The outgoing High Commissioner of Pakistan, Major General Ulfat Hussain Shah, paid a courtesy call yesterday on the Prime Minister, Sir Anerood Jugnauth, at the Treasury Building in Port Louis, to bid him farewell after having served for two years in Mauritius. Both parties agreed that there is a need… – Continue reading
March 2 (Reuters) – Generic and specialty drugmaker Mylan Inc reported a rise in quarterly profit and revenue, driven mainly by strong demand for its generics in North America. Net profit attributable to the company’s common shareholders rose to $189.2 million, or 47 cents per share, in the fourth quarter… – Continue reading
Australia and Switzerland have signed a deal to swap banking information in a bid to crack down on tax evasion. James Bond hasn’t been kind to Switzerland. Swiss ambassador to Australia Marcel Stutz is keen to counter the image of his country being the preferred banker for baddies. Mr Stutz… – Continue reading
NEW DELHI, MARCH 3: The Central Board of Direct Taxes (CBDT) is open to “re-look” at the conditions placed in this year’s Budget for encouraging fund managers of offshore funds to relocate to India, a top official said. “In our view the conditions are not onerous. But if you (fund… – Continue reading
Alibaba’s multiple nationalities are an invitation to trouble. Taiwan has challenged the e-commerce company’s status as a non-Chinese company. The regulators could be forgiven for being confused. Chinese tax authorities regard Alibaba as a company with its main base in Hong Kong, licensing bodies see China, while investors see the… – Continue reading
The great trick played on the electorate by successive governments over the last 30 years has been to convince people that benefit fraud is the primary source of both the economy’s and society’s ills. The government sets the agenda and the media rushes to lap it up. In fact, efforts… – Continue reading
Hong Kong Financial Secretary, John Tsang delivered his eighth budget speech on 25 February 2015. Key Points: >Expansion of tax exemption for certain offshore investment funds >Tax concession for treasury centre activities on the way >Full steam ahead with implementation of OECD automatic exchange of tax information standard >Addressing Hong… – Continue reading
It’s a 200-year-old, little-known tax break that effectively allows some of world’s wealthiest people to treat the UK as their own tax haven. However there are increasing calls to scrap the non-domicile rule for good amid the country’s recent banking scandals. While earlier incarnations of the rules were first established… – Continue reading
Notorious tax dodger GE recently released its annual financial report and the only thing eye-raising about the company’s paltry 0.9 percent federal income tax rate is that it’s marginally higher than the 0.4 percent average rate it paid over the past decade. Released without fanfare late in the afternoon last… – Continue reading
[SHANGHAI] Off-shore investment and fundraising procedures for Chinese state-owned enterprises (SOEs) will soon be simplified, media reported on Tuesday. The People’s Bank of China (PBOC) and related government bodies have already submitted a proposal to streamline “going out” procedures for Chinese firms to the State Council, a central bank official… – Continue reading
Though the issue of corporate tax avoidance has long been a topic which would find its home in the business pages, it has recently become a regular fixture on the global news agenda thanks to high profile scandals, such as the recent HSBC news. What’s more, global brands such as… – Continue reading
Tax investigators and police have raided commercial offices in Germany as they looked into allegations of large-scale tax evasion with regard to profits made in Luxembourg. Commerzbank was at the center of the searches. Media reports said police had raided scores of office premises across Germany on Tuesday as investigators… – Continue reading
The Internal Revenue Service’s Large Business & International division has opened a gateway that financial institutions and the tax authorities abroad can use to send information on financial accounts held by U.S. taxpayers in accordance with the Foreign Account Tax Compliance Act. FATCA, which was included as part of the… – Continue reading
The Global Transfer Pricing Guide is created to assist tax and finance professionals responsible for cross-border tax planning and compliance with their inquiries. Sterling Heights, Michigan (PRWEB) March 02, 2015 Global accountancy network UHY releases its 2015 “Global Transfer Pricing Guide” to assist tax and finance professionals responsible for cross-border… – Continue reading
Italy has made a pact with Monaco aimed at clamping down on tax evaders, the finance ministry said in a statement on Monday. The agreement, which will see the two states exchanging information for tax purposes, follows similar ones made recently with Switzerland and Liechtenstein. It is expected to give… – Continue reading
Large businesses require access to finances to fund on-going market development, regional expansion and mergers & acquisitions (M&A) to name a few. Conglomerates in particular have discovered that pooling together the different business units’ assets under treasury operations enables these to better manage the company’s liquidity as well as mitigate… – Continue reading
France has always been an attractive place to live but, there is a long-held perception that French taxes will eat up much of your income and savings, says Jason Porter, business development manager at Blevins Franks. Where annual income exceeds €1m (£729m, $1.1m), taxation at a rate of 75% (a… – Continue reading
(Corrects to show the bank plans to close a representative office in Russia.) (Bloomberg) — UBS Group AG plans to scale back its wealth-management activities in Moscow that serve clients who deposit their funds offshore as Switzerland’s largest bank streamlines operations in some emerging markets, according to two people with… – Continue reading
PARIS: A continued crackdown on tax evasion could rake in two billion euros (US$2.2 billion) this year, similar to the amount raised in 2014, French Finance Minister Michel Sapin said. Looking to shore up fragile state accounts, France has launched a campaign to encourage taxpayers to come clean on previously… – Continue reading
NEW DELHI: Opposition today came down heavily on the government accusing it of remaining silent over cases of communal violence and failing on national security front and stopping transfer of public money to foreign telecom firms Main opposition Congress party also charged the BJP-led dispenation with failing to make sufficient… – Continue reading
The Czech Republic’s Specialized Tax Office (STO) has confirmed that it has undertaken a nationwide control operation to scrutinize multinationals’ related-party transactions to ensure they are being taxed based on arm’s length prices. A first phase of the operation took place during January and February, with a second phase now… – Continue reading
Smaller companies, which innovate and create jobs, carry an unfair share of the burden In pre-revolutionary France aristocrats were exempt from direct taxation. On present trends the world’s elite corporations may soon find themselves similarly privileged. In the larger advanced countries the corporate tax base is eroding, partly because the… – Continue reading
An investment registration scheme launched by the government last year attracted a total of 1,469 valid registrations covering an aggregate of €455.8 million worth of eligible assets, The Finance Ministry told The Malta Independent. Of the total amount registered, €69.8 million or 15% of the total was repatriated following registration…. – Continue reading
A foreign bank asks our client to provide information that the bank is not required to provide IRS under FATCA. There are two possibilities. Our client can provide the information or our client can choose not to provide the information. How should we advise our client? General Ethical Principles There… – Continue reading
Global entities liable to pay tax on yearly income if their place of effective management is India even for a single day Shell companies based abroad would have to pay taxes on their global income for a year if their place of effective management (POEM) is India even for a… – Continue reading
Working overseas can lead to tricky tax pitfalls, but seeking expert advice can keep you from paying up twice. Going overseas to work is a grand adventure for many young professionals. It offers the opportunity to experience a different culture, expand your work experience and enhance future career opportunities. But… – Continue reading
The Federal Opposition has announced plans to crack down on multinational profit shifting and tax avoidance, calling out the likes of Apple for not paying their “fair share” of taxes in Australia. Leader of the Opposition Bill Shorten said the new plan introduced by Labor would bring back at least… – Continue reading
Bill Shorten, criticised for adopting a near invisible profile as Labor Leader, outlined a “policy brief” on Monday intended to tackle multinational tax avoidance and add nearly $2 billion to consolidated revenue over three years. The four-pronged approach includes changing the so-called thin-capitalisation rules allowing corporations to claim tax deductions… – Continue reading
Bahrain-based TAIB Bank says the final outstanding balance for shareholders who sold 60 per cent or more of their shareholding to Dubai Financial Group at the rate of US$ 2.59 per share during November 2007, has now been received by TAIB. This final escrow balance amount received shall be remitted… – Continue reading
Foreign subsidiaries may now have to pay tax both in India and the country of their operations At present, a company incorporated outside India is considered a tax resident only if the control and management of its affairs is situated wholly in India. Photo: Pradeep Gaur/Mint New Delhi: A budget… – Continue reading
Under Article 185, § 2, B of the Belgian Code on revenue taxes, an international group may ask for its taxes to be reduced by so-called excess profits, which are registered in the account of the Belgian entity as a result of the benefits of being part of an international… – Continue reading
Corporate tax reform has emerged as an area of potential bipartisan action in the United States Congress over the next few months. But fundamental questions about the right approach remain. There is widespread agreement that the US corporate tax system is deeply flawed. The rate is too high; the base… – Continue reading
Anti-Money laundering rules are hurting British trade by making it unreasonably difficult for honest firms to access finance, business group the Confederation of British Industry (CBI) said today, reports City AM. The rules are designed to deny crooks the ability to clean their dirty money through the banking system. But… – Continue reading
In previous updates we have alerted clients to the introduction of Cayman Islands regulations1, which give effect to the automatic exchange of tax information principles established by the US and UK intergovernmental agreements (the “Cayman US Regulations” and the “Cayman UK Regulations”, respectively). While many Cayman Islands entities will be… – Continue reading
The Conversation Five years ago the Henry Review undertook a detailed examination of Australia’s tax and transfer system. Today, the Tax and Transfer Policy Institute at ANU’s Crawford School has revisited the Henry Review, as the Australian government prepares to release its tax white paper. Tax reform should not be… – Continue reading
New Delhi: The announcement by Finance Minister Arun Jaitley categorising tax evasion in relation to holding of illegal foreign assets as a “predicate offence” under anti-money laundering laws has, for the first time, made concealment of income a criminal offence in India. At present, tax evasion is a civil offence… – Continue reading
The ATO has so far also ¬recouped $342 million in unpaid tax from 1900 offshore ¬accounts held by Australians and $215 million from multinationals. THE Australian Taxation Office will lead a new worldwide taskforce to crackdown on multinational tax cheats in a move it claims will yield billions of dollars… – Continue reading
In previous updates we have alerted clients to the introduction of Cayman Islands regulations1, which give effect to the automatic exchange of tax information principles established by the US and UK intergovernmental agreements (the “Cayman US Regulations” and the “Cayman UK Regulations”, respectively). While many Cayman Islands entities will be… – Continue reading
GUEST COLUMN- Dinesh Agarwal & Amit Poddar The Finance Act, 2012, had introduced the provisions for specified domestic transactions (SDT), extending the laws of transfer pricing to domestic transactions. One of the criteria for applicability of domestic transfer pricing was that the aggregate value of domestic transactions should be at… – Continue reading
Government proposes to come out with a modified General Anti-Avoidance Rules by incorporating provisions of the OECD’s BEPS project so as to effectively deal with the problem of tax avoidance by MNCs. The BEPS initiative aims to ensure that taxes are paid where profits are made. Multinational companies use a… – Continue reading
British mobile giant Vodafone hasn’t been bailed out, with Finance Minister Arun Jaitley maintaining status quo on taxing past offshore deals. However, foreign investors can draw comfort as tax will be charged in India only on certain offshore deals where the underlying asset and the value derived thereon are in… – Continue reading
An elaborate plot to oust the current chairperson of the South African Airways board, Dudu Myeni by showing that she has millions of rands stashed away in foreign bank accounts has been exposed this week, it has been learnt. The Times revealed that there has been a leak of a… – Continue reading
Former Labour Foreign Secretary took part in large tax avoidance scheme David Owen was ordered to repay around £50,000 following investigation The 76-year-old former politician is a long-term donor to the Labour party David Miliband has in the past taunted the Tories over ‘dodgy donors’ Former Labour Foreign Secretary and… – Continue reading
The British Virgin Islands (BVI), as one of the world’s leading finance centres and meeting the changing needs of international businesses and high net worth individuals (HNWIs), has managed to create a stable, well-regulated and neutral jurisdiction that makes a significant contribution to the liquidity of the global economy. The… – Continue reading
New Delhi: India will join the league of countries like Singapore, UK and the US with its proposed law to check black money, under which those hiding income and evading tax in relation to foreign assets can be slapped with a prison term of up to ten years.In fact, the… – Continue reading
Income tax returns filed with the Inland Revenue by former PN MPs Michael Falzons and Ninu Zammit paint a modest picture of their earnings in the 1970s and 1980s, and, as expected, make no mention of the money in their Swiss bank accounts. The tax returns were obtained from the… – Continue reading
The art of taxation, declared King Louis XIV’s Minister of Finances Jean-Baptiste Colbert, is in “so plucking the goose as to obtain the largest amount of feathers with the least amount of hissing”. The Budgets of Singapore and Hong Kong – released two days apart this week – have thrown… – Continue reading
When an economist presents his opinion to the public on any subject he should be asked to swear, similar to what witnesses do in a court trial, that he will follow Henry Hazlitt’s Lesson (Economics in One Lesson – Henry Hazlitt – 1946 – Harper & Brothers): “The art of… – Continue reading
You have to hand it to Emma Thompson and her actor husband Greg Wise for cleverly launching a tax boycott. They earn plenty of income, but won’t pay taxes until the British government cracks down on wealthy wealthier people shielding their riches. The pair want the culprits in the HSBC… – Continue reading
Minister of Finance Martin Dlamini said the proposed revenue measures would assist government in mobilising additional resources for protecting essential services while Southern African Customs Union (SACU) revenues fall in the medium term. He said these initiatives include an amendment of the Income Tax regulations, including removal of the tax… – Continue reading
