(Bloomberg) — A steering committee representing Kaisa Group Holdings Ltd.’s offshore bondholders won’t agree to the company’s proposed debt restructuring by Friday’s early bird deadline. “We are working with the company to agree an acceptable and realistic timeline and process so that we can obtain for you a sensible revised… – Continue reading
The UK government will press ahead with plans to create a new ‘strict liability’ criminal offence for the “worst cases” of offshore tax evasion, among a package of new measures targeting those who illegally evade tax and their advisers. Details of the plans, which include two new criminal offences and… – Continue reading
Transfer pricing activities have faced increased scrutiny by tax authorities around the world and within the United States. As such, many companies are seeking more guidance on how to best manage their transfer pricing life cycle. The life cycle consists of four phases, which include planning, implementation, documentation and monitoring…. – Continue reading
The recent cases of FCT v Darling [2014] FAM CAFC 59 (Darling) and International Litigation Partners Pte Ltd v FCT [2014] FCA 671 (Litigation Partners) have cast the spotlight on the Commissioner of Taxation’s (Commissioner) ability to access information from the contents of Family Court files in order to assist… – Continue reading
Advisers could face criminal charges under new powers for HMRC following the Budget if they fail to prevent tax evasion by inherited clients, a lawyer has warned. HMRC is consulting on a new corporate criminal offence for firms failing to prevent tax evasion, which will implicate advisers who have clients… – Continue reading
Opposition firebrand Alexey Navalny called Tuesday for the dismissal of hockey legend Slava Fetisov from Russia’s Federation Council, alleging that the senator owns offshore assets in Cyprus in violation of Russian law. Navalny, the head of the Anti-Corruption Foundation, uploaded to his blog a series of documents allegedly evidencing Fetisov’s… – Continue reading
MINSK, 18 March (BelTA) – Belarus and the United States of America signed an intergovernmental agreement to improve international tax compliance and to implement the U.S. Foreign Account Tax Compliance Act (FATCA), BelTA learned from the press service of the Belarusian Foreign Ministry. The signing ceremony took place at the… – Continue reading
The measure The Chancellor confirmed that the new diverted profits tax (DPT) will be introduced from 1 April 2015. DPT will apply in two distinct situations, being: Where a foreign company has artificially avoided having a taxable presence in the UK; and Where a UK company (or a UK permanent… – Continue reading
The Cook Islands has been rated “largely compliant” in a phase two peer group review conducted by the Organisation for Economic Co-operation and Development’s (OECD’s) Global Forum on Transparency and Exchange of Information for Tax Purposes. The key findings of the review were that the Cook Islands has adequate laws… – Continue reading
Continuing its drive towards fiscal and economic reform, Tunisia has signed two conventions with the Organisation for Economic Co-operation and Development (OECD). The conventions deal with reform of tax collection and payment systems and aim to support the young to become economically active, and tax-compliant, through training and new tax… – Continue reading
The International Monetary Fund has called on the Government of Pakistan to step up its efforts to expand its tax base. The comments came from IMF’s Middle East and Central Asia Department Director, Masood Ahmed, during a recent visit to Islamabad and Lahore where he met with lawmakers, academics, and… – Continue reading
The OECD’s base erosion and profit-shifting project has dominated the international tax scene for over a year. Ever since the G-20 tasked the organization with finding solutions to the perceived problem of multinationals paying low effective tax rates, the international tax community has talked about little else. The OECD hoped… – Continue reading
New Delhi : The Delhi High Court has held that money spent by Indian subsidiaries of foreign companies on advertising, marketing and promotion (AMP) of their global brand here are international transactions and fall under the purview of transfer pricing rules, reports PTI. A bench of justices Sanjiv Khanna and… – Continue reading
(Bloomberg) — Luxembourg’s status as a fortress of wealth in the heart of Europe is in peril. The country transformed itself from a rural economy into the European Union’s richest in less than a century by swapping fields and steel mills for hedge funds and multinationals. That model may now… – Continue reading
Following a public consultation, the Inland Revenue Authority (IRAS) of Singapore has issued final regulations and an e-Tax Guide regarding the US Foreign Account Tax Compliance Act (FATCA) requirements for financial institutions (FIs) in Singapore. FATCA requires all FIs outside of the United States to submit regular information on financial… – Continue reading
BANGKOK: — The cabinet has approved the Finance Ministry’s draft bill to amend the Revenue Code to give more teeth to taxmen in dealing with tax evasion by business operators. Government deputy spokesman Maj-Gen Sansern Kaewkamnerd said today that the bill seek to impose penalties against legal entities such as… – Continue reading
European states including Ireland and Luxembourg will be compelled to share information on private tax deals they have granted to multinational businesses under proposals from Brussels to clamp down on corporate tax avoidance. The European Commission was due today to publish reforms aimed at bringing into line rogue member states… – Continue reading
‘Choking financial crisis’ grips Palestinian government, which is paying partial salaries and slashing operating expenses. Gripped by financial crisis, the Palestinian government said on Tuesday it was putting an emergency budget in place for 2015 due to the absence of pledged international aid and Israel withholding its tax revenues.
The Abbott government is pushing ahead with a Labor budget measure to close a loophole that will stop giving offshore-based multinationals “systemic tax advantages” that are not available to Australian-owned companies. The loopholes in current law mean that multinationals can, with the use of subsidiaries, structure their affairs to avoid… – Continue reading
A resurgence in property prices means loan to value ratio ‘speed limits’ are like to stay, Standard & Poor’s says in a report that predicts banks will continue to post strong earnings growth while trading in the shadow of a ‘heightened risk’ of a future property crash. “The relatively low… – Continue reading
Seoul and Washington will exchange data on taxpayers’ bank accounts every September to bolster their tax revenue, the National Tax Service (NTS) said Wednesday. “If we regularly exchange data on taxpayers’ bank accounts with the U.S., it will help the tax authorities crack down on attempts at offshore tax evasion,”… – Continue reading
1.GENERAL QUESTIONS 1.1 Why is the Commission presenting a Tax Transparency Package? The Commission has made the fight against tax evasion and corporate tax avoidance a political priority, with a view to creating a socially and economically more efficient Single Market. While much has been done to advance this agenda… – Continue reading
(Bloomberg) — Switzerland has frozen $400 million of assets in more than 30 banks as the country’s attorney general probes money laundering related to Petroleo Brasileiro SA’s widening corruption scandal. Nine investigations have been opened since last April based on allegations of corruption involving eight Brazilian citizens, the Bern-based Federal… – Continue reading
The International Chamber of Commerce (ICC) has responded to announcements in the Budget speech by the UK Chancellor, George Osborne. On the new diverted profits tax, John Danilovich, ICC Secretary General, said: “We welcome the UK Government’s efforts to consult business on the introduction of a ‘diverted’ profits tax in… – Continue reading
Communist Party’s anti-graft agency reveals how hundreds of suspects and their offshore assets were brought back to the mainland A powerful mainland task force has revealed in detail for the first time how it tracked down allegedly corrupt fugitives abroad, bringing the suspects and their assets back to China even… – Continue reading
Russian Prime Minister Dmitry Medvedev has ordered the signing of a protocol to the Russian-Chinese agreement aimed to eliminate double taxation and prevent tax evasion, the government said on its website on Wednesday. “Under the sanctions imposed on Russia by the European Union, US and other countries, the signing of… – Continue reading
(Bloomberg) — The European Union launched a new salvo in its battle against tax evasion with a slate of proposals that would make it harder for companies to avoid taxes. Countries would need to share information on cross-border tax rulings every three months under one piece of the tax package,… – Continue reading
CIBC FirstCaribbean’s regional chief yesterday said commercial banks were “convenient targets” for increased taxes and scapegoating by politicians, warning that this slowed their bottom line recovery. Rik Parkhill, speaking ahead of its Bahamian subsidiary’s annual general meeting (AGM) last night, warned that the asset-based nature of the sector’s tax structure… – Continue reading
(Reuters) – European Union countries will have to share information on tax deals agreed with major corporations under European Commission plans to limit the ability of big business to avoid tax across the 28-nation bloc. EU members would from next year have three months to tell neighbors about new cross-border… – Continue reading
Azerbaijani and Sudanese officials have voiced readiness to further expand cooperation between the two countries. President Ilham Aliyev received a delegation led by Ali Ahmed Karti, Sudanese Foreign Minister on March 18. The head of the state expressed confidence that the visit of the Sudanese delegation will be fruitful and… – Continue reading
NEW YORK — Faced with the prospect of letting another deal slip through its fingers, Valeant Pharmaceuticals International substantially increased its bid for Salix Pharmaceuticals on Monday, putting a quick end to a bidding war with Endo International. Valeant said it would now pay about $11bn, or $173 a share,… – Continue reading
BELGRADE — Serbia and Portugal have “very good political and friendly relations” with Lisbon “strongly supporting” Serbia’s EU integration, it has been said in Belgrade. Portugal also supports Serbia’s bid to open accession negotiations chapters with the EU, the country’s Foreign Minister Rui Machete said during a joint news conference… – Continue reading
The agreement under the Foreign Account Tax Compliance Act will enable exchange of information on cases of tax avoidance through overseas entities The Cabinet on Tuesday approved the signing of an inter-governmental agreement between India and the US seeking to impose higher withholding tax on Indian companies on their US… – Continue reading
Two Calgary men have been convicted of defrauding the federal government of $14.1 million in taxes that should have been paid on registered retirement plans, in which the money was used for offshore investments. Steven Kendall and Christopher Houston were found guilty on Wednesday on one of four charges by… – Continue reading
islamabad Pakistan and Austria here on Tuesday signed additional protocol amending the agreement on avoidance of double taxation (ADTA). FBR Chairman Tariq Bajwa and Austrian Ambassador Ms Brigitta Blaha signed the document on behalf of their respective governments. Finance Minister Ishaq Dar witnessed the signing ceremony. Austria and Pakistan, it… – Continue reading
UK financial institutions (FIs) that have no US-reportable accounts will not be required to submit annual ‘nil returns’ in order to ensure compliance with new rules designed to prevent tax evasion by US citizens, HM Revenue and Customs (HMRC) has confirmed. The change comes after the US Internal Revenue Service… – Continue reading
The UK Government has announced in today’s Budget that it will close the Liechtenstein Disclosure Facility (LDF) half a year earlier than expected in order to make room for a “tougher” disclosure facility. The LDF is an agreement between the Principality of Liechtenstein and HMRC which gives UK taxpayers with… – Continue reading
The disclosure period for the Liechtenstein Disclosure Facility (LDF) is to be shortened and will now end in December 2015 rather than April 2016, the UK chancellor announced in today’s Budget. The LDF allows those with UK tax irregularities to make a disclosure to HMRC on a voluntary basis in… – Continue reading
GRAND CAYMAN, Cayman Islands, March 18, 2015 /PRNewswire/ — DMS Offshore Investment Services Ltd., (DMS) the world’s largest fund governance firm, is expanding its International Tax Compliance Group to better serve private investment funds in meeting their compliance obligations under various international tax initiatives worldwide. DMS announces the recent addition… – Continue reading
From 1 January 2015 the list of information about clients which banks must provide to the tax authorities is expanded (Law of the Republic of Belarus of 30 December 2014 No. 224-Z). In particular, information about client bank account activity must be provided to the Belarusian tax authorities in response… – Continue reading
Date: 18-Mar-15 to 19-Mar-15 Location: The Johannesburg Country Club (Woodmead) / Johannesburg / South Africa Category: Banking, Finance & Investment Conferences & Trade Fairs In response to an increasing awareness of the importance of Mauritius, and in light of the recent DTA agreements coming into effect 1 January 2015, now… – Continue reading
Delhi HC noted while treating advertising, marketing & promotional expenses by Indian arm of an MNC as int’l transactions, ‘the exercise undertaken should not result in over- or double-taxation In a reprieve to multinational companies (MNCs) and their subsidiaries operating out of India, the Delhi High Court has laid out… – Continue reading
Towards the end of last December, the cabinet passed resolutions representing the latest attempt to turn Thailand into an attractive location in which to establish an international headquarters (IHQ). This is the third attempt in a little over a decade to lure multinational companies to Thailand. The first regional operating… – Continue reading
KARACHI: The Pakistan Customs adjudication has forwarded the Q-Mobile tax evasion case to the Model Customs Collectorate (MCC) Preventive, Karachi for seeking legal and technical reference from the Federal Board of Revenue (FBR). The adjudication department, during the hearing, has completely redundant the view point of MCC-Multan, because as per… – Continue reading
Irish eyes are smiling in corporate America. The Emerald Isle has emerged as the world’s top recipient of U.S. foreign direct investment, according to a report from the American Chamber of Commerce Ireland. In the first nine months of 2014, Ireland beat the likes of Canada, Mexico, the U.K. and… – Continue reading
LG, Sony, Daikin, Haier, Reebok, Canon and many such MNCs lost an important tax case in the Delhi High Court today. It’s transfer pricing dispute about the money spent by the subsidiaries of these MNCs in India in promoting and maintaining the international brand. Payaswini Upadhyay reports on this landmark… – Continue reading
A top insurance industry boss believes that a tax on company profits is inevitable – and would be in the long-term interests of the Island’s people and its economy. John Charman, the chairman and chief executive officer of Bermuda-based Endurance Specialty Holdings Ltd, said the levying of corporate tax would… – Continue reading
(Seychelles News Agency) – Seychelles and Singapore are looking to increase their collaboration in a number of economic sectors from trade, financial services, port development – including transshipment and fuel bunkering – to public-private partnerships. This follows the recent official visit to Singapore by the Minister of Finance, Trade and… – Continue reading
In a development that will usher in relief to multinational companies and reduce litigation, the central board of direct taxes (CBDT) on Monday notified rules for implementation of roll back provisions of advance pricing agreements (APAs). The provisions for roll back of APAs were announced by finance minister Arun Jaitley… – Continue reading
Giving Northern Ireland politicians the ability to set the province’s rates of corporation tax will help boost the private sector, a minister has said. Baroness Randerson said the move would allow Northern Ireland’s economy to be “rebalanced” away from over-reliance on the public sector. Her comments came as she introduced… – Continue reading
