NEW YORK (TheStreet) — Bank of America (BAC) has just been accused of using U.S. government-insured depositor money to finance trades facilitating “dividend tax arbitrage.” This is the practice of moving stocks around to different jurisdictions so that the ultimate client beneficial owner of the stock minimizes the tax he… – Continue reading
The Caribbean Financial Action Task Force (CFATF) recognizes the tremendous strides Belize has made in strengthening its regime for anti-money laundering and combating the financing of terrorism (AML/CFT) and concluded that Belize no longer poses a risk to the international financial system. At the recently concluded CFATF Plenary, member countries… – Continue reading
MANHATTAN (CN) – Israel’s largest bank helped procure sham loans for clients and advised them to dodge taxes in other ways, a shareholder class action says. Michael Porat, a citizen of Israel, filed the 57-page complaint against Bank Leumi and various international subsidiaries in New York County Supreme Court. Sixty-one… – Continue reading
FATCA could have a bearing on the provisions of the proposed Indian law A new bill to deal with black money parked abroad that the government is planning to bring in the current session of Parliament is likely to be influenced by the law in the United States to check… – Continue reading
The Virgin Islands’ financial services industry continues to be heavily criticized through media reports, but Executive Director of the recently formed BVI Finance, Mr Kedrick Malone believes the attacks are politically motivated, reports BVI Platinum. “I think a lot of the media you are seeing is politically motivated. It is… – Continue reading
India and US Foreign Account Tax Compliance Act (FATCA) would be signed a new information sharing agreement in New Delhi on tax evasions, reports Customs Today. The US has given India time till September 30 to put in place a framework to track down the assets that nationals of each… – Continue reading
Skip to content Using Gmail with screen readers Click here to enable desktop notifications for Gmail. Learn more Hide 1 of 18 Web Clip NYT Travel – In Transit Blog: New Year-Round Routes on Eurostar Trains – 4 hours ago ready to post 9 mar 2015 D Ready to post… – Continue reading
(Reuters) – Chinese developer Kaisa Group Ltd, mired in crisis since late last year after the local government in its home base of Shenzhen blocked sales at some of its projects, is seeking to restructure its debts, according to an exchange filing in Hong Kong on Sunday. The restructuring plans,… – Continue reading
SAN JUAN, Puerto Rico – With recession biting into profits at their chain of burger restaurants and surf shops, two brothers responded in a way Puerto Rico authorities say is common: by shortchanging the government. Javier and Oscar Juelle failed to turn over $1.27 million in sales taxes they collected… – Continue reading
Subramaniam Swamy has been a strong advocate for abolishing income tax. There is a basic dichotomy in the taxation structure in India — many corporates pay taxes that are a fraction of what they should be paying while the salaried class get deductions that can’t really be called deductions due… – Continue reading
ABU DHABI // Almost nine in ten expatriates send money back to their home country but financial experts warn they are more savvy ways to keep money safe. The National’s survey questioning expatriates on remittance, among other financial habits, found 86 per cent of employed expats transfer money to their… – Continue reading
(Bloomberg) — U.S. prosecutors investigating currency manipulation are considering revoking years-old settlements and prosecuting banks for rigging interest rates, according to people familiar with the matter. The Justice Department is weighing whether evidence of wrongdoing in currency trading means banks violated old deals resolving probes into the rigging of benchmark… – Continue reading
Ramakant Jha, the managing director and group chief executive of Gujarat International Finance Tec-City (Gift), talks about the central business district, which is still being developed. Why is Gujarat the right destination for such a project? When people us, “why Gujarat?”, we ask them, “why not Gujarat?” Gujarat has had… – Continue reading
Many business owners have substantial personal assets invested in their business. This can have significant implications, not only for you and your business, but also for your family’s financial security. To protect your investment, both business and personal, your business strategy should include carefully structured tax-planning components to ensure you… – Continue reading
There have recently been some well-publicised examples of multinationals buckling under pressure because they were perceived to be paying too little income tax. Towards the end of 2012, Starbucks in the UK undertook to pay £20-million of corporate income over two years, despite insisting it had complied with the tax… – Continue reading
A global financial imbalance is becoming apparent in the number of financial institutions signing up for the US Foreign Account Tax Compliance Act (FATCA). FATCA demands any overseas financial organisation handling cash or assets controlled by US taxpayers. Another 2,479 organisations registered with the Internal Revenue Service (IRS) to confirm… – Continue reading
Sparks are flying after Netflix said it would not charge GST on the Australian version of its online television service which launches next Tuesday. United States-based Netflix, Quickflix, Foxtel Play, Presto and Stan, partly owned by Fairfax Media, are locked in a bidding battle to secure the best programs for… – Continue reading
MUMBAI: Next time, you will think twice before opening a bank account in Jersey or buying a property in London — even if the transaction is legitimate. Everyone having accounts with offshore banks, or owning properties or stocks abroad will be soon asked a string of questions by the tax… – Continue reading
Athens: The Greek government plans to hire an army of amateur tax sleuths – including tourists – in a bid to fill the gaping hole in the country’s finances. According to a leak purporting to list the major reforms Athens will present at a crunch meeting of the Eurogroup in… – Continue reading
Discuss issues related to applicability of minimum alternate tax and permanent establishment Foreign Investor on Saturday raised several tax-related issues with Finance Minister Arun Jaitley at a meeting organised by the National Stock Exchange (NSE). According to sources, issues regarding applicability of minimum alternate tax (MAT) and permanent establishment (PEs)… – Continue reading
The small business tsar and Conservative peer said she supported the party because she believed in “fairness” and that “everyone should pay their taxes” Apprentice star Tory Karren Brady has insisted that “everyone should pay their taxes” – but is on the board of a firm linked to an alleged… – Continue reading
(Reuters) – Britain’s finance minister, George Osborne, is planning to introduce a new “diverted profits tax” targeting multinational companies judged to have shifted profits overseas to avoid tax, the Sunday Times newspaper reported, citing government sources. The 25 percent levy, more than corporation tax which is set at 20 percent,… – Continue reading
Vivienne Westwood’s donation of £300,000 to the Green Party sparks controversy over her company’s use of off-shore account She is probably Britain’s most influential — and definitely most controversial — fashion designer. So perhaps it was inevitable that when Dame Vivienne Westwood became the Green Party’s biggest supporter with a… – Continue reading
ISLAMABAD: The criminal involvement of senior officials of Large Taxpayers’ Unit (LTU) Lahore in tax evasion case has entangled the Federal Board of Revenue (FBR) in a perplex situation to proceed forward the case against the tax evaders. In the ending of last month suspended three Inland Revenue service officers… – Continue reading
A tax loophole is denying British youth and unemployed workers the chance to earn a living or to be trained in a new career. The sneaky technicality, which is fully supported by the European Union, is predominantly used when projects are funded from ‘European regional funds’ such as roads and… – Continue reading
Taipei, March 7 (CNA) Banks incorporated in Taiwan saw profits in their offshore banking units (OBUs) falling year-on-year in January, while earnings in their domestic banking units (DBUs) were up for the same month, the Financial Supervisory Commission (FSC) said Saturday. The FSC, the top financial regulator in Taiwan, said… – Continue reading
KUWAIT CITY, March 7: Baker Tilly Kuwait for Audit, Tax and Consulting is pleased to announce a new consulting service for individuals with respect to the Foreign Account Tax Compliance Act (FATCA) aiming to assist US citizens and Green Card holders residing in the State of Kuwait to comply with… – Continue reading
A judge has given HM Revenue & Customs two weeks to decide whether to put allegations of dishonesty to directors of media firm Ingenious in a court case to decide if its film investment schemes broke tax avoidance rules. Ingenious, founded by accountant Patrick McKenna, and HMRC are facing each… – Continue reading
Sofia. Bulgarian banks will be providing U.S. authorities with information about accounts of American citizens in the country, Standart Daily reports. The Parliament’s budget and finance committee on Thursday ratified the FACTA agreement between Bulgaria and the U.S. Bulgaria signed the Foreign Account Tax Compliance Act (FATCA) back in 2013… – Continue reading
NEW DELHI: Indian Central Board of Direct Taxes (CBDT) will outline rules to give relief on foreign pre-paid taxes. Currently, the income tax law does not provide the manner for granting credit of taxes paid in any country outside. Now, this situation is sought to be addressed with the latest… – Continue reading
Introduction In the autumn statement the Chancellor of the Exchequer announced the introduction of a new Diverted Profits Tax (DPT). Against the context of international co-operation in the OECD led consultation on ways to ensure profits are taxed where they are generated (the Base Erosion and Profit Shifting project (BEPS),… – Continue reading
(Reuters) – Liechtensteinische Landesbank (LLB) said on Friday it is selling its majority shareholding in swisspartners to the Swiss asset manager’s active partners, as the Liechtenstein bank focuses on its core business. The pair did not disclose a price for the sale but LBB said in a statement it will… – Continue reading
Guernsey’s treasury minister has told the Labour Party not to “bash” the bailiwick on tax transparency. A meeting followed Labour leader Ed Miliband’s threat to blacklist Guernsey under a Labour government if it does not clamp down on tax avoidance. Deputy Gavin St Pier said shadow exchequer secretary Shabana Mahmood… – Continue reading
As a follow up to last week’s publication, below is a continuation of the article that highlights the requirements for filing returns, due dates and penalties for late filing of returns as it pertains to various tax types. Last week’s edition focused on Company Income Tax (CIT), Education Tax (EDT),… – Continue reading
NEW DELHI: Indian Central Board of Direct Taxes (CBDT) will outline rules to give relief on foreign pre-paid taxes. Currently, the income tax law does not provide the manner for granting credit of taxes paid in any country outside. Now, this situation is sought to be addressed with the latest… – Continue reading
HMRC yielded £1.1bn in tax from multinationals last year, as it actively challenged transfer-pricing agreements The Revenue said that £5.8bn in tax has been secured by the specialist group set up to investigate pricing agreements between companies in the same multinational group since it was established in 2008. HMRC announced… – Continue reading
One million American citizens in Canada face double tax troubles. Max Reed explores these challenges in a spring series. This spring, a new tax law hangs heavy over U.S. citizens who call Canada home. The U.S. Foreign Account Tax Compliance Act, or FATCA, has generated a lot of attention because,… – Continue reading
Planning to enjoy your retirement in a different country? Check these tax, banking and investment issues More than 400,000 Britons have retired abroad, attracted by better weather, a laid-back lifestyle and a lower cost of living. But if you want to join them, you will need to make serious adjustments… – Continue reading
Luxembourg: French President Francois Hollande urged Luxembourg on Friday to “go as far as possible” in tackling tax avoidance in the wake of the Luxleaks scandal. Investigative journalists last year found top international companies including Disney, Microsoft and Heinz benefiting from sweetheart tax deals with Luxembourg. “Luxembourg has committed to… – Continue reading
The recent tax scandals had revealed that HSBC bank offered a friendly advice to its private clients on how to succeed in their tax evasion attempts. This effectively shows that our societies are divided between those who have higher share of wealth (and thus greater opportunities to pursue their interests)… – Continue reading
Just months after the Obama administration cracked down on mergers that helped US companies skirt domestic taxes, a wave of foreign takeovers is steering more tax revenue away from the US, reports the Wall Street Journal. In deals known as “tax inversions,” which spiked in 2014, US companies acquired foreign… – Continue reading
Chile is the fifth largest economy in South America and increasingly one of the most significant U.S. trading partners in the region. U.S. foreign direct investment into Chile was $39.9 billion for 2012 (the latest year for which official figures are available). And in 2013, the U.S. exported $17.6 billion… – Continue reading
Eleven S&P 500 companies reported profits for calendar 2014 but will be paying no corporate income taxes. Nearly a dozen profitable U.S. companies are paying no corporate income taxes for 2014. A USA Today article on Wednesday said that 11 companies in the Standard & Poor’s 500 had an effective… – Continue reading
With effect from 1 January 2015, The Income Tax (Guernsey) Law, 1975 was amended so that non-Guernsey residents will now be taxed on their pension benefits paid from an occupational pension scheme approved under section 150 of the Law, irrespective of whether they have performed services in Guernsey or not…. – Continue reading
Republican Senators Mike Lee and Marco Rubio have put forward version 2.0 of their tax reform proposal first released last September. The two men offer a bit more detail to their sweeping plan this time around, and it’s still a strong, pro-growth proposal. The broad strokes of the Lee-Rubio plan… – Continue reading
SANTIAGO, CHILE – Prosecutors are asking a judge to charge the owners of a prominent Chilean financial company with bribery, tax evasion and illegally financing the campaign of right-wing politicians. Attorney General Sabas Chahuan is seeking formal charges against Carlos Delano and Carlos Lavin, who own the Penta Group, which… – Continue reading
BRUSSELS, March 6 (KUNA) — The EU warned Friday that the continued withholding of Palestinian revenues by Israel could be highly detrimental to the stability and security of the region. “This decision runs counter to Israel’s obligations under the Paris Protocol of the Oslo Agreement. It should be recalled that… – Continue reading
Like a neutrino bomb on the landscape of banking, regulation and journalism, the HSBC tax evasion story via its Swiss subsidiary keeps spreading with devastating effect – at least for those whose careers concern it. According to investigative journalist Nafeez Ahmed, who managed to get hold of rather golden whistleblower… – Continue reading
Sinn Fein’s Mary Lou McDonald insists she was right to name a number of politicians in a dossier of alleged tax evasion in the Dáil last December. She used Dáil privilege to name several former Ministers and TDs. Deputy McDonald says she hasn’t received any letters from either the Ceann… – Continue reading
New figures have revealed more than 3,000 properties in Camden and Barnet are registered in secret offshore havens – among the highest numbers in the capital. A leading anti-corruption charity released the data yesterday as it called on the government to implement tough new regulations to increase transparency over property… – Continue reading
