The Liechtenstein Disclosure Facility (LDF) is a tax disclosure facility for UK taxpayers. It is open to those with unpaid UK tax liabilities who had assets outside the UK (whether or not in Liechtenstein) as at 1 September 2009. It can be used to regularise their tax affairs on preferential… – Continue reading
In this sponsored Q&A, Gibraltar Finance’s Philip Canessa shares his views on the benefits of Gibraltar as a European Union jurisdiction, as well as the attractions of the territory’s fund regime, tax incentives and regulatory framework for the funds industry. Hedge Funds Review: How will Gibraltar-based funds benefit from all… – Continue reading
Since the global financial crisis in 2008, a handful of life companies in Luxembourg have seen their businesses flourish, as high- and ultra-high-net worth individuals in certain European markets have turned to a type of single premium bond marketed by these insurers as a safe and tax-efficient place to park… – Continue reading
The Cayman Islands is one of the world’s leading offshore jurisdictions for the establishment of investment funds. As at 30 September 2011, there were 9,444 funds (predominantly hedge funds) registered with the Cayman Islands Monetary Authority (CIMA) under the Mutual Funds Law. There are also significant numbers of private equity… – Continue reading
The Cayman Islands continue to be the pre-eminent offshore jurisdiction for hedge funds. Around 85 per cent of the world’s hedge funds are domiciled in the Cayman Islands, enabling the jurisdiction to outrank competing offshore centres (the British Virgin Islands, Bermuda and Jersey among them) as the top spot for… – Continue reading
Article 27 of the new double taxation agreement between Spain and Cyprus provides that the agreement will enter into force three months after the exchange of official notifications between the governments concerned that all ratification procedures have been completed. We understand that notifications were exchanged in March, which means that… – Continue reading
Twitter is no longer banned in Turkey, but the country’s prime minister Recep Tayyip Erdogan today pledged to “go after” the social network for evading taxes, Yahoo reports. We were unable to find any proof that tax evasion has or has not occurred, but it’s certainly a serious charge from… – Continue reading
India had received in $8.17 bn during April- January 2012-13 Foreign Direct Investment inflows from Mauritius have almost halved during April-January period of last fiscal to $4.11 billion on fears of impact of GAAR and possible re-negotiation of the tax avoidance treaty. India had received in $8.17 billion during April-… – Continue reading
An Island tax accountant says a UK clampdown on those who place their money offshore to evade tax, is unlikely to trace many culprits in the Isle of Man. Chancellor George Osborne says in future those who try to avoid tax by hiding money offshore will face tougher penalties. At… – Continue reading
BANK of Ireland is set to shutter its offshore banking operations in the Isle of Man following a strategic review. Bank of Ireland had used the Isle of Man as a deposit gathering operation in offshore savings. The bank’s Isle of Man operations had featured prominently in tribunals, with the… – Continue reading
BRUSSELS, April 12 (KUNA) — Belgium and the US will sign an agreement on 23 April that will allow the automatic exchange of bank data from accounts held in both countries. Belgian Finance Minister Koen Geens was quoted by Belgian media Saturday saying that the new deal “will lead to… – Continue reading
Britons hiding income in tax havens overseas to be made criminal offence Tough new measure was announced by George Osbourne at U.S. meeting It could help recoup some of £15billion in tax that goes missing each year HMRC estimates that outright tax evasion costs the Exchequer £5billion Britain is… – Continue reading
Prague, April 10 (CTK) – The number of Czech companies with owners based in destinations regarded as tax havens grew to 13,168 at the end of March, up by 68 from the end of last year, according to information from consulting company Bisnode. According to Bisnode, interest in tax havens… – Continue reading
MOSCOW, April 11 (Reuters) – Polyus Gold, Russia’s biggest gold miner, is considering state proposals to encourage the rebasing of Russian firms currently owned by offshore entities and intends to explore these issues with the government, the company said on Friday. The comments of the Jersey-registered company, whose share listing is… – Continue reading
NEW YORK (TheStreet) — The Securities and Exchange Commission is serious about going afterApple’s (AAPL_) off-shore cash. In a letter of comment to Apple’s in-house counsel, SEC accounting branch chief Kathleen Collins challenged the company’s aggressive accounting policies. Apple has about $16 billion of offshore cash exempt from taxation by the Internal… – Continue reading
A tax fraudster who hid his true wealth in the UK has been jailed for four years after police discovered he was building a £2.3 million ‘PALACE’ abroad. Mohammed Suleman Khan, 42, lived a luxury life in Birmingham despite no obvious income. But he was handling huge amounts of undeclared… – Continue reading
India is set to scrap the R15-crore threshold for referring every international transaction between an MNC’s arms for compulsory transfer pricing audit, and about to embrace a more focused approach to zero in on cross-border transactions with potential for tax evasion. The proposed risk-based selection of transactions between MNC arms… – Continue reading
In November of 2008, America was sold on the “Hopey, Changey, Yes We Can” promise of Barack Obama. Well America, your hope has been shot since you elected him into office. Now, here comes more of the change Obama was really talking about. Are you ready? On July 1, America… – Continue reading
If Taiwan does not reach a consensus with the US on a pact that would help Taiwanese financial institutions meet requirements for reporting tax before July, the implementation of the Foreign Account Tax Compliance Act by the US on July 1 this year could mean a 30% tax deduction on… – Continue reading
The Foreign Account Tax Compliance Act is a US law, obligating banks in other countries to disclose to the American tax authorities information about the accounts of American taxpayers in these banks WASHINGTON, April 11. /ITAR-TASS/. Russian Finance Minister Anton Siluanov has notified US Treasury Secretary Jacob J. Lew of… – Continue reading
Introduction Article 10 of the Russia-Cyprus double tax agreement grants taxing rights over dividends to the state of residence of the company paying the dividends (in addition to the state of residence of the recipient). The tax that may be imposed in the state in which the dividends originate is… – Continue reading
Foreign financial institutions, such as offshore funds, should register with the IRS by May 5 and review new and revised IRS forms. The July 1 start date for Foreign Account Tax Compliance Act (FATCA) withholding on certain payments of U.S. source income[1] is fast approaching, and no extensions of that start date are on the… – Continue reading
Potato king Paul Rennie has told a court he is unable to explain why he sent millions of dollars to tax havens in transactions revealed by a Project Wickenby investigation. The Federal Court heard Mr Rennie had been raided by federal police, who seized documents related to his Griffith-area potato… – Continue reading
In round-tripping, U.S. investors move funds to offshore tax havens, then invest in U.S. equity and debt markets with these “foreign” funds. In essence, the U.S. investors are disguising themselves as foreign investors, who are not subject to the same tax rates on capital gains and interest income. The money… – Continue reading
The Government of the Kingdom of Denmark and the Government of the Republic of Ghana have signed the Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains In relation to the Danish Minister for Trade and Development… – Continue reading
The standard corporate income tax rate is 16%, applicable to both Romanian companies and to foreign companies operating through a permanent establishment in Romania. Profit repatriation In case of the Romanian company being set up as a subsidiary of a foreign company profits may be repatriated solely by way of… – Continue reading
U.S. states are trying to capture corporate income taxes lost to offshore havens, wary of companies exploiting rules that let them channel cash abroad and weary of congressional inaction. Oregon enacted a bill for the 2014 tax year identifying 39 countries and territories as corporate shelters a decade after Montana… – Continue reading
Greece is asking Swiss authorities to lift bank secrecy practices and allow its investigators to reveal the names and details of bank accounts held by Greek citizens. The request comes as Greece is already poring through a list of 2,059 Greeks who have put away 1.5 billion euros in the… – Continue reading
The Finance Ministry is drawing up legislation allowing Russian banks to give information about their clients to foreign tax authorities, after U.S. stonewalling halted bilateral negotiations on a financial information sharing agreement. At the same time, the ministry intends to oblige foreign banks to report similar information to the Russian tax service, Vedomosti reported Wednesday, citing sources in the ministry…. – Continue reading
Washington, DC – With the annual tax filing deadline approaching on April 15, today the Justice Department announced highlights of its work during the past year to enforce the nation’s tax laws. The Tax Division has worked with the Internal Revenue Service (IRS) to carry out their combined tax enforcement… – Continue reading
1. The traditional attitude to tax avoidance is encapsulated in the judgment of Lord Tomlin in the English case of IRC v Duke of Westminster (1936): “Every man is entitled if he can to arrange his affairs so that the tax attaching under the appropriate Acts is less than it… – Continue reading
HONG KONG (Reuters) – Banks in Hong Kong are now offering higher interest rates than their mainland cousins on new renminbi (RMB) currency deposits as the recent sharp fall in the Chinese currency dampened investor interest in holding Chinese assets. These aggressive measures will help bolster the offshore yuan liquidity… – Continue reading
A joint effort by India and the US to amicably decide on their respective shares of taxes from IT and ITeS companies operating in both countries is threatening to unravel, owing to a big, seemingly unresolvable gap between the transfer pricing (TP) margins individually determined by them. While New Delhi… – Continue reading
They have big money and experienced staff, and operate with effortless sophistication. These are some of the features of multinational companies that use complex instruments to avoid paying taxes especially in developing countries. Mindful of this, Uganda Revenue Authority is keeping on guard. The tax body has joined a global… – Continue reading
On Tuesday, the House Ways and Means Committee holds a hearing to discuss making permanent several of multinationals’ favorite tax code provisions, including the Apple loophole. Thus the House, like the Senate, is in the early stages of enacting these expired provisions yet again. That’s how Congress traditionally gives multinationals their offshore tax loopholes: propose… – Continue reading
Given the proximity of Canada to the U.S., it is not surprising that many Canadians own real estate south of the border. Some, especially those who are retired snowbirds, also spend a good part of the year in the U.S. It is important to understand what the tax implications are… – Continue reading
The bitter marital split of aviation tycoon Clive Joy has highlighted the issue the role tax efficient offshore trusts can play in lengthy High Court divorces. Recently aviation tycoon Clive Joy hit the headlines, but not for his expertise in aerospace issues. It was because in the course of a bitter… – Continue reading
The schedule of the Russian parliament has been updated yet again and it appears that forex dealing regulation is coming back to the fray. According to recent reports by Russian media there might be some key amendments aimed to limit the participation of brokers residing in offshore financial centres (OFCs)…. – Continue reading
Australian tax laws are inhibiting the export of financial services and the nation’s development as an “international financial centre”, according to Macquarie Group. In its submission to the Financial System Inquiry, Macquarie said Australia’s tax provisions are becoming “increasingly detailed, complex and hard to interpret, making it difficult for businesses… – Continue reading
Irish Corporate Tax 2014: The Government today issued what it calls a technical paper on effective corporation tax rates to effectively confuse the public by avoiding the key issues about its facilitation of corporate tax avoidance. It’s irrelevant to the core issues as it is simply trying to divert attention… – Continue reading
ST. GEORGE’S, GRENADA, Tuesday April 1, 2014: The Member Governments of the Eastern Caribbean Currency Union (ECCU) have commenced discussions with the United States of America (US) towards executing an Inter-Governmental Agreement (IGA) for the implementation of the provisions of the US Foreign Account Tax Compliance Act (FATCA). On 18… – Continue reading
Starting July 1, every international business and investment in the world is going to feel the full weight of U.S. tax law directly or indirectly. It is all part of the Congress’s long-time policy of making international business — referred to derogatorily as offshore — the scapegoat in order to… – Continue reading
IRELAND’s effective rate of corporation tax averaged between 10.7pc and 10.9pc over the last decade, a report by the Department of Finance states. It claims that the tax paid by companies is close to the 12.5pc headline rate, amid controversy over the amount paid by multinationals here. The Department commissioned… – Continue reading
Respected financial journalist Merryn Somerset Webb is fascinated by the Manx pound and believes it is of important interest as the Scottish independence debate rages on. The Financial Times columnist also believes the Isle of Man is still a tax haven even though UK Prime Minister David Cameron has… – Continue reading
We are a tax avoidance nation. Almost everyone employs some strategies to avoid paying more taxes than they should. So it’s hardly news to anyone, except Sen. Carl Levin, D-Michigan, that Caterpillar Inc. may have employed some strategies to reduce the amount of federal taxes it pays. Levin, chairman of… – Continue reading
All bar the dotting of the i’s and crossing of the t’s appears done in New Zealand’s intergovernmental agreement with the United States over its controversial Foreign Account Tax Compliance Act, or FATCA. An Inland Revenue Department (IRD) spokesman confirmed to interest.co.nz negotiations between the two countries have progressed sufficiently… – Continue reading
Irish Economy 2014: Ibec, Ireland’s leading business lobby group, in its latest economic forecast today forecasts “continued robust growth in services exports and a recovery in goods exports.” The strong growth in services mainly reflects tax-avoidance related revenue diversions to Ireland that do not reflect local economic activity. If the… – Continue reading
People who used to know young billionaire-in-exile Serhiy Kurchenko say that if he ever started drawing his financial “chain” on a piece of paper, it would finish up on the ceiling. Kurchenko’s chain is made up of hundreds of fake Ukrainian companies, dozens of offshore firmsand more than 600 people who… – Continue reading
ZURICH (Reuters) – Credit Suisse faces the threat of a new investigation into its role in helping wealthy Americans avoid paying taxes after New York state’s top financial regulator requested documents from the Swiss bank. Switzerland’s second-largest lender had raised expectations it was putting the long-running American tax controversy behind it when it… – Continue reading
SCOTS who hide their money offshore are being targeted in a new offensive against tax evasion that costs the UK Treasury billions of pounds a year. In what are thought to be the first probes of their kind, tax officials and prosecutors have started targeting gangland bank accounts in jurisdictions… – Continue reading
