Switzerland’s Financial Centre Reforms Are A Work In Progress by Andreas Keiser, swissinfo.ch In the last few months Switzerland has made progress in making its financial centre internationally compliant. Key areas are the automatic exchange of information, enhanced administrative assistance with other countries, and the reduction of foreign untaxed assets…. – Continue reading
Some of the folks down at the IRS may have been ‘confused‘ about how to apply the tax exempt organization rules, especially those rogue employees in Cincinnati. But the IRS isn’t confused at all about the power of FATCA, the Foreign Account Tax Compliance Act. It is America’s global tax… – Continue reading
By next year, the US Internal Revenue Service will require all Israeli businesses to declare whether any shareholders are US citizens. The US Foreign Account Compliance Act (FATCA) regulations are being more broadly applied by Israeli banks. Now that banks in Israel have completed signing up private customers on declarations… – Continue reading
BUENOS AIRES] Argentina said on Monday it was suspending HSBC Bank Argentina’s right to transfer money abroad for 30 days due to “irregularities”, two months after charging it with helping clients evade taxes by siphoning their funds off to Switzerland. HSBC Bank Argentina has failed to fulfill a pledge to… – Continue reading
Globally, the sphere of taxation has witnessed a constant tussle between its primary players – while governments continually strive to maximise revenue and widen the tax base through successive amendments to tax laws and streamlining tax administration, taxpayers seek to arrange their affairs in a manner so that the incidence… – Continue reading
Severe council cuts could be reduced if multinational companies paid their fair share of tax, according to councillors. Labour Cllr Paul Merry, of Wanstead ward, and Cllr Varinder Singh-Bola, of Cranbrook ward, will put forward a motion at a council meeting this week calling on the authority to back the… – Continue reading
A senior Indian Revenue Services (IRS) officer attached to the investigation wing of the Income Tax department here is under the scanner of the Central Bureau of Investigation (CBI) which is probing a multi-city income tax evasion scam involving senior Income Tax (I-T) officials, chartered accountants and businessmen, The Hindu… – Continue reading
Bradley Birkenfeld, the former UBS AG banker who won a $104 million whistle-blower award after serving time in U.S. prison for tax conspiracy, lost a bid to move back to Europe before his probation term ends. U.S. District Judge William Zloch yesterday denied Birkenfeld’s request to let him leave the… – Continue reading
Luxembourg’s fund management industry has responded to proposals put forward by the Organisation for Economic Cooperation and Development (OECD) on preventing treaty abuse, with a particular focus on the treatment of collective investment vehicles (CIVs). The response, from the Association of the Luxembourg Fund Industry (ALFI), concerns proposals put forward… – Continue reading
In a new paper, the Tax Foundation has recommended that the United States should reduce corporate tax rates and amalgamate corporate and shareholder taxes. The TF points out that the US loses about 60,000 corporations per year, with about one million having been lost since the last reform of corporate… – Continue reading
A pair of Democratic lawmakers in the House and Senate have re-introduced legislation aimed at preventing the abuse of offshore tax havens by multinational companies. Rep. Lloyd Doggett, D-Texas, a senior member of the tax-writing House Ways and Means Committee, and Sen. Sheldon Whitehouse, D-R.I., a member of the Senate… – Continue reading
Taipei, Jan. 13 (CNA) President Ma Ying-jeou said Tuesday that the Republic of China and Ireland have enjoyed close exchanges in recent years and that the two sides are now negotiating on signing an agreement on the avoidance of double taxation to further boost bilateral trade. The president noted that… – Continue reading
In its recent Asia-Pacific Residential Review, global property consultancy Knight Frank has said that Hong Kong and Singapore have the highest tax burdens on foreign property investors. It notes Singapore and Hong Kong have imposed taxes on foreign property buyers, such as additional duties, as a “macro-prudential tool … to… – Continue reading
The U.S. Internal Revenue Service (IRS), on Monday, introduced a new system that will allow financial institutions and tax authorities in other countries to securely send reports on financial accounts held by U.S. citizens to the IRS under the Foreign Account Tax Compliance Act (FATCA). The new system, dubbed the… – Continue reading
Bonds issued by Kaisa Group rose sharply on Tuesday after the embattled Chinese property developer said it had received a waiver from HSBC Holdings on a loan it failed to repay in late December 2014. Kaisa, which is struggling with the sudden departure of senior executives, government officials blocking sales… – Continue reading
CDE Op-Ed CommentaryGiven the recent problems American trading companies are having in establishing bank accounts in Hong Kong, viable alternatives need to be found. These issues, which are directly related to the American IRS carrying out extensive investigations in Hong Kong concerning breaches of the new FATCA regulations, have made… – Continue reading
(Bloomberg) — Australia is set to become the newest entrant to the Islamic debt market this year as a solar-power joint venture seeks to sell a debut sukuk in Malaysia’s offshore tax haven of Labuan. SGI-Mitabu, run by The Solar Guys International and Mitabu Australia Pty, has revived a plan… – Continue reading
The man who blew the whistle on the HSBC tax scandal tells Sky he first raised concerns seven years ago, when Labour was in power. Herve Falciani, the man who exposed a tax scandal at HSBC by leaking thousands of account details from a Geneva branch, says he first raised… – Continue reading
The US Foreign Account and Tax Compliance Act is a complex piece of legislation that has, unsurprisingly, triggered a number of enquiries in recent months from advisers seeking to understand the implications for them and their clients. So, what do you need to know? Fatca is a US Internal Revenue… – Continue reading
IT IS easy to forget how fast the world has changed. The iPad is only five years old. Facebook has been with us for just a decade. Skype has just had its 11th birthday. Those have resulted in big changes to the ways we interact, but they are in turn… – Continue reading
Bangladesh central bank has summoned local HSBC officials over recent reports in global media alleging the bank’s involvement in helping clients to evade taxes. The multinational bank’s Dhaka officials have been asked to come to the Bangladesh Bank (BB) on Thursday. “Recent media reports claim that a lot of people… – Continue reading
Some Indian financial intermediaries are looking to no less than the US President to ease recent regulatory pangs. The Foreign Account Tax Compliance Act (Fatca) created a headache for many local intermediaries, even as they rang in the New Year. The law requires intermediaries abroad to provide information on clients… – Continue reading
India has pushed for fast implementation of the automatic exchange of information that would help to trace transactions of money illegally stashed abroad. The issue was raised by minister of state for finance Jayant Sinha at the meeting of G20 finance ministers and central bank governors. “The minister advocated for… – Continue reading
The landmark transfer pricing case involving GlaxoSmithKline has settled on the eve of the second Tax Court of Canada trial in the matter, scheduled to commence on January 12, 2015. “Counsel for Glaxo confirmed the settlement but the details remain confidential,” writes William Innes of Rueter Scargall Bennett in Bill… – Continue reading
An announcement is expected imminently on the terms of the long-awaited revised tax treaty between Italy and Switzerland, reports say. According to a report from the ANSA news agency, the push to complete the treaty follows the parliamentary approval of Italy’s new voluntary disclosure program, which allows Italian residents to… – Continue reading
FORMER Tanaiste Michael McDowell has described as “nonsense” suggestions that Ansbacher inquiry judge Declan Costello was compromised by holding an account with the bank involved in the tax evasion scandal. Mr Costello’s family issued a statement defending the now deceased judge after it was alleged he was conflicted in overseeing… – Continue reading
Chinese nationals and companies operating overseas, who hold their fortunes outside of China, will soon be required to pay taxes on their worldwide earnings come Feb 1. Part of Beijing’s New Year resolution to crack down on tax avoidance and evasion, the general anti-avoidance rule (GAAR) and new penalties will… – Continue reading
New Electronic Funds Transfer (EFT) rules have entered into force in Canada, requiring certain financial intermediaries to report incoming and outgoing transfers of CAD10,000 (USD8,446) or more to the Canada Revenue Agency. On January 7, 2015, Revenue Minister Kerry-Lynne D. Findlay announced the launch of the CRA’s EFT initiative. Effective… – Continue reading
New Delhi, Jan. 11: US President Barack Obama’s visit during Republic Day is expected to set the tone for closer engagements with India as the two nations look to boost bilateral trade to a targeted $500 billion. Obama is the first US President to not only attend the 26th January… – Continue reading
NEW YORK (CNNMoney) — The upcoming tax season is likely to be the worst in years — for the IRS and potentially for taxpayers. The reason: The IRS budget keeps getting smaller, and the tax code keeps getting more complicated. Nina Olson, the national taxpayer advocate, said at a conference… – Continue reading
(Bloomberg) — The number of Americans renouncing U.S. citizenship increased 37 percent in the three months through December and the annual total reached a record level, data published Tuesday showed. The trend likely is accelerating because of a 2010 law that gives the Internal Revenue Service unprecedented access to U.S…. – Continue reading
Now that the Republicans have regained the control of the Senate that they lost in the 2006 midterm election, conservatives are salivating about the prospect of “real” or “genuine” tax reform. Conservatives believe that reforming the tax code by making it more efficient, more coherent, more transparent, and more equitable;… – Continue reading
SPECIAL REPORT: IS AMERICA LOSING IT’S CORPORATE SECTOR? Corporate inversions have been the dominant tax issue over the last year and have forced a serious evaluation of the U.S. corporate tax system. While there is widespread agreement that the U.S. corporate tax code is out of step with our global… – Continue reading
South Africa has lost out on billions in tax revenue in the past decade as large corporations, wealthy individuals and criminal syndicates slipped nearly R1-trillion out of the country. A Washington DC research and advocacy group, Global Financial Integrity, believes South Africa suffered “illicit financial flows” totalling more than $122-billion… – Continue reading
The President of the Chartered Institute of Nigeria (CITN), Mr Anthony Dike, on Sunday called for synergy between tax institutes and government to combat double taxation in the country. Making the call in an interview with the News Agency of Nigeria (NAN) in Lagos, the CITN president said that the… – Continue reading
The Greens are offering the Federal Government support to introduce a two-tiered corporate tax system in Australia, as long as it acts on tax avoidance and profit shifting. The Government is hoping a small business tax cut of at least 1.5 per cent will help to refocus the economic debate… – Continue reading
ISTANBUL: Committing to resist protectionism, the G20 nations have pledged to improve business environment to promote growth and strengthen transparency to prevent cross border tax evasion. The G20 Ministers also expressed concern over terrorist activities and called upon the member nations to expeditiously comply with international norms concerning exchange of… – Continue reading
ISTANBUL: Committing to resist protectionism, the G20 nations have pledged to improve business environment to promote growth and strengthen transparency to prevent cross border tax evasion. The G20 Ministers also expressed concern over terrorist activities and called upon the member nations to expeditiously comply with international norms concerning exchange of… – Continue reading
(ATHENS) – Greece’s new anti-corruption tsar Panagiotis Nikoloudis has been tasked with recovering 2.5 billion euros ($2.8 billion) for the debt-strapped government’s coffers through a ruthless crackdown on tax evasion. The former Supreme Court deputy prosecutor and Greece’s first ever anti-corruption minister told AFP he was itching to tackle the… – Continue reading
HMRC chief executive Lin Homer will face questions today before the Public Accounts Committee (PAC) about the HSBC tax evasion scandal. The agenda of the scheduled meeting between Homer and the PAC has been overtaken by this week’s revelations about HSBC “assisting” over 7,000 UK nationals with their tax affairs…. – Continue reading
Kenya, India to ratify double taxation agreement NAIROBI, Feb. 10 (Xinhua) — Kenya and India will soon ratify an agreement on the avoidance of double taxation, officials said on Tuesday. India’s Deputy High Commissioner to Kenya Sushil Singhal told Xinhua in Nairobi that the ratification of the agreement signed in… – Continue reading
Istanbul: Minister of State for Finance Shri Jayant Sinha attended the G-20 Meeting of Finance Ministers and Central Bank Governors in Istanbul, Turkey on 9th and 10th February ,2015. It was the First Finance Ministers’ Meeting under the Turkish Presidency. During his interventions in different Sessions, Shri Jayant Sinha, MoS… – Continue reading
Buildings in Bedford Square used by the Ministry of Justice to hold tax tribunals belong to a company registered in a tax haven, says Private Eye. The discovery by the Eye means the UK government is going against its own rules which forbids it from transferring its assets offshore. In… – Continue reading
A Swiss banking executive accused of helping U.S. clients cheat on their taxes lost his bid for bail because he didn’t come to court to answer the charges against him. Stefan Buck, who was Bank Frey & Co.’s head of private banking in Switzerland and an executive board member, was… – Continue reading
Business editor Duncan Foulkes quizzes three prominent Isle of Man businessmen on their thoughts ——————– Chris Eaton, Chief Executive Officer, The ILS Group There is no one major issue or initiative that faces the CSP and TSP sectors in 2015. Rather, they face more of a continued barrage of supra… – Continue reading
A Chinese property developer, which was seemingly in good financial shape until recently, appeared to default on an offshore bond payment Thursday, raising concerns among international investors with an interest in the country’s property market, according to reports. Kaisa Group Holdings Ltd., which is listed on the Hong Kong stock… – Continue reading
British Members of Parliament (MPs) have questioned the Government’s unilateral decision to push for the introduction of a Diverted Profits Tax (DPT) ahead of the completion of the Organisation for Economic Cooperation and Development’s (OECD’s) work on base erosion and profit shifting (BEPS). In a debate held in Parliament on… – Continue reading
CAIRO, Jan 9 (KUNA) — The Arab League on Friday lambasted Israel for retaining the Palestinian tax revenues, terming the move as “theft and collective punishment” of the Palestinian people. In a press statement today, Assistant Secretary-General for Palestine and Occupied Arab Territories Affairs Mohammad Subeih stressed the necessity of… – Continue reading
The Northern Ireland assembly would be given the power to set its own corporation tax rate from April 2017 if draft legislation published by the UK government is passed.09 Jan 2015 Corporate tax Tax UK Europe The Corporation Tax (Northern Ireland) Bill forms part of last month’s Stormont House Agreement… – Continue reading
CBDT to make provisions for MAT and reduce tax liability on Reits Jayshree P Upadhyay | New Delhi January 9, 2015 Last Updated at 00:50 IST Real estate investment trusts (Reits), notified last year, have so far found few takers due to taxation-related issues. To address this, the Central Board… – Continue reading
