The Internal Revenue Service has signed a contract with a company called Chainalysis that offers software for analyzing and tracking bitcoin companies. The IRS has been pushing for ways to tax bitcoin companies. In 2014, it issued basic guidance in Notice 2014-21 stating that virtual currencies such as bitcoin should be treated as property rather than currency […]
Ireland awarded high OECD rating on tax transparency
Top ‘compliant’ rating given to Ireland, Norway and Mauritius Ireland has received one of the highest international ratings on tax transparency from the OECD. The organisation’s Global Forum on Transparency and Exchange of Information is part of the implementation of the common reporting standards in the wake of the global clampdown on multinational tax avoidance. […]
Investors would rather register a company in Mauritius than South Africa
Despite a larger economy and a much bigger population, South Africa’s political uncertainty and failure to draw cost-sensitive investors has given way for the rise of Mauritius as the top investment destination in Africa to register a company. Speaking to CNBC Africa, Bravura’s executive director, Soria Hay, said Mauritius is fast-gaining the reputation among […]
India, Mauritius set to hold fresh talks on DTAA amendments
Companies registered in Mauritius are the largest source of FDI into India, making it crucial for New Delhi to amend double tax avoidance agreement (DTAA) in its bilateral tax treaty India and Mauritius are set to begin a fresh round of negotiations to amend their double tax avoidance agreement (DTAA) to ensure that capital flows […]
India cracks down on directors of Shell companies
Directors of Indian Shell companies that have not filed tax returns for at least three years have been disqualified from re-appointment or from being appointed to similar roles elsewhere, India’s finance ministry said. The move, part of a crackdown on illegal transactions and tax evasion, comes a day after authorities froze the bank accounts […]
Hong Kong and Saudi Arabia enter into double taxation pact
Hong Kong (HKSAR) – The Secretary for Financial Services and the Treasury, Mr. James Lau, on behalf of the Government of the Hong Kong Special Administrative Region, signed in Hong Kong today (August 24) a comprehensive agreement for the avoidance of double taxation (CDTA) with Saudi Arabia, which signifies the Government’s sustained efforts in expanding […]
HMRC probing Manchester United players over image rights tax dodge
HMRC is probing at least two Manchester United players over potential image rights tax dodging, as reported by the Daily Mail. The tax avoidance allegedly occurred under an agreement in the 2014-2015 season, where clubs would pay up to a fifth of their footballers’ total pay packages to ‘image rights’ companies rather than as […]
Japanese-Estonian taxation treaty
The government approved the taxation treaty agreement on Thursday to avoid double taxation between Estonia and Japan by handing over the power to the finance minister to sign the agreement on behalf of Estonia. The negotiations of the agreement between Estonia and Japan followed the direction of Estonia’s tax agreement policy of leaving the residential […]
Eurozone’s big four demand measures against tax avoidance
The four biggest economies in the Eurozone – Germany, France, Italy, and Spain — demand an end to the erosion of their tax base by means of incorporation in states that facilitate tax avoidance. According to the Financial Times, Bruno Le Maire, Wolfgang Schaeuble, Pier-Carlo Padoan, and Luis de Guindos, want a shift from […]
Offshore Assets & Estate Planning What to Consider.
Due to the different laws applicable, estate planning across multiple jurisdictions is a complicated exercise and it is advisable to seek specialist advice for each country. If an individual has a separate will for offshore assets, it is important that one will does not accidentally override the other. In a bid to protect themselves against […]