Latest News for: Taxes offshore

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SA REVENUE SERVICE: Escaping Moyane’s shadow

Business Day 26 Feb 2021
The Sars unit destroyed in the state capture years is back to target those hiding their wealth offshore. The SA Revenue Service (Sars) is after the wealthy and those seeking to hide their wealth offshore.
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Countries that recovered their stolen wealth

The News International 26 Feb 2021
“Governments forfeit up to $600 billion in yearly tax revenue to offshore profit-shifting by multinational companies, on top of illicit monetary flows that ravage the economies of developing countries.”.
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US Treasury Secretary Janet Yellen’s international tax policy

The Jerusalem Post 25 Feb 2021
A global minimum tax agreed to at the OECD would stop the destructive global race to the bottom on corporate taxation ... Biden’s Offshoring Tax Penalty is aimed at those who offshore manufacturing and service jobs to foreign nations to sell goods or provide services back to the American market when those jobs could have been done by US workers.
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Duty-free shops to enliven cities

China Daily 25 Feb 2021
The group said it plans to develop three kinds of duty-free businesses, namely duty-free stores at airports, in cities, and in the offshore tax-free shopping destination of Hainan province ... Since July 1, Hainan has increased its annual tax-free shopping quota from 30,000 yuan to 100,000 yuan per person each year, with no limit on times of purchase.
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Wealth tax - Can this be used to make SA rich?

Independent online (SA) 25 Feb 2021
A wealth tax may be the fastest way to plug the holes in government finances, but it’s dangerously unsustainable, according to Hannes Van Den Berg, CEO of Momentum Consult ... What is a wealth tax? ... This is evident in the rising number of questions about offshore structures and tax havens advisers that Momentum Consult is receiving.
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Former Canadian TV executive convicted of fraud filed false tax returns, hid millions, CRA alleges

CBC 25 Feb 2021
A disgraced Montreal TV executive convicted of fraud is facing allegations from the Canada Revenue Agency that he filed false tax returns and hid assets worth millions in offshore accounts in Bermuda and other foreign locations ... .
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Twitter, Google, Facebook, Amazon the new sovereigns? Nation-states must collaborate and fight to retain the right to govern

Yahoo Daily News 25 Feb 2021
As Joel Kotkin had pointed out in a 2017 piece for Daily Beast, "Facebook paid no taxes last year, while making a profit of over $1 billion ... Microsoft has staved off nearly $7 billion in tax payments since 2009 by using loopholes to shift profits offshore, according to a recent Senate panel report.".
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Black Sea Oil & Gas to begin Romania offshore gas extraction in November

Hellenic Shipping News Worldwide 24 Feb 2021
The additional tax on offshore projects is the last remnant of a ...
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President Biden signs executive order to secure U.S. production of semiconductors and other essentials after meeting with Sen. Rob Portman

Cleveland 24 Feb 2021
Sherrod Brown of Ohio attributed the semiconductor shortage to bad past trade policies that led to manufacturers of vital supplies “going offshore because we have a tax and trade policy that encourages corporations to shut down in places like Ross County or Hamilton County or Mansfield, where I grew up, and move overseas.
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Sports betting passes Georgia House committee for second time

Walker & Catoosa County News 23 Feb 2021
The biggest change in the bill since its original airing was an increase in the tax companies licensed to run sportsbooks in Georgia would pay ... Stephens said Georgians already are gambling on sports, but the state can’t get any tax revenue from it because it’s being done illegally using offshore betting sites.
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Budget 2021: More detail expected on exchange control regulations

Independent online (SA) 23 Feb 2021
There were several reasons given for this change.Incorrect and conflicting advice in the marketplace on the interplay between exchange control residency and tax residency.Exchange control has been a huge stumbling block for foreign investment ... This is now purely a tax-based residency test.
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The matter of a wealth tax - Why you can't tax a country into prosperity

Independent online (SA) 23 Feb 2021
A wealth tax may be the fastest way to plug the holes in government finances, but it’s dangerously unsustainable, according to Hannes Van Den Berg, CEO of Momentum Consult ... What is a wealth tax? ... This is evident in the rising number of questions about offshore structures and tax havens advisers that Momentum Consult is receiving.
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Challenge for GIFT as Singapore use subsidies to attract bond listing on SGX

Business Line 23 Feb 2021
So to attract companies, Singapore gives subsidies and for financiers and fund managers, it has doled out tax incentives ... Singapore is classified as a tax haven because it offers tax advantages to offshore non-resident companies and the last two decades has seen a dramatic rise in the country as Asia’s banking and investment markets.
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