Afip has blamed Julio Grondona for authorising a $10-million payment that prosecutors have characterised as a bribe to vote for SA for World Cup 2010. Julio Grondona, a former Fifa vice-president and head of finance who ran Argentina’s soccer federation from 1979 until his death last year at 82, will… – Continue reading
MUMBAI: Two associations representing foreign portfolio investors are seeking to join the battle over minimum alternate tax in the Supreme Court, although analysts are unclear if entities without a tax treaty will benefit. Investment Association, based in London, and Hong Kong-based Asia Securities Industry & Financial Markets Association (ASIFMA) plan… – Continue reading
MR RAYMOND Koh Bock Swi raised some important issues related to Singapore’s anti-money laundering regime in his letter (“Are we well equipped to fight money laundering?”;May 28). In a subsequent letter (“Money laundering: Banks not a big worry, but watch other sectors”; yesterday), Mr Tan Sin Liang highlighted the tough… – Continue reading
Solicitors have a week to pay the tax they owe on undeclared income or face hefty penalties, HM Revenue and Customs (HMRC) warned today (4 June). Solicitors have until 9 June 2015 to tell HMRC about any undeclared income and pay the tax they owe. By taking this chance to… – Continue reading
Hong Kong is often seen as a favorable business location, due to its low tax rates, easier access to the Asian market, as well as a relatively stress-free establishment procedure. The region’s stable political environment and excellent finance and banking services also provide investors with a better business environment. Moreover,… – Continue reading
A European probe into the Irish taxes paid by technology giant Apple, as well as multi-nationals in Luxembourg and the Netherlands, is close to finishing. The news came as Taoiseach Enda Kenny issues a robust defence of Ireland’s corporate tax regime, which has been under international pressure in recent years… – Continue reading
IN the wake of budgetary constraints, the government of Tanzania is tightening transfer pricing regulations and bolstering its tax enforcement actions in order to create new revenues, and in doing so, has increased the administrative compliance cost and burden for companies. Indeed, the government’s apex body charged with the administration… – Continue reading
The government is likely to come out with a fresh value-added tax reform plan for the real estate, finance and consumer-oriented services industries next month, ending the three-year reform on all service industries, according to unconfirmed reports. The Ministry of Finance is believed to have already drafted the plan and… – Continue reading
HM Revenue and Customs (HMRC) is reviewing the selling activity of thousands of online sellers who use websites such as Amazon, Etsy and eBay to earn a living, as part of a fresh crack down on tax evasion. According to The Telegraph, these websites are being forced to hand over… – Continue reading
McClay visits European capitals to talk Trade and sign tax agreement Minister of Revenue and Associate Trade Minister, Todd McClay has concluded a European lobbying mission by signing a tax agreement in Paris to focus on tax avoidance by multinationals. Tax Agreement The OECD’s Multilateral Competent Authority Agreement brings New… – Continue reading
Australia has been cautioned by the OECD to keep further interest rate cuts “in reserve” and that the country’s booming housing market could be at risk of a “sharp correction”. The warning from the Organisation for Economic Cooperation and Development (OEDC) came in its latest economic report on Australia. Australia’s… – Continue reading
Retired Canadian lawyer Ginny Hillis has a message for the U.S. Congress. “They have no rights over me. None.” Hillis detests the “arrogance” of Congress for “imposing their laws on a sovereign nation with the complicity of that sovereign nation’s government.” America’s Foreign Account Tax Compliance Act (FATCA) “should embarrass… – Continue reading
As expatriate taxpayers face increasing difficulties from implementation of the Foreign Account Tax Compliance Act, the Internal Revenue Service is offering YouTube videos and other online resources to assist taxpayers overseas. The IRS noted that the June 15 filing deadline for Americans abroad is approaching soon, so it is launching… – Continue reading
TRENTON – A New Jersey think tank says the state could reap hundreds of millions of dollars by changing tax rules to close loopholes and make multi-state corporations pay what they owe. The left-leaning New Jersey Policy Perspective called on lawmakers to enact combined reporting to thwart businesses that operate… – Continue reading
Companies can face hefty expenses, and many aren’t fully familiar with their rights, says official The State Administration of Taxation will sign and update more tax treaties and step up the implementation of these agreements to help Chinese companies investing in countries that form part of the “Belt and Road… – Continue reading
LAS VEGAS, June 4, 2015 /PRNewswire/ — Remark Media, Inc. (NASDAQ: MARK) today announced that its Board of Directors has adopted a plan, known as the Tax Benefit Preservation Plan, designed to protect the significant potential long-term tax benefits presented by the company’s net operating losses. Remark intends to seek… – Continue reading
Medtronic is on the lookout for early-stage technologies developed by medical device firms in the United States, as well as larger acquisitions that can help the company implement a three-pronged strategy, in the wake of its $43 billion merger with Covidien. The tax inversion deal allowed Medtronic to relocate to… – Continue reading
In Comptroller of the Treasury of Maryland v. Wynne, Dkt. No. 13-485 (U.S. May 18, 2015), the U.S. Supreme Court found that Maryland’s system of personal income taxation violated the nondiscrimination prong of the dormant Commerce Clause. The Court concluded that the system did not grant a resident credit for… – Continue reading
Jersey experienced a 10% increase in new company incorporations in 2014 over the previous year, according to a report released today by Appleby, one of the world’s largest providers of offshore legal, fiduciary and administrative services. Last year also saw the total number of active companies on Jersey’s registry rise… – Continue reading
By 2013, Banque Cramer knew it had a problem. With just SFr2bn of client money, the 300-year-old Swiss private bank was too small to weather the radical changes sweeping through its industry, reports Financial Times. Extra regulatory and compliance demands were driving up costs. Big advantages that traditionally helped Swiss… – Continue reading
New Zealand has signed up to an agreement of developed nations that will enable the sharing of financial information to help fight tax avoidance by multinational companies, Revenue Minister Todd McClay said Thursday, reports the Shanghai Daily. The OECD (Organisation for Economic Co-operation and Development) Multilateral Competent Authority Agreement brought… – Continue reading
NEW YORK (TheStreet) — General Electric (GE – Get Report) CEO Jeffrey Immelt, discontented with Connecticut’s plans to raise taxes by what he says will be $1.9 billion statewide, informed workers today that he will consider moving its headquarters out of state. The announcement may be a bargaining chip to… – Continue reading
CHINA’s Lenovo Group has sold four billion-yuan (S$800 million) bonds, the biggest offshore RMB (renminbi) issue in 2015 to date. The five-year benchmark deal which pays 4.95 per cent coupon is one of two biggest non-bank, corporate offshore RMB issues since the offshore RMB bond market opened in mid-2010, said… – Continue reading
Chief prosecutor for canton’s decision to investigate despite inaction by other Swiss regulators shows power struggle within establishment The £28m HSBC will pay in “compensation” to the Swiss authorities following a money laundering investigation may be no more than a drop in the lake for Europe’s biggest bank, but it… – Continue reading
(Bloomberg) — HSBC Holdings Plc will learn the results of a Geneva probe into allegations of money laundering at its Swiss private banking unit when prosecutors hold a press conference. Representatives for prosecutors and HSBC declined to immediately comment on what will be disclosed at the press conference, which will… – Continue reading
Benjamin Fuchs is unfazed by being caught in the first dollar bond default of a Chinese developer. The chief investment officer of BFAM Partners (Hong Kong), a hedge-fund firm overseeing $1.2 billion of assets, said offshore debt of Chinese property developers with a single-B credit rating was “extremely cheap” and… – Continue reading
International Christian groups are hailing a report demanding fresh solutions to tax dodging by multinational companies. The World Council of Churches and the UK’s Christian Aid cite researchers from the International Monetary Fund who say tax rules could be costing developing countries $212 billion a year. The report, from the… – Continue reading
A COMMON REPORTING STANDARD ACROSS THE WORLD The goalposts in international tax reporting are moving rapidly. In conjunction with the G20, the OECD developed the Common Reporting Standard (CRS) as a global standard for the automatic exchange of information. This was approved by the OECD Council on 15 July 2014… – Continue reading
SEOUL, June 4 (Yonhap) — South Korea and the World Bank kicked off an international tax conference in Seoul on Thursday to highlight the need for closer international cooperation to effectively deal with corporate tax evaders, organizers said. The two-day gathering is designed to stress the growing importance of tax… – Continue reading
There’s been a preliminary investigation into the amount of money that secret bank accounts Belgians have in Switzerland can yield for the Belgian treasury. It turns out the answer is EUR 540 million. Finance Minister Johan Van Overtveldt (Flemish Nationalists) revealed the figures to financial newspaper De Tijd. “However, the… – Continue reading
The chairman, Senate Committee on Establishment and Public Service Matters, Aloysius Etok, yesterday, revealed that Nigeria has lost over N2 trillion as a result of tax evasion by capable companies and cybercrimes perpetrated by some Nigerians. Etok made this disclosure during his address at the valedictory session of the National… – Continue reading
India and Belarus on Wednesday inked six agreements, including a Roadmap for India-Belarus Cooperation as President Pranab Mukherjee held talks here with Belarusian counterpart Alexander V. Lukashenko. Besides the roadmap, the agreements include a protocol amending the agreement between the two sides for the Avoidance of Double Taxation and the… – Continue reading
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network has assessed a $75 million fine against the Tinian Dynasty Hotel and Casino for “willful egregious anti-money laundering violations.” Financial transactions worth $10,000 or more are supposed to be recorded and reported to federal authorities, but weren’t reported at the… – Continue reading
India joined the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information on 3rd June, 2015, in Paris, France, alongwith Australia, Canada, Costa Rica, Indonesia and New Zealand. On our behalf, the Declaration to comply with the provisions of the MCAA was signed by H.E. Mr. Mohan Kumar,… – Continue reading
In a five-to-four decision, the United States Supreme Court held that the dormant commerce clause protects in-state residents from the double taxation of their interstate income. This is a complicated decision and the margin favoring the taxpayers was razor-thin, one vote. The decision is complicated because the tax involved was… – Continue reading
Many mid-size U.S. cities and other areas now make attractive alternatives to India and other offshore locations for companies considering consolidating finance, IT, and other business services operations for shared service or global business services centers, according to new research from The Hackett Group, Inc. The diminishing gap in labor… – Continue reading
Sofia. Bulgarian National Assembly is to discuss on second reading a non-reciprocal agreement between the Government of the Republic of Bulgaria and the Government f the United States of America on the improvement of the observation of the tax legislation in international aspect and enforcement of Foreign Account Tax Compliance… – Continue reading
In a note to investors published today, Bernstein analyst Toni Sacconaghi weighed in on why Apple Inc. (NASDAQ:AAPL) has chosen to keep a large offshore cash balance and not repatriate to the US. Mr. Sacconaghi noted activist investor Carl Icahn’s notion that Apple’s real tax rate is roughly 20% below… – Continue reading
The special committee leading the European Parliament’s inquiry into tax rulings has upped the pressure on businesses and European governments. The inquiry will be extended until October. EurActiv France reports. Belgium, the Netherlands, Ireland, Luxembourg and Switzerland have one thing in common. These five countries have all received an investigative… – Continue reading
Bermuda experienced 4% year-on-year growth in new company registrations in 2014, with more than 1,000 companies incorporating in the jurisdiction for the second year in a row, according to a report released today [June 3] by Appleby. In total, 1,113 new companies incorporated in Bermuda in 2014, according to the… – Continue reading
The Securities and Exchange Commission of Pakistan (SECP) has proposed to the Federal Board of Revenue (FBR) to withdraw 5 percent tax on bonus shares and apply current capital gains tax (CGT) rate of 12.5 percent irrespective of its holding period. According to the budget proposals of the SECP received… – Continue reading
Bulgaria’s government has proposed to parliament to ratify the agreement with Norway to avoid double taxation of income. The agreement was signed in July of last year to update the regulation framework governing the bilateral economic relations, the cabinet said in a statement on Wednesday. The previous agreement had been… – Continue reading
Two Switzerland-based banks have agreed to disclose secret accounts belonging to US taxpayers as part of a new US program to fight offshore tax evasion, the US Department of Justice announced in a statement on Wednesday. WASHINGTON (Sputnik) — “The days of safely hiding behind shell corporations and numbered bank… – Continue reading
The United States has the most damaging business tax system in the developed world because it taxes its businesses at high rates, taxes them on their worldwide income and denies them the ability to deduct the cost of their investments at the time they make them. There is wide agreement… – Continue reading
Controversial recent changes to UK and EU law combined with parallel G8, G20 and OECD measures risk the beneficial owners of certain companies being subjected to unwanted public scrutiny. However, help is at hand for affected individuals. The political background Reacting to concerns about tax evasion, money laundering and the… – Continue reading
THE South African Revenue Service (SARS ) is to significantly beef up its capacity to deal with base erosion and profit shifting, which has received intense focus by MPs over the last few months. SARS commissioner Tom Moyane said on Wednesday 24 more tax specialists would be employed in the… – Continue reading
The Taiwanese Trade Mission in Nigeria has called for effective collaboration with the Nigerian Government to avoid double taxation on Taiwanese investments in Nigeria. This is contained in Mission’s bulletin released in Abuja on Wednesday. It stated that the collaboration would also ensure protection of Taiwanese investments in Nigeria and… – Continue reading
Some of the first banks that streamed into Crimea after Russia wrested control of the region from Ukraine in 2014 were better known for laundering money than banking. Five of the banks have questionable histories, including ties to the US$ 20 billion money laundering scandal known as the Russian Laundromat… – Continue reading
Canada’s Revenue Minister, Kerry-Lynne D Findlay, has signed the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of Financial Account Information. The adoption of the MCAA is a commitment from Canada to implement new international standards on the automatic exchange of information in tax matters. The MCAA specifies the… – Continue reading
On 1 April 2015 the Italian Minister of Economy and Finance issued a ministerial decree removing the Cayman Islands, the British Virgin Islands and 19 other jurisdictions from Italy’s ‘blacklist’ on the nondeductibility of costs and expenses, established in January 2002. As a result, expenses and costs incurred by Italian… – Continue reading
