Latvian President Raimonds Vejonis on December 15th accepted the credentials of the Japanese Ambassador to Latvia, Mariko Fujii, and noted an increase in Latvia-Japan trade recently but said there was still room for growth in economic cooperation, the Latvian president’s press service reported LETA. He said that a treaty for… – Continue reading
More good news for Hong Kong before the end of 2015: Italy decided to remove Hong Kong from its national blacklist on November 30, 2015. Italy ratified a comprehensive agreement for the avoidance of double taxation (CDTA) signed with Hong Kong on June 18, 2015. Facilitating an early removal of… – Continue reading
Finance Minister Edward Scicluna pushes for ‘flexibility’ during today’s meeting of EU finance ministers in Brussels Malta has come out strongly against applying “rigid rules”, urging the European Commission to adopt a more flexible approach as it drafts legislation on taxation. Corporate tax was high on the agenda of EU… – Continue reading
The reporting deadline for Portuguese financial institutions to communicate information required under the FATCA regime to the Portuguese tax authorities has been extended to 31 December 2015. The FATCA deadline was extended by a 30 November 2015 order. This is the second time that the FATCA reporting deadline has been… – Continue reading
Veteran banker says India purchase reflects client demand for onshore private banking advice. Julius Baer’s Asia Pacific head Thomas Meier is preparing to leave Asia after 20 years, but he isn’t leaving Asia behind. The veteran banker, who also worked at Credit Suisse and Deutsche Bank, will continue to oversee… – Continue reading
Multinationals should pay their taxes where they make their profits, according to one of the recommendations by the tax rulings committee, which were adopted by MEPs on 25 November. Report authors Elisa Ferreira (S&D, Portugal) and Michael Theurer (ALDE, Germany) told us it had been difficult for the committee to… – Continue reading
Turkish Economy Minister Nihat Zeybekci says the country is set to follow in the footsteps of Spain, Portugal and Cyprus and launch its own Golden Visa scheme to grant citizenship to those foreigners who invest from €500,000-€1m in property, reports Property Showrooms. Leading Istanbul agent, Universal21, says the move could… – Continue reading
Antalya, Nov. 16: The Group of 20 nations today pledged to adopt sound macroeconomic policies to achieve strong, sustainable balanced growth. The near-term objective would be to support growth, create jobs and put debt as a share of gross domestic product (GDP) on a sustainable path. Data show that several… – Continue reading
On November 13, 2015 the UK HM Revenue & Customs (HMRC) published a policy paper setting out planned negotiations on Double Taxation Agreements (DTAs) and Tax Information Exchange Agreements (TIEAs). According to the policy paper HMRC will begin negotiations on double taxation agreements with: • Nepal • Romania • Trinidad… – Continue reading
The blacklisting of Hong Kong by the European Union is over for the moment with Spain explaining to the EU it didn’t have HK on its list. In the course of investigation, Harbour Times receives a quick response from the Latvian embassy in Beijing to clarify their stance on Hong… – Continue reading
Secretary general of he Union of Arabs and Sam Fattouh for an international approach to the globalization of law “Vta” American FATCA, any tax compliance with the Law on Foreign Americans accounts, to become international law under labeled GATCA “Gta” (Global Account Tax Compliance Act), any tax compliance law global… – Continue reading
Buying a property overseas is an exciting venture, but also one that requires careful financial consideration. To help ease the process, Chris White, Founding Director of boutique estate agency Ideal Homes Portugal, has compiled his top tax tips for buying property in Portugal. Portugal has been called ‘Europe’s best kept… – Continue reading
New Zealand still has some work to do to stop the country being used as a safe haven for illicit funds, a new survey shows. The 2015 Financial Secrecy Index has been released, which ranks countries on their ability to promote fiscal transparency. The index is produced by the Tax… – Continue reading
Javier Mascherano appeared in court on Thursday and the Barcelona star has admitted to tax evasion. Barcelona midfielder Javier Mascherano has pleaded guilty to tax evasion after appearing at a Spanish court on Thursday. The Argentina star was accused of failing to alert Spanish authorities to earnings totalling more than… – Continue reading
Pascal Saint-Amans sups water from a plastic cup, coughing and spluttering. There’s a weariness about him. He’s battling a cold, and is feeling “bloody sick”. The state of his health isn’t terribly surprising given his recent punishing travel schedule. New York last week preceded by Peru, where G20 finance ministers… – Continue reading
What has happened? On 5 October 2015 the OECD issued its final paper on BEPS Action 12 Mandatory Disclosure Rules, Action 12 – 2015 Final Report (Paper). In this Alert we highlight the main issues and recommendations for taxation reform raised in the Paper. The Australian Treasurer’s BEPS Press Release… – Continue reading
Golden visa EU citizens may freely register as residents in Portugal. However, non-EU citizens may also obtain residence in Portugal if they obtain a ‘golden visa’ by participating in investment activity and fulfilling certain requirements. Requirements Obtaining a golden visa requires one of the following types of investment: acquisition of… – Continue reading
Staff Correspondent The National Board of Revenue on Monday started negotiations with Bhutan to sign an agreement on avoidance of double taxation and prevention of tax evasion and capital flight from the country. A five-member delegation led by NBR chairman Md Nojibur Rahman has been carrying out the first round… – Continue reading
Bangladesh is set to sign an agreement with Bhutan to avoid double taxation to boost investments, trade and facilitate information exchange between the two Saarc nations, the National Board of Revenue said in a statement. A team led by NBR Chairman Md Nojibur Rahman is now in Thimpu to take… – Continue reading
THE ADVANTAGES OF JERSEY For high net worth individuals considering a relocation, there are a number of factors that will be weighed up in making a choice which is right for both the head and the heart. To be a serious contender, a jurisdiction must certainly be fiscally friendly. But… – Continue reading
Luiz Felipe Scolari, who was Portugal’s coach from 2003 to 2007, was held defendant in 2014 for an initial debt of 635 euros. Brazilian coach Luiz Felipe Scolari has paid Portugal 3 million euros back in taxes, the media reported. Scolari owed taxes from payments made to him between 2003… – Continue reading
ESPN FC’s Fernando Palomo previews the upcoming UCL action, highlighting that Barcelona will have to learn to play without Messi. Also Mou faces his old Club, while Bayern may be playing at their best. Barcelona star Javier Mascherano was charged with two counts of defrauding the Spanish tax authorities of… – Continue reading
Kenneth Leung (PC,F-Accountancy) explains what he – and the government – are doing to get Hong Kong off the EU’s undeserved blacklisting as a “non-cooperative tax jurisdiction”. Why has Hong Kong been placed on this list? There are ten European countries that have named Hong Kong as a tax haven…. – Continue reading
The finance ministers of 11 euro zone countries willing to introduce a financial transactions tax (FTT) are expected to make progress on the thorny issue in a meeting on Saturday in Luxembourg, Italy’s economy minister said. Germany and France proposed the tax in 2012, in the midst of the euro… – Continue reading
Superstar-laden FC Barcelona might be among the top teams in the Spanish Liga BBVA this season but the team is making news – again – for a more undesirable reason: tax investigations. As Lionel Messi awaits trial on tax evasion charges, another Barcelona star may be joining him. Spanish news… – Continue reading
The international financial sector faces a perilous future. Major challenges loom over an uncertain global economy, while a decidedly negative political climate poses an existential threat to the offshore financial community. With each passing year, thanks to demographic changes and poorly designed fiscal policies, politicians from high-tax nations will be… – Continue reading
New investment structures are making it easier for people from outside of the European Union seeking to live in Portugal through the country’s golden visa programme, reports the Expats Forum. The initial minimum investment of €500,000 has been reduced to €350,000 for investment in properties located in districts designated for… – Continue reading
New data from Juniper Research has found that more than one in 10 adults worldwide will engage in some form of mobile or online gambling by 2019, with nearly half of adults in UK and Italian markets playing by that time. While to some extent the finding can be attributed… – Continue reading
With the UK announcing new tax rules for foreigners living in the country, the government has been careful not to damage the country’s appeal to wealthy foreigners. The “non-dom” tax status “plays an important role in allowing those from abroad to contribute to our economy”, says George Osborne, the UK’s… – Continue reading
On 6 August 2015, Portugal and the United States signed a Foreign Account Tax Compliance Act (FATCA) Agreement. FATCA seeks to obtain information on accounts held by U.S. taxpayers in other countries. It requires U.S. financial institutions to withhold a portion of certain payments made to Foreign Financial Institutions (FFIs)… – Continue reading
FOLLOWING A PROTEST from the Ministry of International Business, Spain has removed Barbados from its tax blacklist. This latest development comes after a recent decision was taken by members of the European Union to blacklist this country for being a non-cooperative tax jurisdiction. International Business Minister, Donville Inniss, praised the… – Continue reading
The Organisation for Economic Co-Operation and Development (OECD) is likely to recommend that restrictions on interest deductibility should mainly involve a cap calculated as a percentage of EBITDA, an expert has said.07 Aug 2015 Corporate tax Tax International tax Energy Infrastructure However Heather Self of Pinsent Masons, the law firm… – Continue reading
One European country’s generous tax regime to entice wealthy expats is looking even more attractive thanks to pension freedom. Many dream of retirement in sunnier climes and with pension freedom the opportunity to take your savings and run is even more tempting. A reduced tax bill is even more enticing,… – Continue reading
The tax authorities in Portugal today announced that the initial reporting deadline for foreign financial institutions has been extended to 30 November 2015 (from the original deadline of 31 July 2015). Also, while it has been reported that negotiations for an intergovernmental agreement (IGA) between Portugal and the United States… – Continue reading
Three former chief executives of major listed companies have recently moved from Finland to Portugal. Matti Halmesmäki, a 62-year-old former chief executive at Kesko, Sakari Tamminen, a 61-year-old former chief executive at Rautaruukki, and Kim Gran, a 61-year-old former chief executive at Nokian Tyres, have all transferred their residence to… – Continue reading
Finland’s print media carries a mixed bag of headlines this Thursday, from former business bosses moving to tax-soft Portugal to studio apartment rents rising fast outside Helsinki. Neutral zone Åland is also under scrutiny, and the boat industry, at least, is doing well. Top tabloid Iltalehti splashes its front page… – Continue reading
Manama, July 27 (BNA): The cabinet has strongly condemned all forms of interference by Iranian officials in the domestic affairs of the Kingdom of Bahrain, noting that such meddling is a flagrant violation of the UN Charter and the norms of International Law. The weekly session reiterated Bahrain’s keenness on… – Continue reading
MADRID: Many of Spain’s five million unemployed dream of finding a steady job in the economic recovery vaunted by the government — but a legion of undeclared workers still scrape by cash-in-hand. “Nowadays the phrase ‘steady job’ means nothing in Spain,” said Paloma Sotillo, 43. She is one of 1.7… – Continue reading
Portugal is an increasingly desirable destination, thanks to its tax-friendly stance. Portugal may not be top of everyone’s list in terms of tax-friendliness, particularly given the recent backdrop of the recession and bail-out, but it does have a history of running successful tax-friendly programmes, for example the Madeira and Azores… – Continue reading
10/07/2015 – The OECD set out a clear path for Lithuania’s accession to the Organisation, reinforcing the OECD’s commitment to further extend its global membership. On 8 July 2015 the 34 OECD Members adopted the Roadmap for the Accession of Lithuania to the OECD Convention setting out the terms, conditions… – Continue reading
Royal Decree No. 26/2015 ratifies the Agreement on Delimitation of Maritime Boundaries (Borders) in Sea of Oman between the Sultanate of Oman and the Islamic Republic of Iran, signed in Muscat on May 26, 2015. Article (1) ratifies the above-mentioned Agreement. Article (2) states that this Decree shall be published… – Continue reading
The OECD has backed Guernsey in its fight against tax haven status, describing the crown dependency’s inclusion on the European Commission’s list of top 30 non-compliant tax jurisdictions as “very surprising”. Monica Bhatia, head of the secretariat of the Organisation for Economic Cooperation and Development’s Global Forum on Transparency and… – Continue reading
Lisbon: Portuguese prosecutors said on Thursday they plan to charge former interior minister Miguel Macedo for his role in a money-laundering scandal linked to “golden” visas, which handed residency permits to wealthy foreigners. The announcement came shortly after Portugal’s National Assembly decided to lift the parliamentary immunity Macedo enjoyed as… – Continue reading
Dubai — The UAE ranked top in the world along with Malta and Monaco for lighter tax burdens placed on residents on both personal and corporate levels, according to a latest report. The annual report released by Henley & Partners revealed the outcomes of the Global Residence Program Index (GRPI)… – Continue reading
The UAE ranked 15th in an index rating countries’ residency-in-return-for-investment programmes As global economic growth slackens, a number of countries are offering citizenship or residency permits in return for investment in their markets. According to the latest Global Residency Programme Index by Henley & Partners, Portugal topped the list with… – Continue reading
ST. JOHN’S –– Antigua and Barbuda has written to the European Union’s representative in the Caribbean, strongly objecting to the twin-island nation being named a tax haven and calling on the EU to apologize and withdraw the list. In a strongly worded letter to Head of the Delegation of the… – Continue reading
Amid a swirl of allegations involving Lalit Modi’s business interests, the government is examining evidence of tax evasion and unlawful foreign exchange transactions between the ousted IPL commissioner and BJP MP Dushyant Singh. Sources told HT the Enforcement Directorate (ED), which tracks overseas transactions and money laundering deals, is scrutinising… – Continue reading
FATCA – Which Countries Are In And Out The controversial US Foreign Account Tax Compliance Act (FATCA) law is set to start from July 1, 2014, so with less than 21 days to go, here’s a look at which countries are in and who is outside of the tax network…. – Continue reading
St. Kitts and Nevis is one of 30 countries placed on the European Union’s black list for not doing enough to fight tax evasion. The EU’s executive Commission published the list Wednesday (June 17). The blacklisted countries figure on at least ten of the EU’s 28 member nations’ lists of… – Continue reading
Critics of an EU tax-haven blacklist say the organisation is playing dice with small states’ reputations, while ignoring European tax avoidance hubs BRIDGETOWN, Barbados, June 19, 2015 (AMG) — Doubts have been cast over the methodology and motives behind the naming of fourteen Caribbean countries among a list of thirty… – Continue reading
