The grassroots group responsible for launching the FATCA-based litigation in Canada has issued a public call for witnesses. They are looking for “a Canadian who has been somehow harmed by this FATCA legislation, are interested in helping out by becoming a Witness in our lawsuit, and are willing to have… – Continue reading
Come 2017, tax information on all foreign nationals holding bank accounts or other financial holdings in Cayman will be automatically shared with tax authorities in their home countries when the Mutual Administrative Assistance in Tax Matters convention kicks in. Maples, in a Cayman Islands Automatic Exchange of Information update statement… – Continue reading
The asset servicing industry is likely to see a growth spurt driven by globalisation and regulatory change, according to an Ernst & Young (EY) report, reports the Asset Servicing Times. The report outlined six key drivers of growth: asset growth and breadth; globalisation; regulation; new products; platform extension and consolidation;… – Continue reading
The Foreign Account Compliance Act (FACTA), while designed to “minimize tax cheats”, is making banking — and life in general — painfully difficult for millions of American expats, according to Mike Michelini, a Hong Kong-based business consultant withglobalfromasia.com. Here is his editorial. Under FACTA, all 8 million or so Americans… – Continue reading
Outward remittances by Indians remained elevated for the third month in a row. The remittances under the liberalised remittance scheme (LRS) for resident individuals grew to $457.5 million in September 2015 from $408.4 million in August. In July 2015, outflows were $380.3 million, a sharp jump from $140.7 million in… – Continue reading
One of today’s most talked about tax topics is the Offshore Voluntary Disclosure Program of 2014 (OVDP) and the compliance of individuals, institutions, and governments with the Foreign Account Tax Compliance Act. However, it is vital for one to understand why the IRS provided the public with the opportunity represented… – Continue reading
The Cayman Islands Tax Information Authority (“TIA“) has issued an advisory addressing several points of note regarding the Common Reporting Standard (“CRS“) in the Cayman Islands. Updated Self-Certification Forms The TIA has published new entity and individual self-certification forms which address the account holder disclosure requirements under each of CRS,… – Continue reading
FATCA requires sponsored entities (including those governed by an IGA) to have their own Global Intermediary Identification Number (GIIN) for FATCA reporting and withholding purposes by 31 December, 2016. Under a transitional rule, it is possible for one FFI to act as a sponsor for a number of other FFIs…. – Continue reading
Chisinau, 10 December /MOLDPRES/-The parliament today ratified a Moldovan-American intergovernmental cooperation agreement to facilitate the implementation of the provisions of the Foreign Account Tax Compliance Act (FATCA). According to the chairman of the parliamentary commission for international relations and EU integration, Valentina Buliga, the ratified document sees that U.S. authorities… – Continue reading
The Cayman Islands Tax Information Authority (“TIA“) has issued an advisory to confirm that the limited life debt investment entity (“LLDIE“) exemption established under FATCA has been extended in the Cayman Islands to the OECD Common Reporting Standard (“CRS“).1 As such, a Cayman Islands LLDIE has been designated as a… – Continue reading
The Cayman Islands Ministry of Financial Services’ Department for International Tax Cooperation (DITC) on 8 December 2015 issued an industry advisory regarding the ongoing implementation of the Common Reporting Standard (CRS) in the Cayman Islands. The advisory issued two new templates; the entity self-certification form and the individual self-certification form… – Continue reading
The Cabinet has submitted a bill to the Parliament Speaker’s Office for presentation and approval by the legislature of an agreement with the US that concerns the sharing of information between the countries to prevent tax fraud. A letter accompanying the legislation sent to the speaker’s office on Nov. 19… – Continue reading
Many US citizens resident in Jamaica are unaware of the tax compliance requirements of FATCA. Notwithstanding, this article is not about providing full information or professional advice about FATCA. That information can be obtained in a variety of ways. This article is about informing those who do not yet know… – Continue reading
Providenciales, 08 Dec 2015 – Since December of 2014, the Turks and Caicos signed an Intergovernmental agreement or IGA so that the laws of the US FATCA or Foreign Accounts Tax Compliance Act and the UK equivalent could have force in these islands. Last month, the Ministry of Finance issued… – Continue reading
LOS ANGELES, Dec. 07, 2015 (GLOBE NEWSWIRE) — If you think the Fixing America’s Surface Transportation Act (FAST), passed by Congress on December 3rd, is only about transportation…think again. According to Dennis Brager, founder of the Brager Tax Law Group, a little noticed provision in this wide sweeping Act may… – Continue reading
As the curtain falls on Eveline Widmer-Schlumpf’s career in government, one of the most abiding legacies she leaves behind is the collapse of Swiss banking secrecy under her watch as Finance Minister. Her predecessor, Hans-Rudolf Merz, told the world in 2008 that it would “break its teeth on Swiss banking… – Continue reading
Approximately eight million Americans live abroad. Most have bank accounts where they live. Many other Americans also have overseas accounts. Most are receiving letters from their banks asking for their U.S. tax ID numbers. Some want you to certify you are compliant with the IRS. American citizens, residents—even people with… – Continue reading
The British government is about to get tough with so-called tax havens that are dragging their feet on revealing the secret ownership of thousands of offshore companies. One of the main thrusts of Britain’s drive to clean up the murky world of tax avoidance has been to put pressure on… – Continue reading
The Dutch Ministry of Finance published a draft decree for implementing the “common reporting standard” (CRS) and that includes the identification and reporting requirements contained in the CRS for reporting financial institutions. The CRS, developed by the OECD and largely based on FATCA, is a standard that governs the exchange… – Continue reading
Only time will tell whether the benefit of enhanced compliance and effective enforcement will outweigh the costs. The Common Reporting Standard (CRS) is a new international system for the automatic exchange of tax information promoted by the Organisation for Economic Cooperation and Development (OECD) and modelled on the United States’… – Continue reading
Legislative Decree approving the Agreement between Brazil and the United States of America for Tax Information Exchange and Instruction 1571/15 IRS On 26th June 2015, Legislative Decree No, 146/15 (“Decree“), which approved the agreement between Brazil and the United States to allow the exchange of information under the Foreign Account… – Continue reading
Indian entities will do a reciprocal information sharing about Americans The Finance Ministry today said it has received information from the US under the financial information exchange pact FATCA in the last two months and it is being analysed. The Foreign Account Tax Compliance Act (FATCA) came into effect from… – Continue reading
He said steps are being taken to put in place a robust information security mechanism in the Income Tax department Non-disclosure of overseas assets will become a “very risky affair” from 2017 as government will by then start getting information on them from foreign countries, Minister of State for Finance… – Continue reading
Right to levy capital gains tax by India is also part discussions, he said India is engaged in “positive talks” with Mauritius on revision of bilateral tax treaty as some issues still need to be sorted out, an official said today. “Negotiations have been going on. Talks with Mauritius have… – Continue reading
On 23 November 2015 Guernsey issued regulations to implement the Common Reporting Standard (“CRS”) under Guernsey’s domestic law. The regulations follow on from the commitment made on 29 October 2014 by Guernsey, along with the other Crown Dependencies and a number of other jurisdictions, to start exchanging information under the… – Continue reading
MUMBAI: Indian banks and mutual funds have in the past fortnight started warning NRIs who hold an American passport or are working in the US that their accounts could be frozen unless they get a tax-compliant certificate from US authorities, thanks to a treaty signed by New Delhi and Washington…. – Continue reading
HONG KONG, Dec. 2, 2015 /PRNewswire — Demand for asset protection, wealth planning and funds by high net worth individuals in Asian countries will drive continued growth in the offshore industry, according to OIL’s sixth “Offshore 2020” annual market research study. OIL, the leader in international incorporations and corporate services… – Continue reading
The reporting deadline for Portuguese financial institutions to communicate information required under the FATCA regime to the Portuguese tax authorities has been extended to 31 December 2015. The FATCA deadline was extended by a 30 November 2015 order. This is the second time that the FATCA reporting deadline has been… – Continue reading
Within days, the IRS will be able to revoke your passport for unpaid taxes. This bad idea has been kicking around for several years. This time, it is buried within 1300 pages of highway legislation. The government will surely see it as a nice complement to FATCA, the Foreign Account… – Continue reading
Royal Decree 1021/2015, of November 13, establishing the obligation to identify the tax residence of persons who hold or control certain financial accounts and to provide information concerning them in the area of mutual assistance. On November 17 last the above-mentioned Royal Decree was published in the Official State Gazette…. – Continue reading
Swiss Senate has sealed the end of banking secrecy for foreign clients, following the House of Representatives in accepting the legal groundwork for the automatic exchange of information. The decision paves the way for a “decorous funeral for tax secrecy,” as senator Roberto Zanetti of the leftwing Social Democrats put… – Continue reading
The US Internal Revenue Service (IRS) reports no new registrations under Foreign Account Tax Compliance Act (FATCA) rules in November. The list stays at 177,147 institutions in 226 financial jurisdictions. The list details which overseas financial institutions have agreed to pass personal and financial information about accounts and investments controlled… – Continue reading
Congress tightens the tax abuse of Americans who live and work abroad Doubling down on Americans living and working abroad is a way for the Internal Revenue Service to squeeze the turnip a little harder in pursuit of a little more blood. The Obama administration, which has never met a… – Continue reading
The Common Reporting Standard (CRS) is the standard for automatic exchange of financial account information produced by the Organisation for Economic Cooperation and Development (OECD) which provides for systematic and periodic automatic exchange of information between signatory jurisdictions. At its heart is a requirement for financial institutions, including British Virgin… – Continue reading
Sean Connery has not played James Bond for years, but is still a public figure prosecutors might like to attack. He was cleared, but Mr. Connery’s wife, Micheline Roquebrune, has been charged with taking part in an alleged plot to defraud the Spanish treasury of millions in taxes. It is… – Continue reading
The Organization for Economic Co-operation and Development (OECD) common reporting standard (CRS) is a standard that provides for the automatic exchange of financial account information between participating governments. The requirements under this standard are in addition to any Foreign Account Tax Compliance Act (FATCA) requirements. The Cayman Islands has recently… – Continue reading
Effective November 1, 2015, all new investors who wish to purchase units of mutual funds have to provide additional KYC related information required for Foreign Account Tax Compliance Act (FATCA)/CRS compliance. From January 1, 2016 even existing investors who wish to make fresh purchases, need to complete the additional KYC… – Continue reading
KUWAIT CITY, Nov 29: “The world of taxation has changed tremendously impacted by FATCA, transfer pricing, Base Erosion and Profit Sharing, and others which require dramatic changes in existing operating models and structures,” remarked Fouad Douglas, PwC Country Senior partner, at a tax seminar organised by the PwC in conjunction… – Continue reading
Santo Domingo.- Internal Taxes (DGII) director Guarocuya Feliz on Sunday agreed with Institutional and Justice Foundation (FINJUS) vice president Serbio T. Castaños that large fortunes need to be investigated over tax evasion. “This position is in line with the work the institution carries out to eliminate banking secrecy to ensure… – Continue reading
Edward Snowden is not in jail, but his namesake soon could be. Switzerland has sentenced Hervé Falciani, a former HSBC Swiss bank employee, to five years in prison. He is the whistleblower and leaker often called the “Edward Snowden of tax evasion.” Leaks bank records and tax documents has helped… – Continue reading
Tax Justice Network’s biannual Financial Secrecy Index revealed United States as one of the tax havens for foreign businesses despite its Foreign Account Tax Compliance Act (FATCA). The Huffington Post noted Nov. 2 that the US landed the third spot behind Hong Kong and Switzerland as the tax havens for… – Continue reading
Last summer, a client received a letter from their bank, a major German bank in which it was asked to indicate “whether you are a US tax or not” and also in the form of an affidavit (“Under penalties of perjury”) in to make English more detailed information about himself… – Continue reading
(CNS): The UK’s overseas territories minister has told the Cayman Islands premier that the British government wants direct access to companies registered here for all of their law enforcement agencies, but the Cayman leader has so far refused. As the dispute between the UK and its territories continues, the return… – Continue reading
Many Poles may cause blocking of accounts and bills. And all because at the beginning of December 2015. Poland will begin to implement the so-called. FATCA agreement, or an agreement with the United States, which is to counteract the concealment of income. As for the transmission of data for Ocean… – Continue reading
Recent developments with regard to CRS (the OECD’s “Common Reporting Standard”) mean that Irish funds need to take steps now to update their application forms and subscription documents. As referred to in Matheson’s November Investment Funds Newsletter, the Irish Finance Bill 2015 contains further provisions putting in place the necessary… – Continue reading
Greater China, Southeast Asia Seen as Global Leaders in Use of Offshore Vehicles, Drawn by Efficiency & Legal Frameworks Key Highlights: OIL’s sixth annual survey shows: The offshore industry will be a leaner, more resilient and confident member of the global economy by 2020, driven by demand from increasing numbers… – Continue reading
Participants listen to an expert during the seminar hosted by KPMG Qatar. KPMG in Qatar held a seminar recently to help chief financial officers and chief compliance officers from financial institutions understand the implications of Common Reporting Standard (CRS) and what they need to do to comply. The seminar comes… – Continue reading
Israeli politicians occasionally risk the ire of their American allies. Some have successfully challenged legislation in court to slow the implementation of FATCA-related legislation. Watch and learn, Hong Kong. As the United States continues to bring country after country to their knees to comply with its Foreign Account Tax Compliance… – Continue reading
Over 90 jurisdictions have committed to the OECD’s Common Reporting Standard (CRS), creating comprehensive global automatic information exchange for financial assets and the entities through which such assets may be held. Over 70 jurisdictions have signed the OECD’s Multilateral Competent Authority Agreement, which implements the CRS. The CRS is scheduled… – Continue reading
QCOSTARICA via Tax-news.com – The inclusion of a passport revocation provision to fund part of the proposed US highway bill would “disproportionately” affect American citizens living overseas, like in Costa Rica, according to a recent release from the deVere Group, a financial consultancy. The provision, which would be effective from… – Continue reading
