Changing legislation and rising charges will mean that non-doms cannot rest on their laurels following the election of a majority Conservative government in the UK general election last week, warns law firm Stephenson Harwood. Speaking today at the company’s Inaugural Global Private Wealth Forum, James Quarmby, partner and head of… – Continue reading
A complaint has been lodged with the ASX alleging an announcement about Australia’s biggest coal development contained misleading information about the project’s economic potential. In December last year Downer EDI Limited announced to the ASX its partnership with Adani Mining, to provide services for the controversial Carmichael mine in central… – Continue reading
May 13 Indonesia’s finance ministry plans to tighten a tax regulation to ensure firms’ have sufficient cash buffers against the amount of debt they take in a bid to better manage their foreign debt exposure and boost the government’s tax revenue. Finance Minister Bambang Brodjonegoro told a press conference on… – Continue reading
Chairman of our Corporate Team, Paul Egan, gives an overview of the changes of which Irish companies should be aware on the commencement of the Irish Companies Act 2014. The Companies Act 2014 was enacted on the 23 December 2014 and its commencement is planned for 1 June 2015. The… – Continue reading
Malta and Romania found common ground on issues that are currently high on the EU’s agenda, when the Romanian Secretary of State for European Affairs, Mr George Ciamba, met the Maltese Deputy Prime Minister and Minister for European Affairs Mr Louis Grech, at Auberge d’Aragon, reports the Maltese Independent. Mr… – Continue reading
The announcement marks an attempt to defuse the raging controversy over MAT payouts, which has dented the outlook of foreign institutional investors toward the country’s stock and bond markets. The government on Monday announced it had stayed the issue of fresh notices to foreign institutional investors regarding the alleged non-payment… – Continue reading
If you are moving or trading goods across borders, this topic should be of primary importance from both a Transfer Pricing and Customs perspective. There is potential for you to have Transfer Pricing and Customs exposures in your supply and value chains as a result of the OECD/G20 initiative on… – Continue reading
The Federal Reserve barred Markus Walder, the former head of North America offshore banking at Credit Suisse Group AG, and four other previously indicted ex-bankers at the company from employment in the banking industry. The five were indicted for conspiracy to defraud the U.S government by assisting U.S. citizens’ evasion… – Continue reading
The Chinese government has been paying close attention recently to the effects of offshore entities having ownership or control of Chinese companies or assets. Following the release of the draft Foreign Investment Law in January 2015, the State Administration of Taxation (SAT) issued a Bulletin on the tax treatment of… – Continue reading
On July 29, 2014, the State Administration of Taxation (SAT) of the People’s Republic of China (PRC or China) released The Notice Regarding the Launch of Tax Anti-Avoidance Investigations on Remittance of Substantial Amounts of Service Fees and Royalty Payments (Circular 146), which requires tax authorities at all levels to… – Continue reading
The Ministry of Finance (MoF) recently organised a consultative meeting at its premises in Abu Dhabi; which was attended by key UAE foreign investment partners at a federal and local level. The meeting covered future plans to grow the UAE’s network of double taxation avoidance as well as protection and… – Continue reading
I. VAT and Customs In many cases, the principal in the contract manufacturing relationship owns some or all of the raw materials, work-in-process and finished goods throughout the manufacturing process. The principal and many of the suppliers are typically outside of the manufacturing jurisdiction. 1. Generally Speaking, What Are The… – Continue reading
There are no untouchables in Croatia when it comes to tax evasion, Finance Minister Boris Lalovac said on Tuesday, commenting on investigations of several Croatian citizens with huge amounts in foreign bank accounts. They have been called to the Tax Administration to explain “such large amounts and declare their assets,”… – Continue reading
The financial plight of the debt-laden 1Malaysia Development Bhd (1MDB) is set to deepen, as jittery lenders of a $975 million syndicated loan led by Deutsche Bank plan to ask the troubled state-owned firm to pay up before the loan falls due in less than four months, the Business Times… – Continue reading
Efforts by the Australian government to combat money laundering could have a highly impact effect upon the huge revenues its reaping from foreign purchases of domestic property. Regulators have recently come under fire for failing to adequately monitor foreign acquisitions of Australian real estate and ensure that they are in… – Continue reading
New rules applicable to payments made by Chinese companies to ‘related’ companies offshore will prevent them from artificially shifting profits to lower tax jurisdictions through “unreasonable” service and royalty payments, the State Administration of Taxation (SAT) has said. Circular 16, which came into force on 18 March, and its accompanying… – Continue reading
Key Points: A key requirement for the anti-avoidance rules to apply will be that a principal purpose of the scheme is to avoid a taxable presence in Australia. Treasurer Joe Hockey has today confirmed that Australia is going to bolster its income tax anti-avoidance rules to counter large multinationals (global… – Continue reading
On 5 May 2015 the Federal Supreme Court rendered its long awaited decision on a withholding tax (WHT) reimbursement claim related to Total Return Swaps. The case was based on essentially the following facts: a Danish bank entered into swap contracts with clients in England, Germany, France and the US…. – Continue reading
On 1 April 2015 the British Virgin Islands (BVI), Cayman Islands and 19 other jurisdictions were removed from Italy’s blacklist of jurisdictions. As a result it will now be easier for Italian individuals and companies to engage in business with those based in the Cayman Islands and the BVI. The… – Continue reading
Investigative reporter suggest financial rewards for tax whistleblowers “Whistleblowers should receive protection when they reveal behavior that goes against the public interest and not only when they reveal illegal activities. There should also be more openness about tax rulings and similar arrangements and countries which defraud other countries should be… – Continue reading
A record 1,336 US taxpayers gave up their passports or their green cards in the first quarter of 2015, according to Treasury Department statistics published in the Federal Register. The Treasury is required by statute to publish a quarterly list including the name of each individual who has lost or… – Continue reading
Grant Wardell-Johnson, KPMG Tax Partner, has said that while it would have been better for Australia to await the outcome of the OECD’s base erosion and profit shifting Action Plan, the international tax measures proposed recently by Treasurer Joe Hockey “have the benefit of being highly targeted.” On May 11,… – Continue reading
South African companies are unable to compete with multinationals selling goods and services online in the country, partly as a result of tax laws. This is according to financial services group PwC, which argues that the country has not kept pace with the changing global economy. “Currently, multinationals in the… – Continue reading
Introduction The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) decided in mid-March 2015 that Switzerland should enter Phase 2 of the Peer Review. This decision represents a clear statement by the OECD that Switzerland’s legal and regulatory framework for information exchange complies with internationally… – Continue reading
The US Foreign Account Tax Compliance Act (FATCA) is celebrating five years on the statute books at the end of the month – and has changed the face of tax reporting worldwide. President Barak Obama backed FATCA as part of the HIRE Act 2010 with the aim of clamping down… – Continue reading
Tax analysis: Catherine Richardson, associate at Cadwalader, Wickersham & Taft LLP, examines the aspects of the Finance Act 2015 (FA 2015) which concern targeting avoidance using carried-forward losses. What is the target for the new rule countering tax avoidance involving carried-forward losses? Where losses for tax purposes arise within a… – Continue reading
Australia to fine tech tax-dodgers 100% of their avoided tax, plus profits Australia’s treasurer* Joe Hockey has revealed that he and other money ministers from the Organisation for Economic Co-operation and Development (OECD) have shared plans to have online retailers charging the appropriate consumption tax on intangibles and goods bought… – Continue reading
The Conservatives are set to press on with efforts to counter tax avoidance and evasion, with measures on the way including the exchange of information with foreign tax authorities, reports the Financial Times. All the major parties pledged in the election campaign to raise billions more each year from individuals… – Continue reading
KPMG in Saudi Arabia is hosting a seminar on taxation of US individuals and the impact of Foreign Accounts Tax Compliance Act (FATCA) at the Marriott Hotel in Riyadh on May 26. Under US tax law, US citizens and US permanent residents (green card holders) are required to file US… – Continue reading
(Bloomberg) — Monsanto Co.’s potential acquisition of rival agricultural-chemical maker Syngenta AG could be structured as a tax inversion under current U.S. rules despite political resistance to such deals, according to an analysis by Bloomberg Intelligence. Switzerland’s Syngenta last week rejected St. Louis-based Monsanto’s $45 billion takeover offer. Monsanto, the… – Continue reading
The Income Tax Treaty between Guernsey and Monaco entered into force on 9 May 2015 and its provisions will take effect from 1 January 2016. The Treaty was signed on 7 April 2014. In accordance with the treaty, the following withholding taxes will apply: Dividends: 0%. Interest: 0%. Royalties: 0%.
Global business The European Union outlined its strategy to create a digital single market. The thrust of the proposals include establishing standard rules for buying goods online, pruning cross-border regulations on telecoms and reducing the tax burden on businesses. But the plan also calls for a “comprehensive assessment” of whether… – Continue reading
On May 7th, 2015, the US Treasury Department published its first quarter 2015 list of individuals who have chosen to expatriate and it was yet again an eye opening number. The 1,335 published names is the highest quarterly figure ever reported in the Federal Register. The number of individuals voluntarily… – Continue reading
The Italian Revenue Agency has confirmed that it collected a record EUR14.2bn in additional tax revenue from its actions against tax evasion during 2014. Revenue from the Revenue Agency’s tax enforcement activities last year increased by over EUR1bn, a growth of eight percent compared with 2013. This result was achieved… – Continue reading
The Australian government announced a world-leading crackdown on Monday on alleged tax avoidance by 30 multinational companies that will likely force them to restructure their businesses before next year, reports Reuters. “These companies are diverting profits earned in Australia away from Australia to no-tax or low-tax jurisdictions,” Treasurer Joe Hockey… – Continue reading
Changing Requirements and Changing Methods As the first year of the US Foreign Account Tax Compliance Act (Fatca) being in effect is almost complete, the rules for reporting still appear to be in flux, as are the ways firms are responding to Fatca compliance and setting out methods to address… – Continue reading
JAKARTA: Indonesia is considering cutting its corporate tax rate to as low as 17.5 per cent from 25 per cent to attract more investment from companies that are operating in the region, a tax ministry official said on Monday. Indonesia, which posted the weakest economic growth since 2009 in the… – Continue reading
Ease of integration and flexibility of strategic reporting platform drive Colombia’s largest bank to expand partnership Tax reporting solution now deployed in five countries as a result of agreement AxiomSL, a leading provider of regulatory reporting and risk management solutions to the financial services industry, announced today that Bancolombia, Colombia’s… – Continue reading
A mixed bag of topics for this week’s edition of Lifelines: ‘Gaijin card’ deadline looms First up are the new residence cards, which have replaced the old alien registration cards (aka gaijin cards) for foreign residents. If you are still using your old card, be aware that the deadline for… – Continue reading
The government should stop looking for more borrowed money and take immediate steps for resource mobilisation to overcome fiscal deficit Taxation is a lot like sheep shearing. As long as you shear a sheep, it will continue to produce a new crop of wool but you can skin the animal… – Continue reading
THE issue of tax evasion is a concern for various Governments around the world. Tax authorities continue to face challenges from both local businesses and multinational corporations. In Zambia has the challenge has been to ensure that traders, local manufacturers and multinationals pay taxes due to the treasury. The situation… – Continue reading
AUSTRALIANS hoping to gorge on offerings intended to stimulate the economy in Tuesday’s Federal Budget have been warned to prepare for lukewarm but at least digestible fare. Though the electorate’s appetite has been whet by the sizzling entree of another Reserve Bank rate cut this week, economists expect the main… – Continue reading
Another Swiss bank has signed up for a voluntary Justice Department program aimed at cracking down on offshore tax evasion. Vadian Bank, based in St. Gallen, Switzerland, agreed to pay $4.25 million under the agreement, in exchange for avoiding prosecution. Under the Swiss bank program, financial institutions also have to… – Continue reading
ISLAMABAD: As authorities struggle to increase tax collection, the state is considering a proposal that could see a levy of 10% tax on profit made on foreign remittances placed in savings accounts. The proposal comes as the government suspects that the amount sent through remittances could be black money being… – Continue reading
Analysts at the accountancy firm found that the UK system was even more intricate than the equivalent structure in France The British property tax system is now the most “complex” in the world, endangering London’s reputation as an investment haven, according to new analysis from accountancy firm PwC. Research showed… – Continue reading
Deloitte managing tax partner Thomas Pippos says the IRD are using electronic payments and websites to pursue tax cheats Budget-conscious tax collectors are increasingly turning to popular websites and other e-channels to chase undeclared taxable income, a top accountant says. Inland Revenue Department no longer had capacity or interest in… – Continue reading
You’re just over a month to prepare for the provision of the first Russian banks reporting FATCA. In the future, Russia will reach the full exchange of information with the United States, who also contribute to the development of the domestic economy. By June 29, the Russian banks will be… – Continue reading
It may be time for another letter from Tom Cotton. Cotton, the Republican senator from Arkansas, had been in office only a few weeks back in March when he got 46 senators to sign on to an open letter to the leadership of Iran. The letter pointed out that agreements… – Continue reading
Chile’s Senate on May 5, 2015, approved a bill that strengthens the Internal Revenue Service (SII). The bill was passed with 30 votes in favor and none against, with one abstention. It will now be sent to the Chamber of Deputies for consideration, following changes made by the Senate. The… – Continue reading
The Conservative majority alongside a nationalist landslide in Scotland reopened the question of powers for the Scottish government, raising the prospect that the Tories might offer Edinburgh full control over taxes and domestic expenditure. The first signs of a radical new settlement emerged on Friday when Boris Johnson, the London… – Continue reading
