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Recent Comments

'Fat Tax' Debate Lands In Australia

By Mitch on Thursday, February 28, 2013


Cyprus QROPS Struck From HMRC Approved List

I appreciate the information provided by you. This is interested to know about Cyprus QROPS. Also go to the link below to know about QROPS.Regards: HMRC QROPS List
By Anuj Saini on Monday, February 25, 2013


Canada Promotes New Pensions Vehicle

Pooled Resource Pension Plans are in no way a pension plan! So, why do you think the banks, who created these things, intentionally gave it a false nemae?PRPPs are a savings plan same as RRSP with tho sole difference that the money is paid into the fund every week from your pay cheque.The plan remains a cash cow for the financial service industry and a carbon copy of the RRSP model that been a dismal failure in Canada. Event hro Conservative, and CD Howe, bohoven to the banks as they are, agree PRPP is a bad idea.Multi Employer Pension (defined benefit) plans and increases in CPP are the way forward.
By John on Friday, February 22, 2013


IRS Delays Education Credit Processing

I filed my taxes on the 24 of last month and still have nothing to show for it! I try to call and find something out but I cant seem to get through to a REAL person and it just tells me that my refund is being processed, still........... And to top it off I checked earlier on their app, and it said that they have deposited my refund and they even gave me a reference number but when I look at my bank account it says nothing and nothing is pending deposit............ Now I can even check my refund status on the app or website because it says that I am not in the system anymore! WTH is going on with this!
By Jesse Lee on Thursday, February 21, 2013


IRS Delays Education Credit Processing

I filed Jan 25th and have read that anyone that filed before jan 30 are being thrown on a stockpile for further aud review. I still haven't received nothing.
By Lizmary p on Wednesday, February 20, 2013


Carbon Tax Could Subsidize US Corporate Tax Cut

Does anybody actually believe that a new tax will supplant and existing one? Just more money down the federal rat hole.
By Skip on Tuesday, February 19, 2013


Carbon Tax Could Subsidize US Corporate Tax Cut

Let's see. We get extra revenue, so we can cut corporate taxes, but the increased utility cost will be a regressive tax on lower incomes, so we have to find some way to compensate them. Maybe we can hold a dollar in front of a mirror so we can have two. Or maybe we could do what we always do, print more money.What a bunch of bovine fecal effluvient!
By Barry on Tuesday, February 19, 2013


Offshore QROPS Domiciles Stunned At HMRC's Last-Minute Change

I don't believe the above comment to be correct. UK tax rules (did) stipulate (at the time) that UK tax exemptions on pension transfers were to be allowed in cases where a pension was legitimately being transfered out of the UK to facilitate expat retirement. The source posted (for advertising revenue) claims a tax-free alternative, which has not been substantiated and I believe to be impossible.
By mhm on Wednesday, February 13, 2013


Mauritius Signs DTA With Nigeria

Google is your friend! (texts are normally available long after the fact, generally after the country has completed its domestic ratification prcoedure)
By yeh on Wednesday, February 13, 2013


ASSOCHAM Urges India To Reconsider SEZ Tax Rules

Indeed MAT on SEZs needs to be reconsidered.MAT is truly unfair to investors who invested in SEZs based on Tax exemptions provided under SEZ Act 2005. The investors in SEZs structured their investments based on these very tax benefits and they were well within their rights to do so. However MAT takes away these tax exemptions from them and undermines the business case of these investments. This is grossly unfair. The investors have been left feeling cheated and robbed. MAT has put them at losses thus forcing many investors to pull out from SEZs or down scaling their investments in SEZs. MAT on SEZs needs to be reconsidered asap before it causes any further harm.
By Aakanksha on Tuesday, February 12, 2013


Mutiny In Turks And Caicos Parliament Against VAT

It is important to note that the vote to repeal VAT by the House of Assembly was unanimous among the elected representatives and included both the majority and opposition members. The only two votes against repeal (in support of VAT) were by the members appointed by the UK Governor. Opposition to VAT is virtually universal among the citizens and residents of the Turks
By Mark Franz on Monday, February 11, 2013


Kazahkstan And Luxembourg To Sign Double Tax Treaty

Why is these treaty has not been ratified? It was signed in 2008 at it is already 2013 and these treaty do not work yet!!
By Chokan Zhaukeyev on Monday, February 11, 2013


IRS Delays Education Credit Processing

I have to wait for my tax refund for them to start processing them mid-February. It is not fair for the people like me a single parent trying to better ourselves by going to school to have to wait while the rich rack up. We have bills to pay and should be able to receive our refund in the same amount of time as everyone else. Not fair at all!
By Amber N Kronz on Friday, February 8, 2013


Cayman Islands Directors Vote For FATCA IGA Model 1

The last paragraph is misleading. Two versions of the Model 1 agreement have been released, one with reciprocity obligations and one without. Model 1 “with reciprocity” has already been signed by several of 7 countries which have completed IGAs including Mexico and Denmark.
By Nathan Newman on Thursday, February 7, 2013


US Multinational Profits Drawn To Low-Tax Territories

Hi John, you can view the report 'An Analysis of Where American Companies Report Profits: Indications of Profit Shifting' at
By Tax-News Team on Thursday, February 7, 2013


US Multinational Profits Drawn To Low-Tax Territories

Can I receive a full copy of the above report . Thanks
By John Gibson on Thursday, February 7, 2013


US Issues Directive to Fight Identity Tax Refund Fraud

A guide if you are a victim of tax refund, or tax return fraud, by Rick Glaser

Tax return fraud is becoming a bigger and bigger problem every year. Most people panic when they find out they are a victim, and for a good reason.

Read the full article here:
By Team on Thursday, February 7, 2013


IRS Delays Education Credit Processing

Plenty of time to update systems. As my tax preparer told me, there was no reason for this delay. They are never up to date when it comes to giving back our money, but when it comes to taking it, that process is instant. Go figure. Let another country become of need and they practically "Western Union" it overnight! Oh well, the waiting game starts.
By CW on Thursday, February 7, 2013


EU FTT May Yield Annual Revenues Of EUR34bn

If the tax was Euro-wide: UK Parliament Economic Sub-Committee of the House of Lords, "The FTT is likely to induce a loss in GDP between five and 20 times larger than the revenues raised from the tax." UK Parliament European Scrutiny Committee citing the EU Commission's FTT Impact Assessment, before even including negative relocation effects, "a 3.43 fall in EU GDP equates to a fall in economic output worth €421 (£362) billion and a 0.34 fall in employment equates to a loss of 812,000 jobs."
By Wolfe on Wednesday, February 6, 2013


Nokia Asked To Settle Indian Tax Bill

This article has nothing new, but sounds to be based on rumours from "unknown tax officer". The article says "Nokia has been asked to pay...", if that is true, it is new information. However, no source is mentioned, so more likely that is an errer from the writer. Should it say "According to unknown source, Nokia has been asked...", or should it say "According to official statement by Indoa tax departmnet, Nokia...."?
By Quoter on Wednesday, February 6, 2013


Nokia Asked To Settle Indian Tax Bill

I know that this is just a joke, because most our laws don't base anywhere. People just coin new laws, but most of them are illegal. Big bosses are greedy in here!!!
By The Indian guy on Wednesday, February 6, 2013


IRS Delays Foreign Financial Asset Reporting

Does this mean, that FATCA form 8938 which had to be filed for tax year 2011, will now not be required for tax year 2012?
By Marvin Van Horn on Tuesday, February 5, 2013


US Issues Final FATCA Regulations

FATCA IGAs are a BAD deal for partner countries and their financial institutions.See:
By 1389AD on Monday, February 4, 2013


Nokia Asked To Settle Indian Tax Bill

Old news, based on rumours without resources.Nice work!
By Mark on Monday, February 4, 2013


IRS Delays Education Credit Processing

Same thing with me. Was accepted in end of Jan and now have to wait because of 1 form till mid Feb. They knew tax season was coming why not prepare ahead of time to be ready?! Thats the government for ya!
By April on Saturday, February 2, 2013


IRS Delays Education Credit Processing

I submitted my return with form 8863 and was accepted already on 1/24/13. So, IRS is holding it in order to process it correctly? Didn't they know this form existed a few months ago? It's frustrating...lots of bills to pay and people who submitted AFTER me have already gotten then IRS refunds. Not fair!
By Jill Meeker on Friday, February 1, 2013


UK Zero-Rate VAT On Print Under Threat

Many thanks for altering the heading
By Jo Nockels on Thursday, January 24, 2013


UK Zero-Rate VAT On Print Under Threat

The title of this story is incorrect. To quote from HM Revenue & Customs manual 701/10 (December 2011): The supply of text by electronic transmission (including e-books), via the internet, or similar means is also standard-rated. Such supplies are of services, not of goods, and different VAT rules will apply to them.
By Jo Nockels on Thursday, January 24, 2013


Guernsey Seeks To Attract Londoners

I guess this step may boost the guernsey economy to a good extent. I am looking for few good options in investing my hard earned money in some funds, I know finance in guernsey is better than other islands, any suggestion guys?
By Lauren Ballard on Saturday, January 19, 2013


Talks To Begin On New International Services Trade Agreement

It's a positive signal for global trade.
By icynan on Friday, January 18, 2013


BVI Aircraft Registry Given A New Lease Of Life

This risk will only be accepted by the lessors, banks and other financiers of aircraft and engines at unnecessary high interest rates. B. Patrick Honnebier, Of Counsel, Gomez
By patrick honnebier on Thursday, January 17, 2013


BVI Aircraft Registry Given A New Lease Of Life

In addition, the English judge ruled correctly that a "choice of English law" in the agreement cannot be upheld in his Court as far as the 'property law aspects' of the English mortgage are concerned. Accordingly, choosing the updated BVI laws does not really help as the registered aircraft are permanently operated abroad. The same issue may arise in other countries (Bermuda, Guernsey, Isle of Man, Caymans, etc.), as soon as the aircraft crosses the border of a state (or where it never was located at all). The only remedy to the dogmatic and conceptual proprietary legal issues that currently arise in the international aviation finance practice is the adoption by a state of the Cape Town Convention (2001).
By b. patrick honnebier on Thursday, January 17, 2013


BVI Aircraft Registry Given A New Lease Of Life

It is always of interest to the international aviation finance practice to learn that the BVI or a another jurisdiction has established new laws which cover the lease and finance of aircraft and engines. However, it is worldwide acknowledged that this kind of updating local laws does not solve the major problems which currently exist at the global level. The English Blue Sky/Mahan Air case (2010) proves that validly created national (English) mortgages and similar rights in aircraft objects (airframes, helicopters and engines) cannot be enforced in the national courts of the state of registration as to nationality of the aircraft (England) on which the certain property right was properly established (England). In addition, the English judge ruled correctly that a "choice of English law" in
By b. patrick honnebier on Thursday, January 17, 2013


Semeta Pushes End To Savings Tax Impasse

This article behind the times. Germany rejected withholding tax agreement with Switzerland. Additionally, the most favoured nation clause of the EU Mutual assistance directive will oblige Luxembourg to drop its veto on the savings tax.
By Mark Morris on Thursday, January 17, 2013


Singapore Introduces New Corporate Disclosure Regime

Here is a link to a commentary of the legislation by Drew
By Conventus Law on Tuesday, January 15, 2013


Hong Kong Again Ranked As World's Freest Economy

I saw the news today where there were was a lady , a professor from Japan and the professor who was replying about the Asian economy and I was very fascinated at the reports I thank you Firozali A.Mulla DBA
By Firozali A.Mulla DBA. on Friday, January 11, 2013


Belarus Introduces Tourist Tax Refund Scheme

the system doesn't work yet, it is expected that it will work in six months
By Victor on Thursday, January 10, 2013


Barbados Formulating FATCA Response

our law firm has formed a consulting joint venture with a worldwide accounting firm and a software firm: FATCA Consultants LLC ( We have been offering information on FATCA in Colombia by speaking at seminars and otherwise keeping financial advisors up to date. We have found that there is tremendous resistance to FATCA overseas and that many foreign financial professionals are relying on home-country trade groups and quasi governmental bodies to "solve" the FATCA problem. It is difficult to dispell the notion that FATCA compliance must be taken seriously and that an IGA will not excuse compliance requirements by FFI's. The fact remains that even if an IGA is signed by a foreign government FFI's will still be required to comply with all th
By Timothy D. Richards on Tuesday, January 8, 2013


Lithuania Postpones Financial Transaction Tax Decision

Odin forbid anything that would diminish the amount of DANEGELD that Lithuania pays to Scandinavian banks, who control the nation's banking sector.
By Mark on Monday, January 7, 2013


HMRC Unveils Top 2012 Tax Evasion Convictions

You are confusing avoidance (as per your headline), which is legal, with evasion, which is illegal. The politicians, in particular, are happy to mix the two up but I am surprised that you mix them up as you provide comment on tax matters.
By John on Monday, January 7, 2013


WPP Chief Comments On UK Corporate Tax Row

He may sound like an outlier but more and more CEOs believe they can boost profits by avoiding taxes through their international affiliates. Sorrell is a perfect example. He moved WPP headquarters to a shell office in Dublin to avoid paying taxes to his native land. It really shows what the man is all about.Given his company's poor performance relative to his competitors it's understandable I suppose, but such ingratitude to the country that nurtured and educated and sought to the health care needs of him and his family.
By Jason M on Saturday, January 5, 2013


Indian Minister Stresses Need For Filing Compliance

I think its high time to pay taxes on time for the growth of he country
By Biswa mohanty on Saturday, January 5, 2013


Luxembourg Improves Tax Transparency has misunderstood a basic premise of what is happening. incorrectly states "Directive 2011/16/EU substantially extends the field of application of administrative assistance, provides for the inclusion of banking information in the field of information to be exchanged upon request" No! the directive means automatic exchange of info, not exchange on demand! - see (10) page 2Art (10) It is recognised that the mandatory automatic exchange of information without preconditions is the most effective means of enhancing the correct assessment of taxes in cross-border situations and of fighting fraud. To that end, a s
By Mark Morris on Friday, January 4, 2013


Swiss Bankers Welcome Enhanced Due Diligence Measures

Self-regulation of the ability to request a volunary declaration from the client?
By Stephen on Wednesday, December 26, 2012


Peru Must Ramp Up Tax Compliance Efforts: IMF

As a Peruvian citizen, I have seen the mess that taxes are in Peru. For one thing, paying taxes is overly complicated. Most people don't know what and how to pay. Then, you can't get a straight answer in many of the smaller towns. Before stepping up collecting taxes, some effort must be made to educate government employees and then the people on who, when, and how to pay taxes. Then... step up collection.
By Inside-Peru on Tuesday, December 25, 2012


Canadian CEOs Oppose Bank Tax

mediocre skills amongst ceo's is more the reality
By jim on Saturday, December 22, 2012


France Seeks New Taxes On Second Homes

French deputies finally decided to forget about the tax on under-occupied properties and the also decided to increase the surtaxe on capital gains derived from the sale of real estate : the surtaxe will be of 2 over 50.000 euros of benefit and will grow 1 by 1 for every fraction of 50.000 euros (maximum will be 6 for capital gain of 250.000 euros or more).
By LaFiscalite on Tuesday, December 11, 2012


Caribbean Urged To Stand Ground Over Tax, Regulation

Just another example of financial colonialism being impossed on the Caribbean nations that cannot afford it. I am surprised the OECD and G20 do not tell them to "eat cake".
By Theoffshoreadvisor on Monday, December 10, 2012


Canadian Revenue Minister Highlights Support For Business

what do you mean by tax certainty? Majority parties /with lawyers
By Reg Dahl on Monday, December 10, 2012


Bill To Extend US Social Security To Puerto Rico

Well put Marangel!
By David on Thursday, December 6, 2012


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