Former Attorney-General Mark Pettingill describes the suggestion he had someone seeking payment of a bribe on his behalf as “ridiculous” A developer’s allegations of Government corruption over the development of the Hamilton waterfront are “farcical” and based on “hearsay, innuendo and lies”, according to Mark Pettingill, the One Bermuda Alliance… – Continue reading
A senior GOP lawmaker will roll out a plan Wednesday to cut taxes for income spurred by intellectual property, as House Republicans lay the groundwork for a potential major highway and tax reform deal. Rep. Charles Boustany (R-La.) said his so-called “innovation box” would be a central part of the… – Continue reading
On 8 June 2015, the Organisation for Economic Co-operation and Development (“OECD”) released a Country-by-Country Reporting Implementation Package developed under the OECD’s base erosion and profit shifting (“BEPS”) Action Plan 13: Re-examine Transfer Pricing Documentation. BEPS was identified as a risk to tax revenues, tax sovereignty and the tax fairness… – Continue reading
Introduction The regulatory framework in Cyprus is all-encompassing but still attractive to investment funds for varied investor requirements. An investment fund may be set up in Cyprus either as an Alternative Investment Fund (“AIF”), or as an Undertaking for Collective Investment in Transferable Securities (“UCITS”). Cyprus administers all internationally recognized… – Continue reading
This article deals with the manner in which Canada has complicated, and rendered controversial, what in most other countries is straightforward — the deductibility of business related interest expense. The reasons to write about it are threefold: the almost-concurrent issuance of the Canada Revenue Agency’s administrative views on the matter… – Continue reading
With the focus of 2014 being international tax competition, 2015 shows signs of continuing this trend. The European Commission (COM) and European Parliament (EP) are starting to debate and extensively investigate Member States’ tax ruling policies, partly as a result of the LuxLeaks revelations and partly in relation to the… – Continue reading
Financial Adviser Jonathan Lachowitz of White Lighthouse Investment Management published the following editorial regarding FATCA on the The Wall Street Journal on Tuesday July 28th: Managing personal financial issues is challenging for most people. For American expats, the normal complexities and expenses are compounded by a panoply of post-financial crisis… – Continue reading
San Jose, California, USA – As a result of the much anticipated initial public offering of transportation game-changer Uber, more and more executives of start-up companies and their investors are interested in tax planning related to their own company’s IPO or buyout. Whenever a well-known start-up company appears that it… – Continue reading
A litigation suit has been filed against the US federal government arguing the Foreign Account Tax Compliance Act (FATCA) is “unconstitutional” and violates privacy rights, reports the Investor Daily. The complaint was officially filed in a federal court in Dayton, Ohio on Tuesday, and names the Treasury Department and Inland… – Continue reading
Singapore’s fight to stem illicit fund inflows has shoved private bankers into a new quandary – finding enough qualified compliance specialists to ensure the money passing through their accounts is clean. Like other wealth management centres around the world, Singapore is forcing banks to make more stringent checks on their… – Continue reading
NEWS DELHI: It has consistently lagged the large-cap equity fund category and the benchmark Nifty in the past five years. Its past one year performance is ranked 141 out of 143 large-cap equity funds. Mutual fund tracker Value Research has put it in the doghouse with a two-star rating. Yet,… – Continue reading
The Supreme Court-appointed special investigative team’s (SIT’s) recommendation of stricter norms for participatory notes (P-notes), to check the flow of unaccounted money, is likely to be viewed negatively by the market. The SIT had last week suggested the Securities and Exchange Board of India (Sebi) put in place regulations to… – Continue reading
The IRS released the fourteenth FATCA GIIN list of foreign financial institutions (FFIs) that have registered with the IRS through its FATCA portal. The IRS provides these FFIs a Global Intermediary Identification Number (GIIN). The FFI may then use its unique 19 digit GIIN to complete the IRS tax self… – Continue reading
Over the past few weeks the European Union has published a list of 30 countries which have been listed as non-cooperative jurisdictions. This publication was part of a wider publication: the “Action Plan for Fair and Efficient Corporate Taxation in the EU” which also includes the Re-Launching of the CCCTB…. – Continue reading
Manama, July 27 (BNA): The cabinet has strongly condemned all forms of interference by Iranian officials in the domestic affairs of the Kingdom of Bahrain, noting that such meddling is a flagrant violation of the UN Charter and the norms of International Law. The weekly session reiterated Bahrain’s keenness on… – Continue reading
Citigroup’s headache over inquires into its Mexican subsidiaries Banamex and Banamex USA’s alleged lax compliance with U.S. federal anti-money-laundering rules just got worse. Last week, the Department of Justice expanded its money-laundering probe of Banamex, Bloomberg reported on Friday. In January, the Department of Justice issued a subpoena to Banamex,… – Continue reading
July 27: Japan’s Ministry of Finance announced the exchange of diplomatic notes concerning application of Article 7 (Business profits) under the new income tax treaty between Japan and the United Kingdom. Background Provisions of the amended Japan-UK income tax treaty (signed 17 December 2013) generally were effective 1 January 2015…. – Continue reading
With different tax laws, exemptions, double taxation treaties and free trade zones for services exports affecting outsourcing operations across Latin America, gaining a solid understanding of the distinct tax obligations in each country is imperative. In a bid to attract investment, several Latin American countries have introduced double taxation treaties,… – Continue reading
A recent decision of the Third Circuit Court of Appeals illustrates the futility of expecting that the Fifth Amendment Privilege Against Self-incrimination will shield taxpayers from production of offshore financial records. The trial court was asked to protect a U.S. taxpayer from enforcement of an IRS Summons for production of… – Continue reading
According to a recent report from National Crime Agency’s Economic Crimes Unit showed a recent spike in the receipts from a tax on homes purchased by companies, trusts or investment funds. In a report from theguardian.co.uk, this may be a clear indication that foreign criminals are using the London housing… – Continue reading
Six people, one a financial adviser, have been arrested as part of an investigation into a suspected £4 million tax evasion and money laundering fraud. Officers from HM Revenue and Customs searched six premises in Telford and Wolverhampton last week and arrested the four men and two women. During the… – Continue reading
Recent revelations that Wal-Mart, the world’s biggest corporation, is maintaining secret subsidiaries in well-known offshore tax havens are outrageous but far from surprising to small business owners. That’s because we’re used to seeing large corporations abuse the tax system in ways that hurt our businesses, communities and families. Wal-Mart’s hidden… – Continue reading
Following the trends of countries such as Spain and Mexico, among others, Brazil has begun to amend and introduce new legislation to reflect BEPS recommendations in its internal legislation. Provisional Measure (PM) 685 was issued this month, determining a disclosure procedure as a result of BEPS Action Plan 12 (Mandatory… – Continue reading
HSBC could have to relinquish its membership of the FTSE-100 index if it moves its HQ to Hong Kong, Sky News understands. HSBC is wrestling with the potential loss of its membership of London’s blue-chip share index if it moves its headquarters back to Hong Kong after a 23-year absence…. – Continue reading
Anyone running a business online through an app store, listings site or similar services could face new scrutiny on tax as part of a government crackdown on tax evasion. Under the new terms, Airbnb, Apple, Amazon eBay and Gumtree could all be required to hand over user information to the… – Continue reading
Consultation Solution no. 176, published by the Brazilian Federal Revenue Secretariat on July 8, 2015, made clear the tax administration’s position to require application of the PCI and Pecex methods on import and export transactions involving commodities, by determining the reliable sources of information to obtain the parameter prices for… – Continue reading
Prime Minister John Key has floated the idea of a land tax or stamp duty on foreign buyers in an effort to control some of the demand side pressures driving Auckland house price inflation well over 20 per cent, reports Interest NZ. His comments came as fresh research showed Auckland’s… – Continue reading
Russian businesses are preparing to issue a blitz of foreign debt, despite financial sanctions that have all but closed the country’s access to international capital markets for the last year, according to the head of one of its leading banks, reports the Financial Times. Igor Vayn, chief executive of investment… – Continue reading
It is widely recognized that offshore banking secrecy is fast becoming a thing of the past. The signing of bi-lateral and multi-lateral agreements between jurisdictions and the fast approaching Common Reporting Standard (CRS) under which jurisdictions will automatically exchange financial information has seen to that. The UK’s voluntary disclosure program… – Continue reading
The evolving tax landscape in the MENA region was discussed at the EY MENA Tax Conference held recently in London. The conference was attended by EY Tax specialists and senior finance and tax executives from major European companies with investments in the MENA region. Sherif El-Kilany, MENA Tax Leader, EY,… – Continue reading
MADRID: Many of Spain’s five million unemployed dream of finding a steady job in the economic recovery vaunted by the government — but a legion of undeclared workers still scrape by cash-in-hand. “Nowadays the phrase ‘steady job’ means nothing in Spain,” said Paloma Sotillo, 43. She is one of 1.7… – Continue reading
A new report says house prices in the United Kingdom have been on the rise over foreign criminals’ purchasing of British property. According to the Times report, foreign crime lords are pushing up house prices in Britain by laundering billions of pounds through the purchase of expensive properties. The report… – Continue reading
Amazon has topped a poll to find Britain’s favourite retailer – despite being dogged by allegations of tax avoidance and not paying staff well. The online retailer, which is also embroiled in a row over authors’ rights, came first in a huge survey of British consumers carried out by media… – Continue reading
Gang is suspected of large-scale tax evasion Prague, July 24 (ČTK) — Daniel Rudzan, a right-hand man of Shahram Abdullah Zadeh, an influential Iranian oil dealer, both suspected of a huge tax evasion, has been released from custody in the Czech Republic, Lidovky.cz server reported today. Along with them, another… – Continue reading
Bahamas Supreme Court rejects Baha Mar’s Delaware chapter 11 application In a ruling by Justice Ian Winder on Wednesday of this week, The Bahamas Supreme Court Denied Baha Mar’s Chapter 11 Bankruptcy Recognition Petition. This paves the way for the Supreme Court to appoint a provisional liquidator on the 31st… – Continue reading
A recommendation by the Davis Tax Committee to stop taxpayers from using trusts to reduce tax could result in people who have established trusts for tax purposes only reconsidering their viability. The trustees of a discretionary trust can cause the income and/or capital gains of the trust to be distributed… – Continue reading
London, United Kingdom, July 25, 2015 –(PR.com)– A Secure On-line Reporting System which provides a cost-effective method for financial institutions’ FATCA and Common Reporting Standard (CRS) reporting requirements has been successfully deployed. Developed by Webtech Limited in conjunction with Russell Bedford’s Isle of Man member firm SMP Partners, the solution… – Continue reading
Kenya signed several pacts with the US during talks between US President Barack Obama and Kenya’s President Uhuru Kenyatta, signalling a deepening of bilateral relations in trade and investment. Addressing a joint press conference, President Obama said discussions on the prospects of introducing direct flights between the two countries were… – Continue reading
South Africans who provide services from within this country to entities or individuals in another country should not be able to claim a special tax credit for foreign withholding taxes. This is according to a proposal by National Treasury in the Draft Taxation Laws Amendment Bill, which was released for… – Continue reading
The Supreme Court-appointed special investigation team on black money has called for clamping down on betting in cricket and stringent checks to prevent rampant use of unaccounted funds in educational institutions by way of donations and capitation fee. The panel has also called for a cash holding limit of Rs… – Continue reading
Corporations, usually based in offshore tax havens, are sometimes used by buyers keen to hide ownership of assets, says National Crime Agency spokesman Foreign criminals are using the London housing market to launder billions of pounds, pushing up house prices for domestic buyers, a senior police officer has warned. Donald… – Continue reading
Wealthy investors in multiple tax avoidance schemes are being leaned on to settle what the tax authority sees as due, or risk reputational damage, reports the Financial Times. Although the government has yet to legislate for powers to “name and shame” tax avoiders, HM Revenue & Customs has warned a… – Continue reading
HM Revenue & Customs (HMRC) has won a case against £29 million ‘sham’ tax avoidance scheme in a tribunal case, reports Citywire. The First-Tier Tribunal rules against tax avoidance scheme the Brain Disorders Research Limited Partnership and partner Neil Hockin’s attempts to claim £29 million in tax relief. The investors… – Continue reading
Switzerland and Germany have reached an agreement on the provision of cross-border banking services, reports Tax News. The agreement clarifies issues regarding the delayed implementation of the 2013 bilateral Memorandum on the cross-border provision of financial services. As a result, Swiss banks are now eligible to apply under the simplified… – Continue reading
Baku, Fineko/abc.az. The Azerbaijan’s Ministry of Taxes pays much attention to agreements on information exchange. According to Orkhan Musayev, International Relations Department Manager at the Ministry, such agreements, the same as agreements on elimination of double taxation, are very important. “So far, the Ministry of Taxes has signed agreements on… – Continue reading
Luxembourg and the United States signed, on 28 March 2014, a (reciprocal) Model I FATCA intergovernmental Agreement (IGA) to improve international tax compliance between both jurisdictions. On 27 March 2015, the Draft Law (n°6798) transposing the IGA in national law was released, requiring the first FATCA reporting to be submitted… – Continue reading
In order to provide the necessary legislative amendments required to implement the tax proposals that were announced in the 2015 National Budget on 25 February 2015, the National Treasury (Treasury) published the 2015 Draft Tax Administration Laws Amendment Bill (TALAB) on 22 July 2015 for public comment. One of the… – Continue reading
Fatca was introduced in 2010, to curb offshore tax evasion by US entities and citizens Even after the signing of a treaty between the governments of India and America to comply with the latter’s Foreign Account Tax Compliance Act (Fatca), mutual funds (MFs) continue to remain wary of accepting investments… – Continue reading
Guernsey’s growth shows no sign of abating Guernsey’s reputation as a major fund domicile continues to grow. Figures from Guernsey Finance testify to this with funds under management and administration in Guernsey standing at £218.7 billion at December 2014. These funds cover multiple asset classes and types including closed-ended and… – Continue reading
The implementation of stricter taxation scrutiny globally shows no sign of abating. Nonetheless, Guernsey is well-placed to meet many of these challenges, and indeed thrive in this new world order. Guernsey has repeatedly demonstrated an ability to comply with international obligations and adapt to challenges and changing circumstances and the… – Continue reading
