China has pledged to promote a plan to stop multinational companies from avoiding taxes by shifting profits to destinations with lower corporate tax requirements. The plan was endorsed by G20 finance ministers Friday during the annual meetings of the World Bank and the International Monetary Fund in Lima, Peru, reports… – Continue reading
Developing countries must continue raising more in domestic taxes while taking advantage of wider efforts to combat tax evasion by multinationals, the IMF/World Bank annual meetings were told. Liz Ditchburn, director of policy at the UK’s Department for International Development, said initiatives such as BEPS (base erosion and profit shifting),… – Continue reading
Group of Twenty (G-20) finance ministers have endorsed the final package of measures proposed by the OECD as part of its base erosion and profit shifting (BEPS) project. At a meeting on October 8, 2015, in Lima, Peru, the G-20 Finance Ministers said they remain commited to the rapid, widespread,… – Continue reading
Over 20 multinationals in Mexico should be paying tax, says Finance Secretary It has been dubbed “double non-taxation” and it’s an international practice that was the focus of discussion last week in Lima, Peru. It is also something that Mexico’s finance authorities want to see addressed. It was during a… – Continue reading
Both internal and external factors threaten politics, economics Hong Kong’s run of good luck is running out. One obvious sign is the increasing interference of Beijing in its domestic affairs, most recently using tame Chief Executive C.Y. Leung and a clique of yes-men to interfere in a senior academic appointment… – Continue reading
The hedge fund trade to gain exposure and then encourage a U.S. corporation to enter into an acquisition transaction with a foreign corporation where it incorporates internationally to lower its tax burden, known as a corporate inversion, might have slowed of late, but the issue is now being addressed at… – Continue reading
NEW YORK, Oct. 9, 2015 /PRNewswire/ — KPMG’s Tax Governance Institute (TGI) will examine the final recommendations from the Organisation for Economic Co-operation and Development (OECD) on Base Erosion and Profit Shifting (BEPS) and discuss what they could mean for U.S. multinationals during a live video webcast on Tuesday, Oct…. – Continue reading
Ministers of G20 countries must deliver on their climate finance promises and support a second wave of attacks on corporate tax cheats if they want to be successful in their Lima meeting, Oxfam said on Wednesday. “Corporate tax dodgers deprive Latin America of half of its potential tax revenue. This… – Continue reading
On October 5, 2015, the OECD released its final reports relating to the OECD/G20 base erosion and profit shifting (BEPS) project (the Final Reports). The BEPS project began in 2013 and has received unprecedented attention from governments and the private sector. The Final Reports outline the OECD’s recommendations and the… – Continue reading
Hervé Falciani, who exposed the global offshore industry with the HSBC data leak, is facing prosecution under skewed Swiss laws for data theft and espionage. This is his story. Swiss justice hounds those who breach banking secrecy even if in doing so they expose rogue banks. In the past decade,… – Continue reading
Federal government increases number of companies under tax office scrutiny from 30 to 80 under budget measures announced in May The federal government has widened the scope of legislation aimed at tackling multinational tax avoidance, increasing the number of large companies under the tax office’s microscope from 30 to 80…. – Continue reading
The proposals are aimed at preventing aggressive tax planning by multinationals. However, experts warn that the risk of double taxation may increase. SINGAPORE: Tax experts have said that Singapore’s tax jurisdiction is broadly in line with new tax proposals announced on Monday (Oct 5) by the Organisation for Economic Co-operation… – Continue reading
NIGERIA’S recent rating as “third to the last” on the 2015 global ranking of “Ease of paying taxes” is a good indication of why the country is not earning as much as it should from taxation. The country’s ranking as 187 among 189 economies covered by the survey, which assessed… – Continue reading
On October 2, 2015, the Internal Revenue Service announced that it had achieved a key milestone in implementation of the Foreign Account Tax Compliance Act (FATCA), a critical anti-tax evasion law passed by Congress in 2010 but not fully implemented until July 2014. The milestone announced by the IRS was… – Continue reading
The IRS has announced that as of September 30, 2015 it will implement the automatic exchange of tax information as set forth in the Foreign Account Tax Compliance Act, (FATCA). The IRS Commissioner in announcing the implementation of the automatic exchange of information stated: “This information exchange is part of… – Continue reading
Not only does the United States retain the dubious distinction of having the highest corporate tax rate in the Organisation for Economic Cooperation and Development country grouping, it now has the third-highest rate of corporate tax in the world, according to the Tax Foundation. The non-partisan tax policy think tank… – Continue reading
On September 22, 2015, the Brazilian federal government proposed a new rule—Medida Provisória n. 692/2015 (“MP 692”)—increasing the income tax rates applicable to capital gains realized by certain taxpayers from a transfer or sale of assets or rights. MP 692 will become effective on January 1, 2016, if duly adopted… – Continue reading
The Organization for Economic Cooperation and Development on Monday rolled out a sweeping set of final recommendations to battle offshore tax avoidance costing countries across the globe billions of dollars a year. A group of almost three dozen advanced economies, the OECD kicked off its efforts two years ago, seeking… – Continue reading
Colombia and Panama have given each other another 60 days to come to agreement on how to combat Colombian tax evasion through Panamanian banks. The two countries failed to meet the negotiation deadline set for the exchange of tax information after one year, extending a further 60 days, in a… – Continue reading
Once again, Commonwealth Caribbean countries are under attack as “tax havens”, even though they are nothing of the sort. This time it is not only the usual countries which have been listed. Trinidad and Tobago has been included, and we can bet that Jamaica and Guyana will be added unless… – Continue reading
MUMBAI: The US Treasury Department has issued a list of 34 countries which includes India with whom it would share information under FATCA (foreign account tax compliance act) regulations. The pact aims to cover automatic sharing of information on bank accounts and other instruments like mutual funds, insurance and equities… – Continue reading
Luiz Felipe Scolari, who was Portugal’s coach from 2003 to 2007, was held defendant in 2014 for an initial debt of 635 euros. Brazilian coach Luiz Felipe Scolari has paid Portugal 3 million euros back in taxes, the media reported. Scolari owed taxes from payments made to him between 2003… – Continue reading
WASHINGTON, D.C., Sept. 30, 2015 –His Excellency Dr. Eugene Newry, Bahamas Ambassador to the United States, has written a letter to Municipal Officials of the District of Columbia and Federal Congressional Officials protesting “in the strongest terms” The Bahamas’ designation as a “tax haven” by D.C. authorities in the District… – Continue reading
The Dutch Lower House (2e Kamer) approved earlier this month the new bilateral rules for the avoidance of double taxation between the Netherlands and Curacao. This new tax arrangement replaces the current tax arrangement for the Kingdom of The Netherlands. Next step will be approval by the Upper House (1e… – Continue reading
ESPN FC’s Fernando Palomo previews the upcoming UCL action, highlighting that Barcelona will have to learn to play without Messi. Also Mou faces his old Club, while Bayern may be playing at their best. Barcelona star Javier Mascherano was charged with two counts of defrauding the Spanish tax authorities of… – Continue reading
On 26 February 2015, the Austrian Supreme Administrative Court decided in favor of an appeal filed by WOLF THEISS for a client who received tax exempt interest income from other countries. An Austrian taxpayer received interest from Greek, Brazilian and Argentinian government bonds between 2003 and 2007. According to the… – Continue reading
Development Goals (SDGs) but poorer countries should exercise caution when borrowing money, Gail Hurley, a development finance expert with the UN Development Program (UNDP), told Xinhua. “There’s a lot more finance available now—public and private, domestic and international — (but) a lot of it is loan finance, so we do… – Continue reading
Jay Fishman, who built New York-based Travelers Cos. into one of the world’s biggest insurers, lamented that disparities in tax rates are pushing established rivals and industry newcomers outside the U.S. Over the past 15 years or so, “we’ve counted 10, 12, maybe even 15 Bermuda-based startups that ultimately became… – Continue reading
NEW YORK: Noting that progress on a bilateral investment treaty with India has been “slow”, a senior US trade official has said in the absence of progress on economic reforms by India to ensure ease of doing business, the likelihood of getting to such a treaty is “low”. “Frankly, it… – Continue reading
The tax arrangement for the Kingdom (BRK) will be replaced by a new tax system in relation to the Netherlands and Curaçao. The new tax arrangement was adopted by the Dutch House of Representatives on September 10 of this year, reports the Curacao Chronicle. The tax arrangement between Curaçao and… – Continue reading
(Bloomberg) — Grupo BTG Pactual, the only publicly traded investment bank in Brazil, said it’s willing to consider more acquisitions in Switzerland after completing the purchase of BSI, the Swiss private-banking unit of Assicurazioni Generali SpA. “We are looking. We are always looking,” Renato Cohn, a BTG partner and member… – Continue reading
On September 1, Venezuelan President Nicolas Maduro arrived to Beijing in an effort to strengthen economic ties between Venezuela and China. In his second visit this year, the Venezuelan President signed a number of deals that will strengthen cooperation in new areas beyond the current focus on the oil industry…. – Continue reading
Recently the Curaçao Minister of Justice, Mr. Nelson Navarro, approved the so-called Investor’s Permit to accommodate bonafide high net worth persons and entrepreneurs who seek admission to Curaçao. The purpose of the Investor’s Permit is for the investor to provide real economic benefit to Curaçao by increasing employment opportunities and… – Continue reading
Superstar-laden FC Barcelona might be among the top teams in the Spanish Liga BBVA this season but the team is making news – again – for a more undesirable reason: tax investigations. As Lionel Messi awaits trial on tax evasion charges, another Barcelona star may be joining him. Spanish news… – Continue reading
The original online payment platform, PayPal, has decided to leave the populous island of Puerto Rico next month. The commonwealth has imposed a 2 percent take on any money transmission, forcing Paypal’s hand. So what does this mean for those who need to send money from Puerto Rico? Puerto Rico… – Continue reading
Multinational companies are facing far more expansive and complex audits by tax authorities fighting over the same pot of profits as budget deficits continue to increase, reports BD Live. An inevitable outcome of efforts globally to prevent tax bases from erosion is double taxation and increased disputes over adjusted assessments… – Continue reading
Intangible assets in the oil and gas industry have become incredibly valuable. Taxpayers need to understand how to manage compliance to mitigate their transfer pricing risks What do recent Western economic sanctions against Russia; the US’ growing energy independence; and ultra-deepwater oil and gas (O&G) discoveries off the coast of… – Continue reading
Moneycontrol Bureau Credit Suisse has maintained its underperform rating on Glenmark Pharma as it feels potential currency devaluation in Venezuela could hurt profit meaningfully. The stock lost more than 3 percent intraday Wednesday. The brokerage expects a 20 percent degrowth in company’s FY17 earnings per share as it continued to… – Continue reading
HSBC’s Argentine unit told to remove CEO and one director HSBC accused of helping capital flight by wealthy Argentines Argentina’s central bank revoked the licenses of two top executives at HSBC Holdings Plc’s local unit, including the chief executive officer, arguing they had failed to prevent clients from laundering funds… – Continue reading
HSBC Argentina has been asked to appoint a new president and vice president within 24 hours by Argentina’s central bank for failing to prevent tax evasion and money laundering. Last year, HSBC was charged for helping more than 4,000 clients evade taxes by hiding their money in secret Swiss bank… – Continue reading
Mexico’s government withheld hundreds of millions of dollars in tax refunds owed to Procter & Gamble, Unilever, and Colgate combined as it sought to coax them and other multinationals to pay more income tax locally, according to people close to the talks. After luring foreign companies with corporate tax breaks… – Continue reading
USA August | 31 2015 On August 25, 2015, Federal Decree No. 8506/2015 was published in the Official Gazette. This decree enacts the treaty signed in Brasilia on September 23, 2014, between Brazil and the United States to improve international tax compliance and implement the Foreign Account Tax Compliance Act… – Continue reading
Navigating the murky waters of the Foreign Account Tax Compliance Act (FATCA) can be tricky. U.S businesses and individuals transacting in Latin America need to adhere to the requirements and regulations imposed by the fact. Here are four things every U.S business and individual needs to know about FATCA. Tax… – Continue reading
The multinational companies in Latin America demand security, efficient services, infrastructure and good educational standards, but they are not very willing to contribute themselves by paying their fair share of tax. Honduras is a case in point, and is one of the most unequal countries on the continent. The government,… – Continue reading
Ireland has made “little or no” effort over the past four years to create a corruption-free playing field for global trade, violating its “obligation to combat cross-border bribery”, reports the Irish Times. The Transparency International Exporting Corruption report, released on Thursday, found that Ireland, along with countries such as Russia,… – Continue reading
To check black money generation, the government today approved signing and ratification of the agreement between India and Seychelles for exchange of information with respect to taxes, reports the Economic Times. The agreement will stimulate the information exchange between India and Seychelles for tax purposes, which will help curb tax… – Continue reading
Amit Ramnani, director of Ipanema Wealth, an independent financial consultancy firm, discusses the key issues facing U.S. expatriates. RIO DE JANEIRO, BRAZIL – Many United States citizens living overseas are unaware of the potential tax liabilities they could be facing in near future. To help out the Rio-based firm Ipanema… – Continue reading
On August 17th, 2015, Ruling No. 1,580/2015 was published, containing amendments to Ruling No. 1,571/2015 concerning the “e-Financeira”, which is the tax return to be filed for the purpose of informing financial transactions of interest to the Federal Revenue Office. The deadline for filing the e-Financeira, in relation to triggering… – Continue reading
In May of 2012, and soon before Facebook’s IPO, Eduardo Saverin renounced his U.S. citizenship. Saverin was a co-founder of the social-networking site, and the consensus was that he gave up his citizenship to avoid U.S. taxes that would be levied after the offering. Saverin was widely denounced for his… – Continue reading
Americans who believe the region is a safe tax haven to hide money and investments overseas should think twice as Caribbean trade bloc countries are moving to full comply with a new U.S. law designed to catch tax dodgers who stash assets in foreign destinations. The Foreign Account Tax Compliance… – Continue reading
