Some 65,000 Puerto Ricans left their bankrupt U.S. island commonwealth last year. A group of private bankers are moving the other way. They’re increasingly opening offshore banks known as International Financial Entities, which were created by a Puerto Rican law in 2012. There are 44 IFEs now, with 18 opening in the past year, according […]
Ebonyi vows to drag Nigerian government to court over tax evasion
The Ebonyi State Government has threatened to drag establishments operated by the Nigerian Government over alleged tax evasion and failure to make remittances due to the state. This was made known during the weekend by the state Commissioner for Finance and Economic Development, Dennis Ekumankama, in Abakaliki. While fielding questions from journalists on measures put […]
China issues guidelines to curb money laundering, terrorism financing and tax evasion
China’s state council issued guidelines on Wednesday 13th September 2017 on improving supervision to curb money laundering, terrorism financing, and tax evasion. China will step up monitoring of abnormal cross-border capital movements to crackdown on cross-border financial crimes, the state council said in a statement on its website, adding that it will implement U.N. […]
CBDT signs 4 Additional Advance Pricing Agreements
The APA scheme endeavors to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance. New Delhi: The Central Board of Direct Taxes (CBDT) has entered into 4 more Advance Pricing Agreements (APAs), pertaining to sectors like telecom, banking, […]
Canadian Businesses Urge Gov’t to Scrap Tax Plans
Thirty-five Canadian business organizations have written to Finance Minister Bill Morneau to ask that he scrap proposals to crack down on the use of tax planning strategies by private corporations. The business groups have together formed the Coalition for Small Business Tax Fairness to opposing the Government’s proposals. Signatories of the letter include the […]
Canadian Businesses Urge Gov’t to Scrap Tax Plans
Thirty-five Canadian business organizations have written to Finance Minister Bill Morneau to ask that he scrap proposals to crack down on the use of tax planning strategies by private corporations. The business groups have together formed the Coalition for Small Business Tax Fairness to opposing the Government’s proposals. Signatories of the letter include the […]
Argentina Turns To VAT To Fund Income Tax Cuts
Argentina reportedly is considering shifting the tax burden on VAT, to bring the country’s corporate tax rate down to a competitive level.Specific measures are expected to be tabled before lawmakers soon. It is anticipated that there could be a 10% cut to the corporate income tax rate, to bring it down to 25%, which would […]
USA S Corporation – Corporate Structure
Deciding which type of corporation or corporate structure is the best for your business can be a confusing and tedious task. Two types of corporations are recognized by the Internal Revenue Service for the purpose of federal income tax imposition: C corporations and S corporations. An S corporation is a special structure of business […]
Offshore Banking today- How secure and Reliable are they?
Saying offshore banking today has acquired very negative connotations in recent months. The mere thought immediately brings to mind illicit activities, tax evasion and corruption. And yet, the offshore banking system has nothing to do with tax evasion since there are other, easier ways to reduce tax obligations. The reliability, strength, and security of […]
Brazil Extends Deadline For Tax Amnesty
Brazil’s tax amnesty (Special Regime for Tax and Exchange Legalisation or RERCT) has been reopened. The Brazilian government has extended, by 120 days, the opportunity for Brazilian taxpayers to declare assets previously held abroad and avoid criminal liability to September 29, 2017. Under the scheme, individuals agreeing to pay tax debts within the terms of […]