Nearly three quarters of companies surveyed by legal practice Allen & Overy said that their approach to tax planning either sometimes or often conflicts with the domestic tax authority’s expectations. 350 senior-level executives operating in a range of jurisdictions were questioned by FT Remark on behalf of Allen & Overy… – Continue reading
A DOUBLE TAXATION agreement was signed between Barbados and the Slovak Republic this afternoon. Minister of International Business Donville Inniss signed on Barbados’ behalf at a ceremony at Hilton Barbados. It is the 37th treaty signed between Barbados and another territory while Barbados became the 74th country to sign an… – Continue reading
With new UK domicile rules coming into force in April 2017, Luca should consider an offshore bond to protect his assets from income tax and CGT, writes Gordon Andrews of Old Mutual Wealth. THE CASE Luca is 52. He is Italian, but he has been living in the UK for… – Continue reading
The finance ministry on Tuesday set up a 10-member committee to review the Income-Tax Act to avoid litigation and improve ease of doing business, after solving past minimum alternate tax (MAT) cases and easing transfer pricing norms. The announcement came on a day when a World Bank report showed only… – Continue reading
(CNS Business): The use of Cayman Islands funds as a wealth management tool for high net worth Latin American families was debated last week at the STEP LatAm Conference in Brazil, where kidnapping is a constant worry for the wealthy and demand for outbound investments is fuelled by privacy and… – Continue reading
JAKARTA, Oct 28 (Reuters) – Indonesian conglomerate Lippo Group plans to shift two real estate investment trusts (REITs) with 35 trillion rupiah ($2.6 billion) in assets from Singapore to Indonesia next year in order to benefit from new tax breaks offered by Jakarta. Lippo’s move could be followed by at… – Continue reading
National Bank of Abu Dhabi (NBAD), the largest lender by assets in the United Arab Emirates, bought Royal Bank of Scotland’s offshore loan book in India for 3 billion dirhams ($816.8 million) in October, the bank’s chief executive Alex Thursby said in a conference call on Wednesday. The bank is… – Continue reading
Herve Falciani, the Frenchman wanted on charges of industrial espionage in Switzerland, has opted to skip his trial at the country’s top court and instead plead his case before a jury of journalists at a French hotel, less than a mile from the Swiss border. The Frenchman was the star… – Continue reading
The government on Tuesday set up a 10-member committee, chaired by former Delhi High Court judge R V Easwar, to identify provisions in the Income Tax Act that “lead to litigation and impact the ease of doing business” for resolution early next year in the Finance Bill, 2016. The government… – Continue reading
Austria is on the preliminary list of 119 countries and territories which from the point of view of Russian authorities don’t guarantee the exchange of tax information with Russia. If the document is implemented, as planned, in form of a resolution, Russian investors in Austria will face massive tax disadvantages… – Continue reading
Come November 1, mutual fund investors will have to provide details and declaration pertaining to Foreign Account Tax Compliance Act (FATCA) and common reporting standards (CRS) for all new accounts opened, failing which fund houses are likely to reject their applications. While some fund houses have already started this process… – Continue reading
Action 13 of the final package of reports issued by the Organisation for Economic Cooperation and Development (OECD) under the base erosion and profit shifting (BEPS) project focuses on a company group’s global value chain and transfer pricing policy, and introduces a standardized three-tiered approach to transfer pricing documentation—core documentation… – Continue reading
The European Commission recently published new rulings, the OECD published its base erosion and profit shifting (BEPS) final reports, and many countries are reviewing and reinforcing their transfer pricing rules—and France is no exception. Tax professionals in France have observed certain recent trends with regards to transfer pricing. The current… – Continue reading
Following the recent Irish budget statement (the “Budget”), the Finance Bill 2015 (the “Bill”) has been published and it implements the changes announced by the Irish Minister for Finance (the “Minister”). The Bill includes additional detail on: the new knowledge development box (“KDB”); and Ireland’s implementation of country by country… – Continue reading
On October 27, 2015 the U.S. Treasury Department and Internal Revenue Service published final regulations concerning the treatment of “mixed-use” projects financed with tax-exempt bonds. These new regulations have significant and immediate importance for tax planning and tax compliance of tax-exempt bond issuers and borrowers. A copy of the new… – Continue reading
The Netherlands has completed its ratification procedures for the entry into force of a new income tax treaty between the Netherlands and Germany. Therefore, the treaty will be effective beginning 1 January 2016. The Netherlands-Germany income tax treaty was signed in April 2012. The ratification process in the Netherlands took… – Continue reading
After teasing the UK financial community — and the government — with a thinly-veiled threat to decamp from Britain, HSBC has continued to stoke speculation that it’s looking for more hospitable headquarters. Back in April, HSBC announced a review of whether to quit the UK, a somewhat provocative statement, coming,… – Continue reading
When considering which foreign assets are reportable under FATCA, one of the most commonly misunderstood and overlooked is the contribution to foreign pensions. Whether you are a U.S. citizen who worked abroad or a foreign national resident in the U.S., you may very well have some type of foreign pension…. – Continue reading
Global tax experts KPMG expect taxpayers throughout the world will need to pay more tax in the years ahead as governments repay debt and fund increases in social welfare. In its annual global tax rates survey released on Tuesday it says Australia’s tax mix is out of step with global… – Continue reading
French online gambling is overseen by the Regulatory Authority for Online Gaming (ARJEL), the ruling organization responsible for imposing a series of strict and sometimes puzzling regulations that often limit the market’s full potential. ARJEL President Charles Coppolani attempted to clear some of the confusion earlier this month at the… – Continue reading
LONDON (Alliance News) – The Renewables Infrastructure Group Ltd on Tuesday said it is planning to raise further funding from its equity placing programme. The company, which invests in renewable energy infrastructure projects, said the fundraising will likely take the form of placing of shares and will be closed in… – Continue reading
The Australian Taxation Office (ATO) recently engaged in the first automatic sharing of financial account information with the tax authority (IRS) in the United States. The details of more than 30,000 Australian financial accounts of individuals with a connection to the United States were provided to the IRS under the… – Continue reading
A decision by the Federal Court of Australia has key implications for transfer pricing of intercompany financing transactions, as well as implication for other broader intercompany arrangements. The case concerns the transfer pricing implications of an intercompany loan agreement between an Australian taxpayer and its U.S. subsidiary (CFC) and whether… – Continue reading
The Financial Stability and Development Council (FSDC), headed by Finance Minister Arun Jaitley, will meet on November 5 to take stock of the economic situation. Fiscal situation, external sector environment, financial sector reforms, rising non-performing assets and regulatory issues are likely to figure in the meeting, sources said. FSDC is… – Continue reading
The Internal Revenue Service is encouraging all non-compliant U.S. citizens, including those among the 1 million Americans who are resident in Canada, to take advantage of its voluntary disclosure programs initiated in 2009 and 2012. The move comes just a few weeks after Canadian courts refused to issue injunctions prohibiting… – Continue reading
The Bank of Butterfield has agreed to buy the multibillion dollar private banking trust and investment arm of rivals HSBC Bermuda. The move means Butterfield will acquire the Bermuda Trust Company Ltd as well as the trust and investment business of HSBC. At the end of last year, HSBC’s trust… – Continue reading
On October 22, 2015, the UK launched a consultation on the design of the country’s new “patent box” regime. The UK is developing a new patent box regime that would comply with the recommendations of the OECD on harmful tax practices. It was agreed at international level that, from July… – Continue reading
Ireland has announced a new 6.25 per cent corporate tax rate for intellectual property research Ireland’s 12.5 per cent corporate tax rate is already one of the lowest in Europe, Economia reports. Now, companies investing in research and development (R&D) will be able to avail of the even lower rate… – Continue reading
BRUSSELS, Oct 27 (KUNA) — The European Parliament adopted a resolution Tuesday by 593 votes to 37 on a deal with Switzerland to make it harder for EU citizens to hide cash from the taxman in Swiss bank accounts. Under the deal, the EU and Switzerland will automatically exchange information… – Continue reading
Ethiopia and Switzerland have expressed their commitment to strengthen bilateral relations covering various regional and global issues of common interest, according to a joint statement issued on Tuesday by the two countries.The communiqué was released after talks between Swiss President Simonetta Sommaruga and Ethiopian Prime Minister, Hailemariam Desalegn, on Tuesday… – Continue reading
Brazil has reduced from 20 percent to 17 percent the maximum income tax rate required to designate a location that meets the other requirements as a low-tax jurisdiction for transfer pricing and other tax purposes. The change was made via Ordinance 488/2014 of the Ministry of Finance, published in the… – Continue reading
The Ministry of Finance yesterday held a press conference to explain causes on state budget balance that the public currently raise concerns about. Deputy Minister Do Hoang Anh Tuan said that the ministry would focus on collecting tax debts, fighting against transfer pricing and inspecting businesses over their financial obligations,… – Continue reading
Government action against tax avoidance has made the headlines on numerous occasions over the past few years, with significant developments in litigation, legislation and early tax collection, via a combination of follower notices and accelerated payment notices. Add to this the expansion of the disclosure of tax avoidance schemes, hallmarks… – Continue reading
Uzbekistan’s Foreign Minister Abdulaziz Kamilov received the copies of credentials of Iran’s new Extraordinary and Plenipotentiary Ambassador Bahman Agharazi Dormani, Uzbek Foreign Ministry said. During the meeting, the sides discussed the status and priority areas of Uzbek-Iranian cooperation in political, trade, economic, cultural, humanitarian and other spheres. They reiterated mutual… – Continue reading
The new non-resident capital gains tax came into force in Guernsey on 6 April 2015. The rules intend to capture disposals of residential property in the United Kingdom by all non-residents. These notes provide a summary of who and which property is affected, and describe how a new UK tax… – Continue reading
On the heels of extensive preparation for the implementation of FACTA in St. Kitts and Nevis, banks and other financial institutions are now starring down the barrel of additional financial accounts information reporting on a wider scale. The Organization for Economic Co-operation and Development (OECD) has proposed a global version… – Continue reading
Canadian snowbirds could be trading winter’s bite for a bite from the taxman starting this year. Memos show the Canada Revenue Agency and Employment and Social Development Canada plan to use a planned border exit-tracking system to avoid paying hundreds of millions of dollars in social benefits now going to… – Continue reading
On October 5 the OECD published recommended measures that purport to tackle BEPS – Base Erosion Profit Shifting. Exporters around the world need to take note of the latest recommendations of the OECD. Any business that uses overseas agents or warehouses should take note. A company resident in country A… – Continue reading
Nearly six times as much tax revenue is being lost as a result of illegal activity as through tax avoidance, official figures show. In fact, some £2.7billion was lost in 2013-14 to avoidance (down from both £2.8bn the previous year and an estimate of £3.1bn), compared with £15.7bn from illegal… – Continue reading
Shaikh Mohammed and Gruevski attended the signing of a double tax avoidance agreement between the governments of the UAE and the Republic of Macedonia. His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, received Nikola Gruevski, Prime Minister of Macedonia,… – Continue reading
Leeds United owner Massimo Cellino has made good on his promise to appeal against a Football League ban for tax evasion. The Italian had until Wednesday to launch the appeal against his disqualification, and Sportsmail understands the relevant papers have been handed in. The Football League announced last Monday that… – Continue reading
Businesses must make more effort to show that their tax affairs are legal and above board to the public, says The Confederation of British Industry (CBI). According to a new CBI survey, 23% of customers over the last year have actively avoided a company because of doubts regarding its tax… – Continue reading
For many years, policymakers have criticized the strategies that American corporations use to reduce their taxes by shifting income and capital offshore. The impetus behind these strategies is the U.S. corporate income-tax rate — at 35 percent, the highest of any industrialized nation, easily surpassing countries such as the U.K…. – Continue reading
HSBC, Google, Facebook are among firms that will now appear after threat from MEPs on access to Parliament. Several multinational companies have now dropped their opposition to appearing before a special European Parliament panel investigating allegations of tax avoidance in Europe. HSBC said Tuesday it would participate in a hearing… – Continue reading
India will apply a 5 percent withholding tax to offshore rupee bonds for foreign investors, in line with the rate applied to domestic debt, Manoj Joshi, joint secretary at the finance ministry, told reporters on Tuesday. The clarification comes amid some confusion about whether the withholding tax also applied to… – Continue reading
Parliament adopted its stance on a deal with Switzerland to make it harder for EU citizens to hide cash from the tax man in Swiss bank accounts, in a vote on Tuesday. Under the deal, the EU and Switzerland will automatically exchange information on the bank accounts of each other’s… – Continue reading
MUMBAI: The government is set to ease a few pre-set conditions for offshore fund managers to allow private equity investors to shift base to India without attracting a tax on capital gains by relaxing safe harbour rules, people familiar with the matter said. The government is likely to allow a… – Continue reading
Prime Minister of Estonia Taavi Rõivas met on Friday with Japanese Economy Minister Akira Amari who came to visit Estonia to study Estonia’s e-services and they discussed the two countries closer trade relations and the development of the digital society, the government’s communication unit reports BC. Japan is the first… – Continue reading
Profit-shifting has not paid off for petroleum multinational Chevron, slugged with a tax bill for $322 million thanks to a Supreme Court decision on Friday. Chevron has been under close scrutiny this year, particularly since a senate inquiry into tax-avoidance in April which also put mining giants BHP, Rio Tinto,… – Continue reading
THE NUMBER of Slovak companies with ownership registered in a tax haven decreased in the first half of 2015 by 112, to a total of 4,250. The biggest outflows were recorded in Monaco and the British island of Jersey. The declining trend of companies selecting a tax haven for their… – Continue reading
