Hong Kong (HKSAR) – The Government published in the Gazette today (July 17) the Inland Revenue (Amendment) (No.2) Ordinance 2015, which seeks to extend profits tax exemption for offshore funds to private equity funds. A government spokesman said, “With the implementation of the Amendment Ordinance today, transactions conducted by offshore… – Continue reading
FACTA requires Americans living abroad to report bank accounts holding in excess of $50,000 along with their annual tax returns. Seven people, including U.S. Republican candidate Rand Paul and a Jerusalem attorney, are suing the U.S. Treasury Department and Internal Revenue Service asserting that the Foreign Account Tax Compliance Act,… – Continue reading
The drug industry has been labelled “passive aggressive” after responding to tough questions over its use of tax minimisation by warning paying more tax would damage the economy. The warning was contained in a “supplementary submission” to the Senate tax avoidance inquiry, following a public hearing a fortnight ago that… – Continue reading
July 17: A large manufacturing company has resolved its transfer pricing issues by means of a mutual agreement procedure (MAP) reached between India and Japan. The MAP was signed in less than a year of its application, following two meetings between the Competent Authorities of India and Japan. The MAP… – Continue reading
AN AGREEMENT to avoid double taxation and prevent tax evasion has been signed between Brunei and Luxembourg last Tuesday in Brussels, the Ministry of Finance (MoF) said yesterday. The MoF said this is in line with Brunei’s commitment to implement an internationally agreed tax information exchange standards. The ministry said… – Continue reading
Investing in hard currency has become much easier. CAPE TOWN – For years, South Africans have been used to the idea of exchange controls. Since the 1960s, they have been something we have learnt to live with. However this year’s national budget really put an end to them as far… – Continue reading
A bitcoin scam in Spain has managed to convince 22,000 investors to fork over a total of 50 million EUR to the unete, a digital currency that can allow people to buy or sell things online. This bitcoin scam was started by José Manuel Ramírez Marco in 2013 and, just… – Continue reading
The rising exchange of information between countries is also leading to the disclosure of more details about these taxpayers’ affairs. Along with other countries, SA is paying closer attention to its residents’ cross-border activities. But while compliance is necessary, industry experts warn that overly aggressive tax enforcement in SA could… – Continue reading
The Coalition for Tax Competition (CTC) sent a letter to members of the US Congress on July 14, calling on them to protect American interests in talks on the work of the Organization for Economic Cooperation and Development (OECD) on base erosion and profit shifting (BEPS). The CTC urged Congress… – Continue reading
The Economic Freedom Fighters (EFF) said it would like to see prison sentences imposed on business executives who moved cash to tax havens – where the rate of taxation is lower than in South Africa – “to deal decisively with transfer pricing and illicit financial flows”. This is one of… – Continue reading
The Justice Department announced Thursday that its Swiss Bank Program snared another three financial institutions in its battle against offshore tax evasion. Mercantil Bank will pay a $1.2 million fine, Banque Cantonale Neuchâteloise (BCN) will pay $1.1 million and Nidwaldner Kantonalbank will fork over $856,000 the federal government. By joining… – Continue reading
Guernsey has for some time been the domicile of choice for non-UK companies listing on the main market of the London Stock Exchange (“LSE”), the Alternative Investment Market (“AIM”) and the Specialist Funds Market (“SFM”). The Island has developed expertise in the set up and administration of a range of… – Continue reading
At a global summit that addressed how illicit financial flows interfere with reducing poverty, wealthy nations rejected a plan to expand the UN’s power to fight global tax evasion. The plan, promoted by developing economies and transparency groups, was the subject of the meeting between delegations of UN members from… – Continue reading
India and Mauritius are set to limit the benefits of their double tax avoidance agreement (DTAA) to only genuine businesses bringing foreign direct investment to India by inserting a new clause in the treaty straight from New Delhi’s yet to be implemented General Anti-Avoidance Rules (GAAR). The revised treaty, however,… – Continue reading
1MDB scandal prompts regulator to outline S’pore’s anti-money laundering regime The financial regulator has outlined Singapore’s anti-money laundering regime after an unfolding scandal at 1Malaysia Development Bhd (1MDB) put the private banking industry here in the spotlight. The Monetary Authority of Singapore (MAS) said yesterday in a statement: “Singapore is… – Continue reading
Taipei, July 16 (CNA) Chinese yuan-denominated deposits held by banks operating in Taiwan as of the end of June hit a new high, but growth has shown signs of moderating, according to the central bank. Statistics released by the central bank on Wednesday indicate that the balance of yuan deposits… – Continue reading
The Caribbean Community (CARICOM) had every right to be outraged – as was expressed by its leaders at their recent summit in Barbados – over the decision by the European Union (EU) to name and shame eight of its members for supposedly failing to cooperate against the use of their… – Continue reading
In the UK, private equity managers hoping to cut their tax bills under the “carried interest” system will face much tougher tests, in a move that means they will pay almost £1.8bn more in capital gains tax between now and 2021, according to new proposals announced in the Budget, The… – Continue reading
Switzerland lies in “pole position” to gain from changes to the UK tax system which could encourage high net worth individuals living there to consider moving, according to a leading tax expert, John Huber. However, Malta should be doing more to attract a share of them, he said. “Chancellor George… – Continue reading
In May 2012, Cyprus introduced a package of incentives and tax exemptions relating to investment in intellectual property rights, commonly known as an “IP box.” Intellectual property projects are particularly susceptible to cross-border planning by reason of the mobility of intellectual property rights, which do not consist of physical assets… – Continue reading
A new UK criminal offence for corporations who fail to take reasonable steps to prevent their agents from criminally facilitating tax evasion would apply even if it is non-UK tax that is being evaded. The proposed details of the new offence are set out in a consultation document published by… – Continue reading
HM Revenue & Customs is consulting on a raft of new measures to clamp down on offshore tax evasion. The tax office has published four consultations, which will run to 8 October, on expanding the Government’s evasion strategy. The proposals include increased sanctions for individual tax evaders and new civil… – Continue reading
Tax avoidance has always been a matter of great commotion, both for the HM Revenue & Customs, and also for the general public who want to make sure that everybody pays what is due so that fairness is ensured. So when cases such as this hit the news, it is… – Continue reading
SOUTHFIELD, Mich., July 16, 2015 /PRNewswire/ — Most people think offshore accounts are only for the wealthy but the 1-800-LAW-FIRM Federal Tax Defense Team believes people should think again. Thousands of people in the United States have foreign bank accounts and believe that just because they are not millionaires, they… – Continue reading
July 15 — The IRS national taxpayer advocate told lawmakers she will keep up the pressure to lighten the compliance and implementation burdens of the Foreign Account Tax Compliance Act. In part of a mid-year report to Congress on the office’s 2016 objectives, Taxpayer Advocate Nina E. Olson said July… – Continue reading
DEVELOPED countries throughout the world are stepping up efforts to curb base erosion and profit shifting (BEPS), a scheme used by multinational companies to avoid paying taxes estimated as high as $200 billion globally, especially when doing business across different jurisdictions. At the 2015 Asia Pacific Tax Symposium hosted last… – Continue reading
In response to the economic downturn and the growing need for tax revenues, the Italian Tax Authorities (ITA), like authorities in many other jurisdictions, have more aggressively targeted multinationals and their tax planning strategies in recent years, resulting in more domestic and international tax controversies. Transfer pricing (TP) issues account… – Continue reading
Ethiopia has signed double taxation avoidance agreement with Poland on July 13, 2015, Ethiopian News Agency reported (ENA). The agreement was signed between Ethiopian Minister of Finance and Economic Development, Sofian Ahmed and Poland Minister of Finance, Mateusz Szczurek as the side event of the Third International Conference on Financing… – Continue reading
Sofia. Bulgarian government approved the agreement between Bulgaria and Romania on the double taxation avoidance and prevention of tax concealing, inked in April 2015, the press office of the Bulgarian Council of Ministers announced. The document is filed for ratification by the parliament. The current agreement between the countries was… – Continue reading
Hollywood-resident James Robert Shipman Jr. is one of three men arrested in a $2.6 million money laundering sting, the U.S. Attorney’s Office for the Eastern District of New York announced last week. Shipman and one of his co-conspirators, Kenneth Ardell Landgaard, were arrested after flying to an airport in New… – Continue reading
Tax avoidance by big companies costs Africa tens of billions of dollars in revenue every year, continent’s leaders say at big meeting in Addis. AS the world grapples to find the cash to end poverty and battle climate change, African leaders at a global development summit being held in Ethiopia… – Continue reading
Treasurer Joe Hockey has reaffirmed his commitment to addressing bracket creep in the upcoming tax review, but has refused to include changes to politically sensitive areas like superannuation concessions, negative gearing and GST, pushing back the onus on the states for GST reform. When it comes to the GST, Mr… – Continue reading
Washington, DC – An indictment was unsealed today charging nine defendants with offenses based on their roles in complex, international stock manipulation and money laundering schemes generating approximately $6.5 million in illicit proceeds. Assistant Attorney General Leslie R. Caldwell of the Justice Department’s Criminal Division, U.S. Attorney Dana J. Boente… – Continue reading
Over the past few months, several foreign portfolio investors registered in India have received notices from the Indian tax authorities demanding payment of Minimum Alternate Tax in respect of transactions which took place over the course of prior assessment years. The Indian Government has indicated that it could raise several… – Continue reading
The U.S., Japan and Europe are being accused of blocking developing countries from participating in efforts to combat international tax evasion. Policymakers have been gathered this week in Addis Ababa, Ethiopia for the 3rd Financing for Development Conference, where discussions have been underway about ways to combat corporate tax evasion…. – Continue reading
Treasurer Joe Hockey has taken aim at the United States for dragging its feet on taxing multinationals such as Google, and says the Obama administration now wants to come after Australia’s tax base. Australia has been working with the United Kingdom on a local version of Britain’s ‘Google tax’ to… – Continue reading
MUMBAI: The government may soon clarify tax rules making it easier for fund managers operating large India-dedicated funds to set up an office in the country, four months after finance minister Arun Jaitley announced in the budget about the government’s intentions to do so. The finance ministry and the central… – Continue reading
Republican presidential candidate Rand Paul sued the Treasury Department and Internal Revenue Service over rules on how Americans abroad are taxed and what foreign banks must disclose about U.S. customers. The Foreign Account Tax Compliance Act is supposed to make it harder to hide assets overseas, yet its regulations are… – Continue reading
WASHINGTON • The CEO of Monsanto met Tuesday with one of the chief critics of the company’s potential merger with Syngenta, and Sen. Dick Durbin says he told Monsanto’s Hugh Grant that he would do all he could to change federal law to make it more difficult for companies to… – Continue reading
Industry body says hedge funds in Britain almost never use the carry system targeted by George Osborne in last week’s Budget, The Telegraph reports Hedge funds have claimed they were unfairly singled out in a Budget crackdown on the “carried interest” tax loophole, arguing that almost no British funds are… – Continue reading
The battle between online gambling companies and the Government over the new tax on internet-based betting has escalated after the dispute was referred to Europe, The Telegraph reports. The High Court on Tuesday ruled that the Luxembourg-based Court of Justice of the European Union (CJEU) should decide on the issues… – Continue reading
One of five estate agents identified in a TV documentary has denied any wrong-doing and has specifically denied any involvement in money laundering offences. The agents named in the Channel 4 programme, From Russia With Cash, were Winkworth, Marsh & Parsons, Domus Nova, Chard and Bective Leslie Marsh. The show… – Continue reading
Energy giants called to explain billions in tax havens To describe Gorgon as another super-sized resources project in Western Australia does not do justice to the scale and scope of the venture. When the taps are turned on later this year and liquefied natural gas begins to flow, Australia will… – Continue reading
Abu Dhabi: The UAE’s Ministry of Finance (MoF) announced that the Foreign Account Tax Compliance Act (Fatca) Guidance Notes along with a Registration Form to access the Fatca reporting portal are now available on the Ministry’s website. The Guidance Notes provide a detailed explanation of the Fatca, and the terms… – Continue reading
Since December 2012, French companies have been liable for a 3 percent tax on distributions to their shareholders (3 Percent Tax), but practitioners have widely questioned whether this tax is compliant with the provisions of the EU treaties and the double tax treaties signed by France. French subsidiaries whose parent… – Continue reading
Whether or not the point-of-consumption tax (POC) enacted by the United Kingdom in 2014 is a barrier to the free trade of services across the European Union is a question that will now head to the Court of Justice of the EU, following a ruling in a UK case yesterday…. – Continue reading
To launch the Offshore Insurance Units (OIU) business in Taiwan, the FSC published a ruling on May 21, 2015, amending the Offshore Banking Act Enforcement Rules. Major amendments include: (1) providing the required qualifications of an OIU, including the required capital adequacy ratio, and the requirement that an applicant shall… – Continue reading
In a recent case involving Next Brand Ltd, the First-Tier Tribunal ruled in favor of HM Revenue & Customs (HMRC), finding that double tax relief was not available for dividends that in effect represented loan repayments. Background Prior to the introduction of the dividend exemption, when a UK parent company… – Continue reading
Guernsey chief minister Jonathan Le Tocq has defended the island’s position as an “international leader” in tax cooperation after it was placed on the European Commission’s tax haven blacklist last month. Speaking exclusively to International Adviser, Le Tocq described the list of the 30 most un-cooperative tax jurisdictions as “arbritary”… – Continue reading
Investors need to scrutinise the impact of new tax measures on the banking sector after the Budget created clear winners and losers, managers have claimed, the FT Advisor reports. Last week Chancellor George Osborne revealed in his first Conservative Budget that the annual levy UK banks must pay – based… – Continue reading
