Easy access drawdown rules for Qualifying Recognised Overseas Pension Scheme (QROPS) come with a twist in the tail. The Treasury and HM Revenue & Customs (HMRC) have confirmed QROPS are included in pension reforms that start from April 6, 2015 – which means retirement savers can access their QROPS fund… – Continue reading
Cyprus’ double tax treaty network has been expanded with three new agreements with Spain, Lithuania and Norway becoming effective as of January 1, 2015, boosting the island’s services sector that has been hammered by Russia’s intentions to clamp down on offshore interest and provide an amnesty for the repatriation of… – Continue reading
As the Organisation for Economic Co-operation and Development (OECD) passes the halfway point in its joint project with the G20 to address base erosion and profit shifting (BEPS) concerns, it is worth pausing to examine what the consequences of some of the proposed changes may be. Much of the focus… – Continue reading
Holley Nethercote commercial & financial services lawyers David Court, a partner at Holley Nethercote Commercial and Financial Services Lawyers was recently interviewed by an international publication regarding the implementation of FATCA in Australia. Below are some of David’s thoughts – How have you approached FATCA? What’s your biggest challenge? What… – Continue reading
HSBC, Sovereign, FedEx, DHL & UPS all expecting summons from IRS American IRS officials are said to be carrying out investigative work concerning FATCA transgressions from the American Consulate in Hong Kong, according to a report issued in the South China Morning Post. The article quoted Travis Benjamin, a Partner… – Continue reading
The future for offshore tax planning, also known as “aggressive tax planning” is likely to be limited to if not curtailed by the global exchange of information agreement signed in October, 2014 by 51 countries and growing. The link below is to a video summary of the predicted consequences of… – Continue reading
Trusts established by Portuguese resident individuals are now to be taxed for the first time after new rules were introduced on 1 January. On 17 December last year, the Government of Portugal introduced a change to its tax law meaning distributions from trusts to Portuguese residents would be taxed at… – Continue reading
The Cayman Islands has published a new report stating that, while it will not introduce a central registry of information on the beneficial ownership of companies, it will tighten up its beneficial ownership regime in other areas. The report follows industry consultation between November 2013 and February 2014 and broadly… – Continue reading
Multinationals told to be more cautious about intra-group transactions as Beijing imposes stiff measures against avoidance and evasion Multinationals have been advised to take notice of Beijing’s New Year resolution to crack down on tax avoidance and evasion, especially after the announcement of the general anti-avoidance rule (GAAR) and new… – Continue reading
HSBC Holdings and the city of Hong Kong, which were last month linked to an international tax evasion network, are currently under scrutiny as part of efforts by U.S. authorities to hunt down American tax evaders, the South China Morning Post (SCMP) reported Monday, citing lawyers. Official with the U.S…. – Continue reading
U.S. Internal Revenue Service officials are stepping up an international tax evasion investigation into HSBC Holdings and the city of Hong Kong in an effort to crack down on American tax evaders, the South China Morning Post reported. IRS officials are now stationed in overseas Asian jurisdictions, including at the… – Continue reading
Chief Palestinian negotiator Saeb Erekat on Saturday described as “piracy” an Israeli decision to stop the transfer of Palestinian tax revenues collected on behalf of the Palestinian Authority. “We were unofficially told a few hours ago that the Israeli government had decided to hold back tax revenues it collects on… – Continue reading
FORMER Minister for Justice Gerry Collins has declined to comment on correspondence from his solicitors accusing the Public Accounts Committee of “exceeding its jurisdiction” in any further pursuit of allegations he had an Ansbacher offshore account. Mr Collins, as well as another retired Limerick minister, Des O’Malley, earlier this month… – Continue reading
New Delhi: As a probe continues into misuse of stock markets for routing black money and tax evasion, the regulatory and other agencies suspect that GDR route is being used for bringing back suspected illicit funds stashed abroad. The modus-operandi, in cases currently under scanner, involves an intricate web of… – Continue reading
We will probably never know their names, but one thing we do know – one in 20 of the richest people in Australia tried to evade paying their fair share of tax in recent years. By what authority do we know this? By none other than the Australian Taxation Office…. – Continue reading
COUNCILLORS will consider a call to join a national campaign against tax dodging at the next meeting of West Dorset District Council. Beaminster councillor Caroline Payne has submitted a notice of motion, which will be considered by members at the meeting on Thursday, January 8. The motion reads: “Please could… – Continue reading
Will a person working both in India and outside for a certain time be taxed in both the countries or is there any tax regulation present. Indians have become accustomed to taking up jobs outside India as an offshore assignment or project. That means spending some part of the year… – Continue reading
MUMBAI – At least 1,000 individuals and companies have come under Securities and Exchange Board of India’s (Sebi) scanner for allegedly using stock markets to evade taxes and launder money through companies mostly existing on paper. Sebi is focussing on securities market related violations by these individuals and companies, who… – Continue reading
The Price of Offshore Revisited was written by James Henry, a former chief economist at the consultancy McKinsey, for the Tax Justice Network. Tax expert and UK government adviser John Whiting said he was sceptical that the amount hidden was so large. Mr Whiting, tax policy director at the Chartered… – Continue reading
Four days out from Christmas, Blind Citizens Australia (BCA), Deaf Australia, Homelessness Australia and Down Syndrome Australia learned they were to be subject to federal government funding cuts. New Social Services Minister Scott Morrison assured concerned parties that frontline services to the disabled would not be cut, just grants to… – Continue reading
Europe’s tax showdown could be headed straight to people’s wallets. With the new year, a change in fiscal rules in the European Union is increasing the tax on many purchases of digital content like e-books and smartphone applications. Under the new rules, first approved in 2008, the tax rate on… – Continue reading
Critics said the deal would allow Medtronic avoid taxes while providing preferential treatment to executives. The promise of 1,000 new Minnesota jobs was not enough to convince the state’s pension board to support a $48 billion corporate transaction that will move Medtronic’s legal headquarters overseas. A four-member subcommittee of the… – Continue reading
India is considering removing Cyprus from the blacklist of countries that do not share details about tax evaders after examining information given the island nation, reports from New Delhi have suggested. India had blacklisted Cyprus in 2013 for not sharing information about tax evaders. “They (Cyprus) have given some information…. – Continue reading
MUNICH (AP) – Former Bayern Munich president Uli Hoeness has been granted day parole seven months after going to prison for tax evasion. Bavaria’s state justice ministry says Hoeness is allowed to leave prison during the day to work as of Friday, though he’ll have to return in the evening… – Continue reading
NEW DELHI, JANUARY 2: The dispute resolution mechanism for matters relating to international tax and transfer pricing has been streamlined. The Finance Ministry has put in place a new framework that seeks to bring much-needed rigour and neutrality to dispute resolution on international tax issues. The move should encourage multinationals… – Continue reading
The new deoffshorisation legislation that passed with lightning speed through Russia’s Parliament and then hastingly signed by President Putin in the time span of a week and a half, comes into force on January 1, 2015. The new deoffshorisation legislation that passed with lightning speed through Russia’s Parliament and then… – Continue reading
The new year could bring important changes to the tax landscape. Here are several issues that will affect how much taxpayers owe for 2015 and beyond: Federal tax policy There is serious talk of overhauling the federal tax code. “There appears to be a consensus” on making changes, says Stephen… – Continue reading
BRUSSELS – As political honeymoons go, it was short and ended abruptly. Just one week into his job as European Commission president, Jean-Claude Juncker was broadsided by a series of newspaper articles outlining the depth and breadth of corporate tax avoidance schemes in Luxembourg. Schemes thought up and enacted while… – Continue reading
A number of financial institutions rushed to meet a registration deadline after a late-night regulatory circular on Tuesday urged them to sign up with American tax authorities. The circular had advised registration by Thursday. The institutions have to do so under America’s Foreign Account Tax Compliance Act (Fatca). It requires… – Continue reading
Businesses in the island’s vital financial services are gearing up for ‘substantial changes’ dealing with tax. That was one of the important messages to come out of a seminar organised by KPMG in the island. More than 200 experts attended the event which covered a series of changes in property… – Continue reading
A number of financial institutions rushed to meet a registration deadline after a late-night regulatory circular on Tuesday urged them to sign-up with American tax authorities. The circular came out on 30th December, and asked institutions to register by 1st January. The institutions have to sign up under the Foreign… – Continue reading
New Zealand’s tax authorities have been given more power to pursue tax evaders who go offshore under changes which come into effect this year. Inland Revenue will have more power to go after tax evaders who leave New Zealand under changes that come into effect this year. The Convention on… – Continue reading
A double taxation avoidance agreement between Taiwan and Austria, which is expected to boost bilateral trade an investment, will take effect on Jan. 1, 2015, Taiwan’s Ministry of Foreign Affairs said Wednesday. The agreement was signed in July, and with the two countries now having completed the necessary domestic legal… – Continue reading
NEW DELHI: The government needs to assure against any “witch-hunt” to make the compliance window under the new black money law a success and it’s a “pity” that the people do not believe its credibility, HSBC’s India head Naina Lal Kidwai has said. Stating that the persons taking advantage of… – Continue reading
The Cayman Islands Government today issued a report stating that it will continue its current method of providing beneficial ownership information to law enforcement, tax and regulatory authorities, as the method adheres to global standards. As explained in its Consultation Report on Maintenance of Legal and Beneficial Ownership Information, Government’s… – Continue reading
CMS Bureau Francis Lefebvre, a leading French law firm, has noted that the 2015 Finance Act and the Rectificative Finance Act for 2014 were adopted by the French Parliament on December 18. Certain provisions have been reviewed by the Constitutional Court, which issued its ruling on December 29. Both laws… – Continue reading
SOUTH Africa’s tax authorities need to beef up the country’s tax laws and regulations to ensure it derives its rightful dues from the digital economy and e-commerce, the Davis committee says. The committee’s interim report on base erosion and profit shifting, released for public comment last week, said gaps in… – Continue reading
The conditions for becoming tax-resident and tax non-resident vary from country to country and depend on such things as length of stay, type of accommodation, location of family, and nationality. In most tax systems, presence of an individual in a country for 183 days or more in any 12-month period… – Continue reading
Summary New FATCA requirements that apply to U.S. and non-U.S. insurance brokers and insurance companies will take effect on January 1, 2015. Those requirements impose new information gathering and reporting rules when U.S. insurance and reinsurance premiums are sent outside the U.S. Background The Foreign Account Tax Compliance Act (FATCA)1… – Continue reading
Swiss banks are training their crosshairs on Israeli customers. Legal sources said that in the past two weeks, the large banks in Switzerland have begun sending many queries to their Israeli customers demanding confirmation either that the assets deposited with the banks were reported to the Israeli tax authorities, or… – Continue reading
In recent court filings made in various federal district courts in Washington and California, the Internal Revenue Service is seeking to enforce testimonial summonses issued to current or former Microsoft employees, including former CEO Steven A. Ballmer. The summons had been issued earlier this fall. Microsoft’s outside tax counsel responded… – Continue reading
[HONG KONG] Asia could set another record for international bond issues in 2015 if Chinese companies continue to borrow offshore at the same voracious pace they did this year, while bankers expect a heavy redemption schedule and larger pipelines from India and Indonesia to lift activity. Barclays is forecasting volumes… – Continue reading
The Indian Constitution has empowered only the Central Government to levy and collect taxes. Every person whose total income exceeds the maximum exemption limit shall be chargeable to the income tax at the rate or rates prescribed in Income Tax Act. Such income tax shall be paid on the total… – Continue reading
HM Revenue and Customs (HMRC) has confirmed it has extended the lifetime of the Contractor Loan Settlement Opportunity (CLSO), a chance for contractors to own up to using an offshore tax avoidance scheme, until 30th June 2015. The settlement opportunity was originally meant to be open until January 2015. HMRC… – Continue reading
TOKYO (Kyodo) — Japan’s ruling parties on Tuesday adopted fiscal 2015 tax reform policies entailing corporate tax cuts and an expansion of tax breaks for the wealthy, with an eye on propping up sluggish household spending and boosting business investment to aid the economic recovery. By bolstering the… – Continue reading
Within its list of frequently asked questions (FAQs) on issues associated with the requirements of the Foreign Account Tax Compliance Act (FATCA), the United States Internal Revenue Service (IRS) has provided added information for foreign financial institutions (FFIs) in jurisdictions with in-substance intergovernmental agreements (IGAs). FATCA, which was enacted by… – Continue reading
A withholding tax is a tax that is kept back from an employee’s salary and subsequently paid directly to the government. Withholding taxes are commonly employed by countries throughout the world to help combat tax evasion. Countries in Asia typically divide withholding tax into dividends, interest and royalties payments, with… – Continue reading
The transfer pricing department is yet to make adjustments on share issuances by Vodafone India services to Vodafone Teleservices Mauritius for assessment year 2011 and 2012. The transfer pricing department has sought clarity from the government on legal recourse in the Vodafone transfer pricing case. Sources have indicated that the… – Continue reading
NEW DELHI: All Indian financial institutions with exposure to the US will have to register by tomorrow with the American tax authorities to avoid a hefty penalty tax of up to 30 per cent under the new Foreign Accounts Tax Compliance Act (FATCA). While it has extended the deadline for… – Continue reading
The Vatican Bank is the latest to join the ranks of a hundred other countries worldwide that have agreed to the terms of the FATCA. Since its enactment in 2010, the Foreign Account Tax Compliance Act or FATCA, has seen American Tax Law extend its reach further than ever before…. – Continue reading
