Offshore News

LLB-Switzerland Signs US Non-Prosecution Agreement

by Mike Godfrey, Tax-News.com, Washington

Thursday, August 8, 2019

On August 5, 2019, the US Department of Justice announced that Swiss bank LLB Verwaltung (Switzerland) AG has agreed to pay a penalty of USD10.6m to resolve a case in which it was accused of helping US clients to conceal income. Read Full Story

IRS's New Enforcement Initiatives Are Aimed At Individuals

by Mike Godfrey, Tax-News.com, Washington

Thursday, July 25, 2019

On July 19, 2019, the United States Internal Revenue Service Large Business and International Division announced six additional compliance campaigns. Read Full Story

New Zealand To Better Track Taxpayers' Property Transactions

by Mary Swire, Tax-News.com, Hong Kong

Friday, June 21, 2019

New Zealand's Inland Revenue has announced that those who buy and sell property will be required to provide their IRD number on land transfer documentation, to improve the agency's ability to enforce the tax rules on property speculation. Read Full Story

OECD Fleshes Out Int'l Tax Reform Plans During BEPS Webcast

by Ulrika Lomas, Tax-News.com, Brussels

Thursday, June 13, 2019

During a webcast on June 11, the OECD provided a technical update on its work to develop new, modernized international tax rules for the digitalized economy. Read Full Story

New Zealand Tweaking GST Rule Changes For Offshore Suppliers

by Mary Swire, Tax-News.com, Hong Kong

Thursday, June 13, 2019

New Zealand's Finance and Expenditure Committee has recommended changes to legislation that would introduce a new requirement for offshore suppliers to collect GST on low-value goods supplied to New Zealand-based consumers. Read Full Story

Global Tax Information Exchange Has Netted States Billions

by Ulrika Lomas, Tax-News.com, Brussels

Friday, June 21, 2019

The OECD has reported on the progress achieved to improve tax transparency internationally under the new Common Reporting Standard (CRS), ahead of the meeting of G20 finance ministers in Fukuoka, Japan. Read Full Story

EU Takes Action Against Spain Over Rules On Reporting Of Assets

by Ulrika Lomas, Tax-News.com, Brussels

Thursday, June 13, 2019

The European Commission is taking Spain to the Court of Justice over the imposition of "disproportionate" sanctions for failure to report assets held abroad. Read Full Story

Democrats Introduce US Anti-Offshoring Bills

by Mike Godfrey, Tax-News.com, Washington

Wednesday, June 5, 2019

Three Democratic members of the United States Senate have introduced two tax bills designed to discourage US companies from shifting their operations overseas and establishing arrangements in low-tax jurisdictions. Read Full Story

UK Tables Regulations For Offshore Intangibles Measure

by Jason Gorringe, Tax-News.com, London

Friday, May 31, 2019

The UK Government has published for consultation draft regulations for the "Offshore receipts in respect of intangible property measure," added to UK law via Schedule 3 to the Finance Act 2019. Read Full Story

Australia Issues Ruling On Hybrid Mismatch Rules

by Mary Swire, Tax-News.com, Hong Kong

Monday, April 15, 2019

The Australian Taxation Office has opened a consultation on a draft Law Companion Ruling on the targeted integrity rule that will apply under the new hybrid mismatch regime. Read Full Story

EU Demands Belize Remove Harmful Tax Regimes

by Mike Godfrey, Tax-News.com, Washington

Tuesday, February 26, 2019

The European Union Code of Conduct Group (Business Taxation) has warned the Government of Belize that the jurisdiction will be placed on the EU's blacklist of non-cooperative territories unless it commits to amend or abolish certain tax rules considered "harmful." Read Full Story

Seychelles Challenged On IBCs Tax Regime

by Lorys Charalambous, Tax-News.com, Cyprus

Tuesday, February 26, 2019

The EU's Code of Conduct Group (Business Taxation) has written to authorities in Seychelles to warn that new provisions to the territory's tax regime are considered harmful. Read Full Story