Category: Jurisdiction

Trial of ex-Bayern president Hoeness prompts surge in number of Germans confessing tax evasion

BERLIN — The high-profile tax evasion trial against former Bayern Munich president Uli Hoeness has prompted a surge in the number of Germans turning themselves in to authorities for failing to properly declare their taxes. Munich daily Sueddeutsche Zeitung reported Wednesday that some 13,000 sought to escape prosecution by submitting… – Continue reading

Jamaica At Final Stage To Implement FATCA

Next week, Jamaica and the United States (US) will officially sign the intergovernmental agreement (IGA) to implement the US’ Foreign Account Tax Compliance Act (FATCA), putting the island well ahead of its CARICOM counterparts. “We have actually signed off on the text of the agreement and it is going to… – Continue reading

Russia Races to Dodge Sanctions by Adapting Law to FATCA

Russia is in a race against time to adapt its laws to the U.S. Foreign Account Tax Compliance Act, or FATCA, and save its banks from financial sanctions. Legislation allowing Russian financial institutions to share information about their U.S. clients with the U.S. tax service, the IRS, was submitted to the State Duma on Wednesday, but has no hope of being… – Continue reading

New bank law raises privacy fears

Attempts by the country’s banks to comply with new American tax legislation are raising fears about customers’ privacy. The United States is one of two countries – the other being Eritrea – that tax their citizens who live overseas, even if their income is generated in a foreign country and… – Continue reading

Moscow Fears FATCA Sanctions Over Crimea Crisis

Russia’s hard line over sanctions following the annexation of The Crimea from Ukraine seems to be softening over the Foreign Account Tax Compliance Act (FATCA). In on-off negotiations that have inched forward over several months, Russia had pledged to sign up to a FATCA inter-government agreement to make the country’s… – Continue reading

Barbados Ponders Property Incentive For The Rich

Barbados is weighing new ways to attract offshore investments. The Central Bank of Barbados (CBB) confirmed this week that the government is contemplating providing high net worth foreigners with the right to hold and own property on the tiny island of 283,000 people. The confirmation follows the disclosure by Euromoney.com… – Continue reading

Merryn on tax havens

Money Week editor-in-chief Merryn Somerset Webb has sparked a new debate on the question of whether the Isle of Man is a tax haven or not.   Last week Business News reported how the FT columnist believes the island is a tax haven even though it was pointed out to… – Continue reading

Mining: Ghana loses millions in tax evasion

It has emerged that about 140 million dollars in taxes were lost to the state in the mining sector alone between 2005 and 2007. In 2012, an additional 36 million dollars shipped abroad mostly to non-taxable offshore accounts on the blind side of tax authorities. The guilty parties are “big… – Continue reading

Cyprus: Cyprus Is Reportedly Close To Concluding An Inter-Governmental Agreement Under The US Foreign Account Tax Compliance Act

The Foreign Account Tax Compliance Act (“FATCA”) is a US tax measure enacted in 2010 to prevent and detect US tax evasion and improve taxpayer compliance. It targets tax non-compliance by US taxpayers with foreign accounts by imposing a 30% withholding tax on their transactions with foreign financial institutions and… – Continue reading

FATCA will still take effect amongst OECD proposed agreement

The Global Organisation for Economic Cooperation and Development’s proposed standard information exchange does not change the FATCA deadline. Jeffrey S. Freeman, J.D., LL.M It is estimated that the U.S. economy suffers a $500 billion loss annually due to tax evasion on foreign source income and assets hidden outside the country…. – Continue reading

India concludes pact with US on tax evasion under FATCA

India has concluded an ‘in substance’ agreement with the US to combat possible tax evasion by Americans through Indian financial entities. The ‘in substance’ agreement with India under Foreign Account Tax Compliance Act (FATCA) was concluded on April 11, the US Treasury said. Market regulator Sebi plans to issue guidelines… – Continue reading

Swiss team to discuss revision of dual taxation treaty: Visit likely by August-end

A Swiss delegation is likely to visit Pakistan by August-end to discuss the possibility of re-negotiating and upgrading treaty on Avoidance of Double Taxation between Pakistan and Switzerland. It is reliably learnt on Tuesday that Pakistan is set to re-negotiate and upgrade treaty on Avoidance of Double Taxation with Switzerland… – Continue reading

Gibraltar bank warns of new regulatory enforcement action, fines over money laundering

Gibraltar Private Bank & Trust Co. warned its shareholders that federal regulators are seeking to hit the bank with a new enforcement action and civil monetary penalties, including against individual board members. The Office of the Comptroller of the Currency and the U.S. Department of the Treasury are pursing these harsh civil measures because they’ve… – Continue reading

Bahamas FATCA Agreement Reached

The Ministry of Financial Services is pleased to advise that the Cabinet of The Bahamas approved, in principle, the Model 1 Agreement between the Government of The Bahamas and the Government of the United States to implement Foreign Account Tax Compliance Act (FATCA) following a productive round of negotiations with… – Continue reading

You Pay Taxes – Why Doesn’t General Electric?

You pay your fair share of taxes. Small businesses do too. It’s the price we pay to educate our kids, protect our communities and have some security in retirement. Why shouldn’t some of America’s largest corporations pay their fair share too?   Corporations are making record profits. But 111 profitable Fortune 500… – Continue reading

FATCA compliance: time is running out

Financial Institutions have just under three weeks left to apply for a Global Intermediary Identification Number (GIIN), FIs have until 5 May to register with the IRS for a GIIN, a unique identifier that FIs will use to show compliance following the implementation of the Foreign Account Tax Compliance Act… – Continue reading

Malta, Moldova Sign Double Tax Agreement

Maltese Foreign Affairs Minister George Vella met with Moldavian Deputy Prime Minister Natalia Gherman to sign a dual taxation treaty (DTT) and a joint declaration, according to a press release issued by the Maltese Government. The joint declaration confirms Malta’s support for Moldova’s bid for greater integration in the EU…. – Continue reading

Belgium To Strike FATCA Deal With US

Belgium and the US will sign an intergovernmental agreement (IGA) in Brussels on April 23 for the implementation of the US Foreign Account Tax Compliance Act (FATCA), the Belgian Finance Ministry has announced. The IGA requires the Belgian Tax Administration and the US Internal Revenue Service (IRS) to exchange information… – Continue reading

Kuwait International Bank (KIB) set to enforce FATCA

Kuwait International Bank has completed all the requirements to register with the US Internal Revenue Service (IRS) regarding the enforcement of FATCA, said the bank’s Board Chairman Sheikh Muhammad Al-Jarrah Al-Sabah, in a press statement. Kuwait state news agency KUNA reported him as saying that to ensure total compliance with the IRS,… – Continue reading

HMRC ‘Must Change Approach’ To Successfully Tackle Tax Evasion

HMRC ‘Must Change Approach’ To Successfully Tackle Tax Evasion April 14th, 2014 Legal Expert Reacts To Offshore Evasion Strategy Document HM Revenue and Customs (HMRC) needs a change in approach rather than more powers if it is to improve its efforts to tackle tax evasion, according to a legal expert… – Continue reading

Nigeria, Other African States Seek World Bank’s Assistance on Illicit Financial Flows

By Nduka Nwosu and  Steve Omanufeme  in Washington DC Nigeria and other African countries have asked the Bretton Woods institutions, the World Bank and the International Monetary Fund  (IMF), to help them arrest the intractable problem of illicit financial outflows from the continent. The Coordinating Minister for the Economy (CME)… – Continue reading

Tax amnesty ‘promising’: ATO

More than three people a day have disclosed offshore income or assets in the fortnight since the Australian Taxation Office announced an amnesty, The Australian Financial Review reports. According to the newspaper, tax commissioner Chris Jordan said early results were promising, with 16 disclosures and 33 expressions of interest about possible disclosures… – Continue reading

Mauritian firm Ireland Blyth says Indian tax rules affecting investment

Mauritian conglomerate Ireland Blyth IBLP.MZ says uncertainty over new tax rules by key trading partner India has affected its business by putting off investors using the Mauritius financial center to invest in India. Nicolas Maigrot, chief executive of the group which has a wide range of interests in financial services,… – Continue reading