovable property held to an Indian resident. However, he can transfer the property in India (other than agricultural land, plantation property and farm house) to a person… – Continue reading
“Uruguay has now definitely earned its long-time nickname — the Switzerland of Latin America.” That’s what I wrote several months ago during my first visit to this small, south Atlantic costal country wedged between Brazil and Argentina. For the last week, I have been enjoying my second visit to Uruguay,… – Continue reading
A new tax on foreigners buying property in Victoria will add about $15,000 to the price of an average city apartment, the state government has revealed as it defends the extra stamp duty fee in the face of industry unrest. The government has come under furious pressure from the property… – Continue reading
President Putin coined a new word in his state of the nation address at the end of 2012, when he called for new measures for the “deoffshorisation of our economy”, reports the International Business Times. This was to become a major addition, not just to the Russian vocabulary but to… – Continue reading
The Chinese government has been paying close attention recently to the effects of offshore entities having ownership or control of Chinese companies or assets. Following the release of the draft Foreign Investment Law in January 2015, the State Administration of Taxation (SAT) issued a Bulletin on the tax treatment of… – Continue reading
Efforts by the Australian government to combat money laundering could have a highly impact effect upon the huge revenues its reaping from foreign purchases of domestic property. Regulators have recently come under fire for failing to adequately monitor foreign acquisitions of Australian real estate and ensure that they are in… – Continue reading
