Saint Kitts and Nevis, BASSETERRE, (September 08, 2015) – The Governments of the Federation of Saint Kitts and Nevis and the United States of America (USA) on August 31, 2015, signed an Inter-Governmental Agreement (IGA) that will facilitate compliance by financial institutions in the Federation with the USA’s Foreign Account… – Continue reading
New tax laws around the purchase of residential properties by offshore people has made progress in Parliament. The second reading of the Taxation (Land Information and Offshore Persons Information) Bill was completed by 109 to 12 with National, Labour, Greens, Maori Party, ACT and United Future in favour. Revenue Minister… – Continue reading
NEW DELHI: The Central Board of Direct Taxes (CBDT) has issued guidelines for compounding of offences under Income Tax Act, 1961/Wealth Tax Act, 1957, in cases of persons holding undisclosed foreign bank accounts/assets. The CBDT on Friday issued directions to all field formations, including principal chief commissioners, chief commissioners and… – Continue reading
KARACHI: The provincial finance ministries have been urged to resolve their differences on rights of taxability among themselves, as taxpayers are facing double taxation on services on the basis of origin and destination. In communications sent on Monday to ministers of finance of Sindh, Punjab, Khyber-Pakhtunkhwa and Balochistan, the Karachi… – Continue reading
LAHORE (Dunya News) – All Pakisan Traders Union on Tuesday warned of marching towards Islamabad if the government did not withdraw withholding tax. Addressing a press conference at Lahore Press Club, Naeem Mir, the General Secretary of All Pakistan Traders Union, said that a protest has been scheduled on September… – Continue reading
Switzerland will allow stolen data acquired through official means to form the basis for a request for assistance but will help India only for post-2011 bank accounts, that too as long as Swiss courts don’t interfere Geneva: Switzerland’s proposed changes on treating stolen information have generated much optimism in India… – Continue reading
The value of merger and acquisition (M&A) activity with Irish involvement so far this year has surged to almost €100bn – nearly twice the figure at the same time last year. And Irish law firms Arthur Cox and A&L Goodbody continue to rank among the top firms advising on the… – Continue reading
CANBERRA, Sept. 7 (Xinhua) — Australia is set to crack down on illegal offshore gambling, with Social Services Minister Scott Morrison flagging a review of betting operators conducting business in Australia. Morrison said on Monday that while online betting and gambling is a 1.1 billions U.S. dollar industry in Australia,… – Continue reading
As the Indian rupee touched a new 2-year low, State Bank chairperson Arundhati Bhattacharya today said it must fall further to help domestic exporters. “It (further fall in the rupee) is required, otherwise exports will become absolutely unviable. It is important to maintain parity. It can be achieved only if… – Continue reading
China is promoting foreign direct investment at 23 national industrial parks in the Xinjiang Uighur autonomous region by providing tax incentives to investors in a bid to boost the economy and turn Xinjiang into a core zone for trade, investment, and logistics on the Silk Road economic belt of the… – Continue reading
The amount big companies set aside to cover disputed tax bills has more than halved over the past three years to £1.7bn this year, reports the Financial Times. Even though businesses fear more disputes as tax authorities become increasingly tough, they are showing reluctance to be drawn into conflicts that… – Continue reading
Recently, the Tax Court handed down judgment in the unreported case of AB LLC and BD Holdings LLC v the Commissioner of SARS (heard in February 2015) in which it had to determine whether or not an American company acting as an advisory group for the South African airline industry,… – Continue reading
SEBI on August 26, 2015 released a notification on the captioned head. It informed the intermediaries that India has joined The Multilateral Competent Authority Agreement (MCCA). Further on July 09, 2015, the Governments of India and United States of America signed an agreement to improve international tax compliance and to… – Continue reading
G20 Finance Ministers and Central Bank Governors released their third communique of 2015 over the weekend. Their rhetoric is notable for the calm statement of positive reassurance on the macroeconomic environment, although the direct policy commitments appear to be light on. In the communique, Ministers and Governors recognised the significant… – Continue reading
Tax Commissioner Pierre Moscovici has urged European Union (EU) member states to “take the steps needed to fight tax evasion and tax fraud,” after new figures showed that the value-added tax (VAT) gap did not narrow in 2013. According to a new Commission report, the total amount of VAT lost… – Continue reading
At the 69th IFA Congress in Basel, Taxsutra’s Arun Giri, accompanied by well known tax expert Mukesh Bhutani, interviewed India’s Competent Authority Akhilesh Ranjan. Mr. Ranjan is leading the country’s charge on BEPS, and offers candid views on various issues including confidentiality of information, possibility of a BEPS outcome that… – Continue reading
Glencore pays virtually no tax on Australian coal operations Glencore is in trouble and took drastic action today to shore up its finances. One place they won’t find sympathy is in the court of public opinion. Last year, the Sydney Morning Herald revealed that Glencore paid virtually no tax over… – Continue reading
THE BUREAU of Internal Revenue (BIR) has advised Philippine financial institutions to start preparing for the implementation of a United States law requiring the reporting of bank accounts held by American taxpayers locally. In an advisory, the BIR said the start of reporting will not yet take place at the… – Continue reading
The Australian government announced on Monday that a review of the country’s Interactive Gambling Act will be carried out. Officials will be looking for ways to meet the increasing demand for innovative methods for live sports betting. The introduction of regulations for the illegal offshore gambling operators that provide their… – Continue reading
This case was an appeal from the Gauteng Division of the High Court to the Supreme Court of Appeal (“SCA”) pertaining to the correctness of the granting of an ex parte preservation order application that was brought against Mr Krok by the Commissioner of the South African Revenue Service (“SARS”) in… – Continue reading
Government must make good on its vows, says Jamie Livingstone In less than two weeks, leaders from 193 states will meet at the United Nations in New York to formally adopt, in effect, a new plan to fight extreme poverty, tackle inequality and end hunger. The Sustainable Development Goals (SDGs)… – Continue reading
Labour has demanded a review of a new tax that hits smaller banks alongside global behemoths Challenger banks and building societies threatened by George Osborne’s extra bank tax have been offered a lifeline by the Labour Party, which wants to amend the charge to help out the smaller end of… – Continue reading
Former Nudie Juice CEO Andrew Binetter allegedly sought the destruction of incriminating files at Bank Hapoalim. The names of Israeli banks Bank Hapoalim (TASE: POLI) and Israel Discount Bank (TASE: DSCT) have been mentioned in the Australian press as involved in alleged tax fraud in the millions of dollars by… – Continue reading
PHUKET: In 2005 the EU Commission proposed a directive that laid the foundations for a radical change in the portability of an individual’s pension. British, Dutch and Irish nationals were given the flexibility to move certain private pensions to the jurisdiction of their choice, rather than leave it in their… – Continue reading
Tehran, Sept 6, IRNA – Economy Minister Ali Tayyebnia and visiting Iraqi Finance Minister Hoshyar Zebari, in a meeting on Sunday, signed three strategic economic agreements. The three agreements were about customs cooperation, avoiding double taxation and encouraging joint investments. Tayyebnia said that Iran-Iraq trade, including other cooperation such as… – Continue reading
The European Commission released a report on Friday which details the losses incurred by the European Union member states due to VAT tax evasion from 2009-2013 and sheds light on the extent of the problem in Greece. During these five years, the Greek State lost a total of 37.044 billion… – Continue reading
BRUSSELS: European Union (EU) countries lost 168 billion euros (US$187 billion, S$266 billion) in sales-tax revenue in 2013 mostly due to fraud and errors, the European Commission said on Thursday (Sep 3). According to a commission study which covered 26 of the EU’s current 28 members, a total 15 percent… – Continue reading
New York, NY, September 05, 2015 –(PR.com)– The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Colleen P. Waddell, Managing Director, Outlier Solutions will speak at the Knowledge Group’s webcast entitled: “Latest Regulatory Developments Under FATCA: Best Compliance Practices Uncovered… – Continue reading
MUMBAI India’s tax officials, long the scourge of foreign investors, are under government pressure to avoid aggressive claims against overseas funds and companies, as the country seeks to repair an image dented by high-profile tax battles. The latest dust-up was over a largely overlooked minimum alternate tax (MAT), which had… – Continue reading
One of the UK’s leading hedge fund managers must pay nearly £8m in tax after a judge upheld a ruling that Patrick Degorce had attempted to shelter millions in a controversial avoidance scheme. Mr Degorce, co-founder of The Children’s Investment Fund along with Sir Chris Hohn, denied knowing that a… – Continue reading
More Koreans have reported their foreign bank accounts this year, as the government has warned of increased penalties on undeclared offshore balances. The aggregate amount of money divulged in foreign bank accounts and exceeding 1 billion won ($840,000) on any last day of the month in 2014 stood at 36.9… – Continue reading
More than £375 million of land and property in Milton Keynes was bought by offshore companies between 2005 and 2014, according to research by Private Eye. The purchases are registered in a number of different countries, some of which are often described as tax havens. The countries buying the most… – Continue reading
The National Assembly’s landlord is a shadowy company based in the tax haven of the British Virgin Islands – and AMs have no idea who is benefitting from the annual rent of more than £2m it pays to the owners. Private Eye magazine has launched a section of its website… – Continue reading
Ireland will probably face censure from European authorities within months in relation to its tax dealings with Apple, according to a person with knowledge of the matter. A finding against Ireland will spark a legal battle that may last years, as the government is ready to fight the decision in… – Continue reading
On 1 July 2015, the Supreme Court (in Anson v HMRC4) held that a taxpayer was entitled to treaty relief on his share of a Delaware LLC’s profits. This casts doubt on HMRC’s published position (though each case must be judged on its own facts). The taxpayer, a UK “non-domiciled”… – Continue reading
Panama’s Presidential High Level Commission for the Defense of International and Financial Services (CANDSIF) recently held a meeting to review the country’s progress on improving tax transparency and combating money laundering, reports Tax News. In particular, CANDSIF reviewed legislation passed earlier this year as part of Panama’s commitment to address… – Continue reading
MUMBAI: Indian tax authorities will ignore conventions to pierce trust structures used by most people to stash black money abroad. Persons who are named as beneficiaries in overseas discretionary trusts are likely to face enquiry even if they do not receive any money from such trusts. The taxman will look… – Continue reading
Labour leadership front-runner Jeremy Corbyn has suggested a party run by him would consider a ban on the purchase of homes by non-UK based entities or by companies and offshore trusts. With the result of the party’s leadership campaign to be announced in only eight days time, Corbyn acknowledges that… – Continue reading
Committing to a step-up in investments in India, the UAE said it is keen to tap opportunities in smart cities and the infrastructure sector. NEW DELHI: Just a little over a fortnight since Narendra Modi became the first Indian PM to visit the UAE in 34 years, the two countries… – Continue reading
PRELIMINARY statistics on the 2015 African Capacity Report (ACR) released yesterday in Addis Ababa, Ethiopia showed that there were significant improvements in revenue collection over the last decade (2006-2015) in Nigeria and 44 other African countries. But despite the cheering news, the report said effective mobilisation of domestic resources in… – Continue reading
On 13 April 2015, HMRC confirmed that UK financial institutions will not be required to file “nil” returns under the UK’s FATCA regulations, if they do not maintain any US financial accounts. However, UK financial institutions that maintain only US accounts below the applicable de minimis threshold ($50,000 or $250,000,… – Continue reading
Washington State Auditor Troy Kelley faces additional charges of money laundering and tax evasion. The U.S. Attorney’s office announced the new charges Thursday afternoon. The charges are contained in a superseding indictment against Kelley. The first-term Democrat now faces a total of 17 federal charges, including five new counts of… – Continue reading
In a move that could add real bite to India’s war on black money, the Swiss Federal Council on Wednesday approved a bill that would allow the government to share “stolen data” with other countries. The council, Switzerland’s highest executive authority, said in a statement: “The Federal Council initiated the… – Continue reading
German business groups have hit out at Berlin’s plan to reform how it taxes investment funds, warning on Thursday that the proposed changes would hurt pension provisions and reduce the attractiveness of Europe’s largest economy as a place to invest. The finance ministry announced plans in July to reform the… – Continue reading
The Court of Justice of the European Union (CJEU) today issued a judgment concluding that the different tax treatment of dividends received by parent companies of tax-integrated groups, with such treatment depending on the location where the subsidiaries are established, is contrary to EU law. The CJEU judgment therefore holds… – Continue reading
The recent shocks in the global economy triggered by the Chinese devaluation of yuan and its economic slowdown are likely to dominate discussions in the two-day meeting of G20 Finance Ministers and Central Bank Governors starting here tomorrow over which India has expressed serious concern. Finance Minister Arun Jaitley arrived… – Continue reading
A 12-month investigation by a national magaizne has revealed city centre properties in Bath are registered to offshore companies. The Private Eye magazine has produced a map, which details all land and property registered in England and Wales in the name of an offshore company between 2005 and July 2014…. – Continue reading
Tax avoidance practices by multinational enterprises (MNEs) often depend on corporate structures that are built by routing investments through offshore investment hubs or conduits that help shift profits from higher to lower tax jurisdictions. In essence, corporate structures built through FDI (foreign direct investment) can be considered “the engine” and… – Continue reading
A Russian nuclear energy official pleaded guilty to conspiracy to commit money laundering on Monday in connection with his role in arranging more than 2 million in corrupt payments to influence the awarding of contracts from the Russian-state owned nuclear energy company to businesses in the U.S. Mikerin “admitted that… – Continue reading
UBS Group AG and Credit Suisse Group AG accounted for about three out of four job losses in the Swiss banking industry last year, even though they employ less than half the local workforce. At the end of 2014, 104,053 people were working full-time in Switzerland for the country’s banks,… – Continue reading
