Government questions dividend imputation and company tax rate Australian investors appear to have dodged a bullet, with the government’s first paper on tax reform discussing the dividend imputation system but falling short of attacking it outright as an idea that has outlived its usefulness. David Murray’s inquiry into the Australian… – Continue reading
Ted Cruz has developed a reputation as the most conservative of the major 2016 Republican presidential candidates, but he hasn’t taken many specific policy positions to earn that moniker. One exception? His longtime support for a flat tax. The flat tax dramatically lowers the top tax rate and exempts capital… – Continue reading
BENGALURU: The Karnataka government will examine all allegations of tax evasion by e-commerce companies which reportedly caused the state exchequer an alleged loss of Rs 2,000 crore. “We won’t exempt any e-commerce company or online marketplace from payment of value added tax. We’re not under pressure to leave out any… – Continue reading
Luxembourg’s Direct Tax Administration has published a circular on February 12 clarifying issues relating to residency certificates for Luxembourg funds. These are applicable to both UCITS and non-UCITS funds regulated by Luxembourg’s investment fund legislation of December 17, 2010, which transposed the UCITS IV Directive, as well as Specialised Investment… – Continue reading
In a deal with U.S. prosecutors, Swiss private bank BSI SA agreed today to pay a $211 million penalty and hand over leads on more than 3,000 accounts with U.S. ties, as well as the actual names of an undisclosed, but presumably much smaller group of U.S. account owners. The… – Continue reading
British expats in France can claim a share of millions of pounds of compensation after the European Court ruled in their favour against unfair social security payments imposed by President Francois Hollande’s government. Around 200,000 expats who have rented out or sold homes in France during the past three years… – Continue reading
Luxembourg has been warned that it has to diversify its economy and reduce the reliance of its financial sector on providing financial functions for multinational companies if it is to survive any campaign on international tax avoidance. International economic co-operation body the Organisation for Economic Cooperation and Development (OECD) said… – Continue reading
Goldman Sachs is expected to earn up to $15 million for trading Chevron’s $4.73 billion Caltex Australia stake. Sources said Goldman had done the deal at the lower end of the block trade fee spectrum, charging the global oil giant an estimated 25 basis points for underwriting and selling the… – Continue reading
Greece’s economic recovery is being undermined by large-scale corporate tax avoidance, whereby companies use loopholes in places like the Netherlands and Luxembourg to pay little or no income tax, according to a new report from Dutch research group, SOMO. Greece has been gripped by harsh austerity measures imposed by the… – Continue reading
HMRC has secured a hat-trick of tribunal wins against tax avoidance schemes, protecting over £260m in tax. All three rulings uphold earlier judgments in HMRC’s favour at the first-tier tribunal. The upper tribunal dismissed an appeal brought by users of a scheme promoted by NT Advisors, the taxman’s ninth successive… – Continue reading
When Boris Johnson ran for mayor he told the BBC he wanted “a crackdown on tax dodgers and tax avoiders of all kinds”. The comment was a deliberate reference to his then-opponent Ken Livingstone’s use of a “personal service company” (PSC) to allegedly limit his tax bill. Use of PSCs… – Continue reading
LONDON – Offshore companies may soon have to reveal the identities of their ultimate beneficial owners, with the information to be recorded on a central register. Late last week the UK government instructed the British Virgin Islands and the Cayman Islands to set out a timetable for the implementation of… – Continue reading
More JSE-listed counters announce offshore opportunities. It is becoming increasingly difficult for JSE-listed property companies to find value and attractive deals in the local market, which has seen the offshore diversification spree continue. Industry players believe that the sector has turned over the last few years, with more property counters… – Continue reading
Prosecutors have launched an investigation into one of South Korea’s top steelmakers, Dongkuk Steel Mill Co., over allegations of large-scale embezzlement and tax evasion. The Seoul Central District Prosecutors’ Office on Saturday raided Dongkuk Steel’s headquarters in central Seoul, affiliate offices and the home of the company chairman, Chang Sae-joo,… – Continue reading
Claims to be in favour of stamping out immoral tax practices were shown to be little more than lip service On Wednesday, Conservative and UKIP MEPs voted against proposals in the European Parliament which were aimed at making the tax system fairer, including cracking down on tax evasion and aggressive… – Continue reading
ISLAMABAD: Being overwhelmingly impressed by the Turkish Tax System, Federal Board of Revenue (FBR) Chairman Tariq Bajwa will brief Finance Minister Ishaq Dar on his recent visit to Turkey. “In the upcoming board and council meeting, members of the delegation will inform the finance minister and other officials concerned about… – Continue reading
Government money handed to HM Revenue & Customs (HMRC) to blitz tax avoidance has given a return of more than 100 times the investment. The incoming coalition government pledged £900 million to bolster HMRC’s compliance departments in 2011. The money was spent on sophisticated technology and recruiting specialist investigators. Since… – Continue reading
NICOLA Sturgeon is currently the most impressive political leader in the United Kingdom. Last week, in TV interviews with Jeremy Paxman, David Cameron looked stiff and out of touch; Ed Miliband looked callow and desperate. Yesterday in Glasgow, giving her keynote speech to the SNP spring conference, Sturgeon was poised,… – Continue reading
(Reuters) – Britain’s government has told two of its offshore financial tax havens to set out timetables for implementing a central register of companies revealing corporate ownership, in a bid to help combat tax evasion. Prime Minister David Cameron proposed plans for a public register of company ownership in 2013,… – Continue reading
NATIONAL debt will soon come under effective and professional control, thanks to the national debt management office whose establishment is reportedly in the final stages, the national assembly heard on Friday. Deputy Finance Minister Mwigulu Nchemba under the envisaged office, the national debt will be effectively, efficiently and closely monitored… – Continue reading
New York, NY, March 28, 2015 –(PR.com)– The Knowledge Group/The Knowledge Congress Live Webcast Series, brings together the world’s leading authorities and industry participants through informative two -hour webcasts. It has scheduled a live webcast entitled: “FATCA for Government Agencies: What You Need to Know in 2015 Live Webcast.” This… – Continue reading
ISLAMABAD: Model Customs Collectorate Chief Collector Nadir Khan Hoti has told customs lawyers to resolve all cases pending in courts and tribunals as soon as possible, and also asked them to send the list of all the cases to the collectorate. In this regard, officials have started the process of… – Continue reading
The government may be going all out to promote Gujarat International Finance Tec-city (GIFT) as a financial services hub on the lines of Singapore, Hong Kong, Dubai and London, but an immediate migration of business — initially estimated to be $50 billion annually — away from these established centres would… – Continue reading
MUMBAI: Income-tax authorities on Friday issued draft assessment orders against nearly 150 foreign portfolio investors (FPIs) asking them to pay minimum alternate tax (MAT), a move that is bound to reinforce India’s reputation for aggressive tax enforcement. The 15-page draft assessment order sent to FPIs provides reasoning as to why… – Continue reading
(CS) An OECD economic report on Luxembourg has urged the country to diversify its economy to lower dependence on the financial sector, while also commenting on shortcomings in education and female labour participation. The Economic Survey of Luxembourg was presented by OECD Secretary General Angel Gurría at Neimënster on Friday… – Continue reading
A local authority has used a tax avoidance scheme to finance the upgrade of its offices. Clackmannanshire Council in central Scotland, jointly run by the SNP and Labour, saved £2.8million on the work, but the ruse may have cost the Treasury £3.6million in lost income tax receipts. The scheme used… – Continue reading
ISLAMABAD: In a major move, the Federal Board of Revenue (FBR) has decided to install cameras on the premises of industrial units of five selected sectors — sugar, cement, fertiliser, beverages and tobacco — to gauge their real time production and stop billions of rupees tax evasion. This project, known… – Continue reading
The initiative means to lobby for a harmonization of Corporation Law in Europe to tackle tax evasion and re-fund public spending. About 40,000 Spanish citizens have signed a petition demanding measures against front companies and tax heavens in Europe, explained the activists in charge of the initiative Saturday. Beyond Spain,… – Continue reading
JERUSALEM (AP) — Israel said Friday that it will transfer Palestinian tax revenues it has been withholding as punishment for the Palestinians’ application to join the International Criminal Court. Prime Minister Benjamin Netanyahu’s office said the decision was made following the recommendation of Israel’s security establishment and because of humanitarian… – Continue reading
Reports that two South Africans are involved in what is alleged to be a massive Ponzi scheme created what some of the actors in the drama this week referred to as a media storm. The storm raged for most of the week, with the bad weather clouding some South African… – Continue reading
Senate Agriculture Committee Chairman Pat Roberts (R, Kansas) is pressing the Obama administration to help resolve a protracted cross-border dispute over derivatives regulation, a fight that threatens to harm big US firms like CME Group Inc that fall under the committee’s oversight, reports the Wall Street Journal. Mr Roberts, whose… – Continue reading
If the right-of-centre British Columbia government can raise its corporate tax rate, how about Alberta? That’s a question critics are asking in the wake of the spring budget that hits ordinary Albertans with a plethora of new taxes. Premier Jim Prentice is defending his decision not to raise Alberta’s corporate… – Continue reading
The International Tax Authority (ITA) of the British Virgin Islands has recently announced the issue of Version 2.0 of the Guidance Notes on the International Tax Compliance Requirements of the Intergovernmental Agreements between the British Virgin Islands and the United States of America and the United Kingdom (IGAs). The initial… – Continue reading
People and companies charged with tax fraud or tax evasion should be granted the presumption of innocence in court, according to a parliamentary inquiry that pushes the federal government to radically overhaul current rules. At the moment, a taxpayer accused of tax evasion is deemed guilty and must prove their… – Continue reading
Labour MEP says tax harmonisation inhibits competitiveness of disadvantaged regions Labour MEP and head of delegation Alfred Sant has abstained on a European Parliament vote on a resolution on tax fairness. The resolution, which touches on a wide variety of tax related-issues, lays a basis for further parliamentary work on… – Continue reading
Armenian National Committee of America Government Affairs Director Kate Nahapetian testified yesterday before a key Congressional panel in support of increased U.S. assistance to Nagorno Karabakh, Armenia, at-risk Middle Eastern Armenian communities, and the Javakhk region of Georgia. In her opening remarks, Nahapetian thanked House Appropriations Subcommittee on Foreign Operations… – Continue reading
China will strengthen cooperation with the United States on major legal cases aimed at repatriating corrupt Chinese officials hiding in the US, as well as confiscating their ill-gotten assets, a senior official of the Supreme People’s Procuratorate said. The remarks followed news that one of China’s most wanted fugitives is… – Continue reading
A new report by the United Nations Conference on Trade and Development (UNCTAD) says developing countries are losing about $100 billion every year through tax avoidance by multinational enterprises. According to the report, published this week, as much as $300 billion development finance was lost. The report notes that multinational… – Continue reading
AT a focus group discussion in Padibe, Lamwo district, a young male participant rises up and says, “Why should we pay taxes when results are not seen at community level? Services are poor; our roads and health services are appalling.” Though the young man did not receive an apt response… – Continue reading
The Delhi High Court has adjudicated on a host of transfer pricing adjustment cases, where the adjustment had been made by the taxman for ‘excessive’ spends on advertising, marketing and promotional expenses (AMP). The High Court’s judgment in a high-stakes transfer pricing case lends clarity on many of the questions… – Continue reading
Businesses still have concerns over the drafting of a new tax on multinationals said tax expert Heather Self of Pinsent Masons, the law firm behind Out-law.com. She was commenting after the UK’s Finance Bill, which contained the legislation for the new tax, completed its rapid progress through Parliament when it… – Continue reading
(Bloomberg) — Royal Bank of Scotland Group Plc agreed to sell its Coutts International private banking business to Switzerland’s Union Bancaire Privee, as the bailed-out British lender retreats from the Swiss wealth market. RBS is expected to sell Coutts for 350 million francs ($360 million) to 400 million francs, depending… – Continue reading
When American companies take advantage of loopholes to keep their earnings overseas and away from the American tax man, they typically justify the legal-but-embarrassing move by appealing to their responsibility to shareholders—anything to get them another buck. But a March 17 Credit Suisse report on the $2.1 trillion in cash… – Continue reading
A vote in favor of repealing FATCA sends a message: a message to foreign banks that they can get back to helping wealthy Americans hide their assets and use offshore accounts to evade tax. In anticipation of yesterday’s Senate’s budget resolution “vote-o-rama,” Sen. Roger Wicker (R-Miss.) has introduced an amendment… – Continue reading
A former senior tax official has announced there should have been more criminal prosecutions for tax avoidance in the wake of the HSBC tax avoidance scandal. Giving evidence to the MPs in the Public Accounts Committee, Dave Hartnett, formerly head of tax at HM Inland Revenue & Customs (HMRC), said… – Continue reading
The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), has recently issued FAQs regarding the immobilisation of bearer shares and units, as well as a press release to remind Luxembourg alternative investment fund managers (AIFMs) and non-EU AIFMs that market alternative investment funds (AIFs) in Luxembourg under… – Continue reading
ISLAMABAD: FBR has established huge tax evasion by model Ayyan Ali in a money laundering case and a formal reference in this regard will be filed soon, The News learnt Thursday. Official documents available with The News show that the FBR’s Intelligence & Investigation (I&I), Inland Revenues (IR) has completed… – Continue reading
The fight against international tax evasion dominated a meeting at Maximos Mansion between Greek State Minister Nikos Pappas and State Minister for Combating Corruption Panagiotis Nikoloudis with Swiss State Secretary for International Financial Markets Jacques de Watteville. The meeting, which was concluded earlier on Thursday, was also attended by Justice… – Continue reading
Australian companies are taxed too highly, and politicians need to realise it’s harming the economy, according to Rio Tinto chief executive Sam Walsh. Australia’s corporate tax rate had been stuck at 30 per cent for a decade while New Zealand, South Africa, the UK and Canada had cut their rates… – Continue reading
NAIROBI: Insurance brokers have contested the introduction of 10 per cent levy on their brokerage commission. Eighteen insurance brokerage firms have moved to court under a certificate of urgency, suing Commissioner of Domestic Taxes and the Attorney General. The firms complain that introduction of 10 per cent levy on their… – Continue reading
