(CNS): The UK is expected to send law enforcement officials to Cayman in the New Year to enhance the current cooperation regime between this jurisdiction and the authorities in Britain regarding financial crime and money laundering. Financial Services Minister Wayne Panton said that experts are coming at Cayman’s invitation to… – Continue reading
Its approach includes a new “nexus principle”, as agreed by the multinational Organisation for Economic Cooperation and Development (OECD). This is designed to ensure that the benefits of the UK tax regime are only available where the research and development (R&D) expenditure required to develop that innovation also took place… – Continue reading
The grassroots group responsible for launching the FATCA-based litigation in Canada has issued a public call for witnesses. They are looking for “a Canadian who has been somehow harmed by this FATCA legislation, are interested in helping out by becoming a Witness in our lawsuit, and are willing to have… – Continue reading
Hundreds more people who fiddled their tax have been prosecuted in the past year, it was revealed today. HM Revenue & Customs (HMRC) has said its assault on tax evasion has produced a 58 per cent rise in convictions with criminals getting a total of 400 years in jail. HMRC… – Continue reading
This article is the fourth and final part in a series examining the Canadian and U.S. income tax implications of the temporary assignment of an employee from Canada to the U.S. Specifically, these articles address the situation of an employee remaining employed by a Canadian entity, but temporarily assigned to… – Continue reading
Over recent years, Kingdom of Morocco has created a legal and regulatory framework very attractive for foreign investors. In addition to its political stable environment, a recent series of tax treaties with numerous countries and reforms in almost all of its sectors of activities, in conjunction with its creation of… – Continue reading
HALIFAX — The latest deficit forecast for Nova Scotia has grown to $241.2 million for the 2015-16 fiscal year, up by $118.6 million from the last government prediction. It’s the second time the deficit has been projected to jump this year. The government was forecasting a shortfall of $97.6 million… – Continue reading
Come 2017, tax information on all foreign nationals holding bank accounts or other financial holdings in Cayman will be automatically shared with tax authorities in their home countries when the Mutual Administrative Assistance in Tax Matters convention kicks in. Maples, in a Cayman Islands Automatic Exchange of Information update statement… – Continue reading
Meg Hillier has a tough act to follow. This parliament’s Public Accounts Committee chairwoman had a ringside seat watching her predecessor, Margaret Hodge, tear into tax avoiders and the tax man. “It is very exciting – you see all the guts of Whitehall spilled out in front of you,” she… – Continue reading
HMRC has been accused of targeting accountants with “aggressive” letters, without any evidence A City law firm, RPC, claims that the Revenue is writing to traditional high street accountants, implying they are helping clients avoid tax, without offering evidence in support. According to RPC, the letters imply that if accountants… – Continue reading
British police and German investigators searched Brookfield Aviation International headquarters The Times of London reports this morning that a company that supplies Ryanair with pilots is at the centre of an international investigation for tax evasion. It is understood both British police and German investigators have searched the headquarters of… – Continue reading
The Senate concurred, after hearing, the ratification of tax treaties between the Philippines and the governments of Italy, Germany and Turkey that will prevent double taxation. Sen. Juan Edgardo “Sonny” Angara said the approval on third and final reading of Senate resolutions 1540, 1541, 1542 on the double taxation avoidance… – Continue reading
The company that owns the Queen‘s jeweller Mappin & Webb has paid no corporation tax for five years – despite profits of £66million. The allegations made against Mappin & Webb owners Aurum Holdings came as the conduct of firms holding royal warrants was scrutinised amid revelations about their tax arrangements…. – Continue reading
Tax evasion costs the EU €1 trillion a year in lost tax revenue, according to the European Commission. The Lux leaks scandal showed that EU countries sometimes court multinationals with advantageous tax schemes. These practices were investigated by the Parliament’s special committee on tax rulings. MEPs adopted its report last… – Continue reading
NEW DELHI: India and Saudi Arabia are exploring ways to overcome the issue of exemption from capital gains tax on the proposed $750-million joint fund to facilitate investments into the Indian infrastructure sector. “Unfortunately, we have not been able to move forward on our bilateral fund with Saudi Arabia due… – Continue reading
Swiss Banks Sending Letters to Canadian Account Holders For resident Canadian taxpayers that hold Swiss bank accounts which have not been reported to the Canada Revenue Agency (“CRA”), the window to come clean with Revenue Canada by filing a Voluntary Disclosure, and thereby avoid financial penalties and the possibility of… – Continue reading
Transfer pricing is a tax planning method where related companies enter into transactions among each other to shift funds, and thereby profits. For instance, a parent company can extract funds from a subsidiary by having the issue a dividend, but the parent can also provide a service to subsidiary and… – Continue reading
Each year the elected leaders of Britain’s overseas territories (OTs) gather from around the world to meet with British Ministers in London. Their objective is to discuss the continuing partnership with the UK, to establish priorities and to try to resolve differences. For the most part the issues covered at… – Continue reading
Kuwait and Kyrgyzstan on Sunday signed a host of bilateral agreements and a MoU, covering various fields of cooperation. The signing ceremony, at Bayan Palace, was attended by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, visiting Kyrgyz President Almazbek Atambayev, His Highness the Crown Prince Sheikh Nawaf Al-Ahmad… – Continue reading
(MENAFN – Khaleej Times) Sultan bin Saeed Al Mansouri Minister of Economy discussed ways to boost economic and trade cooperation with Saleh Attya Ambassador of Algeria to the UAE. Held in the Ministry of Economy’s offices in Abu Dhabi the meeting was attended by Jamal Al Jarwan secretary-general UAE Companies… – Continue reading
The Queen’s jeweller has not paid corporation tax in five years, it is claimed, despite reported profits of £66million Demands are growing for a review of the royal warrant system after firms supplying the monarchy were criticised for moving profits overseas. The crest is a mark of British craftsmanship and… – Continue reading
Outgoing Deloitte Malta chairman and senior partner Andrew Manduca speaks to Anthony Manduca about the future of the financial services sector in Malta, his 36 years in the profession and the need for more accountants. Andrew Manduca is very confident about the future of Malta as a leading international financial… – Continue reading
Most American businesses know the drill: At the end of the quarter or year, they calculate how much money they made, what legal deductions they can claim and how much they will ultimately owe the federal government in taxes. They write up a check and send it in to the… – Continue reading
On 5 October 2015 the OECD published its final package of 15 action plans designed to prevent tax base erosion and profit shifting. One of the actions, which could become relevant to Ukrainian companies in the near future, is changes to the permanent establishment (further — “PE”) concept. Why the… – Continue reading
The Central Board of Direct Taxes (CBDT) has recently entered into eleven (11) more Advance Pricing Agreements (APAs) with Indian subsidiaries for foreign companies. In a major push towards providing certainty to foreign investors in the arena of transfer pricing, the CBDT signed these APAs operating in various segments of… – Continue reading
Total is evidence of country’s transition to a stronger economy For the first time in the 50-year history of the National Tax Service (NTS), the nation’s tax revenue has surpassed 200 trillion won ($170 billion). This year’s record makes Korea the 12th country to be part of the “200 trillion… – Continue reading
Cash doesn’t flow directly from buyers’ pockets to Microsoft’s headquarters in Redmond, Wash. Instead, the company operates through three regional sales units, centered in Ireland, Singapore and Puerto Rico. These groups control the rights to profit from Microsoft products around the world. By conducting sales from places with small populations… – Continue reading
The asset servicing industry is likely to see a growth spurt driven by globalisation and regulatory change, according to an Ernst & Young (EY) report, reports the Asset Servicing Times. The report outlined six key drivers of growth: asset growth and breadth; globalisation; regulation; new products; platform extension and consolidation;… – Continue reading
Jersey bank account holders have been invited by the UK tax authority to declare any undisclosed tax liabilities by the new year, or risk being investigated under suspicion of tax evasion, reports the Financial Times. Customers of HSBC Jersey received a letter from HM Revenue & Customs this week asking… – Continue reading
The Isle of Man has signed a tax information exchange agreement with Spain, reports the Isle of Man Today. It’s part of what the Manx government calls its ‘continuing commitment to meet international standards in tax co-operation and transparency’. The agreement was signed by Mr José Manuel Gutiérrez Delgado, Financial… – Continue reading
As an NRI returning to India, you can retain all your overseas assets including properties, market investments, stocks etc, provided you acquired them when you were residing outside India With India becoming a hotbed of financial activity and economic growth, many non-resident Indians (NRI) are now migrating back to India…. – Continue reading
Temporary lapses of judgment can be corrected. Permanent mistakes are harder to fix. Congress is poised to offer very costly permanent tax giveaways to powerful corporations. It is also considering renewing more modest tax credits that encourage work and support millions of low-wage workers and their children. This is an… – Continue reading
After the LuxLeaks affair in November 2014, the European Parliament established a special committee “on tax rulings and other measures similar in nature or effect” (TAXE) in February 2015. The committee’s report was adopted in a plenary session of the European Parliament on 25 November 2015. The Conference of Presidents… – Continue reading
A review of Nigeria’s present fiscal and currency control regimes as they relate to commercial and industrial IP rights become imperative in order to give impetus to government’s efforts towards reviving and diversifying the country … Prior to the introduction of the Income Tax (Transfer pricing) Regulations on 2 August,… – Continue reading
Fossil fuel companies and nuclear power producers, some of which have been involved in shaping government energy policy, will receive over £834 million* in state subsidies for the winter of 2019-2020, the government has announced. The big winners of the capacity market auction, which is managed by National Grid and… – Continue reading
Companies like Mappin & Webb have not paid any corporation tax for the past five years, according to the Sunday Times Several companies which hold the much-coveted royal warrant have come under scrutiny after being accused of benefiting from tax havens and moving their manufacturing out of Britain. The warrants… – Continue reading
A “final” disclosure facility which will give UK taxpayers a means of correcting any irregularities involving offshore income and gains will run until September 2018, one year longer than originally anticipated, the government has announced. No details of the planned disclosure facility have been published, but it is expected to… – Continue reading
The Foreign Account Compliance Act (FACTA), while designed to “minimize tax cheats”, is making banking — and life in general — painfully difficult for millions of American expats, according to Mike Michelini, a Hong Kong-based business consultant withglobalfromasia.com. Here is his editorial. Under FACTA, all 8 million or so Americans… – Continue reading
Karl Samuda, a member of the parliamentary opposition, says he is against legislation that would “prevent a company from using its creativity to maximise its profit position”. The North Central St Andrew MP, who speaks on industry for the opposition, said that it is a bad thing to put in… – Continue reading
Data from the Canada Revenue Agency (“CRA”) confirms that voluntary disclosures (“VDs”) of offshore assets, gains and income hit record levels in 2015. This proliferation of VDs is attributable to various factors, including increased public awareness of: international tax compliance issues through media reports; the CRA’s Offshore Tax Informant Program;… – Continue reading
Outward remittances by Indians remained elevated for the third month in a row. The remittances under the liberalised remittance scheme (LRS) for resident individuals grew to $457.5 million in September 2015 from $408.4 million in August. In July 2015, outflows were $380.3 million, a sharp jump from $140.7 million in… – Continue reading
THE African Tax Administration Forum (ATAF) has come up with a draft document on avoidance of double taxation and prevention of fiscal evasion within the continent. The Zimbabwe Revenue Authority (Zimra), a member of ATAF, has said avoidance of taxation and prevention of fiscal evasion was with respect to taxes… – Continue reading
An Uckfield investment banker has been jailed for his involvement in a £2.2 million tax fraud. Phillip Jenkins, of Ketches Lane, Sheffield Park, Uckfield, was found guilty of conspiracy to cheat the Public Revenue and sentenced to four and a half years in prison. Jenkins was an investment banker working… – Continue reading
New legislation brings the possibility of jail sentences for those who aren’t upfront with HMRC about assets held overseas A new criminal offence is due to hit the statute book next year under which people who engage in tax evasion abroad could get a criminal record, fines and a jail… – Continue reading
One of today’s most talked about tax topics is the Offshore Voluntary Disclosure Program of 2014 (OVDP) and the compliance of individuals, institutions, and governments with the Foreign Account Tax Compliance Act. However, it is vital for one to understand why the IRS provided the public with the opportunity represented… – Continue reading
An IFA and an accountant have been convicted of attempting to steal millions in a tax fraud linked to the film industry. Terrance Potter, formerly an accountant at EY, was identified as the architect of the fraud following an investigation by HM Revenue & Customs (HMRC). Potter devised and sold… – Continue reading
India is expected to ink upto 40 Advance Pricing Agreements before the end of fiscal as the country looks to provide tax certainty to foreign investors. “The new momentum will go a long way in avoiding disputes,” a finance ministry statement said on Friday. As many as 22 APAs have… – Continue reading
Basseterre, St. Kitts, December 11, 2015 (SKNIS): The proposed amendments to the Saint Christopher and Nevis Mutual Exchange of Information on Taxation Matters (Amendment) Bill, 2015 would greatly assist in minimizing the challenges that St. Kitts and Nevis faces when executing obligations under Agreements with treaty partners, said Prime Minister,… – Continue reading
Cyprus will sign agreements with Ukraine on Friday, as President Nicos Anastasiades visits Ukraine to make deals on bilateral issues such as double taxation, higher education, energy, and other areas of cooperation. Anastasiades is on an official visit to Ukraine and will meet on Friday with the President of Ukraine… – Continue reading
Following an agreement between the UK and Jersey, HMRC has published an important change of interpretation on residence for treaty purposes. HMRC’s view now is that the better interpretation of residency article in the UK-Jersey Double Tax Agreement 1952 (“UK Jersey DTA”) is that it includes a tie breaker provision… – Continue reading
