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Tag: #Offshore schemes

Analysis of exchange of tax information and investment in exchange for citizenship, taking into account the first results of the discussion organized by the OECD

Back in the first quarter of 2018, namely on February 19, 2018, a draft of advisory document was published on the official website of the Organization for Economic Cooperation and Development (OECD), which called on all interested parties to join the discussion on the OECD strategy for combating the loopholes on using the Common Reporting Standard (CRS, Single standard of tax information exchange) in the “citizenship by the investment” (CBI - granting citizenship in exchange for investments) and “residence by the investment” (RBI - granting a residence permit in exchange for investments). To date, more than 70 jurisdictions in the world offer these schemes. On April 17, 2018, a 96-page document was published on the OECD website (PUBLIC INPUT RECEIVED ON MISUSE OF RESIDENCE BY INVESTMENT SCHEMES TO CIRCUMVENT THE COMMON REPORTING STANDARD), which, in fact, summarized the first results of the discussion and the contents of the official letters to the organization. More than 20 structures were the speakers, including:AFME office in London (Association of Financial Markets in Europe, it brings together the largest agents in the capital markets in the region); Italian...

How the rules for LP of England, Wales, Scotland and Northern Ireland will change

Published: Olena Vydysh | 08.05.2018 | blog

Essence of the scandal On April 29, a publication on the use of thousands of SLP in criminal activities appeared in the British newspaper The Times. According to the British officials, SLP was used through shills in complex schemes for money laundering. In particular, by means of the scheme, including more than 100 Scottish Limited Partnerships, about 58 billion pounds sterling, accumulated illegally, was withdrawn from Russia. More than 20 SLP was used in a fraudulent scheme, by means of which about 742 billion pounds sterling was withdrawn from Moldova. There is also a link between SLP and organized criminal groups from Eastern Europe for the purpose of conducting weapon delivery deals. All this became a reason for the announcement of the beginning of struggle against fictitious companies by Britain. And on the next day, April 30, a consultative document was posted on the official website of the British government with a number of proposals on reforming the legislation on limited partnerships to reduce the risks of their use in criminal schemes. Importance of Limited Partnerships It is worth noting that a Limited Partnership (LP), including its Scottish form, continues to...

How to choose a foreign bank and open an account in it in 2018: will it be easy?

What is important to know when choosing a foreign bank in 2018 Recently, an increasing number of citizens, concerned about their future, the future of their family or business, face the issue whether it is possible to open an account in a foreign bank and what is required for this? Which bank to choose for this: European, offshore bank, etc.? Historically, (and sometimes it is quite justified) the trust to a foreign bank is higher than to local institutions, and obtaining, for example, a loan is possible on more favorable terms than in Ukrainian banks, moreover, many people wish to keep the confidentiality of their actual income. Regardless of whether you want to open a foreign bank account online in offshore or onshore jurisdictions, a number of aspects need to be considered and analyzed when choosing a bank. That is why the company Finance Business Service works with more than 100 banks around the world. We ask only really necessary questions in the process of selecting banks for our clients. The current situation in the banking shows that financial institutions are increasingly facing problems of unexpected loss of correspondent accounts in US dollars. In general, the US is...

The European Parliament Will Undertake “Paradise Papers”

Published: Dmitriy Batrakov | 15.02.2018 | news

The European Parliament plans to create a new committee on financial crimes, tax evasion and tax planning. This decision was taken by the Chairmen of the factions of the European Parliament on February 8 and it is awaiting approval in the plenary vote. The main goal of the committee, which will last 12 months, will be the completion of work done by the members of the pre-existing TAXE 1, TAXE 2 and PANA committees, as well as focusing on the so-called “Paradise Papers” - recent information leaks. Thus, the co-chairman of the Greens / European Free Alliance (Greens / EFA) fraction, Philippe Lamberts, noted: “Paradise Papers demonstrated the existence of clear objectives and serious volume of work that we must do if we want to ensure fiscal justice throughout the European Union. We want to be sure that the national treasuries are able to collect funds which are necessary to maintain the common prosperity of the EU”. According to the official, the EU Parliament’s Panama Papers Committee has already developed a well-prepared plan of measures to reduce the cases of tax evasion. The new committee will ensure the maintenance of the progress achieved and the implementation of...

OECD Has Published Comments Regarding Taxation of Offshore Indirect Transfers

Published: Dmitriy Batrakov | 11.12.2017 | news

The Organization for Economic Cooperation and Development has published the comments that were received during the consultation on the draft of a new tool regarding the taxation of the so-called Offshore Indirect Transfers. We remind that the last ones constitute transactions for the sale of a legal entity located in one country and owning any immovable asset located in another country, by a non-resident of the country where the asset is located. The developed tool is part of the OECD program to assist developing countries in creating their own tax policies for Offshore Indirect Transfers. The Organization for Economic Cooperation and Development has justified its actions by the concern that such countries may have difficulties in administration of tax systems because of a lack of appropriate competencies and resources. Thus, the attempts to minimize the tax burden have become more frequent among the multinational corporations, and there is no single principle for considering these transactions. In addition, the issue is not regulated by the BEPS (Base Erosion and Profit Shifting), the action plan of the OECD on the counteract of the tax base erosion and profit shifting from...

The law of Scotland on the tax reform of the Council

Published: Sergey Panov | 13.09.2016 | news
Bank of Scotland

The Scottish Government has introduced tax legislation Council reform groups and rates from April 2017.The legislation will implement the proposals announced by the SNP government in March. Properties that fall under high tax board strips (E, F, G and H) would pay more as a result of these bands coefficient increases in relation to the middle band (D) properties. The government estimates that this will lead to annual average increase of about GBP100 (USD132) for Zone E properties, GBP200 for F, GBP335 for band G and GBP517 range for range H.The circuit board of reducing the tax would apply to families with low income, having children, and the government will introduce an exemption for families with low income living in conditions with high added value.Frozen council tax, which has been in place since 2007, will be removed from April 2017. Local authorities will be able to increase the tax up to a maximum of three per cent per year.The government expects to raise an additional reforms GBP100m a year in income or GBP500m, during the term of the current parliament. This money will be invested in the school education system in Scotland.Finance Minister Derek Mackay said...

Sweden, plan to combat tax evasion

Published: Sergey Panov | 16.05.2016 | news
Taxation. Sweden

Sweden announced that tax consultants should be obliged to inform the Swedish tax authority for tax planning schemes in the framework of the action plan to combat tax evasion, it also urges companies to preserve their own taxation policies at the board level. According to the Government, the introduction of the obligation for tax advisors can help the tax authorities to respond more quickly and close the scheme of tax evasion.This idea is part of the plan to combat tax evasion which encourages companies to tax issues on the agenda of board meetings."Corporations should make tax policy and the system of internal control to ensure that the actions taken by corporate management,consistent with the opinion of the board on tax policy directors," according to the plan.The plan also calls for a review of the value added tax (VAT), as well as more effectively patrol the VAT system.Sweden also intends to launch an investigation into the effectiveness of penalties for incorrect tax returns. In addition, in order to counter the "informal" economy and the use of temporary labor the Government intends to seek the introduction of registers of staff in several sectors.The plan also...

Singapore include tax incentives in the budget 2016

Published: Sergey Panov | 30.03.2016 | news
Бюджет Сингапура

On March 24, 2016 was released a budget that includes measures to expand and strengthen the financial sector, as well as tax incentives for international trade.It will be extended by a double tax deduction for the Internationalization Scheme for four years from 1 April 2016 to 31 March 2020. This will cover the cost of qualifying activities such as participating in the development of foreign business and investment research.The budget also proposes not to impose the company's profits from the sale of its equity investment until 31 May 2022, which will help to provide certainty for the advance of corporate restructuring.The Minister also proposed to extend the Finance and Treasury scheme until 31 March 2021 where since March 25, 2016 includes the following enhancements took effect:Concession rate has been reduced to eight percent. In order to qualify for the preferential terms of the tax rate will be allowed to receive funds indirectly from authorized offices and associates. The amount of exemptions granted in accordance with Article 13 (4). The volume will be expanded to cover the interest payments on deposits, provided that the funds are used for qualifying activities...

Optimization of tax payments: schemes, methods, rules

Published: Sergey Panov | 06.09.2011 | news
Tax planning

The history of taxation has a long old root, as an existing of any country. As long, the country will exist, as long the citizen will pay taxes. The owners of small and big business see a direct threat in taxes for them capital. The state has it's own interest in this question as a sole proprietorships. As we see, it's not so easy to create a fair system of taxation.In such way in tax culture, more often is used term "tax planning". The main aim of tax planning is to get financial result when taxation payments will be minimized. The development of tax planning in a right way take great part, because it give an opportunity to use niceties of tax legislation in a whole size. Because of this lost during tax payment minimized.The main directions of external tax planning:replacement of the subject of taxes, that is, changing the company form to one that will be more suitable for the implementation of this regime; new activities (meaning a form of activity, which will be subject to a more simplified)replacement tax jurisdiction (registration of the company in the region, where preferential tax treatment) The internal planning is carried out by optimizing accounting.The...

How to protect your assets using offshore schemes

Published: Sergey Panov | 15.11.2010 | news

No one doubts the fact that assets need protection. But it is important to remember the key aspects of the process. In particular, to realize that it is impossible to completely avoid the risks. They will be, in any case, however, a successful offshore scheme involves their minimization. Often this can be achieved by choosing the "lesser evil", i.e. replacing one risk for another.Be aware of the dangerThe first thing that needs to be done in order to build an effective offshore scheme should be an inventory of possible risks in a particular case. What can threaten your assets? The next step - competently organize the defense in order to avoid potential hazards.Inadequate control. Do not forget that excessive desire for privacy can lead to loss of control over the assets. Of course, privacy is important, but it must be accompanied by supervision of the owner, it is important to consider when building an offshore scheme. Many have heard about the situation about saving accounts in Swiss banks that have remained in the possession of a banking institution only because the successors of assets have been unable to manage capital. If an access to the data regarding the assets...