RAMALLAH, April 8, 2015 (WAFA) – Prime Minister Rami Hamdallah Wednesday said the Palestinian Authority was mulling to refer the issue of its withheld tax revenues, now frozen by Israel for fourth months, to the International Criminal Court (ICC). During an event on counter-corruption in Ramallah, Hamdallah said the government… – Continue reading
The Obama administration is gaining ground in its war against tax cheats, racking up victories in a global crackdown that has made it harder to escape the Internal Revenue Service. President Obama’s battle against offshore tax evaders hasn’t gotten the publicity of some of his other priorities but under his… – Continue reading
MUMBAI, APRIL 8: The Reserve Bank of India’s proposal to allow Indian companies to issue rupee-denominated bonds overseas will open up an important funding avenue, say industry experts. Permitting companies to issue such bonds abroad will address both pricing and currency risks and also opens a window for rupee-denominated instruments… – Continue reading
Many Canadian Snowbirds who have become fed up with Canada’s long, hard winters (and there are bound to be many more this year, especially from the Eastern provinces) have purchased winter homes in Southern U.S. states. This has been an especially popular move over the past few years, with U.S…. – Continue reading
By now, most of us know that the ruling Conservatives announced they will release the Federal Budget (calling it Economic Action Plan 2015 – the “Budget”) on April 21, 2015. Once again, I will be in attendance in Ottawa representing CPA Canada and our firm. What do I predict will… – Continue reading
(Reuters) – More Swiss banks that helped wealthy Americans evade taxes will soon strike agreements with the U.S. Department of Justice to avoid prosecution, an official overseeing the U.S. government program told Reuters. “I would stay tuned,” Acting Assistant Attorney General Caroline Ciraolo of the Justice Department’s Tax Division said… – Continue reading
Taxation experts have warned against unilateral action on corporate tax avoidance, telling a Senate Economics Committee Australia should be proactive and show leadership in the OECD and G20 tax processes already underway. The inquiry, initiated by Greens leader Christine Milne, is exploring tax avoidance and aggressive minimisation by corporations registered… – Continue reading
Our webinar, “FATCA & AIFMD: An Update on International Compliance for Latin American Managers”, provides detailed information and guidance on both FATCA and AIFMD. The discussion included; FATCA Notification and Reporting deadlines, the importance of documented procedures, U.K. FATCA, the OECD Common Reporting Standards, Marketing in Europe, Reverse Solicitation and… – Continue reading
Malta has become the only jurisdiction to offer full UK-style pension freedoms for British ex-pat savers in qualifying registered overseas schemes, after a deal forged last week between the country’s financial regulator, reports the FT Adviser. One provider, TMF Group, has announced it has reached agreement with the Malta Financial… – Continue reading
Singapore does not condone any abuse of its tax system, a Ministry of Finance (MOF) spokesman said on Tuesday, in response to a Straits Times query following media reports that the Australian government is pursuing global miners BHP Billiton and Rio Tinto for channelling billions of dollars in iron ore… – Continue reading
Mauritius will create a new company to take over Bramer Banking Corp. after the central bank revoked the lender’s license last week and the country’s prime minister said there was evidence of links to a $690 million Ponzi scheme. The company, to be known as National Commercial Bank, will be… – Continue reading
Tax breaks for research and development should be targeted to smaller technology start-ups, rather than big companies that will most likely make the investments regardless of incentives, Google Australia will tell the senate inquiry into corporate tax avoidance. Google Australia’s managing director, Maile Carnegie, will be appearing before the inquiry… – Continue reading
The Netherlands’ State Secretary for Security and Justice, Klaas Dijkhoff, has given his public backing for online gaming regulation in the country, raising hopes among many gaming operators and players that the proposed bill could soon become law. According to EGR Magazine, Dijkhoff, who replaced the former Secretary Fred Teeven… – Continue reading
Mylan-Perrigo deal would combine two generic drugmakers that recently left the U.S. for Europe. NEW YORK — In a deal that would combine two generic drugmakers that recently left the U.S. for Europe, Mylan says it wants to buy Perrigo for $205 per share, or $28.86 billion. Shares of both… – Continue reading
For British pension holders in the US, transferring into a Qualifying Recognised Overseas Pension Scheme (QROPS) is now commonplace. These pension solutions are widely accessible to all US residents or nationals who have accrued pensions from their time working in the UK, and are an invaluable aspect of financial planning… – Continue reading
Labor Senator Sam Dastyari has accused the Tax Commissioner of protecting some of the nation’s worst tax dodgers after the commissioner denied access to documents which could embarrass some of the world’s biggest mining companies. On the eve of the corporate tax avoidance inquiry by a parliamentary committee led by… – Continue reading
The financial arrangements of some of Australia’s biggest companies will be in the spotlight this week with a Senate inquiry taking evidence on corporate tax avoidance. The inquiry was initiated by the Greens leader Christine Milne and supported by the Federal Opposition. “We have to actually start really pushing on… – Continue reading
Says India not a tax haven, dues have to be paid if demands are right Finance Minister Arun Jaitley on Monday said India’s tax regime wasn’t confrontational, but added legitimate demands by the Income Tax Department had to be paid. He said there were challenges on the road towards reforms… – Continue reading
Suspicions rising that ‘hot money’ is being washed through Vancouver real estate As affluent Chinese buyers – spurred by relaxed regulations and a lower Canadian dollar – flood into British Columbia’s real estate market, warnings are rising that some cash deals may contravene federal money laundering rules. A 2015 report… – Continue reading
An arrest over allegations of price fixing has increased calls for tighter regulation of the booming sector On a late February morning, Yves Bouvier arrived at the Monaco home of one of his best clients. He expected Dmitry Rybolovlev, the Russian billionaire owner of AS Monaco football club, to pay… – Continue reading
Apple, Google and Microsoft have faced an Australian Senate inquiry into corporate tax avoidance on Wednesday. The tech giants have given evidence to a committee regarding the low amounts of tax paid locally in comparison to their profits. From the coy responses of the big three, one may come to… – Continue reading
HELSINKI–(BUSINESS WIRE)–Regulatory News: Nokian Tyres plc (HEX:NRE1V) Stock Exchange Release 7 April 2015 3:15 p.m. Board of Adjustment annulled the reassessment decision against Nokian Tyres plc concerning tax years 2007-2010 The Board of Adjustment annulled the reassessment decision from the Tax Administration, according to which the Company was obliged to… – Continue reading
New freedoms mean you can move your pension abroad. We show you where you’ll pay the least tax It is the ultimate dream for many people – to work hard, build up a nest egg and retire abroad to a climate with year-round sunshine. Now there is an added financial… – Continue reading
On April 2, 2015, the Finnish tax authority signed a co-operation pact with the African Tax Administration Forum (ATAF), to support African tax authorities to implement changes to their international tax and transfer pricing regimes. The co-operation deal, which will extend to the administrations of over 35 African nations, focuses… – Continue reading
(Reuters) – European Union regulators are scrutinizing four EU countries’ treatment of banks’ deferred tax assets (DTAs) to see if they constitute potentially illegal state aid, the European Commission said on Tuesday. The EU executive said it had contacted authorities in Spain, Italy, Portugal and Greece following requests from some… – Continue reading
The Markova Noga border crossing in Prespa could be the first project to be carried out of the series of trust-building measures between Macedonia and Greece, sources from the Ministries of Foreign Affairs of both countries have told Dnevnik off the record. The opening of this border crossing, according to… – Continue reading
Shenzhen authorities have started to lift the sales ban against projects by Kaisa Group Holdings, but troubles are far from over for the developer. The city restricted Kaisa from selling thousands of flats four months ago, which quickly pushed the developer to the brink of bankruptcy as its cash flow… – Continue reading
Kellogg has insisted there is “no link” between its tax situation in the UK and a warning in its annual report changes to tax regulations in international markets could hit profits. A spokesperson for the company told just-food: “The comment in our annual report about potential changes in US tax… – Continue reading
• Starbucks ran its European business – including UK – through Holland • But Dutch division paid just £1.9million tax on profits of £300million • Now details of UK company at heart of new probe have started to emerge • A Starbucks spokesman said it complies ‘with all relevant tax… – Continue reading
No member of Congress has been more active in the cause of protecting tax cheaters and tax avoidance by our nation’s wealthiest individuals and corporations than Sen.(now presidential candidate) Rand Paul. While Paul is a standard bearer of anti-tax conservatives through his advocacy of radical policies such as the flat… – Continue reading
The EU is collecting evidence to determine if Greece, Portugal, Spain and Italy should face an investigation into whether they are illegally underwriting banks, reports the Irish Times. The EU is collecting evidence to determine if Greece, Portugal, Spain and Italy should face an investigation into whether they are illegally… – Continue reading
As a result of the investigations, over AZN 13 mln was transferred to the state budget Baku. Agshin Rafigoglu – APA-Economics. Department of Preliminary Investigation of Tax Crimes under the Ministry of Taxes has launched 346 criminal cases on tax avoidance and illegal business in the first quarter of 2015…. – Continue reading
Nearly every second listed state-owned company is yet to comply with the regulatory requirement of appointing a woman director on its board, well after the March 31 deadline announced by market regulator Sebi has passed. Those in violation of the norm are bluechip public sector firms that include ONGC, NTPC… – Continue reading
The Abbott government is facing overwhelming angst about the issue of corporate tax avoidance and the threat to weekend penalty rates in a string of seats it must retain to win back government. Polling obtained by Fairfax Media found more than nine out of 10 people in the NSW bellwether… – Continue reading
A SENATE inquiry will examine the tax arrangements of the biggest technology companies in the world today. The tactics used by companies to minimise their Australian tax bills will be under the spotlight, as well as what more could be done to ensure multinationals pay their way. After Treasurer Joe… – Continue reading
Prime minister David Cameron has conceded that there will be “unfair tax competition” for airports in the north-east of England if Scotland abolishes Air Passenger Duty. He reportedly said that a lower APD rate in the region is a “positive suggestion” and that “we will do what’s necessary to make… – Continue reading
Tax avoidance takes centre stage this week with a parliamentary inquiry due to hold its first public hearings. The Senate inquiry into Tax Avoidance and Profit Shifting will start taking evidence from major technology and mining companies. The inquiry was prompted by a report which found tax minimisation strategies employed… – Continue reading
SINGAPORE: India’s central bank is to ask large borrowers to issue more bonds in an unprecedented move to deepen the domestic capital markets and address concentration risks in the banking system. The Reserve Bank of India has proposed the measure as part of a discussion paper on rules limiting the… – Continue reading
The number of Australian companies using renminbi to settle cross-border business has increased substantially over the past year, according to a new business survey. HSBC surveyed companies transacting with China and found that the proportion of Australian companies using RMB for cross-border business has risen from nine per cent in… – Continue reading
South Korea’s financial regulator said Tuesday it plans to tighten its anti-money laundering checks into the nonbanking sector, joining growing global policy efforts to clamp down on the illegal activity. Under the plan, the Financial Supervisory Service said it will focus its inspection on high-risk sectors, as well as expand… – Continue reading
The number of Australian companies using renminbi to settle cross-border business has increased substantially over the past year, according to a new business survey. HSBC surveyed companies transacting with China and found that the proportion of Australian companies using RMB for cross-border business has risen from nine per cent in… – Continue reading
(Reuters) – India is considering allowing companies to raise rupee debt offshore, the country’s central bank said on Tuesday, noting strong demand for such debt following issues by Asian Development Bank and International Finance Corp. “These issues have been received with interest. The appetite for rupee debt amongst international investors… – Continue reading
Urgent changes are needed to Australian tax laws, say experts, amid claims BHP Billiton and Rio Tinto avoided paying billions of dollars in tax during the mining boom. The Australian Tax Office has the mining giants in its sights over claims they have been saving more than $750 million a… – Continue reading
DMS Offshore Investment Services (‘DMS’) Limited was established in the Cayman Islands by Don Seymour in 2000. Over the past 15 years it has grown into one of the industry’s leading fund governance firms with over 200 people. One of the big focuses for the firm is ongoing regulation, in… – Continue reading
Allegations that News Corp engaged in an aggressive tax avoidance scheme have been strongly rejected by the company. News Corp Australia chief executive Julian Clarke said in a statement: “This claim is based on a fundamental misunderstanding of the nature of these transactions, US and Australian tax treaties and applicable… – Continue reading
India’s present ‘tax to GDP ratio’ is the lowest among BRICS and OECD countries. The Dollar Business Bureau The Minister of State for Finance, Jayant Sinha, on Monday, said, India needs to turn into a US$ 4-5 trillion economy for accelerating and achieving a sustainable growth over the next decade,… – Continue reading
Advocacy group’s founders involved in crimes, bankruptcy, and offshore relocation. One of the newly-elected board members of the Bitcoin Foundation—the 2.5-year-old organization that was meant to bring order to the famously open-source and freewheeling cryptocurrency—has declared the group “effectively bankrupt.” While the Bitcoin Foundation obviously does not have control over… – Continue reading
Pope Francis is sweeping off clean the Vatican bank, which for many years has been cloaked with controversy for allegedly providing a safe haven to Italian individuals who laundered money and evaded taxes. On Wednesday, the Holy See’s signed tax treaty with the government of Italy — which obliges parties… – Continue reading
The Seychelles Revenue Commission has issued, for comment, Public Ruling 2015-3, which explains the authority’s rules and procedures to enforce the arm’s length principle in respect of related-party transactions under Section 54 of the Business Tax Act, 2009. The Ruling states that in applying the arm’s length principle, the Commissioner… – Continue reading
It’s been five years since the Foreign Account Tax Compliance Act (FATCA) became law and while the intentions were good – to crack down on those hiding money offshore and avoiding taxes, compliance comes at a price for individuals and corporations. “The upside of FATCA is that it is forcing… – Continue reading
