LONDON: HSBC’s Indian banking unit is at the heart of fresh revelations around tax evasion, days after a global expose showed tax dodging through accounts in the British major’s Swiss banking unit, a media report said today. It is alleged that representatives of HSBC India, which has employees based in… – Continue reading
Some of the biggest listed Irish firms have subsidiaries in so-called ‘tax havens’, like the British Virgin Islands, Jersey or Luxembourg. They say it’s not to reduce their tax bills – so why are they there? The subsidiaries are registered in well-known offshore tax havens, such as the British Virgin… – Continue reading
Sir David Garrard transferred shares offshore before some were later sold The tycoon has given the Labour Party more than £1.2million Ed Miliband attacked ‘dodgy Tory donors’ for having off-shore accounts Sir David held accounts in Liechtenstein and Jersey according to reports By GLEN OWEN FOR THE MAIL ON SUNDAY… – Continue reading
Former Enemalta chairman Tancred Tabone had set up a Jersey offshore trust into which he deposited $1 million, according to the HSBC data revealed in Swiss leaks. Reporting on the matter today, The Guardian said Mr Tabone planned to transfer more funds, with the bank noting “the potential is evaluated… – Continue reading
Local businesses still have a lot to consider for the next stages of the Foreign Account Tax Compliance Act (FATCA) implementation, delegates heard at a recent breakfast seminar hosted by EY. The event, led by Wendy Martin, EY’s Tax Executive Director, highlighted the recent updates made to the FATCA guidance… – Continue reading
The number of Americans relinquishing their citizenship will drop as the world adjusts to FATCA, says Nigel Green, chief executive of deVere. Since the Foreign Account Tax Compliance Act (FATCA) was introduced in July last year, the number of citizens cutting of their US ties has jumped to 3415, 14%… – Continue reading
As tax chiefs are reeling over criticism of their failure to track down tax avoiders in Switzerland, they now face another scandal, and another whistleblower, over HSBC’s operation in the UK. Channel 4 news can reveal that HM Revenue and Customs are also sitting on yet another list of names… – Continue reading
Bermuda’s well-documented financial services regulation, international partnership treaties, and lack of bank secrecy legislation ought to be recognised by the UK Labour Party, the Bermuda Business Development Agency (BDA) said today. The BDA echoed the Bermuda Government’s weekend response to UK Opposition Leader Ed Miliband following a warning letter issued… – Continue reading
A Labour government would push for UK overseas territories to be put on an international blacklist if they refuse to co-operate with a drive against tax avoidance, Ed Miliband has told them. In a letter to their leaders, he said they would have six months to compile a public register… – Continue reading
Jersey’s financial institutions are now able to register in Jersey in preparation for US FATCA, which commences this year. The Foreign Account Tax Compliance Act (FATCA) requires financial institutions outside the USA to report information on financial accounts held by their US customers to the Internal Revenue Service (IRS). A… – Continue reading
EY is hosting two breakfast seminars this week to discuss how local businesses should be preparing for the next stages of FATCA (Foreign Account Tax Compliance Act) implementation – the identification of reportable accounts and the reporting process itself. Led by Wendy Martin, Executive Tax Director at EY in the… – Continue reading
Ireland has been ranked among the least complex business destinations for multinationals, and its appeal has improved as a result of recent international tax policy changes, according to a new study. The study from the TMF Group ranked 81 jurisdictions across Europe, the Middle East, Africa, Asia-Pacific, and the Americas… – Continue reading
Potential candidates can gain foreign experience and donations in the British capital but expatriate supporters want action on Obama’s onerous tax demands Republican donors in the UK are lobbying the presidential hopefuls visiting London in search of foreign policy credentials and wealthy corporate allies to abandon President Barack Obama’s aggressive… – Continue reading
Money from charity games featuring Barça star was sent to Curaçao, Civil Guard says Messi charity games investigated for link to drug traffickers Charity soccer matches organized under the name of Argentinean star Lionel Messi in four countries in 2012 and 2013 raked in hundreds of thousands of euros that… – Continue reading
Democratic lawmakers Tuesday pushed legislation to stop U.S. companies from reincorporating overseas to reduce their tax bills, saying a wave of so-called inversions last year has nearly doubled the revenue the federal government will lose from those moves over the next decade. The bill would make it tougher for U.S…. – Continue reading
Introduction Malta is increasingly becoming a financial services centre of repute looked at by a number of financial services operators as the ideal platform to set up their private pension schemes. Malta’s success is attributable to the flexible and prudent manner in which the industry is regulated, providing the desired… – Continue reading
The US Foreign Account and Tax Compliance Act is a complex piece of legislation that has, unsurprisingly, triggered a number of enquiries in recent months from advisers seeking to understand the implications for them and their clients. So, what do you need to know? Fatca is a US Internal Revenue… – Continue reading
In August, President Barack Obama pledged to use the powers of his office to discourage the corporate tax-avoidance technique known as inversion, in which U.S. companies claim foreign tax addresses. Four months earlier, according to a previously unreported legal document, his Department of Homeland Security did just the opposite. It… – Continue reading
The total number of new company registrations increased across offshore jurisdictions in the first half of 2014, according to Appleby, a provider of offshore legal, fiduciary and administration services. In the first half of 2014, there were 46,455 new offshore company incorporations, representing a 4% increase on the preceding six… – Continue reading
1. The traditional attitude to tax avoidance is encapsulated in the judgment of Lord Tomlin in the English case of IRC v Duke of Westminster (1936): “Every man is entitled if he can to arrange his affairs so that the tax attaching under the appropriate Acts is less than it… – Continue reading
In advance of the UK Chancellor’s Autumn Statement, Geoff Cook, CEO of Jersey Finance said: “The Chancellor has shown a strong commitment to tackling tax evasion and I look forward to hearing more detail behind his future plans in this regard in the Autumn Statement. It is vital that the… – Continue reading
The House of Commons Public Accounts Committee on Monday held a hearing on the role of accountancy firms in tax avoidance and PwC (PricewaterhouseCoopers), the Big 4 accounting firm, was represented by Kevin Nicholson, PwC head of tax in the UK and former HMRC (HM Revenue & Customs) tax inspector,… – Continue reading
In advance of the UK Chancellor’s Autumn Statement, Geoff Cook, CEO of Jersey Finance said: “The Chancellor has shown a strong commitment to tackling tax evasion and I look forward to hearing more detail behind his future plans in this regard in the Autumn Statement. It is vital that the… – Continue reading
Jersey Finance has welcomed the signing of a Tax Information Exchange Agreement (TIEA) between Jersey and Romania this week. The agreement, which was signed by the Minister for External Relations, Senator Sir Philip Bailhache, and the Romanian Ambassador, His Excellency Ion Jinga, at the Romanian Embassy in London on Monday… – Continue reading
The Mohegan and Mashantucket Pequot tribes recently met with legislators who oversee gambling issues in Connecticut to talk about competition in other states and what to do about it, a key lawmaker said Tuesday. State Rep. Steve Dargan, D-West Haven said he and state Sen. Joan Hartley, D-Waterbury, who oversee… – Continue reading
Jersey Romania TIEAJersey and Romania signed a tax information exchange agreement (TIEA) at the Romanian Embassy in London on 1 December. The agreement was signed by the Minister for External Relations, Senator Sir Philip Bailhache, and the Romanian Ambassador, His Excellency Ion Jinga. Senator Bailhache said: “We attach great importance… – Continue reading
Jersey Romania TIEAJersey and Romania signed a tax information exchange agreement (TIEA) at the Romanian Embassy in London on 1 December. The agreement was signed by the Minister for External Relations, Senator Sir Philip Bailhache, and the Romanian Ambassador, His Excellency Ion Jinga. Senator Bailhache said: “We attach great importance… – Continue reading
It feels like FATCA has been around for years already, yet some companies are still coming to terms with its implications. However, as Kirsten Morel explains, impending deadlines are now creating a real sense of urgency It’s four years since US Congress enacted the Foreign Account Tax Compliance Act (FATCA),… – Continue reading
Banking regulators in Jersey have warned consumers and investors not to deal with a bank claiming to operate in the Channel Islands. Channel Offshore Bank advertises a St Helier address on its website and says it has been in business since 1989. The Jersey Financial Services Commission says the bank’s… – Continue reading
* Asian, Gulf banks in talks about obtaining Jersey licence * 18 percent of Jersey banking deposits from Asia, Mideast * Jersey Finance custodian of 1.2 trillion pounds DUBAI, Nov 23 (Reuters) – Jersey Finance, the island’s financial centre which acts as custodian of 1.2 trillion pounds ($1.88 trillion), is… – Continue reading
Small- and medium-sized firms are unprepared for tough new US tax reporting legislation, a survey has found. Software firm Blue Bison, part of the Ignition group of companies, found that more than half of respondents to its readiness survey admitted that understanding the requirements of the Foreign Account Tax Compliance… – Continue reading
Expats have a range of choices – so how do they find a safe home for their assets? The traditional use of offshore centres as a way of enabling better tax planning – and even tax evasion – has all but fallen away. An increasing desire for countries to share… – Continue reading
Onetime Texas billionaire Sam Wyly and the estate of his late brother Charles just can’t seem to outsmart the Securities and Exchange Commission. Their latest attempt to evade the consequences of their allegedly fraudulent offshore trust scheme failed Monday, when U.S. District Judge Shira Scheindlin of Manhattan, in a ruling… – Continue reading
Switzerland’s tax information exchange agreements (TIEAs) with Jersey, Guernsey, and the Isle of Man have entered into force and will be effective from January 1, 2015. The Swiss Federal Council announced on November 3 that the treaties entered into force on October 14, 2014. They are the first of Switzerland’s… – Continue reading
The government may have revealed the names of three black money account holders, but will it be able to get the money back or catch big fishes who have stashed the illegal money in tax havens across the globe. As of now it seems impossible. With at least three different… – Continue reading
The Isle of Man is showing great enthusiasm for crypto-currencies – from the landlord at a popular Douglas drinking hole to the Lieutenant Governor, everyone is talking about digital currency and the potentially huge benefits to the Island. The Isle of Man Financial Supervision Commission (FSC) has announced plans to… – Continue reading
It is time for an inquiry into HMRC’s competence, policy, decision-making processes and duty to provide transparency Thomas Paine’s observation that what first was plunder later assumed the name of revenue is well-understood by those who have chosen to make their living abroad. Individuals move for various reasons: career development,… – Continue reading
A tax civil society has sued National Treasury Secretary Henry Rotich over an ‘illegal’ agreement signed with Mauritius, in a major litigation that could affect thousands of companies operating in Kenya. The suit filed at the High Court by Tax Justice Network-Africa (TJN-A) demands that Rotich withdraws a taxation treaty… – Continue reading
The Markets in Financial Instruments Directive (“MiFID”) is a European Union law that aims to harmonise the regulation of investment services across the member states of the European Economic Area and came into effect from 1 November 2007. Following the 2008 financial crisis, amendments to MiFID became the focus of… – 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/0/3fbed922-3d51-11e4-871d-00144feabdc0.html#ixzz3Eo63WbfR The British Virgin Islands has long attracted Chinese companies looking to… – Continue reading
The offshore tax affairs of a company previously headed by the economics minister are to be re-examined by the finance department of canton Bern. The move comes after Swiss Public Television, SRF, published a memo written by the Federal Tax Authorities (FTA) which raised questions about the previous investigation. The… – Continue reading
A cynical tax avoidance scheme which “abused the reliefs” offered for research into life-saving vaccines to claim back £77m, has been rejected at a second tribunal. HMRC said investors in the scheme used a Jersey registered limited partnership which claimed to be involved in creating and exploiting intellectual property from… – Continue reading
Seven Dutch financial institutions may be involved in evading taxes and are ‘extremely vague’ about what they do to ensure this does not happen, the Dutch Fair Bank Guide said on Wednesday. ABN Amro, Aegon, Delta Lloyd, ING, NIBC, Rabobank and Van Lanschot emerge as potential tax avoiders in research… – Continue reading
This article was first published in the 2nd quarter 2014 edition of Personal Finance magazine. Most people accept that they have to pay taxes in their country of residence. But citizens of the United States and green card holders who live outside that country – even if they have never… – Continue reading
Expat savers dealing with unfamiliar banks are unlikely to know how much of their cash is protected if the foreign bank goes bust. In Britain, the Financial Services Compensation Scheme (FSCS) safeguards up to £85,000 held by each person in accounts under a single banking licence. Each building society has… – Continue reading
I n July, the American pharmaceutical giant AbbVie, maker of the world’s top-selling drug – the arthritis treatment Humira – reached a blockbuster deal to acquire European rival Shire, best known for the attention-deficit medication Adderall. The merger was cheered by Wall Street, not for what the deal will do… – Continue reading
Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading
MONTREAL • Eugene Melnyk, the billionaire owner of the Ottawa Senators and founder of drug maker Biovail Corp., is waging war against the company that now controls his one-time business. Mr. Melnyk alleges that Valeant Pharmaceuticals International Inc. is masquerading as a Canadian company to make use of this country’s… – Continue reading
The Delhi High Court upholds the non-taxability of gains from sale of shares of overseas entities by the Copal Group to the Moody’s Group. Interpretation of the indirect transfer tax provisions in a restrictive manner. 50% threshold for substantiality based on guidance by OECD/ UN material and Shome Committee Report… – Continue reading
Abu Dhabi, 18 August 2014: Abu Dhabi Commercial Bank ( ADCB ) announced today the launch of commercial offshore banking products through its Jersey branch. Eligible ADCB wholesale banking clients will now have the option to diversify and preserve their resources with full flexibility and control. Clients will be able… – Continue reading
