Credit Suisse Group AG, the Swiss Bank that unveiled a major shift in strategy last week to focus on wealth management over investment banking, plans to make acquisitions and invest about $400 million in Switzerland in the next few years, Chief Executive Officer Tidjane Thiam and Chairman Urs Rohner said… – Continue reading
The offshore yuan market faced a rocky patch following Beijing’s shock devaluation in August, but the push to internationalise the currency has lost little momentum, according to The Strait Times. Similarly, Singapore’s role in the growth of the yuan is likely to continue unabated. The general manager of ICBC Singapore,… – Continue reading
Lawmakers at the European Parliament are set to vote on a controversial series of proposals to harmonize the corporate tax system in Europe in a move that will put them on a collision course with some member states which favor sovereignty over taxation. The EU lawmakers on the TAXE committee… – Continue reading
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, today received at Zabeel Palace, Nikola Gruevski, Prime Minister of Macedonia, and his accompanying delegation. At the beginning of the meeting, which was attended by Sheikh Maktoum bin Mohammed bin Rashid… – Continue reading
The French Ministry of Finance has issued guidance on the procedure for taxpayers to follow to reclaim wrongly charged social security contributions. The guidance has been issued following a European Court of Justice ruling in February in Ministre de l’Économie et des Finances v. Gérard de Ruyter. The case concerned… – Continue reading
The South African Revenue Service (SARS) has issued a revised guide to inform foreigners working in South Africa and their employers about their income tax commitments. The guide points out that, under the South African income tax system, amounts received by or accrued to persons other than residents (non-residents or… – Continue reading
There was a time when, from a tax perspective, South Africa’s “mini budget” used to be a non-event. The main emphasis was on the annual budget speech delivered in February each year when they announced tax policy proposals. However, over the past few years there has been an increasing tax… – Continue reading
Taxation of Profits of Controlled Foreign Companies (CFC): Double Taxation Conventions must prevail over domestic rules The Superior Court of Justice (STJ) has recently decided a case involving the applicability of Brazilian CFC rules in cases in which the controlled company is located in a country with which Brazil has… – Continue reading
More than three quarters of UK companies feel their approach to tax planning conflicts with HMRC’s expectations, a new survey has found, as corporates struggle to strike a balance between the needs of investors and tax authorities Law firm Allen & Overy found that 78% UK corporates believe their approach… – Continue reading
The government has launched a consultation on tax avoidance policies related to interest deductions that could have significant consequences for real estate. The proposals were released by the the Organisation for Economic Co-operation and Development (OECD) as part of a series of recommendations earlier this month designed to prevent companies… – Continue reading
You must have received an email or a letter from your mutual fund (MF), if you have been investing in MFs, asking for some details. If you haven’t yet received such communication, you might receive a letter or email shortly. Your fund house wants to know if you pay taxes… – Continue reading
Those thinking about a job or retirement abroad should consult their foreign counterparts, who believe they’re getting a better deal stateside. According to a new survey from HSBC, foreign expats living in the United States do so for the long haul. Nearly two-thirds (65%) live here for more than five… – Continue reading
Expansion activities of companies lead to relocation of their employees to different territories, even outside the country. It goes without saying that transfer in job from one location to another comes with a baggage of issues, including the taxability of income from employment. The tax matter needs particular attention if… – Continue reading
A company controlled by Mayor of Belgrade Sinisa Mali and his family obtained more than 10 hectares of agricultural land worth anywhere from €123,000 to € 250,000 (US$140,000 to US$290,000) for free from a privatized state company. Problem is, the land wasn’t the company’s to give, but was still owned… – Continue reading
The European Commission and the World Bank urged Romania on Monday to push ahead in its anti-corruption crackdown by recovering stolen assets following court convictions. Corruption in Romania has deterred foreign investors, while tax evasion and bribery put a further strain on the public finances. Anti-corruption prosecutors have launched investigations… – Continue reading
The European Commission (“Commission”) ruled on 21 October that tax advantages granted by Luxembourg to Fiat and by the Netherlands to Starbucks by means of advance tax rulings were unlawful under the EU State aid rules. The two Member States will be required to recover the aid, in each case… – Continue reading
Provisional Measure No. 692/2015 increases the income tax rate on capital gains earned by individuals and certain companies1 from 15% to 15%-30%. As from January 1st, 2016, when the new rules will become applicable, capital gains earned on the sale or disposition of any assets or rights located in Brazil… – Continue reading
The Bank of Japan need not boost its massive monetary stimulus this week as the labor market remains tight, a key economic adviser to Prime Minister Shinzo Abe said on Monday. Koichi Hamada, an emeritus professor of economics at Yale University, also told Reuters that the central bank does not… – Continue reading
Coca-Cola might owe an additional $3.3 billion in federal income taxes following an audit, says the Internal Revenue Service (IRS). Following a five year audit of the company, the IRS concluded that the company’s strategy of lowering its taxable income through transfer pricing, underestimates the amount the company should’ve been… – Continue reading
The EU tax rulings against Starbucks and Fiat Chrysler are but trifles compared to the ones extant against Apple and Amazon. Everyone lies about tax. Holland said it followed international tax standards when everyone knows it’s a corporate tax haven. That’s why ST has its HQ there. Ireland and Luxembourg… – Continue reading
• There can be no straight jacket formula to determine what is meant by “provision of service,” which may include where services are i) provided; ii) rendered; or iii) utilized. • The expression ‘provision of services’ is much wider than ‘provision of rendering of services,’ and covers the services even… – Continue reading
The Regulation of the Law Regulating Transfer Pricing was published last month and is based on the principle of free competition (arm’s length) where transactions between related parties should be carried out at market prices, i.e. those used in comparable transactions between independent parties in similar conditions. The regulation determines… – Continue reading
MTN has consistently prided itself as the foremost telephone company that is getting Nigerians talking the most. Now the South African company is about to set tongues wagging across networks with revelations that it has routinely been shipping billions of naira overseas to avoid paying its fair share of tax… – Continue reading
The Anti-money Laundering (AML) Bill has remained stuck in the Senate Standing Committee on Finance since February this year. The opposition, which has the majority in the upper house, is not letting it go through because of its misplaced fears that it would be misused by the Federal Board of… – Continue reading
Foreign companies with Indian shareholders won’t have to pay taxes here for their worldwide income unless they are managed from India on an everyday basis. If these foreign companies are managed from outside India, whether or not they are promoted by resident Indians, they will have to pay taxes in… – Continue reading
Since the initiation of the U.S.Internal Revenue Service’s (IRS) Offshore Voluntary Disclosure Program (OVDP) which originally began in 2009 and the Streamlined Filing Compliance Procedures first offered on September 1, 2012, the IRS recently reported that more than 54,000 taxpayers have come forward and the result is more than $8… – Continue reading
India has told the International Court of Justice that it will soon appoint an arbitrator to resolve the Rs 10,247-crore tax dispute with British oil explorer Cairn Energy Plc. Cairn on March 10 sought arbitration under the India-UK Bilateral Investment Protection Agreement against the tax demand raised on a 2006… – Continue reading
The Organisation for Economic Cooperation and Development (OECD) has been leading the charge to improve transparency in tax administration and curb tax avoidance by multinational companies. Endorsed by the G20 nations, including India, OECD recently came out with a package of measures and a road map to tackle base erosion… – Continue reading
OECD Secretary General Angel Gurria, “Base Erosion and profit Shift (BEPS) to Combat Action Plan” s stated would be the most radical reforms in international taxation system, “BEPS Action Plan, Turkey will be one of the biggest acts in and heritage in the G20 presidency” he said. Gurria, recently in… – Continue reading
The European Commission looks highly likely to make a finding against Ireland in relation to its tax arrangements with Apple, following two similar findings during the week involving Starbucks and Fiat. It is perplexing that the EC doesn’t just come out and make the announcement. The delay is leading to… – Continue reading
Bermuda is battling hard to make its voice heard in Washington’s corridors of power as the controversy around hedge fund reinsurers rumbles on. The Association of Bermuda Insurers and Reinsurers (ABIR) had a team of company tax directors in the US capital city to brief congressional staff on its position… – Continue reading
The African Union Advisory Board on Corruption (AUABC) recently requested major multinationals operating in Africa to be more open about the taxes and royalties they pay governments to improve transparency and accountability. Although a reasonable request, this is a tall order when you consider that often it is the governments… – Continue reading
NEWARK, Del. — It may not summon up a sense of international intrigue like Geneva or Luxembourg, but this small city, just off the Interstate and down the road from Wilmington, can now boast that it has joined those more glamorous locales as a tax haven for art collectors. Fritz… – Continue reading
Rwanda has commissioned an audit into recent merger and acquisition deals involving foreign firms in its latest effort to clamp down on tax avoidance among multinational corporations. This comes amid growing concern that multinational companies move profits from the countries where they are generated and, in so doing, reduce national… – Continue reading
DOZENS of Winchester properties worth more than £100 million are owned by firms based in offshore tax havens. High street shops, restaurants, care homes, a health clinic and even a single parking space are owned by companies benefitting from low tax regimes overseas. Burma Road student village, sold by the… – Continue reading
Since the revelations on government surveillance and data capture by Edward Snowden, journalists have rightfully raised concerns about governments’ insatiable appetite for data collection and the resulting encroachment on citizens’ civil liberties. In the EU an individual’s right to privacy is regarded as a human right in accordance with Art…. – Continue reading
The Cayman Islands Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 (the “CRS Regulations”) were issued on 16 October 2015. Cayman Islands Government Industry Advisory – CRS Regulations Are in Effect The CRS Regulations, which are the first part of two in the roll-out of the Cayman… – Continue reading
The UK’s “tax gap” has fallen to £34 billion, according to HM Revenue & Customs (HMRC) following a series of crackdowns on evasion and avoidance by businesses and individuals. The numbers show the shortfall fell to 6.4% from 6.8% of tax due for 2013/14, remaining static in cash terms at… – Continue reading
THE House of Representatives on Tuesday postponed its vote on the Income Tax (Amendment) (No 2) Act, 2015, which includes provisions for the introduction of transfer pricing rules in Jamaica. Minister of Finance and Planning Dr Peter Phillips agreed to postpone taking a vote on the Bill, also referred to… – Continue reading
According to recent estimates, Chinese investors represented the largest group of foreign investors in U.S. real estate in the second quarter of 2015 with $1.9 billion in acquisitions. In the last 12 months, Chinese investors acquired $5.9 billion in commercial U.S. real estate, and Asia was second overall to Europe… – Continue reading
The Indian government’s initial unsuccessful efforts to unearth billions of dollars of undeclared foreign assets – some believed to be hidden in Swiss banks – highlight the complexity of vehicles used to move money illicitly. Earlier in the year, a new law on black money came into effect. It included… – Continue reading
The UK’s overall tax gap for the 2013-2014 financial year was 6.4%, HMRC revealed today, continuing a downward trend over the last few years The difference between the amount of tax collected and that which is owed, the tax gap has fallen from 8.4% in the 2005-2006 financial year to… – Continue reading
The key corporate tax measures in the Finance Bill show clear signs of the international scrutiny now surrounding multinational tax. The main new measure, the knowledge development box offering a lower tax rate on profits earned as a result of research and development, has been strictly drawn up to comply… – Continue reading
Leading family offices in Latin America and the Caribbean are going through a transitional period, says Steven Cantor, managing partner of Cantor & Webb, a Miami-based law firm, reports the Financial Times. “As the world moves to tax transparency, with a crackdown on undisclosed tax savings in Swiss bank accounts,… – Continue reading
Taiwan and Mainland China signed the “Cross-straits Agreements for the Avoidance of Double Taxation on Income and Solidifying Cooperation with respect to Taxes” (hereinafter referred to as “Cross-straits ITA”) on 25 August 2015. After the draft Article 25-2 of the “Act Governing Relations between the People of the Taiwan Area… – Continue reading
BEIJING – With steady steps, China has been pushing its currency to wider use on the global stage, and it has taken a big stride forward with President Xi Jinping’s state visit to Britain. On Wednesday, China’s central bank announced it has issued 5 billion yuan-denominated notes in London, in… – Continue reading
While stocks such as Hindustan Unilever (HUL) and Maruti Suzuki have outperformed the markets by a wide margin in the last couple of years, the stocks have sustained the performance even over longer periods. Despite the hue and cry over royalty payments by Indian subsidiaries of multinational companies, these companies… – Continue reading
The New York billionaire is aiming his financial might at members of Congress who aren’t willing to cut deals on corporate tax policy. Sure, Carl Icahn might make money—lots of money—on his $6 billion stake in Apple Inc. if a political campaign he announced Wednesday to cut taxes on companies’… – Continue reading
Pending draft regulatory measures in Jersey would give effect to the Common Reporting Standard (CRS). In general, the draft regulations would impose an obligation on “reporting financial institutions” in Jersey to identify, review, and report on “financial accounts” maintained by these institutions of accounts held by residents for tax purposes… – Continue reading
David Cameron threw the proverbial cat among the pigeons in July when, with a steely glare at the UK property industry, he warned that the UK must not become “a safe haven for corrupt money from around the world” and that “there is no place for dirty money in Britain”…. – Continue reading
