Recently the Polish Ministry of Finance has presented a new bill introducing amendments to the Tax Ordinance and proposed amendments to the income tax regulations. Deferral of the effective date of the general anti-abuse clause On May 4, 2015 the Polish Ministry of Finance published a draft amendment to the… – Continue reading
Bold step on non-resident levy likely to be first of many. A tax policy paper released yesterday proposes changes on the taxation of non-residents in respect of New Zealand-sourced interest income. These changes, if implemented, will affect large multinationals, banks and even individual New Zealand borrowers. As the first significant… – Continue reading
HONG KONG (CNNMoney) -Hasta la vista, Uncle Sam! A record 1,337 Americans gave up their passports in the first three months of the year, according to new data released by the U.S. government. That’s nearly 40% of the 3,415 Americans that renounced citizenship last year, suggesting that U.S. renunciations will… – Continue reading
The U.S. Internal Revenue Service is planning to broaden the use of subpoenas of documents in cases where the name of a taxpayer under investigation is not known. The so-called John Doe summonses were a breakthrough for the IRS in tackling offshore tax evasion when they were first addressed to… – Continue reading
After five years of the US’s Foreign Account Tax Compliance Act (FATCA), financial institutions need to play the long game for future gain, according to GoldenSource’s Dev Bhudia. Bhudia, vice president of product management at GoldenSource, wrote in an article that the challenge now is not classifying clients or managing… – Continue reading
THE THAWING OF RELATIONS between the United States (US) and Cuba will open up the opportunity for Barbados to “serve as an intermediary for investment into Cuba”. But two prominent American lawyers, including one who advises Government, have warned that the “on paper” advantage Barbados has under its double taxation… – Continue reading
New Delhi: Market regulator Securities and Exchange Board of India (Sebi) has asked bourses to take immediate action against entities involved in misuse of stock exchange system for tax evasion, Parliament was told Friday. Preliminary enquiries conducted by the regulator in the recent past, inter alia, indicate that certain persons/companies… – Continue reading
The Income and Capital Tax Treaty between Ireland and Thailand entered into force on 11 March 2015 and will enter into effect on 1 January 2016. The Treaty was signed on 4 November 2013. In accordance with the treaty, the following withholding taxes will apply: Dividends: 10%. Interest: • 0%… – Continue reading
Corporations that have reclassified themselves as “foreign-owned” received approximately $1 billion in federal contracts over the last five years. These companies profit from American tax dollars despite avoiding U.S. taxes themselves. That could soon change. Two members of Congress have reintroduced legislation that would block these companies from winning lucrative… – Continue reading
Global giant Standard Chartered Bank has been allowed by regulator Sebi to offer advisory services on regulated offshore products like stocks, bonds and mutual funds in markets outside India. “… SCB can advise on regulated offshore securities and investment products, which are in the nature of marketable securities issued by… – Continue reading
There are fears the Government’s plans to prevent foreign controlled banks from slipping under the taxman’s radar, could end up hitting their New Zealand customers in the pocket. The Inland Revenue Department (IRD) is proposing to impose a higher tax burden on non-resident investors who get income from interest, dividends… – Continue reading
Three of the biggest banks in Moldova reached the brink of collapse in November after suffering losses totaling $US1 billion – a shocking sum in an impoverished Eastern European country with a gross domestic product of less than $US8 billion. Now shock is turning to anger. In a report made… – Continue reading
Two roadshow events in Canada to promote Bermuda as the jurisdiction of choice for captive insurance companies and e-commerce business have been hailed a success. The Bermuda Business Development Agency (BDA) hosted the sessions in Toronto and Calgary this week. It was standing-room only at the first event, in Toronto… – Continue reading
A record 1,335 Americans living overseas renounced their citizenship in the first three months of 2015, according to the Internal Revenue Service. That number is 18 percent higher than the previous record, according to Bloomberg. In all of 2014, 3,415 individuals gave up their U.S. citizenship, the second straight year… – Continue reading
Offshore investment firm RL360° Group has acquired Scottish Widow’s offshore business Clerical Medial International. In December 2014 it was reported Scottish Widows had put the business up for sale and several parties had expressed an interest in the Isle Man-based business, which manages around £5 billion of assets and 24,000… – Continue reading
The BSE Sensex dropped over 750 points in intraday trade on Wednesday, its biggest fall since January 6 this year, when the Sensex had plunged over 900 points on global triggers. The Nifty is now firmly below the 200 day moving average, and there’s a big chance that it will… – Continue reading
VietNamNet Bridge – How to deal with transfer pricing – whether to view it as an inevitable part of foreign direct investment (FDI) or take drastic measures to stop it – remains a controversial matter among Vietnamese. METRO Cash & Carry Vietnam (MCC) will have to pay VND507 billion (US$23.8… – Continue reading
Majlis Al-Shura held a regular session today under the chairmanship of vice speaker of the council Dr. Mohammed bin Amin Jafri. The council approved a draft agreement between the Government of the Kingdom and the Government of the Kyrgyz Republic on avoidance of double taxation and prevention of tax evasion… – Continue reading
The Australian Taxation Office said more than $100 million worth of tax benefits dished out to shareholders as big companies raised money may have been tax avoidance. In its second crackdown in a week on franking credits, the ATO is going after companies that are raising capital to make franked… – Continue reading
Major G20 tax event in Istanbul hears claims that fighting tax scams is ‘vital issue’ for developing nations ISTANBUL Fighting tax evasion is like fighting international terror, Turkey’s finance minister has claimed. Mehmet Simsek was speaking at an international G20 tax event in Istanbul on Thursday where he said that… – Continue reading
The Government and the IRD are moving to crack-down on the big banks, overseas customers, and other offshore-owned entities that are not believed to be paying their fair whack of New Zealand tax. The IRD’s produced a 46 page issues paper making suggestions for new rules that would tighten up… – Continue reading
Minister of Revenue, Todd McClay today welcomed the release of an officials’ issues paper that seeks feedback on suggestions for helping to ensure that non-resident investors pay an appropriate amount of tax. The focus of the issues paper is the current non-resident withholding tax rules on interest earned in New… – Continue reading
Danish jewelry maker Pandora will pay 995 million Danish crowns ($151 million) to the Danish tax authorities, Skat, in a settlement after a transfer pricing audit for 2009 to 2014, it said on Thursday. Pandora also said its reported tax rate for 2015 is expected to be around 22 pct… – Continue reading
The nation’s anti-corruption campaign and drive to track down economic fugitives and corrupt officials may help banks crack down on money laundering, analysts said. Banks have been updating watchlists for suspected money-laundering activities and heightening scrutiny of transactions and accounts. But they may be challenged by new forms of money… – Continue reading
After nearly a year of planning, the Multistate Tax Commission Executive Committee today approved the Arm’s-Length Adjustment Services Advisory Group (the Group) Final Program Design. The following six states have agreed to participate in the Program: Alabama, Iowa, Kentucky, New Jersey, North Carolina and Pennsylvania. Today’s discussion focused on some… – Continue reading
The Senate’s No. 2 Democrat is warning a major U.S. agriculture company to think twice about moving its legal address offshore. Minority Whip Dick Durbin (Ill.) told Monsanto that it’s in the company’s best interest to remain headquartered in the U.S., and noted that the company has had no problems… – Continue reading
The Italian Supreme Court (Corte di Cassazione) has decided that the Italian tax authorities may use details of foreign bank accounts in their tax compliance efforts, even if the data therein was obtained illegally. In a move that is thought likely to push more Italians with undeclared assets abroad towards… – Continue reading
The government has approved the report and application to the Diet a Tax Information Exchange Agreement (TIEA) and an additional protocol, as it was from the government building on Thursday. The agreement was signed in Rome on 26 February 2015. VADUZ. The TIEA is based on the applicable international standards… – Continue reading
Axa Wealth International has seen funds under management grow by nearly £500m throughout the first quarter of 2015, as the wider Axa Wealth group records across-the-board growth. The international arm’s FuM reached £9.1bn, up £400m from the £8.7bn recorded in Q1 2014. Mike Foy, managing director at Axa Wealth International,… – Continue reading
Bermuda and countries with similar economic structures are in the spotlight as the British electorate prepares to go to the polls. Headlines that have included “Politicians not tough enough on tax avoidance, say voters” from The Guardian has Bermudian-based commentators considering the Island’s economic position and defending the role of… – Continue reading
The total “development finance” loss – counting both revenues and reinvested earnings – is estimated in the range of $250 to $300 billion. This prevents developing countries from stopping the outflow of money, which thus bleeds them of essential resources The financial crisis of 2008 had an interesting collateral benefit… – Continue reading
Top-level executives turned out for information sessions in Toronto and Calgary this week to hear a BDA-hosted delegation spell out the benefits of establishing captive insurance companies and e-commerce entities in Bermuda. The BDA said, “A 20-strong delegation from the Island delivered a compelling Bermuda message to well-attended sessions in… – Continue reading
Indiana and Illinois are at war. Indiana began it with “Illinoyed by Higher Taxes?” signs. And Illinois Gov. Bruce Rauner has continued it with his assertion that he will “rip the economic guts out of Indiana.” Chicago-based Edsal Manufacturing announced plans to expand in Gary, creating about 100 minimum-wage jobs…. – Continue reading
Hong Kong’s Financial Services Development Council (FSDC) has released a report setting out recommendations on policies, including tax measures, to help Hong Kong capitalize on the increasing number of Chinese enterprises looking to invest and expand overseas. Introducing the report, “Chinese Enterprises ‘Going Global’: Opportunities and Hong Kong’s Policy Responses,”… – Continue reading
State-backed bank Lloyds has sold offshore life insurer Clerical Medical to investment manager RL360 for an undisclosed sum, Lloyds and RL360 said on Thursday. Clerical Medical’s policies were closed to new business in March 2012. The firm is estimated to have a value of 200 million pounds. “The sale reflects… – Continue reading
Exchange Traded Funds (ETFs) have gained huge popularity in recent times with Irish investors; however, there has been much complexity and uncertainty in relation to their tax treatment. The concept of an ETF is not specifically provided for in Irish tax legislation. It depends on the legal form and characteristics… – Continue reading
OTTAWA —The Liberal plan for the middle class, two planks of which were unveiled this week, could risk another brain drain in Canada, stalling the national economy, says one public policy and economics expert. “It’s a real possibility,” said Charles Lammam, director of fiscal studies at the right-leaning think tank… – Continue reading
A draft law empowering shareholders to vote on directors’ remuneration, so as to ensure proper transparency and tie their pay more closely to their performance, was backed by Legal Affairs Committee MEPs on Thursday. Some large companies should also be required to disclose, country by country, information on tax rulings,… – Continue reading
While Illinois Governor Bruce Rauner is busy pitching his idea to shake up the budget by shaking out money from the pockets of the state’s poorest, a children’s advocacy group says a focus on revenue is the key to shoring up the $6 billion deficit. Voices for Illinois Children released… – Continue reading
Nedbank Private Wealth is an international private bank headquartered in the Isle of Man, a self-governing British Crown dependency. The bank has been growing its presence in the Middle East since January 2011 through a representative office established in Dubai and licensed by the UAE Central Bank. “Our presence in… – Continue reading
UK offshore life companies and advisers both need to evolve to maximise offshore bond sales by 2020, said Axa’s Simon Willoughby. Speaking at an event in London on Wednesday, Axa Wealth’s head of proposition said pension reforms and changes to distribution channels mean the future for the UK offshore life… – Continue reading
According to the 2014 annual report of the Finance Ministry’s Financial Crimes Investigation Board (MASAK), there has been an alarming increase in reported suspicious transactions. From 2013 reported suspicious transactions have increased by 42.6 percent, and 2.5 times in the past four years to 36,483 in 2014. 85 percent of… – Continue reading
The major accounting firms and other consultants would be forced to disclose all meetings with the federal government and the Australian Tax Office under a policy proposal to be debated by the ALP National Conference. If adopted, a future Labor government would also force ministerial staffers to observe a cooling-off… – Continue reading
Arun Jaitley said that the governments of Switzerland, the UK and Spain have not provided details of any black money accounts, reports the Financial Express. The governments of Switzerland, the United Kingdom and Spain have not provided details of any black money accounts, Finance Minister Arun Jaitley said today. “No… – Continue reading
The Companies Act 2014, which comes into force on 1 June 2015, represents the most significant reform of company law since 1963. The new legislation creates two new and distinct types of private limited company, and existing companies must choose which of these they will convert to. The new legislation… – Continue reading
The Senate enquiry into corporate tax avoidance has been successful in disclosing some difficult-to-find information about corporate groups as well as the Australian Taxation Office. Out of it has come news of an important detection tool developed by the tax office to identify corporate groups for investigation. The detection tool… – Continue reading
PART I – CAPITAL GAINS TAX If you are thinking of doing a Will, or you are the executor of a deceased estate, it is important to consider what taxes and duties may be payable by the estate or the beneficiaries when the time comes for an executor to deal… – Continue reading
HSBC’s pre-tax profits rose 4 per cent to a better-than-expected $7.06bn (£4.66bn) in the three months ending 31 March HSBC chief executive Stuart Gulliver admitted that the company’s Swiss banking scandal has hit morale across the group even as profits beat City forecasts during the first quarter of the year…. – Continue reading
Organizations representing millions of Americans who work abroad are storming Capitol Hill in a push for tweaks to tax and banking policy. American Chambers of Commerce (AmChams) operating in various countries all over the world collectively represent about 6.5 million U.S. citizens living outside the country. Some, such as the… – Continue reading
Shayne Nelson, Chief Executive Officer of Emirates NBD, muses how corporate governance, risk and compliance have changed beyond recognition since he first came to the region. Shayne Nelson has seen a lot of change in his extensive banking career, which has spanned several continents. With roles including Chairman of Standard… – Continue reading
