The revenue the UK Government will see in its coffers as a result of the Liechtenstein Disclosure Facility amnesty scheme “is likely to fall significantly short of its £3bn target”, a UK law firm has predicted. With just two years left to run, the number of new LDF registrations each… – Continue reading
Dubai: Ras Al Khaimah Free Trade Zone is trying to attract Malaysian investments by highlighting business-friendly opportunities offering a cost-efficient and business solution zone. Today, RAK FTZ is a home to over 7,500 companies from more than 100 countries and across 50 business sectors. This zone is an ideal gateway… – Continue reading
PARIS — Netflix is set to follow iTunes and Google’s footsteps: The service is expected to launch in Gaul in the fall but will be headquartered Luxembourg in order to avoid the heavy French regulations. French newspaper Les Echos reported the move will bring Netflix’s French outpost together with its other European headquarters —… – Continue reading
Luxembourg and the US have signed an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). Luxembourg and the US negotiated a Model 1 IGA, requiring the Luxembourg Tax Administration and the US Internal Revenue Service (IRS) to exchange information automatically on accounts held by US citizens… – Continue reading
During 2013, the Central Bank of Barbados (Bank) continued to enhance its regulatory framework in response to emerging international standards and best practices and to collaborate with other domestic regulators and stakeholders on various national issues, including the Global Forum on Transparency and Exchange of Information for Tax Purposes Peer… – Continue reading
Recent rating agency downgrades seem to underestimate the underlying strengths of the Barbadian economy, Euromoney magazine said in its 2014 guide to Barbados released during the week ending April 4. Euromoney said: Barbados is one of the most diverse economies in the Caribbean. It’s certainly the most robust, drawing in… – Continue reading
Monrovia — Liberia’s Ministry of Foreign Affairs has described as a misrepresentation suggestions that a recent decision by a banking institution in the US to shutdown the bank accounts of Liberia’s mission in America may have been tied to violations of flaunting US banking regulations. FrontPageAfrica recently came in possession… – Continue reading
The offshore jurisdictions are commonly thought to be highly secretive, with banking secrecy being an important part of what those jurisdictions offer to businesses and individuals who use them. For example, in 2000, the U.S. Treasury Department issued an advisory notice stating that extra vigilance was required in doing business… – Continue reading
U.S. authorities are expanding their investigation of hidden overseas assets far beyond Switzerland. The latest focus: the Cayman Islands. Undercover agents from the Internal Revenue Service conducted a yearlong probe that led to the arrests in Miami last month of three financial advisers based in the Caribbean territory. This past week, an… – Continue reading
The much-anticipated initial public offering of Chinese Internet giant Alibaba Group could be a double-edged sword for the company: Investors are drooling for a piece of the action in that country’s burgeoning online payment market, but its growing use in illegal transactions could attract scrutiny from Chinese government regulators. Alibaba,… – Continue reading
The Bahamas is aiming to complete its FATCA Intergovernmental Agreement (IGA) this coming Tuesday when a high-level team visits Washington, a Cabinet Minister yesterday disclosing this nation was pushing for another key product to be exempt from reporting requirements. #While declining to name the product in question, Ryan Pinder, minister… – Continue reading
A correspondent told me that last week’s column on Caribbean response to the US Foreign Account Tax Compliance Act (FATCA) was puzzling. Why didn’t the column expose those wimps – Caribbean ministers of finance and governments? How could they accept this bullying US imposition? My response was that I expressed… – Continue reading
WASHINGTON (Reuters) – The U.S. Treasury Department on Wednesday gave foreign financial institutions 10 extra days to register with the U.S. government, under a new law to combat offshore tax dodging by Americans that goes into effect on July 1. Under the Foreign Account Tax Compliance Act (FATCA), foreign banks,… – Continue reading
The National Treasury and the SA Revenue Service are discussing entering into an inter-governmental agreement (IGA) with the United States on a foreign tax compliant act, Sars said on Thursday. “The wording of a draft IGA has now been agreed upon and will be signed at governmental level as soon… – Continue reading
Every foreign entity must take steps immediately to determine whether FATCA will apply to it and, if so, whether FATCA registration will be required by April 25, 2014. FATCAi will go into effect on July 1, 2014. Foreign entities that must be FATCA-compliant by July 1, 2014 must register with… – Continue reading
The United States Department of the Treasury and the Internal Revenue Service (IRS) have announced that foreign jurisdictions that have reached agreement on the terms of intergovernmental agreements (IGAs) under the Foreign Account Tax Compliance Act (FATCA) can be treated as having such agreements in effect until the end of… – Continue reading
Deadlines are fast approaching for funds to comply with FATCA, the IRS announced an April 25 deadline for fund managers to register their offshore funds and offshore master funds with the IRS. Funds have until May 5 2014 to get their Global Intermediary Identification Numbers. Notably, the IRS has also… – Continue reading
April 2 — The Treasury Department and the Internal Revenue Service announced that countries that have reached intergovernmental agreements (IGAs) in substance under the Foreign Account Tax Compliance Act before July 1 will be treated as having signed agreements through Dec. 31, 2014, winning praise from practitioners. The government also said… – Continue reading
Canadians who spend their winters in the warmer climates of the United States may be attracting some unwanted attention starting this year. A new tax treaty between Canada and the United States has spawned a cozy relationship between the Canada Revenue Agency and the U.S. Internal Revenue Service. The two… – Continue reading
The Justice Department is cracking down on wealthy Americans sheltering their money in the Cayman Islands. On Wednesday night’s Daily Show, John Hodgman strapped on his “deranged millionaire” persona to find an alternative tax haven. David Marchant, an offshore banking expert at OffshoreAlert.com, recommends that Hodgman park his panda-hunting assets in… – Continue reading
Baku, Fineko/abc.az. The U.S. is waiting for Azerbaijan’s response on the agreement on the exchange of tax information on the FATCA rules. The U.S. Embassy reports that the US has engaged the Azerbaijani government on this issue. “Now we’re waiting for their response. The US government is negotiating similar arrangements… – Continue reading
Aggressive tax strategies pioneered by Macquarie Group are under scrutiny both internationally and in Australia, putting at risk techniques the company has used to claim more than $1.3 billion in deductions. The Organisation for Economic Cooperation and Development is targeting ”foreign tax credit generators” as part of its battle against… – Continue reading
Bloomberg news reports that on March 18, 2014, U.S. Senators Carl Levin and John McCain wrote a letter urging the Justice Department to seek extradition of about 30 Swiss bankers and others who are charged with enabling offshore tax evasion and failed to appear in federal courts. McCain and Levin,… – Continue reading
On 27 March 2014, the Commissioner of Taxation announced an initiative to allow eligible taxpayers to come forward and voluntarily disclose unreported foreign income and assets. He urged taxpayers with offshore assets to declare their interests ahead of a global crackdown on people using international tax havens. The initiative covers… – Continue reading
Banking regulations in Caribbean nations are more robust than those in countries that are critical of the region’s financial sector, Bahamian Prime Minister Perry Christie said Monday in Nassau. In an address to open the third Caribbean Conference on the International Financial Services Sector, Christie blasted those who seem to… – Continue reading
Offshore finance companies are offering a way around strict new low-deposit mortgage rules, and documents obtained by 3 News reveal the Reserve Bank is keeping a close eye on it. The International Monetary Fund today warned the Auckland housing market is one of the biggest risks to our economy. Low-deposit… – Continue reading
The department had slapped a tax demand of Rs 2,080 crore on the company last year while re-opening the assessment for AY 2006-07 and 2007-08. As Finnish phone-maker Nokia strives to meet the April 30 deadline for sealing the $7.2 billion deal with Microsoft, its tussle with the Indian tax… – Continue reading
The revised figure of more than £1.1bn now judged to be “at risk” by HMRC is an increase of 12% on 2012 and 65% on 2011, according to figures calculated by law firm Pinsent Masons. A crackdown on intra-group payments was announced in the chancellor’s Budget earlier this month as… – Continue reading
The development of free trade zones and the rise of the new offshore market for the renminbi, will continue to ensure that offshore renminbi-denominated capital grows at a relatively fast pace. Standard Chartered Bank has projected that the total renminbi-denominated capital will grow by at least 40% to 2.5 trillion… – Continue reading
Texas tycoons Sam and Charles Wyly employed a labyrinthine system of offshore trusts to conceal stock trades in four companies on whose boards they sat, netting themselves more than $550 million in undisclosed profits, a U.S. government lawyer told a federal jury on Thursday. “This is a case about lies,… – Continue reading
The Treasury Department added 19 nations to its list of countries that have reached agreements with the U.S. on carrying out a far-reaching law aimed at preventing offshore tax dodging by American citizens. The Treasury and the Internal Revenue Service said the 19 nations – including Australia, Brazil, South Africa… – Continue reading
Canada is clamping down on off-shore tax shelters used by private-equity funds, in a move that may curb investment in the oil and gas industry by KKR & Co. and Blackstone Group LP. (BX) The government has given private-equity firms and other interested parties until April 11 to respond to proposals tucked… – Continue reading
Macquarie Group successfully lobbied the Abbott government to water down and delay moves to tighten laws over which the bank is fighting a tax battle worth hundreds of millions of dollars. Fairfax Media has learnt that Macquarie was among industry players who attended a November 6 meeting with then-assistant treasurer… – Continue reading
WASHINGTON (Reuters) – The U.S. Treasury Department on Wednesday gave foreign financial institutions 10 extra days to register with the U.S. government, under a new law to combat offshore tax dodging by Americans that goes into effect on July 1. Under the Foreign Account Tax Compliance Act (FATCA), foreign banks,… – Continue reading
WASHINGTON, DC: As the US Citizenship and Immigration Services (USCIS) opened its doors to this year’s round of H-1B visa applications, data show that about 50% of last year’s H-1B visas were granted to offshore companies, and the top two of those are based in India – Infosys and Tata… – Continue reading
BRUSSELS: While the origin of illicit financial flows ranges from government embezzlement to human trafficking, and from corporate tax evasion to grand corruption, the destination seems less ambiguous. A $35 million mansion in California, artwork totalling 18 million, and a $38 million dollar private jet. These sound like items purchased… – Continue reading
Credit Suisse Group (CSGN) AG, Switzerland’s second-biggest bank, said losses in the fourth quarter were larger than previously reported after it booked more charges for a probe into tax evasion by U.S. clients. The net loss amounted to 476 million Swiss francs ($534 million), the Zurich-based bank said today, as… – Continue reading
Corporate Tax Reform: The Organisation for Economic Co-operation and Development (OECD) held a briefing and webcast at its Paris headquarters Wednesday on its Base Erosion and Profit Shifting (BEPS) project and Pascal Saint-Amans, the director of the OECD’s tax centre confirmed that “Double Irish Dutch” sandwich tax schemes, which involve… – Continue reading
ActionAid Ghana (AAG) said Illicit Financial Flows (IFFs) was depriving Africa of billions of dollars each year, more than is received in overseas development aid or foreign direct investment combined. It said IFFs were commonly associated with criminal activity like drug dealing, smuggling or human trafficking, adding that the United… – Continue reading
WASHINGTON — Caterpillar Inc. executives defended a tax strategy Tuesday that has saved the manufacturing giant billions in U.S. taxes. They got support from Republican senators, including one who said the company deserves an award. Caterpillar has avoided paying $2.4 billion in U.S. taxes since 2000 by shifting profits to… – Continue reading
Outlook Caterpillar is the world’s largest maker of construction and mining equipment. It’s really good at building big and complicated bits of kit. It’s even better at ducking paying tax on the profits from doing that, at least according to a report issued by a US Senate sub-committee which reckons Uncle… – Continue reading
April 1, 2014 (KHARTOUM) – The Central Bank of Sudan (CBoS) has directed all commercial banks in the country to implement provisions of the of the US Foreign Account Tax Compliance Act (FATCA) by 1 July. FACTA is a US law designed to crack down on offshore tax evasion by… – Continue reading
The Bahamas is aiming to finalise its Foreign Account Tax Compliance Act (FATCA) inter-governmental agreement (IGA) with the US next week, a Cabinet minister said yesterday. #Speaking with Tribune Business at the third Caribbean Conference on international financial services, Ryan Pinder said the Ministry of Financial Services should be in… – Continue reading
The decision by Luxembourg and Austria to automatically exchange tax data with other European Union countries has isolated Switzerland in the global crusade against banking secrecy, a Tax Justice Network (TJN) expert tells swissinfo.ch. The two European Union states caved in to demands last month by signing up to the revised… – Continue reading
Caterpillar channeled 85 percent of its international parts profits into what amounts to a tax shelter. The dictionary defines the caterpillar as a “wormlike larva” and a “crawler.” Also, that “pillar” part of the word is derived from a French verb that means to “pillage, abuse, mistreat.” Good to know…. – Continue reading
MOSCOW (Reuters) – The United States has de-facto suspended talks with Russia about exchanging information on taxes under 2010’s Foreign Account Tax Compliance Act (FATCA), in a sign of a deepening rift over Moscow’s actions in Ukraine, Vedomosti daily reported on Tuesday. The newspaper, citing two Russian federal officials and… – Continue reading
Expats should put their financial affairs in order while they have the chance as governments around the world prepare a global tax net aimed at wiping out avoidance. The operation is headed by the Organisation of Economic Co-Operation and Development (OECD) and closely follows the lines of the controversial US… – Continue reading
On Friday the Conservative government tabled legislation to implement key elements of this year’s Budget. But it contains more than tax credits. Buried within is a revised version of draft legislation implementing the Intergovernmental Agreement (IGA) with the U.S. on FATCA. A Department of Finance press release makes no mention of this… – Continue reading
ZAMBIA, which has signed 22 double taxation treaties (DTT) with various nations has been urged to develop its own model that suits particular circumstances to maximise benefits. Double taxation is levying of taxes on the same income (or capital) of the same tax payer in the same period. According to… – Continue reading
Adds £118m to ‘tax under consideration’ from intra-group transfers • HMRC proposes further crackdown on intra-group transfers in Budget HM Revenue & Customs has increased the amount of tax it estimates has been underpaid by the UK’s largest businesses through transfer pricing arrangements by £118 million to more than £1.1 billion, an… – Continue reading
