In 2016, hundreds of directors, managers, principal points of contact (PPCs), compliance officers, administrators, and Money Laundering Reporting Officers (MLROs) serving Cayman Islands funds, banks, trust companies and other Reporting Financial Institutions (RFIs) will start to feel the full force of ‘a great wind’: global tax transparency. If you are… – Continue reading
Federal government increases number of companies under tax office scrutiny from 30 to 80 under budget measures announced in May The federal government has widened the scope of legislation aimed at tackling multinational tax avoidance, increasing the number of large companies under the tax office’s microscope from 30 to 80…. – Continue reading
A financial adviser and a group of film producers who set up an international scheme are facing a trial for fraud. It is alleged the scheme, which took advantage of the tax relief the UK Government offers the film industry, created the appearance of huge “paper losses”, The Times reported… – Continue reading
Guidance issued by the French tax administration sets forth instructions for French “reporting financial institutions” to follow in order to comply with the Model 1 intergovernmental agreement (Model 1 IGA), signed between France and the United States, for purposes of implementing the FATCA regime. The guidance, a set of four… – Continue reading
Uber and Airbnb have revealed in submissions to a federal inquiry that they route profit through companies in the Netherlands and Ireland, where taxes are lower. Uber and Airbnb have told a Senate corporate tax avoidance inquiry that while they comply with Australian tax laws, their Australian operations merely provide… – Continue reading
There’s enough cash sitting in offshore bank accounts to wipe out the federal deficit — if only it was subject to U.S. taxes. That’s because U.S. companies are saving some $620 billion by parking profits outside the country, according to the latest accounting from Citizens for Tax Justice and U.S…. – Continue reading
The Union Cabinet chaired by the Prime Minister Narendra Modi, has approved the protocol amending the convention and the protocol between India and Israel, for avoidance of double taxation and for prevention of fiscal evasion with respect to taxes on income and on capital. The protocol provides for internationally accepted… – Continue reading
The proposals are aimed at preventing aggressive tax planning by multinationals. However, experts warn that the risk of double taxation may increase. SINGAPORE: Tax experts have said that Singapore’s tax jurisdiction is broadly in line with new tax proposals announced on Monday (Oct 5) by the Organisation for Economic Co-operation… – Continue reading
A Wednesday forum organized by the Urban Development Institute in Vancouver is dealing with foreign ownership in the local housing market. and there’s new concern about offshore buyers avoiding Canadian tax. Globe and Mail reporter Kathy Tomlinson investigated one case of a private equity manager in Beijing buying a $2.3… – Continue reading
While the thought of going abroad to work or retire may be exciting, the months leading up to departure are likely to be highly stressful. It is vital that you pay adequate attention to financial planning. In particular, the tax consequences of leaving the UK are quite complex, so it’s… – Continue reading
TRYNESS MBALE, Lusaka IN A bid to contribute to economic growth, Stanbic Bank Zambia has disbursed over K25 million to small and medium entrepreneurs (SMEs) in various sectors this year. Stanbic Bank chief executive officer for east and southern Africa Zweli Munyati said the bank realises that the SMEs sector… – Continue reading
NEW DELHI, OCTOBER 7: The Union Cabinet on Wednesday gave its nod for the introduction of a ‘limitation of benefit’ clause in the double taxation avoidance convention (DTAC) with Israel. The ‘LOB’ Article is an anti-abuse provision aimed at preventing misuse of the convention. The protocol that received the Cabinet’s… – Continue reading
Supporters of a plan to tax overseas profits to pay for U.S. transportation projects said Wednesday the proposal is the “only possible path forward” for passing a highway bill in the House this month. The sponsors of legislation in the House containing the offshore taxes-for-roads proposal said the plan, known… – Continue reading
The government intends to crack down on tax evasion by adopting best practices from other countries, Greek Alternate Finance Minister Tryfon Alexiadis said in Parliament on Tuesday, during the debate on the government’s policy statements. Among others, he announced plans to follow the German model for tax inspections, in which… – Continue reading
The location of a holding company is a significant consideration in any international corporate structure. Choice of jurisdiction for a group holding company (‘Holdco’) is relevant both from the point of view of tax optimisation (maximising withholding tax free dividend, interest and royalty flow up through the group and minimising… – Continue reading
On 6 October 2015, the Council of the European Union reached agreement on a proposal for a Council Directive (‘the New Directive’) amending Directive 2011/16/EU (Directive on administrative cooperation between Member States) and requiring automatic exchange of information on ‘advance tax rulings’ (‘Tax Rulings’) and ‘advance pricing arrangements’ (‘APAs’) between… – Continue reading
For many years international tax planning for Russian inbound and outbound investments, and wealth planning for Russian resident individuals, was rather straightforward. That was primarily due to relatively simple domestic tax rules and a degree of inexperience amongst the Russian tax and other interested authorities in relation to international tax… – Continue reading
Stating that a series of measures taken during the 15 months of BJP rule has restored credibility of India in eyes of global players, he said the government was speeding up regulatory clearances, reducing licensing requirements in the defence sector and making tax policy more consistent. “One of the great… – Continue reading
With the bulk of the OECD’s work on the BEPS project complete, attention will now turn to the implementation of the recommendations by member countries and others. Minister for Finance, Michael Noonan said that he welcomed the Base Erosion and Profit Shifting (Beps) report, and that the OECD’s proposals would… – Continue reading
The UK Government’s consultation paper on non-domicile status is “thin on the ground” when it comes to detail and, if introduced as proposed, will fail to treat some ‘non-doms’ fairly, according to tax experts. “It feels like this new legislation is being rushed through,” said Dean Mullaly, managing director of… – Continue reading
Nearly three-quarters of Fortune 500 companies booked their profits to tax havens last year, with just 30 companies accounting for 62 percent of earnings stashed offshore, according to a new report. The report, “Offshore Shell Games,” released Tuesday by the U.S. PIRG Education Fund and Citizens for Tax Justice, found… – Continue reading
Poland and Sri Lanka yesterday signed agreements for corporation in the tourism sector and for the avoidance of double taxation and prevention of fiscal evasion. The signing took place at the Foreign Affairs Ministry in Colombo yesterday. The visiting Deputy Foreign Minister of Poland Leszek Soczewica and the Acting Foreign… – Continue reading
At the third India Germany Inter-Governmental Consultations (IGC) held in New Delhi, Indian Prime Minister Narendra Modi and German Federal Chancellor Angela Merkel renewed their determination to expand bilateral trade and investment In a joint statement issued by both leaders after IGC, both sides noted the potential of open markets… – Continue reading
Oct. 6 (BusinessDesk) – Fonterra Cooperative Group is likely to be among some 20 New Zealand companies left dealing with increased red tape to comply with wide-ranging reforms to corporate tax rules proposed by the Organisation for Economic Cooperation and Development and expected to be endorsed by the world’s 20… – Continue reading
The OECD-G20 plan to stop multinational tax avoidance could put companies in the middle of border disputes between revenue authorities, tax experts have warned. But civil society groups say the plan has not gone far enough and could make it easier for some multinationals to dodge tax. Treasurer Scott Morrison… – Continue reading
In an affidavit that was filed with the Federal Court of Appeal on September 25, 2015 in support of the government’s response to block a motion for injunctive relief that had been brought by the plaintiffs, Sue Murray, Director of the Canada Revenue Agency’s Competent Authority Services Division, International and… – Continue reading
One-quarter of corporate tax and transfer pricing directors surveyed say their companies will fail to meet the first deadline proposed by the Organisation for Economic Co-operation and Development (OECD) in its Base Erosion and Profit Shifting (BEPS) Action Plan. Finance ministers for the G20 countries called on the OECD to… – Continue reading
Countries should commit to minimum standards on the resolution of international tax disputes, the Organisation for Economic Co-operation and Development (OECD) said in a report published as part of its base erosion and profit shifting (BEPS) project.06 Oct 2015 The standards would include a commitment to “seek to resolve” cases… – Continue reading
PRESS RELEASE – The Caribbean Association of Banks Inc. (CAB) is once more forced to express its deep concern over yet another “tax-haven” list which includes 15 Commonwealth Caribbean countries. The referred list appears within the District of Columbia’s 2015 Budget Support Act which expands the definition of “tax haven”… – Continue reading
Deemed domiciled; long term residents Indefinite non-domiciled status for UK tax purposes will become a thing of the past if the proposals in the Summer Budget are enacted. These are expected to take effect from 6 April 2017. A non-UK domiciliary may elect to be taxed on the remittance basis… – Continue reading
Six of the nation’s largest banks — Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Morgan Stanley and Goldman Sachs — utilize a combined 395 known tax havens to avoid potential tax bills in the billions, according to a new analysis. In total, the big six banks kept $126 billion… – Continue reading
The architects of a sweeping set of recommendations to battle offshore tax avoidance insist their project won’t allow foreign countries to simply grab cash from U.S. companies. The business community isn’t convinced. Senior officials at the Organization for Economic Co-operation and Development (OECD), a Paris-based research group sponsored by almost… – Continue reading
The Council of Ministers has approved an agreement between the Republic of Turkey and Republic of Kosovo (“State” or collectively “States”) to prevent tax evasion and double income taxation for residents of the two countries (“Agreement”). On 19 August 2015, the Council of Ministers approved the Agreement and its annexed… – Continue reading
Minister of State for Finance Simon Harris claims Ireland’s corporation tax regime is transparent and robust Ireland’s corporation tax regime is transparent and robust, Minister of State for Finance Simon Harris has insisted. He told the Dáil the State believed a multilateral response was the right response to aggressive tax… – Continue reading
BOSTON – Tax havens are legal, but proponents of tax reform say eight companies headquartered in Massachusetts are using them and costing the state millions of dollars in revenue. The MassPIRG Education Fund and Citizens for Tax Justice released a report on Tuesday saying 72 percent of Fortune 500 companies… – Continue reading
LUXEMBOURG: European Union finance ministers agreed on Tuesday to automatically exchange information on deals struck with multinational companies from 2017 in a bid to reduce tax avoidance, officials said. “We have a political deal on this issue,” Luxembourg’s finance minister Pierre Gramegna told his EU counterparts in a public session… – Continue reading
72% of Fortune 500 companies have offshore subsidiaries PORTLAND, Ore. (KOIN) — More than 72% of Fortune 500 companies have subsidiaries in offshore tax havens to take advantage of tax loopholes, a new study by the Oregon State Public Interest Research Group showed. Oregon-based companies in the Fortune 500 are… – Continue reading
Writing exclusively for SuperyachtNews.com, Patrick Maflin, of Marine Accounts, advises crewmembers on how best to avoid falling foul of the UK/ SPAIN Double Taxation Agreement… The Seafarers Earnings Deduction (SED) is arguably the taxation scheme of choice for most Seafarers nowadays working on foreign going yachts. It is open to… – Continue reading
A financial adviser is one of the five defendants embroiled in a court battle after facing allegations of setting up a £262 million tax avoidance scheme. In a trial at Birmingham Crown Court, financial adviser Norman Leighton, chartered accountant and film producer Keith Hayley, producer Robert Bevan, Charles Savill and… – Continue reading
NIGERIA’S recent rating as “third to the last” on the 2015 global ranking of “Ease of paying taxes” is a good indication of why the country is not earning as much as it should from taxation. The country’s ranking as 187 among 189 economies covered by the survey, which assessed… – Continue reading
What is limitation of relief? Here is an actual illustration: A client in Singapore has loans to a Spanish SOCIMI, a real estate investment company equivalent to a REIT. Spain requires tax to be deducted at source when interest becomes payable even if in fact the interest is not actually… – Continue reading
The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in U.S. taxes if they repatriated the funds, according to a study released on Tuesday. The study, by two left-leaning non-profit groups, found that… – Continue reading
LONDON (CNNMoney) — Bermuda, the Cayman Islands and the British Virgin Islands are more than just sunny vacation spots. They’re also three of the biggest tax havens for U.S. companies, according to a report from the left-leaning Citizens for Tax Justice and the U.S. Public Interest Research Group. The islands… – Continue reading
HM Revenue & Customs (HMRC) has defeated a £200 million tax avoidance scheme that took advantage of the UK’s double taxation agreement with the Isle of Man. The scheme exploited the UK’s double taxation agreement with the Isle of Man, whereby people are not taxed twice on the same income… – Continue reading
The Irish government is set to make further changes to the country’s corporate tax regime as it seeks to align itself with a global initiative to clamp down on corporate tax avoidance, reports the Financial Times. The change being considered will oblige companies that have global headquarters in Ireland to… – Continue reading
In a move which is likely to be of interest to those organisations who put systems and procedures in place to comply, the US has recently announced (September 2015) that information on US persons does not now need to be exchanged for certain jurisdictions until September 2016. In Notice 2015-66… – Continue reading
Last year at this time, news about “tax inversions” was grabbing headlines – cases where large U.S. multinationals would buy a foreign company in a tax-friendly jurisdiction, and then relocate its headquarters to reap the tax arbitrage benefits. The Obama administration responded to the rash of high-profile inversions with new… – Continue reading
Senior EY partners Andy Archer and David Snell look at some looming changes to international tax rules. In what will be the biggest change to the international tax rule book since it was put in place before World War 2, the OECD will tomorrow (4 am Tuesday 6 October) release… – Continue reading
On October 2, 2015, the Internal Revenue Service announced that it had achieved a key milestone in implementation of the Foreign Account Tax Compliance Act (FATCA), a critical anti-tax evasion law passed by Congress in 2010 but not fully implemented until July 2014. The milestone announced by the IRS was… – Continue reading
Having started making public the names of Indians and other foreigners with bank accounts that are under scanner, Switzerland will now publish in December a list of accounts that have remained unclaimed for 60 years, reports the Economic Times. This would be the first time that such a list would… – Continue reading
