Category: G7
How to help clients as HMRC cracks down on overseas assets
‘International data sharing and anti-money laundering regulations are only likely to get tighter’ ... - Continue reading
Canada: Don’t Let Your Dream Vacation Home Become A Tax Nightmare
Renting your foreign property may require you to disclose information to the Canada Revenue Agency (the "CRA"). A Foreign Income Verification Statement is required to be filed with the CRA where the adjusted cost base of the property exceeds CDN $100,000. ... - Continue reading
G7 finance ministers agree on some features of international tax rewrite
G7 finance ministers, at their meeting in Chantilly, France on July 17–18, agreed to several aspects of a revised system for taxing multinationals. ... - Continue reading
Corporate Canada’s Pile of Cash in Offshore Tax Havens Has Hit $353 Billion For the First Time in History
Luxembourg, Barbados and Bermuda are three of Canada’s top five destinations in the world for corporate cash After exploding to record levels under Stephen Harper’s Conservative government, the amount of money Corporate Canada is funneling through offshore tax havens has hit a new all-time high. According to data newly released… – Continue reading
France to propose world business tax at G7: minister
DAVOS, Switzerland: French Finance Minister Bruno Le Maire said on Thursday that France would plead for global minimum corporate tax as a priority of its presidencyof the G7 nations group this year. “We need an effective minium corporate tax in all developed countries,” the minister said at a press conference… – Continue reading
G7 Committed To Digital Tax Consensus
G7 countries are committed to working towards a consensus-based solution to the tax challenges of the digital economy, according to the final communique issued at the conclusion of the G7’s summit in Charlevoix, Canada. Expressing support for the OECD’s work in this area, the communique states that the impact that… – Continue reading
Tax Reform Advocacy Group Outlines Pro-Growth Plan
With corporate tax reform still very much on the table, advocacy group Alliance for Competitive Taxation (ACT) has weighed in with a reform plan that it deems internationally competitive and pro-growth, and capable of driving transformational change in the U.S. economy. ACT doesn’t define its member businesses but says it… – Continue reading
UK Companies Impressed By Irish Tax Regime
Seventy-four percent of UK executives surveyed by KPMG said they see Ireland as having one of the top three most competitive tax regimes. KPMG has published the findings of its Annual Survey of Tax Competitiveness 2016, which are based on interviews with 100 senior tax decision makers in the largest… – Continue reading
German finance minister plans to clamp down on offshore firms with new draft law
German Finance Minister Wolfgang Schaeuble wants to force Germans to disclose their dealings with offshore firms in tax havens and make banks liable for lost tax income if they conceal their clients’ business with such firms, a draft law shows. Tax havens were thrown into the limelight in April when… – Continue reading
OECD BEPS tax avoidance plans fail to change tax approach
Nearly a year after release of the OECD Base Erosion and Profit Shifting (BEPS) anti tax avoidance action plan, which introduces changes to the treatment of interest deductibility and profit shifting, the majority of businesses have not changed their approach to tax compliance. The major economies in the G7 (83%),… – Continue reading
Who’s got guts enough to go after Canada’s tax-dodging corporations?
In its time, the Irving empire has had plenty of federal contracts — all of them lucrative, many of them controversial. So it wasn’t a surprise to hear that a federal cabinet committee is reviewing Irving’s $26 billion sole-source (but still unsigned) contract to build a fleet of warships for… – Continue reading
Tax-dodging by the superrich is driving global inequality, Oxfam says
Tax dodging by the super-rich is one of the main drivers of global income inequality and must be sharply curtailed, according to a new report from the global nonprofit Oxfam. Citing research by Berkeley economist Gabriel Zucman — a protégé of Thomas Piketty, author of the global bestseller on inequality,… – Continue reading
Countering terrorism financing through anti-money laundering measures
It is time for re-regulation; Europe is strengthening its AML/CFT measures in order to lower current terrorist financing (TF) risks. “Money is the lifeblood of terrorist operations,” declared George Bush after the 9/11 attacks. French finance minister Michel Sapin has beaten the same drum when he recently claimed that “the… – Continue reading
Law Enforcement and Regulators Agree: Bitcoin Not Useful for Terrorists, Already Regulated Appropriately
In the aftermath of the Paris attack on November 13, the European Union (EU) is looking to crack down on bitcoin with the hope of preventing the financing of future attacks. Regulators and advocacy groups agree, though, that kneejerk regulation is not what is needed; rather, it’s an increase in… – Continue reading
Ethiopia: Unmet Demands of the G20
The creation of the Group of Twenty (G20) was believed to serve as a remedy to the harsh realities of the world today. The initial formation of the Group of Seven G7 could do little to avert pertinent challenges both the developing and the developed nations face frequently. So a… – Continue reading
Senegal president calls on West to fight tax evasion in Africa
VALLETTA) – Senegalese President Macky Sall called Thursday for multinationals to pay their fair share of taxes following a summit with EU leaders aimed at curbing the poverty fuelling mass migration to Europe. Sall also said Africans should receive a a fair price for their natural resources when he addressed… – Continue reading
Switzerland still top tax haven, US jumps to No. 3
NEW DELHI: Switzerland has retained its top spot in the financial secrecy index (FSI) 2015, unveiled by the Tax Justice Network (TJN) on Monday. Switzerland is followed by Hong Kong, the US, Singapore and the Cayman Islands. The biggest surprise is the US, which has climbed to third place from… – Continue reading
Israel looks to join int’l anti-money laundering task force
A Financial Action Task Force (FATF) delegation visits Israel this week to consider Israel’s application for membership. “Israel is working tirelessly to upgrade its standing as a regional leader in the struggle against money laundering and financing of terrorism through persistent regulatory changes and a more effective regime. Up until… – Continue reading
Richards: Island’s critics have double standards
A blistering attack on major countries who brand offshore financial centres as tax havens has been launched by Bob Richards. The Minister of Finance warned that pressure on the offshore sector from abroad will continue into the foreseeable future. Mr Richards, speaking at the launch of a British Virgin Islands… – Continue reading
Senior lawyer suggests simple solution to anti-money laundering law arbitrage opportunity, says judgment against FMA well constructed and logical
The four entities tasked with upholding New Zealand’s anti-money laundering law should team up to close off the law’s obvious arbitrage opportunity by stopping financial services companies that only have clients overseas from being able to sidestep the law, a leading lawyer says. As first highlighted by interest.co.nz in August… – Continue reading
National Assembly committee wants to hear from banks at tax haven hearings
Quebec — Tax havens are depriving Quebecers of at least $1.5 billion a year, said Québec solidaire MNA Amir Khadir on the opening day of parliamentary hearings on the worldwide phenomenon. The National Assembly’s public finances committee decided last June to dedicate several days this fall to the study of… – Continue reading
No Plans To Harmonize EU CIT Rates, Says Moscovici
Tax Commissioner Pierre Moscovici has confirmed that the European Commission has no plans, formal or informal, to harmonize corporation tax rates across the European Union. In a written question to the Commission, Jonathan Arnott, a UK Member of the European Parliament, asked the Commission to confirm its latest position on… – Continue reading
Business Leaders Doubt Global Agreement On BEPS
Only 23 percent of business leaders feel that recommendations from the OECD on base erosion and profit shifting will be successfully implemented, according to the findings of a new survey by Grant Thornton. Three quarters of business leaders would pay more taxes in exchange for greater clarity from authorities on… – Continue reading
Business leaders renew appeal for clarity on ‘acceptable’ tax planning
LONDON–(BUSINESS WIRE)–Three quarters of business leaders would pay more taxes in exchange for greater clarity from authorities on what is acceptable, according to the Grant Thornton International Business Report (IBR), a global survey of 2,580 businesses in 35 economies. And while few expect a global agreement any time soon, the… – Continue reading
The OECD BEPS Project, part III: the impact of BEPS in the United States
This article is the third in our current three part series discussing various impacts of the Organisation for Economic Co-operation and Development’s (OECD’s) efforts to address the perceived global tax problem of base erosion and profit shifting (BEPS). The first article provided an overview of the key aspects of the… – Continue reading
Tax body blow in Addis weakens developing nations
Developing nations left behind as OECD countries continue to dominate the global tax agenda called for a UN body on intergovernmental tax to no avail. Tax, more than ever before, is viewed as one of the most significant drivers of development finance. But Organisation for Economic Co-operation and Development (OECD)… – Continue reading
UK steps up efforts to help new banks, rejects tax critics
The British government said on Thursday it would step up efforts to boost competition in banking and rejected criticism that its tax changes would leave the sector worse off, Reuters reports. The government surprised banks earlier this month by announcing a new eight per cent surcharge on profits from January,… – Continue reading
Japan MoF names Masatsugu Asakawa as top financial diplomat
Japan’s Ministry of Finance said international policy veteran Masatsugu Asakawa will become the country’s top financial diplomat, whose tasks include co-ordinating with other nations and the IMF as well as arranging currency interventions. Asakawa’s broad network with policymakers both inside and outside Japan puts him in an ideal position to… – Continue reading
G7 to Clamp Down on Tax Avoidance Via Transfer Pricing
Multinational firms said to be ‘cheating’ African countries out of billions of dollars that could be used for health care and education. G7 leaders Monday pledged to reform the international tax system by minimizing transfer pricing, according to Public Finance International. Transfer pricing involves internal transactions between a large company’s… – Continue reading
G7 fails to stop the dirty money trail, tax evasion
Dirty money resulting from crime, corruption and tax evasion is estimated to cost over one trillion dollars every year. It exacerbates poverty and inequality, and should be regarded as one of the most pressing issues globally. An Oxfam report found that G7-based companies and investors cheat Africa out of tens… – Continue reading
G7 leaders move toward automatic exchange of tax information
Heads of state meeting at the G7 Summit in Bavaria, Germany committed to promoting automatic exchange of tax information and tax rulings to discourage multinational companies from shifting profits from country to country to avoid taxes, reports Accounting Today. In a joint declaration, the G7 leaders reaffirmed their commitment to… – Continue reading
G-7 aims to stop tax evasion by multinationals
MUNICH — Leaders of the Group of Seven nations are set to agree on the creation of a system to counter tax evasion and tax avoidance by multinational enterprises, during the G-7 summit meeting to be held in Germany on Sunday and Monday, The Yomiuri Shimbun has learned. G-7 leaders… – Continue reading
Africa: Oxfam Reaction to David Cameron Calls for G7 to Clamp Down On Corruption
Responding to David Cameron’s call for a global crackdown on corruption by G7 leaders meeting in Germany for their annual summit this weekend, Jorn Kalinksi, Oxfam G7 spokesperson said: “David Cameron’s is right to put a spotlight on corruption which is a problem for all countries across the globe. Corruption… – Continue reading
Switzerland plans to drop tax privileges for holding companies
ZURICH (Reuters) – The Swiss government said on Friday it is doing away with a frequently criticised privileged tax status for holding companies based in Switzerland, which will lead to a billion-franc shortfall in annual tax revenue. “While these arrangements made a valuable contribution to the business location’s appeal in… – Continue reading
G7 Leaders Mull Joint International Tax Audits
The leaders of the Group of Seven nations are contemplating a framework for joint tax audits to enhance co-operation in international tax matters. “We have to make progress not just with regards to the rules but also in everyday tax administration,” German Finance Minister Wolfgang Schäuble told a press conference… – Continue reading
REPORT: CORPORATIONS DEPRIVE AFRICA OF $11BN IN ANNUAL TAXES
Oxfam based its calculation of the tax revenue Africa loses on a UN-backed study released in April. WASHINGTON – Multinational companies deprive African governments of $11 billion in taxes each year, and G7 world leaders should set up a new global body to regulate corporate taxation, Oxfam International said on… – Continue reading
G7 MUST INCLUDE DEVELOPING COUNTRIES IN INTERNATIONAL TAX REFORM
G7 Finance Ministers meeting in Dresden today discussed the reform needed and progress made regarding international taxation and the role of multinational companies. It is positive the G7 wants to spur on international tax reform to stop multinationals avoiding taxes, and wants to support tax administrations and fair taxation in… – Continue reading
