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Law to Exclude US Ex-Citizens Judged To Have Avoided Tax

What ever happened to the presumption of innocence? There seems to be an automatic assumption of guilt with this law and the burden is on the people who fall into a certain category to prove their innocence. There also is no recognition of long-term ex-pats whose assets are derived predominantly from overseas activity, but who may be relinquishing due to problems created by FATCA. $2 million is not necessarily that extravagant if you are talking about a person coming up to retirement age after working for decades in an expensive country with a defined contributions pensions plan and a house. Introducing this measure during period right before FBAR is due is just rubbing salt in the wound.
By Tired of the endless paperwork on Tuesday, June 25, 2013


Canada Minister Recommends Charity Tax Reliefs

blah blah blah blah... what is harper and the corruption party going to do about it ? just as I thought, absolutely nothing !
By Herry69 on Tuesday, June 25, 2013


Japan To Extend Housing Loan Tax Credit

Dear Investors/Financial Seekers.We are a Registered Private Investors/Loan Lender, Do you need FINANCIAL ASSISTANCE? Are you in financial mess OR debts? We offer loan at 3 interest rate within 1 year to 30 years repayment duration period to Individual and Companies that are in need of financial assistance and to any part of the world.We give out loans ranging from $5,000.00 to $500,000,000.00, CURRENCIES: USD, CAD, KWD, OMR, SGD, RUB, GBP, AUD, MYR, ZAR, IDR, UAH, PHP, EURO.Our loans are well insured for maximum security is our priority, Are you losing sleep at night worrying how to get a legit loan lender? Are you in poverty? Do you need financial assistance to set-up a business? We can assist you financially. We'll help you get over those financial obstacles.Interested Indi
By Lin Poh on Monday, June 24, 2013


Law to Exclude US Ex-Citizens Judged To Have Avoided Tax

American citizenship is a privilege. yes and we pay for it while we are citizens, they seem to believe that being born a U.S. citizen obligates us to a lifelong sentence of tax slavery a choice most of us never made.
By Statelessman on Sunday, June 23, 2013


Austria Gives Green Light To Basel III Bill

Basel III is also for small banks. Incurred or expected losses are not sufficient guides to capital adequacy. The next credit crisis needs more shock absorbers.
By Anthony Alfidi on Wednesday, June 19, 2013


G8 Leaders Agree To Tax And Transparency Plans

Important to appreciate the 10 major recommendations as suggested by the Lough Erne declaration. 1. Tax authorities across the world should automatically share information to fight the scourge of tax evasion. 2. Countries should change rules that let companies shift their profits across borders to avoid taxes, and multinationals should report to tax authorities what tax they pay where.3. Companies should know who really owns them and tax collectors and law enforcers should be able to obtain this information easily.4. Developing countries should have the information and capacity to collect the taxes owed them – and other countries have a duty to help them.5. Extractive companies should report payments to all governments – and governments should publish income from such companies.6. Mi
By Murray Simms on Wednesday, June 19, 2013


UK Parliamentary Committee Keeps Up Pressure on HMRC

by the business logic of becoming a "transparent" jurisdiction (e.g. Guernsey). Whether you agree with me that this is a good thing is irrelevant, it is happening.2) Legal Tax avoidance is a completely different story. When looking at this whole issue, its worth understanding some history and background. The current system of tax treaties and international structuring arose from a desire by many national governments to try and maximize the tax revenue they collect. They did this by recognizing that there are constantly situations where an international corporation may be obligated to pay tax to several jurisdictions on the same revenue (aka double taxation). Of course, this would result in no net revenue and the corporation going bankrupt. Therefore in order to attract the good or servi
By DavidSLesperance on Monday, June 17, 2013


UK Parliamentary Committee Keeps Up Pressure on HMRC

With over 2 decades of experience as an international tax lawyer, I hope I can make a few observations at will help to bring some clarity to this topic.1) Tax evasion and hiding proceeds of crime and corruption are illegal. They have been possible because of secrecy pockets that currency exists both on-shore and offshore. Combined impacts of G8 and other initiatives, Whistleblowers, bilateral treaties, FATCA, Qualified Intermediary Regime etc. are quickly making secrecy extinct.Automatic reporting and disclosure to authorized government tax and law enforcement is quickly going to become the norm. This will eventually include information on corporations, trusts and other structures and bank accounts. Jurisdictions both on and offshore are pushed by international initiatives or pulled b
By DavidSLesperance on Monday, June 17, 2013


Canada Promotes Expanded Adoption Tax Credit

I only hope that Canada does not allow this "Adoption Tax Credit" to be sued for international or domestic adoption situations. If anything, I hope that they look towards the USA and have the ability to see that the expansion of the Adoption Tax Credit in the USA has only resulted in government subsidies to motivate the agencies to break up families for profit or to import more children from other countries. If you actually want the tax credit to help the children in foster care, then keep it for ONLY foster care. In the US, every time the tax credit increased, so did adoption agency fees. It has become a story of government tax payer funded baby buying and actually hurts the very children the laws are there to help. People wanting to adopt go to domestic and international first, while th
By Claudia Corrigan D'Arcy on Tuesday, June 11, 2013


Taiwan, US To Negotiate FATCA Agreement

I think that there are other countries taxing on nationality basis, like China, and I am not sure abour India, Brazil and Mexico, Do you? If the solution is to renounce to US nationality, why not to renounce?
By EVA on Thursday, June 6, 2013


Brussels Challenges British Yacht Fuel Tax Breaks

This really is a case of the EU not understanding the problem. Leisure craft have to pay the full duty for the red diesel used for propulsion. If leisure vessel were forced to use white diesel only then there will be serious implications of the availability of fuel supply to leisure craft in most parts of the UK possibly putting lives at risk. The EU has a lot more serious problems of corruption and misuse of tax payers money than this - even if it was a problem in the first place!
By brian M on Tuesday, June 4, 2013


Monaco Reforms Property Tax Law

Assumption: The beneficial ownership in an offshore entity that owns real estate in Monaco is held by another offshore entity whose beneficial ownership is held by a third offshore entity. What happens if the beneficial ownership of this third offshore entity changes? Does anybody here know that (with certainty)?
By Strictly Confidential on Monday, June 3, 2013


US Foreign Reinsurance 'Loophole' Closing Bill Reintroduced

They are trying to close every "loophole" not just the foreign reinsurance one, together with simplifying the tax code for businesses operating in the U.S. For anyone interested there are further details here:
By Andrew Wayne on Thursday, May 30, 2013


Venture Capital's Contribution To UK PLC Charted

Good news . Also pleased to see that a sizable number (41) are involved in export. Any data on how this compares with Eurozone and US ?
By David Frew on Wednesday, May 29, 2013


Belgium Mulls Solar Panel Tax

I wonder if they are taxing panels on off grid setups. What if a small village or town decides to go off the grid? If theyare still grid tied, administrations fees still apply in Canada. I just finished work on a 9.5kw installation that is still grid tied. Neat stuff with a lot of potential if the government keeps their hands out of it. They want us to go green, but still penalize us for it.
By James on Monday, May 27, 2013


HMRC Slammed On Tax Credits Errors And Fraud

The Committee are clearly unaware that the HMRC view a benefit cheat - someone who works and claims as quite acceptable - they define the benefit claim as the first JOB and the full time JOB as a Second job - provided they get their CUT.
By Richard Gibb on Monday, May 27, 2013


Taiwan, US To Negotiate FATCA Agreement

Taiwan is too cowardly to just take the US to a WTO court over this! In addition the US gov't needs to move towards a residency based taxation system and then to the complete abolishment of the IRS! FATCA is just another way the IRS oversteps it's power. The targeting of Americans abroad over penalties has been well known in our world but has no political ramifacations of the US government so no one cares. I am dumbfounded why more Americans overseas are not standing up to this who already know about FATCA. Please support Rand Paul's call to repeal FATCA!
By John on Monday, May 27, 2013


Luxembourg May Take Legal Action Over FTT

The French introduced their own financial transaction tax (FTT) about six months ago. It's a huge flop, raising only about 25 of the projected revenues, increasing capital costs and driving investment capital out of France. It's a net-negative tax (the total costs and lost taxes are greater than the tax revenues raised). This is exactly what Berkeley Economics Professor, Barry Eichengreen, predicted would happen.
By TD on Tuesday, May 21, 2013


US Accountants Comment On Home Office Deduction

It sounds to me like the AICPA wants to keep all the complexity. The very idea of a safe harbor is to DO AWAY with complexity. The deduction per square foot should be raised to at least $7.50 (to more closely approximate average deductions under the old system), and then it should be indexed for inflation. But the safe harbor should REPLACE depreciation and carryovers, not live along-side of them.
By Tim Deaton on Monday, May 20, 2013


Afghanistan Looks To Introduce VAT

Write your comment here...As an afghan thanks from those who thinks about well being of Afghanistan
By Your name...Hashmat on Sunday, May 19, 2013


Belgium Begins Tax Shift From Labor To Capital

By on Friday, May 17, 2013


Taiwan Proposes Tobacco Tax Hikes

I was against cigarette taxes when I was a smoker. But since I switched to electronic cigarettes three years ago, I don't have to worry about smoking bans, tar, smell or really high cigarette taxes!
By SavEcig on Thursday, May 16, 2013


Canada Announces New Anti-Avoidance Funding

By Herry69 on Friday, May 10, 2013


OECD Transfer Pricing Booklet Released

Thank you for sharing this and other discussions concerning the OECD.
By Tom PhalenYour name... on Friday, May 3, 2013


Proposal To Limit US Tax Deductions Resurfaces

Folks like Martin Feldstein are wrong in accusing the income of Americans living overseas which is not double-taxed as being a "cost". Americans living abroad have no representation, no benefits and are taxed in the jurisdictions where they live. Thus, Americans abroad are not a "cost" but rather a necessity that America needs to learn to thank and appreciate. Stand up for your own and be an American patriot by abolishing citizenship-based taxation in favor of residency-based taxation like the rest of the world.
By SwissTechie on Thursday, May 2, 2013


US Congress Looks At Small Business Tax Reform

No wonder many applauded Camp's proposal. A Small Business Tax Reform was due for quite some time now. In any case, if anyone's interested in a summary of the proposals, these can be found here:
By Andrew Wayne on Tuesday, April 30, 2013


Hungary FTT Revenues At 49% Of Predicted Amount

Hungary will now be encouraged to double the tax rate, and will then receive a quarter of the predicted revenue.
By RM on Friday, April 26, 2013


Ryanair Facing Overcharging Allegations

I have recently booked a flight with Ryanair, and have been charged for booking with a credit card even though I had ticked the debit card box.
By User on Tuesday, April 23, 2013


US Corporates Receive USD181bn In Tax Breaks

Please check out "Michael P - WMD" on YouTube for a discussion of influence on government:
By LP Fan on Monday, April 22, 2013


US Reviews Burma, Laos As Possible GSP Beneficiaries

Laos should not be considered for any special status until the government there is forthcoming with information about the disappearance of two American citizens, one U.S. Permanent Resident, and one Lao community organizer (MrSombaht)
By Tao Kai on Monday, April 22, 2013


Taiwan, US To Negotiate FATCA Agreement

This is a farce. FATCA is basically the US demanding a global spy network on all of it's citizens abroad and by threatening all banks in the world, bypassing the authority of local governments. It's blackmail essentially. The USA knows that as it increases taxes, compliance goes down, so it is using fear to control foreign banks.The agreement Taiwan is hoping for is to basically give Taiwan an exception to get out of FATCA. There is no other real option, because millions of Taiwanese are also American citizens, some of them don't even speak English and had no idea they owe taxes to the USA even though they don't live there.The USA is the ONLY country in the world to tax based on citizenship.
By Jonathan on Monday, April 22, 2013


Bill To Extend US Social Security To Puerto Rico

There are some people who can not work and hold a job! That's what SSI is for. Yes. Its is very easy to swindle the government into giving you free cash but don't forget that many sick people reside in the U.S. and its territories. Not everyone is rich or has a way to support themselves. If you are one those people who can work but choose to take advantage of your government making it harder on the ones who actually need the help, shame on YOU. Don't judge untill you know the full story. God bless those who are poor and without. Those of you who have vast bank accounts shouldn't be worrying about who the government gives money too. Nor should anyone call a man "lazy" cause that doesn't work. Maybe that person CANT help themselves to keep a job! You ever think of that?
By Soul Rebel on Friday, April 19, 2013


Cayman Has Nothing To Fear From FATCA

Mr. Morton. Thanks for picking up this article and I would be keen for you to contact me next time you find something published by us of interest. However I'm a little disappointed by your interpretation of what I said in regards to the likelihood of this system expanding to other countries in the first paragraph. What I said is properly quoted in the last paragraph and seems to be, just a month after I wrote the article, exactly what is happening, a bit faster than I expected I have to admit. Thanks and regards
By Gonzalo Jalles on Friday, April 19, 2013


EU Commission Warns Hungary On Tax

The site cut off my comment after I posted. I went on to wonder how this provision is such a horrible problem. Citizens generally pay for errors of their governments. How can it be otherwise?
By Brian on Thursday, April 18, 2013


EU Commission Warns Hungary On Tax

The E.U. wants all nations to keep budgets in proper balance. The section of the Fundamental Law objected to reads as follows:(2) Article 37 of the Fundamental Law shall be supplemented with the following Paragraphs(6)-(7):“(6) As long as the state debt exceeds half of the Gross Domestic Product, whenever the Stateincurs a payment obligation deriving from a decision of the Constitutional Court, the Court ofJustice of the European Union or any other court or an organ which applies the law, and the amountpreviously earmarked by the Act on the Central Budget for performing such obligation isinsufficient, a special contribution to covering common needs shall be established, exclusively andexpressly related to the performance of such obligation in terms of scope and designation.(7) The
By Brian on Thursday, April 18, 2013


EU Warns Hungary On Sectoral Taxes

The E.U. comments represent only one economic view and a narrow one at that. Given the E.U. trackrecord on economic policy, I find this advice to be vacuous, interfering and bad. The sovreign nation's democratically elected government should have the right to decide not be dictated to by those who have no right to represent the interests of the country. No wonder the E.U. is falling into disfavour. It is becoming a petty dictator with policies based on ideology rather than practical good sense.
By expat in Budapest on Monday, April 15, 2013


Canada's Flaherty Promotes Trade In Bermuda

Who is Flaherty trying to fool, this is a paid for taxpayer snowbird trip to the sun. We need increased trade with the Scandahoovian countries as well but it is much colder there this time of year. I hope he gets sunburned this decietfull little twerp.
By RAIFON on Sunday, April 14, 2013


Tax Freedom Day Is Again Later For US Taxpayers

Important notice for late tax filers check out nearest post office
By ask_tax_guru on Friday, April 12, 2013


Mexico Backs Japan's Bid To Join TPP Talks

Stops deceive Japan as if you are inviting TPP as a sweet treat to Japan!!!! TPP is global corporate take over disguised as trade deal!! And you are about to colonize Japan with your formidable political power and with your deceitful sweet tongue. People in Japan are very outraged of this deceit !!!! Japan has the most perfect hospital system in a world!!!We do not wish to have troublesome expensive U.S hospital system!!!!!! It is collapsing!!!!! There are too many who can not afford outrageously expensive medical bills!! It only make corporate richer, that is all, it won’t help Japan!! Satan and his followers get away from Japan!!! Why is it so secretive? Because it is a hideous crime against Japan and you want to hide your worst crime from your people, Japan and all over the world!! Bu
By fightforjapan on Thursday, April 11, 2013


Business As Usual At Cypriot Ship Registry, Minister Claims

Irrespective of the correctness of the measure imposed by EU/IMF on the Cyprus Government relation to the Cyprus problem, Germany, Holland and its Northern Europe co-minders ought to have thought of the destructive effects on the overall Cyprus economy that the measures for curtainling its banking sector.As things now stand, one wonders whether its sheer immaturity or sheer irresponibleness or naked blantness on the decision-makers' part. Putting right a situation does not mean destroying everything else!
By vasos Hadjipantelis FCCA on Friday, March 29, 2013


UK Allows Turks And Caicos To Ditch VAT Plans

Why does this website seem to be so anti Turks and Caicos?
By User on Tuesday, March 26, 2013


Study Looks At US Mortgage Interest Tax Reform

How about instead of making any changes that ultimately cost us taxpayers our hard earned money and often necessary tax deductions the Government stops spending money frivolously above what is taken in already??!! Mortgage Bankers Association CEO and President David Stevens said when he questioned the proposed bill for using the deduction to pay for other government expenditures and ignoring the governments pivotal issue of overspending PERIOD: "We have $17 trillion dollars in debt almost, and the current budget is spending a trillion more than what we take in from tax revenues," the MBA leader said. Exactly!
By L.K. on Thursday, March 21, 2013


Moody's Doubts Puerto Rico Has Sufficient Tax Revenue

Puerto Rico's colonial status has given so much power to our various administrations, that they have ransacked our Treasury with high salaries and outrageous government contracts to cronies. Puerto Rico not only serves as an offshore tax shelter for corporate money, but it has also served to enrich, beyond reasonable, a powerful, obscenely wealthy, local elite who exploit our people and control many members of Congress with their lobbyists and political donations.Day by day, Puerto Rico looks more similar to a banana republic than to a territory of the United States. This colonial status and the offshore tax shelter status, has impoverished the US citizens in Puerto Rico, the American worker, and the American tax payer in the 50 states.I personally blame the United States Governments
By Miriam Ramirez on Thursday, March 21, 2013


Cayman Islands Directors Vote For FATCA IGA Model 1

I guess Privacy went out completely with the Patriot Act and now Sovereignty is leaving by way of FACTA. I would think that a lot of people not wanting the U.S. government sniffing around their business will move them to other jurisdictions will leave the Cayman Islands not so friendly to FACTA.
By James A. Lavorgna on Monday, March 18, 2013


Guernsey Commits To UK 'Son Of FATCA' Pact

I guess when nobody banks in Guernsey anymore, the realization will strike that people just don't want to do private banking in a glass bowl.
By Dan Redding on Friday, March 15, 2013


EU Online Dispute Resolution Is Approved

Contrary to what has been written here, the Regulation on ODR is NOT limited to cross-border transactions but also extends to domestic transactions. Some of the News Releases (eg the EPP one) are wrong in this respect taking it from early versions of the Regulation that were indeed so limited. However the draft was amended last year and the final version as approved yesterday by the EP extends to all transactions between an EU seller and an EU consumer whether in the same or different States. This will now prevent retailers from disabling the link to the EU ODR website for site visitors from an IP address in their own country. The change is very important since, of course, the vast majority of sales are domestic. Graham Ross, VP(Europe), - leaders in ODR
By Graham Ross on Thursday, March 14, 2013


Governor James Gilmore III Interview on Internet Taxation

damn u internet tax -_-
By $lim on Friday, March 8, 2013


US Congressmen Reintroduce Online Sales Tax Bill

If a store of <$1M in sale may be exempt, at what point do they lose that exemption? Let's say in Oct. they pass that magical $1M mark. Do they pay sales tax on everything up until Oct. (but they did not collect sales tax from the buyers)? Or do they only collect
By Sally on Friday, March 1, 2013


US FTT Proposal In Congress

That Tax hits the 99's PENSION FUNDS, IRA's, AND 401K's. Even just holding mutual funds will now subject everyone's retirement to NEW TAXES as the funds need to buy
By fran ellerson on Friday, March 1, 2013


HMRC To Resist Pensioners' Claims In ROSIIP Case

QROPS transfer enables people to move their pension from the UK to residences of low or no tax jurisdictions such as Guernsey. Deciding on the jurisdiction of your QROPS pension transfer is one of the most important decisions you will need to make.hmrc qrops list I appreciate you. This is interested to know about If you want to know more about qrops list , go to the link above.
By Manish Chaurasiya on Thursday, February 28, 2013


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