Jul 31, 2009
The ongoing legal action between UBS and US Government has lead to some US offshore account holders volunteering their financial information to eschew possible harsher penalties. According to Internal Revenue Service (IRS) spokesman, Terry Lemons, almost 400 applications were received by the IRS for the Leniency Program for offshore bank account disclosure in the week [...]
The ongoing legal action between UBS and US Government has lead to some US offshore account holders volunteering their financial information to eschew possible harsher penalties.
According to Internal Revenue Service (IRS) spokesman, Terry Lemons, almost 400 applications were received by the IRS for the Leniency Program for offshore bank account disclosure in the week starting Monday 20th of July. This amount eclipses the voluntary disclosures for 2008, which numbered only 100 individuals.
The IRS is currently pursuing the identities of approximately ... Read More
Jul 30, 2009
The Australian Taxation Office (ATO) has made its submission to US Senate Committee on Homeland Security and Governmental Affairs regarding the use of entities incorporated in the United States for possible secrecy haven purposes. In an effort to stem tax evasion, avoidance, money laundering and other non-compliance activities, the US Senate Committee on Homeland Security [...]
The Australian Taxation Office (ATO) has made its submission to US Senate Committee on Homeland Security and Governmental Affairs regarding the use of entities incorporated in the United States for possible secrecy haven purposes.
In an effort to stem tax evasion, avoidance, money laundering and other non-compliance activities, the US Senate Committee on Homeland Security and Governmental Affairs requested that the ATO provide some case studies involving US entities and their possible use in non-compliance activities in Australia. The ATO has now ... Read More
Jul 29, 2009
The Institute of Directors of UK, in a paper released on the 27th of July is urging the UK Government to embrace the concept of tax havens as opposed to the current policy of attempting to combat them. The primary crux of the paper urges the UK government to relax some taxation rules surrounding UK [...]
The Institute of Directors of UK, in a paper released on the 27th of July is urging the UK Government to embrace the concept of tax havens as opposed to the current policy of attempting to combat them.
The primary crux of the paper urges the UK government to relax some taxation rules surrounding UK based business, hedge-funds were a primary example. Specifically in regards to this, the paper says "If the UK's tax rules were amended, hedge fund assets could be held ... Read More
Jul 28, 2009
In an open letter, addressed to leaders of the US Congress, the IT industry is voicing their concern regarding the Obama administration’s international tax reforms, specifically in regards to “deferral”. Under current US International taxation rules there are provisions for the “deferral” of international earnings on worldwide American companies. As it stands with the current [...]
In an open letter, addressed to leaders of the US Congress, the IT industry is voicing their concern regarding the Obama administration's international tax reforms, specifically in regards to “deferral”.
Under current US International taxation rules there are provisions for the “deferral” of international earnings on worldwide American companies. As it stands with the current rules, the active foreign income earned by a US based company is not taxed until it has been paid to the parent company. Typically this happens in the ... Read More
