Daily Herald Reports Specialty drug manufacturer Horizon Pharma, which moved its corporate headquarters from Deerfield to Ireland in 2014, announced it is relocating its U.S. headquarters from Deerfield to Lake Forest as part of a company expansion. The Dublin-based company reported it signed a long-term sublease on a 160,000-square-foot building… – Continue reading
The IRS has announced that as of September 30, 2015 it will implement the automatic exchange of tax information as set forth in the Foreign Account Tax Compliance Act, (FATCA). The IRS Commissioner in announcing the implementation of the automatic exchange of information stated: “This information exchange is part of… – Continue reading
Opposition to foreign taxes on American investment and hard work has been coded into our national DNA for almost 240 years. Yet almost two and a half centuries after resolving that we would not stand idle while others decide how to tax us, Americans once again must take decisive action… – Continue reading
Not only does the United States retain the dubious distinction of having the highest corporate tax rate in the Organisation for Economic Cooperation and Development country grouping, it now has the third-highest rate of corporate tax in the world, according to the Tax Foundation. The non-partisan tax policy think tank… – Continue reading
A plan for overhauling the global system for the taxation of multinationals, to be published on Monday in Paris, will contain major challenges and opportunities for Ireland’s vital foreign direct investment (FDI) sector, according to tax experts, reports the Irish Times. The culmination of two years’ work, the report by… – Continue reading
THE ORGANISATION for Economic Co-Operation and Development (OECD) must win over cynics when it announces its recommendations for a co-ordinated international approach to reform the international tax system later today. The measures will range from debt relief and harmonising rules on subsidiary companies, to linking sales and tax in each… – Continue reading
A two-year effort to clamp down on multinational tax rorts will come to a head in Paris overnight. The Organisation for Economic Cooperation and Development will finalise recommendations on its 15-point “Beps” action plan, ahead of a meeting of G20 finance ministers in Lima in Peru that starts on Thursday…. – Continue reading
SOME of Plymouth best-known landmarks are owned by secretive offshore companies based in tax havens, it has been revealed. Swathes of land all over the city belongs to faceless firms based in places like Luxembourg and the Cayman Islands, The Herald can reveal. They include everything from historic former military… – Continue reading
Finance Minister Arun Jaitley on Sunday said that people who had not declared their undisclosed assets in the 90-day compliance window offered by the government will now face the law including penalty and sentence upto 10 years while 638 people who had made the declaration can “now sleep well.” In… – Continue reading
Wealthy Dutch people are abusing tax havens abroad to prevent from being taxed on 129 billion euros in deposits, a former tax inspector told television show Nieuwsuur. The money is held in the accounts of shell companies based in the Cayman Islands, Seychelles and Virgin Islands, among other locations, the… – Continue reading
New Zealand’s Inland Revenue Department (IRD) announced on September 23, 2015, that two new acts, the Land Transfer Amendment Act 2015 and the Tax Administration Amendment Act 2015, received Royal Assent to strengthen property investors’ tax compliance. Under the new legislation, three changes will apply from October 1, 2015, for… – Continue reading
SEJONG, Oct. 5 (Yonhap) — Finance ministers of South Korea, China and Japan will hold talks to coordinate policies on the sidelines of the Group of 20, International Monetary Fund (IMF) and World Bank meetings in Peru this week, the government said Monday. The finance ministry said the meeting, scheduled… – Continue reading
NEW DELHI: The Centre is in talks with Mauritius with regard to the long-pending revision of the bilateral tax treaty, Revenue Secretary Hasmukh Adhia said today. “We are in discussion with them. Some negotiations have already taken place and they wanted to reopen certain issues. we are in discussion with… – Continue reading
A tax avoidance scheme which exploited the UK’s double-taxation agreement with the Isle of Man has been defeated by HM Revenue & Customs. More than 2,000 people signed up to the Isle of Man-based scheme to reduce their rate of income tax to less than 5%. The users of the… – Continue reading
NEW YORK, Oct. 5, 2015 /PRNewswire/ — The following statement is being issued today by KPMG LLP on the final recommendations released on Oct. 5 by the Organisation for Economic Co-operation and Development (OECD) on its coordinated Action Plan on Base Erosion and Profit Shifting (BEPS): “The OECD’s final recommendations… – Continue reading
On September 22, 2015, the Brazilian federal government proposed a new rule—Medida Provisória n. 692/2015 (“MP 692”)—increasing the income tax rates applicable to capital gains realized by certain taxpayers from a transfer or sale of assets or rights. MP 692 will become effective on January 1, 2016, if duly adopted… – Continue reading
With the final draft of the OECD’s BEPS initiative – Base Erosion and Profit Shifting – out later today, the taxman’s ability to tax international transactions as well as those of foreign firms operating in India will go up dramatically; the idea behind the initiative is to treat all cross-border… – Continue reading
LONDON: Creating a more participatory approach to tax co-operation tops the agenda of this year’s meeting of Commonwealth finance ministers in Lima on October 7. Delegates will discuss the need for developing countries to be more active in global negotiations to prevent international tax avoidance and illegal tax evasion. The… – Continue reading
Two big offshore deals kick off the week. The first is the Trans-Pacific Partnership Agreement. The long-awaited deal is a bit like the Jabberwocky poem in Alice in Wonderland – the alarmism means the political atmosphere is full of strange and threatening noises which only leave a general impression that… – Continue reading
The Organization for Economic Cooperation and Development on Monday rolled out a sweeping set of final recommendations to battle offshore tax avoidance costing countries across the globe billions of dollars a year. A group of almost three dozen advanced economies, the OECD kicked off its efforts two years ago, seeking… – Continue reading
WEST PALM BEACH, Fla. (AP) — A former Swiss bank executive is due to be sentenced in Florida for conspiracy as part of a long-running U.S. investigation into tax evasion. Hansruedi Schumacher could avoid prison in the scheme because of his cooperation. He pleaded guilty in April to conspiring to… – Continue reading
PARIS–Global tech firms such as Amazon.com Inc. are already preparing for new tax rules that could force them to pay corporate taxes in more countries where they operate, but are also girding for what some say will be more fights with–and between–national tax authorities. The Organization for Economic Cooperation and… – Continue reading
Colombia and Panama have given each other another 60 days to come to agreement on how to combat Colombian tax evasion through Panamanian banks. The two countries failed to meet the negotiation deadline set for the exchange of tax information after one year, extending a further 60 days, in a… – Continue reading
Europe’s stiff-neckedness is difficult to cure. To come to an agreement for supranational treatment of a certain issue there needs to be a large cataclysm or at least a large scandal. In the case of taxation policy the problem begins to gain urgent and most importantly European status after the… – Continue reading
It is estimated that only around 1% of the world’s population have two or more passports, making dual citizenship an exclusive privilege JOHANNESBURG – “No man is an island” is the theme of this year’s upcoming Investment Agenda, being held in Johannesburg on the 20th of October. Leading investors, asset… – Continue reading
David Gauke, the Financial Secretary to the UK Treasury, has spoken out in support of the international tax measures being adopted by the UK, and pushed the idea of diverted profits taxes. Speaking at the American Enterprise Institute in Washington DC on September 29, 2015, Gauke said recent reforms have… – Continue reading
Tax evasion is a massive global industry. Of every hundred dollars people put in bank accounts and investments, eight are socked away in tax havens such as Switzerland and Singapore, according to work by the UC-Berkeley economist Gabriel Zucman. While only the very wealthy can afford to play this international… – Continue reading
NEW DELHI, OCT 4: Finance Minister Arun Jaitley today warned that those who did not declare overseas black money during compliance window will face the consequences as the government will receive information about their wealth under automatic exchange of information, while others who took advantage of the scheme to come… – Continue reading
Pharmaceuticals group defends use of legal avoidance scheme, after paying no UK corporation tax over two years despite global profits of £3bn AstraZeneca, one of Britain’s largest businesses, is using a multimillion-pound tax avoidance scheme in the Netherlands, set up months after the UK relaxed its tax laws for multinationals… – Continue reading
New Delhi, Oct 4 (PTI) Legacy tax issues like those involving Cairn and Shell can be referred to AP Shah panel for quick resolution, says Chief Economic Advisor Arvind Subramanian who feels the old issues that have held back private investments also need to be worked out. Moving to defuse… – Continue reading
The OECD’s measures to reform international corporate tax systems will cause Ireland fewer problems than forecast, but for eurozone countries it will be just the beginning of greater and more detailed change. Following two years of constant meetings between tax experts from its 34 country members, the Paris-based body releases… – Continue reading
On Monday (5 Oct) the Paris-based Organisation for Economic Cooperation and Development (OECD) will present its final Base Erosion and Profit Shifting (Beps) project corporate tax reform proposals and on Tuesday the Ecofin council of EU finance ministers, is expected to agree on the exchange of tax rulings between member… – Continue reading
By: Jayesh Sanghvi, Partner & National Leader – International Tax Services, EY India Multinational groups can create non-resident affiliates in low tax jurisdictions to which income is shifted, wholly or partly for tax reasons rather than for non-tax business reasons. Such overseas profits are not subjected to tax in the… – Continue reading
The United States has included India in a list of 34 countries with which the US administration would automatically share information under the Foreign Account Tax Compliance Act (FATCA) regulations. The US Treasury Department has now added 16 new countries, including India, to an original list with which the US… – Continue reading
Two banks owned by former Tory Party vice-chairman Lord Ashcroft are at the centre of a major US tax evasion investigation. Authorities are probing whether wealthy Americans have been using the banks, based in the Central American tax haven Belize, to shelter funds offshore. Billionaire Lord Ashcroft is the majority… – Continue reading
The world’s richest nations will launch a huge crackdown on multinational tax avoidance on Monday as part of the biggest shake-up of international tax rules for decades. The move could lead to a multi- billion pound gain for Chancellor George Osborne and higher tax bills for a raft of blue-chip… – Continue reading
Millions of pounds of British aid money could have been given to known tax havens to fund public services The UK paid out £45m to 13 countries on the European Commission’s tax haven “blacklist” in 2013, according to a report in The Independent. The blacklisted countries that received British aid… – Continue reading
Government’s anti-corruption champion says legislation is one option if British overseas territories fail to adopt public registers of companies The government could legislate to force the UK’s tax havens to reveal for the first time the true owners of offshore companies, anti-corruption champion Sir Eric Pickles has indicated. Pickles described… – Continue reading
The new Protocol to the Cyprus – Ukraine double taxation agreement The Cyprus Ministry of Finance has announced that agreement has been reached with Ukraine on a Protocol that will amend the existing DTA between the two countries. The existing DTA was signed in 2012 and entered into force on… – Continue reading
The income tax department has signed 16 advance pricing agreements (APAs) with multinational companies (MNCs) so far, exempting their transactions with local units from rigorous tax audits. The income tax department has signed 16 advance pricing agreements (APAs) with multinational companies (MNCs) so far, exempting their transactions with local units… – Continue reading
Once again, Commonwealth Caribbean countries are under attack as “tax havens”, even though they are nothing of the sort. This time it is not only the usual countries which have been listed. Trinidad and Tobago has been included, and we can bet that Jamaica and Guyana will be added unless… – Continue reading
Under the intergovernmental agreement between the UAE and the US the first report, disclosing the financial activities of US citizens in 2014, was due to be submitted to the US by September 30, 2015. This agreement was signed to facilitate implementation of the Foreign Account Tax Compliance Act (Fatca), a… – Continue reading
MUMBAI: The US Treasury Department has issued a list of 34 countries which includes India with whom it would share information under FATCA (foreign account tax compliance act) regulations. The pact aims to cover automatic sharing of information on bank accounts and other instruments like mutual funds, insurance and equities… – Continue reading
EU member states to reveal information on tax rulings offered to companies Ireland’s corporate tax regime is to come under renewed scrutiny next week as EU finance ministers sign off on a proposal obliging member states to reveal information on tax rulings offered to companies. EU finance ministers meeting in… – Continue reading
The four entities tasked with upholding New Zealand’s anti-money laundering law should team up to close off the law’s obvious arbitrage opportunity by stopping financial services companies that only have clients overseas from being able to sidestep the law, a leading lawyer says. As first highlighted by interest.co.nz in August… – Continue reading
AS the more lurid and unproven claims in Lord Ashcroft’s self-published hatchet job on the prime minister attract widespread ridicule, more embarrassment looms for the Tory peer concerning his banking operations in shady Belize. The US Department of Justice recently issued a summons for details of so-called correspondent bank accounts… – Continue reading
Efforts to block the exchange of information on US taxpayers’ foreign accounts are halted as an Ohio federal judge says Sen. Paul and six others don’t have standing to challenge parts of the Foreign Account Tax Compliance Act, reports BNA. US District Court for the Southern District of Ohio Judge… – Continue reading
Hong Kong (HKSAR) – Six orders for implementing the tax information exchange agreements (TIEAs) with six Nordic jurisdictions (i.e. Denmark, the Faroes, Greenland, Iceland, Norway and Sweden), and an order for implementing the Fourth Protocol to the Comprehensive Arrangement for the Avoidance of Double Taxation with the Mainland (the Arrangement)… – Continue reading
Two hundred miles off the coast of Morocco, the Canary Islands remainamong Spains farthest-flung territories, appearing as a few specks of volcanic rock against the endless Atlantic blue. Tourists roast on its beaches, and everything moves at a snails pace. That includes, unfortunately, the economy, which suffers from high unemploymentand… – Continue reading
On July 27, 2015, the U.S. Tax Court issued a stunning rebuke to the IRS by invalidating the part of the Internal Revenue Services’ (IRS) cost-sharing regulations under section 482 of the Internal Revenue Code that says taxpayers have to take into account, among other costs, the costs of stock-based… – Continue reading
