There is a sense of déjà vu in tax and legal circles. Vodafone bought itself into Hutch’s Indian telecom operations by acquiring controlling interest in a Cayman Island company that called the shots in the Indian company hitherto controlled by Hutchison Hong Kong. The tax authorities slapped a notice on… – Continue reading
Smythson was bought in April 2005 by city figures for some £15.8million Report says Mrs Cameron would have got £1,589 for each of her 275 shares PM’s wife began working at Smythson as a window dresser in 1996 By the time of the 2005 sale, she had risen to creative… – Continue reading
HSBC Holdings Plc (LON:HSBA) shares were steady at 560.42p this morning, as the scandal revolving around HSBC’s Swiss unit tax avoidance scheme took a political turn. Tory and Labour have traded accusations, while on the international level Argentina has demanded cash payments from the lender as compensation. Sir Alan Duncan,… – Continue reading
Businesses are looking to increase exports and absorb the higher cost of imported inputs to make the most of a “sweet spot” for the Aussie dollar, executives said. Seafolly’s chief executive Anthony Halas said he had “mixed feelings” about the drop in the Australian dollar on Wednesday, but believed expanding… – Continue reading
Scheme promoters face hefty fines for not being ‘up front’ Under new rules championed by the Financial Secretary to the Treasury, David Gauke, high risk promoters must now publicise the fact that they are being monitored by HMRC, so that potential customers are aware of the risks of using them…. – Continue reading
Bank Hapoalim reports it has been ordered to provide the documents by the New York State regulator. The investigation of Bank Hapoalim (TASE: POLI) on its alleged assistance in helping US customers evade taxes is moving forward. Bank Hapoalim revealed in its financial report yesterday that at the start of… – Continue reading
Following on from the Indian budget last month and various significant developments on the disputes scene, TPWeek thinks it is a good time to put together a Special Focus, bringing together its most recent reports. The Indian government is keen to promote a more investor-friendly environment in relation to corporate… – Continue reading
ARLINGTON, Virginia, March 10, 2015 /PRNewswire/ — Bloomberg BNA today announced an addition to its lineup of keynote speakers for the Global Transfer Pricing Conference: Paris, held in conjunction with Baker & McKenzie, on March 30-31 immediately after the Organisation for Economic Co-operation and Development (OECD) Global Forum on Transfer… – Continue reading
Frank R. Suess writes: Every time you think the US establishment can do no more to threaten the freedom and livelihood of the very Americans who contribute the most to the prosperity of the country, they increase the heat in the furnace by a notch with more cheap money and… – Continue reading
No more tax amnesties by the government are envisioned, Prime Minister Joseph Muscat said yesterday during a press conference announcing the government’s acquisition of the Swiss Leaks data. The first tax amnesty was launched in 2002, with subsequent amnesties in 2003, 2005, 2007 and 2014. Asked whether tax evaders on… – Continue reading
The regional operating headquarters (ROH) provisions that Thai tax authorities introduced in 2002 have never been popular, as they are difficult to understand and comply with. As a result, many businesses have bypassed Thailand and chosen Kuala Lumpur for their regional offices. Even a major revamp of ROH regulations in… – Continue reading
US expats are encouraged to share their opinions and experiences in the annual survey, conducted in cooperation with the American Citizens Abroad Global Foundation (ACAGF). Washington, D.C., March 10, 2015 (GLOBE NEWSWIRE) — Greenback Expat Tax Services has announced that their 2015 Annual US Expat Opinion Survey is now online… – Continue reading
The long-awaited double tax agreements entered into by Kenya with South Africa and Mauritius respectively did not come into force on 1 January 2015 as expected. The treaty between Kenya and South Africa that was signed in November 2010 was ratified by Kenya in October 2014, following earlier ratification by… – Continue reading
East African member states have been advised to make critical assessment of single income tax rates. A law expert, Anatoly Nahayo said recently in Dar es Salaam after launching his book titled “East African Community Tax Harmonisation.” He said the move will ease allocation of capital shares within EAC member… – Continue reading
IRAS will “closely monitor” corporatisation behaviour to prevent instances of tax evasion, especially among high income earners, said the Senior Minister of State for Finance. SINGAPORE: The Inland Revenue Authority of Singapore (IRAS) will be monitoring corporatisation behaviour more closely and stepping up its audit programmes, in light of impending… – Continue reading
The authorities in Sweden suspect Spyker CEO Victor Muller of tax evasion in the period that he was the boss of the Swedish car company Saab, RTL Nieuws reports. The Swedish authority that deals with economic crime suspects that Muller was involved in tax evasion in 2010 and 2011. During… – Continue reading
The head of a consortium of businesses that includes multiple profitable companies that consistently pay no or abysmally low federal taxes has been tapped to testify Wednesday at a Senate Budget Committee hearing on the “Benefits of a Balanced Budget.” Former Michigan Gov. John Engler heads the Business Roundtable and… – Continue reading
Like many Indian IT consultancies in the early 2000’s, Icreon Tech relied heavily on selling highly skilled, English-speaking engineering talent to the West at a cheap rate. According to the Economist, in 2008, India claimed 65% of all offshored IT work. But as the gap in pay between developing and… – Continue reading
It is time to look at overseas options if you want stocks with good dividends. If you are particular about investing only in the banking sector, U.S. banks would give you at the most around 3% dividend yield. If this is not good enough for you, you can try investing… – Continue reading
Tunis — Tunisia and the Organisation for Economic Co-operation and Development (OECD) signed, on Tuesday in Tunis, an agreement under which Tunisia will join the Base Erosion and Profit Shifting (BEPS) project and the OECD Action Plan for Youth. Launched in July 2013 by OECD, the BEPS project produced its… – Continue reading
Are you an American abroad living in perpetual fear of the IRS? Do you wake up every morning wondering if today you’ll receive a formidable notice that the taxman cometh? You are not alone. Expats around the world are facing (and fearing) the painful reality that the IRS’s global tax… – Continue reading
Q4 net profit 478 mln shekels vs 633 mln * Bank provisioned 196 mln shekels in 2014 for U.S. tax evasion * Provisioned 360 mln shekels in Q4 for cost cuts * Shares down 1.3 pct (Adds quotes, details from news conference, analyst’s comments) By Tova Cohen TEL AVIV, March… – Continue reading
Promoters of tax avoidance schemes that have been identified as “high risk” by UK tax authorities must now publicise that they are being monitored so that potential customers are aware of the risks of using them, HM Revenue and Customs (HMRC) has announced.10 Mar 2015 Tax Disputes and Investigations Tax… – Continue reading
Switzerland expects in the future to sign a deal with Germany to automatically exchange tax information, Swiss Finance Minister Eveline Widmer-Schlumpf said, after the signing of a tax agreement with Italy, reports Customs Today. In the medium term we will sign a deal on automatic tax information sharing with Germany,”… – Continue reading
FATCA is a law requiring every foreign bank to excessively monitor and report to the Internal Revenue Service (IRS) the bank accounts of every American residing overseas – or risk severe punishment. WASHINGTON, D.C. – Sen. Rand Paul reintroduced S.663, a bill to repeal the Foreign Account Tax Compliance Act… – Continue reading
BRIDGETOWN, Barbados (CMC) – The Barbados Government says it will not tolerate businesses operating within the international business and financial services sector engaging in tax evasion practices here and is seeking support from the Paris-based Organization for Economic Cooperation and Development (OECD). Commerce Minister Donville Inniss, speaking in Parliament Tuesday,… – Continue reading
RIYADH — The Council of Ministers on Monday renewed its commitment to strengthen human rights and their protection, saying that it is part of the Kingdom’s firm approach that is derived from the Islamic Shariah. Custodian of the Two Holy Mosques King Salman chaired the Cabinet’s weekly session at Al-Yamamah… – Continue reading
Tax avoidance is being documented across the world, with Australia no exception. The government is now looking at how to clamp down on the billions of dollars being lost as top Australian firms are succeeding in dodging taxation. Last year saw the release of multiple reports highlighting the worrying number… – Continue reading
Cyprus signed four bilateral agreements with Bahrain on Monday, during President Nicos Anastasiades’ state visit to the kingdom where he was be received by ruler Hamad bin Isa Al Khalifa, where the two leaders also discussed issues of cooperation in tourism and the economy, as well as concerns about regional… – Continue reading
We are all familiar with the expression “the long arm of the law.” However, few laws’ arms are longer than that of the U.S. Foreign Account Tax Compliance Act (FATCA). Administrators of Canadian pension plans and financial institutions that hold or invest pension assets learned this last year when FACTA… – Continue reading
The Government of the Virgin Islands enhanced relations with the Portuguese Republic by concluding a Tax Information Exchange Agreement (TIEA) this week bringing the total signed TIEAs to 19. Deputy Premier and Minister of Health and Social Development, Honourable Dancia Penn, OBE, QC, and Secretary of State for Tax Affairs… – Continue reading
On Tuesday, Indian Prime Minister Narendra Modi will embark on a tour of three of India’s island neighbors as part of a charm offensive intended at veering India’s neighbors away from China’s influence and to counter its ‘string of pearls’ strategy in the region. Modi will visit Seychelles, Mauritius and… – Continue reading
Public accounts committee to ask Stuart Gulliver, Chris Meares and the BBC’s Rona Fairhead key questions on tax arrangements at multinational bank Two senior HSBC executives and the chair of the BBC Trust will be questioned by MPs on Monday about their role at the bank, whose Swiss banking arm… – Continue reading
Public accounts committee to ask Stuart Gulliver, Chris Meares and the BBC’s Rona Fairhead key questions on tax arrangements at multinational bank Two senior HSBC executives and the chair of the BBC Trust will be questioned by MPs on Monday about their role at the bank, whose Swiss banking arm… – Continue reading
The head of Argentina’s tax authority has demanded that HSBC repatriate $3.5bn (£2.3bn) in funds that it says HSBC helped its clients move offshore. Ricardo Echegaray said that HSBC’s actions threatened the stability of the Argentine government. “HSBC built a platform to help clients evade tax,” said Mr Echegary in… – Continue reading
HM Revenue & Customs (HMRC) is ramping up its tax avoidance crackdown by forcing ‘high risk’ schemes to reveal to clients that they are being monitored by the taxman and issuing £1 million fines. In October 2014 HMRC gained powers to issue conduct notes to tax avoidance schemes it deemed… – Continue reading
WARRINGTON South’s Trade Union and Socialist Coalition parliamentary candidate is calling on parties to ‘close their links’ with banks. Kevin Bennett, who is also a council representative for Fairfield and Howley, has condemned the actions of banks in the country following the tax avoidance scandal. The former Labour councillor insists… – Continue reading
WARRINGTON South’s Trade Union and Socialist Coalition parliamentary candidate is calling on parties to ‘close their links’ with banks. Kevin Bennett, who is also a council representative for Fairfield and Howley, has condemned the actions of banks in the country following the tax avoidance scandal. The former Labour councillor insists… – Continue reading
Structures for investments from overseas investors in French real estate that involve Luxembourg vehicles may need to be restructured if an expected change to the double tax treaty between France and Luxembourg takes effect, an expert has said.09 Mar 2015 Property tax Property Tax Structured real estate Specialist property investment… – Continue reading
Singapore’s tax authority will step up monitoring “corporatisation” trends that suggest high-income earners are setting up companies to avoid higher income taxes, said Senior Minister of State for Transport and Finance Josephine Teo on Monday. She noted that the main risk for higher income taxes is that Singapore’s tax regime… – Continue reading
Amid mounting pressure last year, the US launched a supposed crackdown on tax inversion. But it might not have been as far-reaching as was made out, and with good reason The recent G20 crackdown on tax avoidance by funnelling profits through tax havens has sparked a variety of reactions –… – Continue reading
André Wilsenach, the executive director of the Alderney Gambling Control Commission (AGCC), has vowed to support those companies impacted by new point-of-consumption (POC) tax laws in the UK. As of November 1, 2014, operators providing remote gambling services to customers in the UK must hold a remote licence from the… – Continue reading
David Kuenzi of Thun Financial Advisors weighs in on the perils of U.S. expats investing in foreign mutual funds. Send your expat finance questions to expat@wsj.com. Keep an eye on WSJ Expat to see if your questions — and answers provided by our experts — are published. U.S. expat commit… – Continue reading
Bosses at HSBC were yesterday accused by MPs of turning a blind eye to alleged tax evasion in its Swiss private banking arm. In an ill-tempered hearing with the Public Accounts Committee, members said they did not believe that executives in London were oblivious to what was happening. Chief executive… – Continue reading
The ECB needs to make sure it isn’t hiding any risky practices that could destabilise the system, reports Irish Times. Fresh from putting the squeeze on banks to behave themselves, regulators are scrutinising so-called shadow banks, alternative lenders such as investment funds doing big business out of countries like Ireland…. – Continue reading
The Maltese Government has said in a statement that it has today acquired from the French Government the data, popularly known as Swiss Leaks, insofar as it relates to Maltese nationals. The data was presented in Paris in the presence of French Finance Minister Michel Sapin to the representative of… – Continue reading
Barbados and Cyprus have announced that they are to begin negotiating a double taxation agreement (DTA) to strengthen economic relations between the two territories. Barbados Prime Minister Freundel Stuart noted that although diplomatic relations between the two countries were established in 1972, economic opportunities have yet to be fully explored…. – Continue reading
The U.S. Department of Justice is considering actions against taxpayers who wrongfully used the Streamlined Procedures to assert non-willful conduct. As quoted in Tax Notes Today: “Speaking at the Federal Bar Association Section on Taxation annual tax law conference in Washington, Caroline Ciraolo, acting assistant attorney general in the Tax… – Continue reading
Skip to content Using Gmail with screen readers Click here to enable desktop notifications for Gmail. Learn more Hide 34 of 34 Web Clip Forbes.com: Most popular stories – Volt Vs. Tesla: The Dealership Experience – 7 hours ago ready to post 9 mar 2015 D Ready to post –… – Continue reading
Rome (dpa) – Silvio Berlusconi, a media mogul and three-time former Italian prime minister, has been embroiled in dozens of sex and money scandals over his career. He has always professed his innocence and claimed to be a victim of politically-hostile magistrates. Here is a summary of his legal travails…. – Continue reading
