Even as the government is losing no opportunity to emphasise its commitment to a transparent and predictable tax regime, it’s epic seven year tussle with Vodafone is not showing any signs of losing steam. The income tax department is back in pursuit of the British telecom giant and has issued… – Continue reading
To balance the books, Australians will have to pay more tax, the only questions being what will be taxed and how high the rate. Boasting glittering skyscrapers and label-clad youth, Singapore is the new jewel in the capitalist world’s crown. The city state is home to the third-highest density of… – Continue reading
Occupied Jerusalem/Ramallah, West Bank: Israel said on Saturday it would transfer $470 million of withheld tax revenues to the Palestinian Authority following talks between a senior Israeli military officer and Palestinian officials. In December, Israel began withholding around $130 million per month of taxes it collects on behalf of the… – Continue reading
Finance Minister Arun Jaitley, who had previously stated that India was not a tax haven and legitimate dues from foreign investors will be pursued, had earlier this week said that “the amount involved is Rs 40,000 crore.” Refusing to relent on a Rs 40,000 crore tax demand on foreign portfolio… – Continue reading
Macquarie Telecom has given full voice to an extremely serious problem facing Australian technology companies: That is, the gaming of the global tax system by multinationals puts Australia’s home-grown technology players who pay tax in Australia at a significant competitive disadvantage. This is a simple equation. It doesn’t matter how… – Continue reading
HM Revenue and Customs (HMRC) has confirmed it will be “significantly increasing” the number of tax avoidance disclosures it makes to professional bodies. More practitioners are likely to face disciplinary action from their institutes having advised on tax avoidance schemes for their clients. Last week, the Institute of Chartered Accountants… – Continue reading
TACKLING tax evasion and dealing with the fast-growing digital economy were top of the agenda at a conference on taxation yesterday. Singapore’s Senior Minister of State for Finance and Transport, Mrs Josephine Teo, told the event that the tax authorities around the world are acting to address tax dodges more… – Continue reading
Promising a ‘modern tax system’ with low and globally competitive rates, Finance Minister Arun Jaitley has assured foreign investors against any retrospective action and said taxpayers will be seen as “partners and not as potential hostages or victims”. For domestic taxpayers also, the rates need to be low as taxes… – Continue reading
CHEYENNE, WY, April 17, 2015 /24-7PressRelease/ — OUTPOST PROVISIONING LLC today announced the launch of its “Wyoming…the Offshore Alternative” campaign alongside release of its Wyoming Paymaster Purpose Trust product. “Wyoming…The Offshore Alternative” touts Wyoming as being the Offshore-equivalent for wealth protection without the inconvenience, scrutiny, compliance costs and risks involved… – Continue reading
Nothing is certain in India except death and tax disputes. Ask foreign portfolio investors: they now face demands for past dues of as much as $6.4 billion. The wrangle stems from the Minimum Alternative Tax, or MAT, which officials say leads to a 20 percent levy on capital gains by… – Continue reading
The head of the Business Council of Australia (BCA), Catherine Livingstone, has called for a national “conversation” about what the federal government and the business community euphemistically call “economic reform”. Ever in thrall to trickle-down economics, they manage to talk in “doublespeak”, a close relative of the doublethink that George… – Continue reading
ROME–Italy’s Chamber of Deputies passed legislation Wednesday aimed at avoiding double taxation with Taiwan. It is the first time Italy’s parliament has passed legislation related to relations with Taiwan. The bill gained the support of the center-left Democratic Party, the largest party in the Chamber of Deputies, as well as… – Continue reading
Chinese authorities will cooperate with Indonesia to confiscate more than $500 million of ill-gotten assets illegally transferred to China by corrupt Indonesian banking officials. Under the Treaty on Mutual Legal Assistance in Criminal Matters between China and Indonesia that took effect in 2006, the Ministry of Justice will “give support… – Continue reading
Members of both houses of Congress in Washington D.C. are working to end offshore tax deals corporations are using to cut costs. “These companies, these corporations, want to avoid paying their fair share of taxes in the United States, sometimes billions of dollars and yet they want life to go… – Continue reading
The Italian Ministry of Economy and Finance has removed the Isle of Man from its blacklist. The new list implements provisions, announced in the Italian Budget for 2015, that jurisdictions that have exchange of information arrangements with Italy are excluded from its blacklist on the deductibility of costs. The effect… – Continue reading
For the majority of the public, including small business owners, Tax Day might not be our favorite time of year. However, it remains an important day because it means paying our dues for the numerous public benefits we receive, from our infrastructure and roads to our education system to our… – Continue reading
World-Herald Bureau WASHINGTON — Nebraska rancher John McFadden will be watching this week as the House votes on eliminating the federal estate tax that could affect how much of his 500-head cattle operation he leaves to his children. McFadden saw much of his grandfather’s land sold off to pay taxes… – Continue reading
If there’s a “most frustrating set of tax facts” to be considered today as this year’s Tax Week comes to a close, it’s got to be this: the billions of dollars that tax scofflaws cheat their fellow citizens out of and the conservative, budget-cutting policies that help enable it. As… – Continue reading
Lee Curthoys, corporate tax lead at Radius, looks at Singapore’s changing transfer pricing regulations and tells us what we need to know. For a number of reasons, ranging from public safety to proximity to other Asian markets, Singapore is a popular destination for businesses looking to expand globally. In fact,… – Continue reading
PROVIDENCE, R.I. — Members of the Occupy Providence movement gathered in Kennedy Plaza Friday to protest fast-tracking a largely secret international trade bill, which critics argue gives corporations power to challenge democratic laws. “We’re here to let legislators know how strongly we disapprove of this bill,” said Pat Fontes, who… – Continue reading
On 17 March 2015 Cyprus and Bahrain signed a new double taxation agreement. Like all of Cyprus’s recent DTAs it closely follows the 2010 OECD Model Tax Convention. Its main provisions are summarised below. Taxes covered The agreement applies to taxes on income imposed by either country. In Bahrain these… – Continue reading
The outlook for uranium, moribund for some time, is looking up. And that means shares of Cameco Corp., the Saskatoon-based miner one analyst calls “the only real blue-chip stock in the sector,” are up, too – about 20 per cent from their 52-week lows. The stock has received a host… – Continue reading
Rato’s dealings include misappropriation of funds through a Visa card totaling 6 Million Euro, income from serving on the international advisory board of a Turkish bank in violation of Spanish banking laws, and a series of shell corporation divestments. UPDATE: Spanish prosecutors have arrested Rato, charging him with fraud, money-laundering… – Continue reading
A British company run by the Conservative’s election guru Lynton Crosby lost more than £1 million in two years, public records show. Accounts filed by Crosby Textor Ltd reveal that the firm, owned by Mr Crosby and his business partner Mark Textor made losses of £511,000 in 2014 and £510,000… – Continue reading
According to the latest research conducted by Amanda Klekowski von Koppenfels from University of Kent, 31 per cent of American citizens living outside the United States are going to renounce their citizenship. Three per cents are in the process right now. The reason of such citizenship renunciation is the intrusive… – Continue reading
In response to Pranay Gupte’s story on a story published by Firstpost, the Secretary to the Mauritius cabinet, S Seebaluck, has rebutted some of the points made in the story titled: “Mauritius cracks whip on Muslims, not a’ role model of democracy’ as PM Modi said after all.” The following… – Continue reading
HONG KONG: small group of asset managers is pushing for more protection for offshore holders of Chinese bonds, in a sign that growing default fears are putting established funding structures under scrutiny. The ongoing debt restructuring of troubled Chinese property developer Kaisa Group Holdings has rattled many on the buy… – Continue reading
Dixcart, an international business support services provider, has released a new guide on the UK’s Diverted Profits Tax, which was altered ahead of its introduction on April 1, 2015. The DPT is intended to counter aggressive tax avoidance by multinational companies. It is charged at a rate of 25 percent… – Continue reading
“Tax policy and administration should incentivise compliance. They should be administered fairly, transparently, with minimum discretion, with no harassment of taxpayers but also ensuring that tax evasion is dealt with firmly.” Promising a ‘modern tax system’ with low and globally competitive rates, Finance Minister Arun Jaitley has assured foreign investors… – Continue reading
It has never been easier for Americans to start businesses while living outside the U.S. If you are an American entrepreneur operating abroad, however, be aware of U.S. tax reporting obligations on non-U.S. businesses operated by Americans and make sure you are leveraging the value of U.S qualified retirement accounts… – Continue reading
When Hillary Clinton recently borrowed Elizabeth Warren’s talking points and claimed “the deck is still stacked in favor of those at the top” (in our economic and political system) against regular working people, did she mention reforming the tax code — and then offer any solutions? The simple answer is… – Continue reading
The British Virgin Islands International Tax Authority (ITA) has launched its BVI Financial Account Reporting System (BVIFARS). The portal was opened yesterday and is ready to accept enrolment applications from BVI Reporting Financial Institutions (FI) which are required to submit information under the Intergovernmental Agreement (IGA) between the BVI and… – Continue reading
At least 21 financial advisers in Switzerland charged with aiding American tax dodgers are at large With its tan marble floors and leather-clad reception desk, the staid Zurich offices of the Julius Baer Group, one of Switzerland’s largest private banks, are an unlikely place to find an alleged fugitive from… – Continue reading
Last week some of Australia’s biggest and richest companies voluntarily fronted up to a senate inquiry on corporate tax avoidance. Bigwigs from big brands, including Apple, Google, Microsoft, Rio Tinto, BHP Billiton and Fortescue Metals, squirmed under the spotlight as they were grilled about how they (legally) shift profits offshore… – Continue reading
Good news, millionaires! On Tax Day, the GOP is working hard to ensure you’re not taxed on money you didn’t earn Congratulations, absurdly wealthy people! You win yet another Tax Day. After exploiting the galaxy of loopholes, deductions, and exclusions that disproportionately benefit people at the very top of the… – Continue reading
Tax inspectors conducted last year 130 tax inspections which included an analysis of the affiliation relations of the taxpayer and the transfer prices applied as part of the transactions undertaken with the identified related parties, says Transfer Pricing Services (TPS). “Last year were conducted a third of the total number… – Continue reading
On March 30, 2015, the U.S. Department of Justice (DOJ) announced that it reached the first non-prosecution agreement under the Swiss bank program with BSI, S.A. (BSI). BSI, one of Switzerland’s ten largest banks, has agreed to pay $211 million in fines and cooperate in any related civil or criminal… – Continue reading
The South African Revenue Service (SARS) has issued a revised draft interpretation note that discusses the principles and guidelines for the considering the “place of effective management” in determining the tax residence of a company. SARS points out that the concept of residency is critical in determining a company’s South… – Continue reading
During the multi-year build-up to FATCA,1 the primary focus was on entity classification and registration, and less attention was paid to the compliance obligations of U.S. and non-U.S. entities affected by FATCA. Withholding and information reporting responsibilities under FATCA were generally known, but with the numerous deadline postponements and references… – Continue reading
Rodrigo Rato, the former head of the International Monetary Fund and deputy prime minister of Spain, was detained by customs agents in Madrid on Thursday night as the tide of corruption allegations swamping the country’s political establishment reached a fresh high. Rato, 66, is being investigated for possible money laundering… – Continue reading
Finance Minister Arun Jaitley on Tuesday said the government will press ahead with Rs 40,000 crore tax demand on foreign institutional investors as FIIs lost a case against levy of tax on capital gains they made. “FIIs went to a tribunal, which is called Authority for Advance Rulings (against levy… – Continue reading
Portugal’s deputy prime minister, Paulo Portas, and Saudi Arabia’s minister of trade, Tawfiq bin Fawzan Al-Rabiah, recently signed an agreement abolishing double taxation between the two countries, as part of a continued broader effort by Portugal’s government to boost exports and investment. The document was signed after a meeting in… – Continue reading
ENERGY giant Woodside Petroleum says its Singapore office was set up for marketing, not tax minimisation. “THE office in Singapore for us is actually not set up at all for tax optimisation, it’s set up because that’s where marketing is done,” chief executive Peter Coleman told Woodside’s annual general meeting…. – Continue reading
For almost two decades Peter Costello has been put on a pedestal by his Liberal colleagues. They still regard him as Australia’s greatest treasurer, notwithstanding Labor’s Paul Keating and Wayne Swan won global recognition for their efforts in managing the local economy. Costello’s supporters point to the fact he delivered… – Continue reading
China started a campaign to stop the use of offshore companies to transfer the ill-gotten gains from corruption and bribery overseas. The People’s Bank of China, the central bank, will join with four ministries including the State Administration of Foreign Exchange, to crack down on underground banks, offshore company accounts… – Continue reading
Rome, April 16 (CNA) Italy’s Chamber of Deputies passed legislation Wednesday aimed at avoiding double taxation with Taiwan. It is the first time Italy’s parliament has passed legislation related to relations with Taiwan. The bill gained the support of the center-left Democratic Party, the largest party in the Chamber of… – Continue reading
OECD director admits UK’s Google tax may undermine some of the body’s BEPS work GOVERNMENT plans to introduce a diverted profits tax have caused embarrassment at the OECD, according to Pascal Saint-Amans [pictured], the body’s director leading the Base Erosion and Profit-Shifting (BEPS) project. Appearing via video link before Australia’s… – Continue reading
The Attorney-General, Hon. Aiyaz Sayed-Khaiyum today received the new non-resident Ambassador of the Sultanate of Oman to Fiji, His Excellency Nazar Al-Said. In welcoming the Omani envoy to Fiji, Minister Sayed-Khaiyum said that the Fijian Government looked forward to developing its bilateral relations with Oman, particularly in the areas of… – Continue reading
One of Ed Miliband’s key election advisers pays no UK tax on his reported £300,000 earnings, it has emerged. David Axelrod, a former adviser to Barack Obama, admitted he was not a resident in the UK for tax purposes and the Labour party pays him in dollars through his consultancy…. – Continue reading
New Delhi: The government has set the record straight on tax disputes, maintaining they are not covered by the Bilateral Investment Promotion and Protection Agreement (BIPA) and need to be judicially and legally settled. “…But again on the BIPA issue, let me mention, it has been our consistent view that… – Continue reading
