Argentina offers new tax amnesty
In a bid to capture undeclared funds and assets from Argentines at home and overseas, Argentina’s national government has confirmed that it will offer a new tax amnesty this year.
In a bid to capture undeclared funds and assets from Argentines at home and overseas, Argentina’s national government has confirmed that it will offer a new tax amnesty this year.
The Cayman Islands will not adopt a mechanism for the exchange of beneficial ownership information that is not agreed by the US, Cayman Islands’ premier Alden McLaughlin said.
HSBC Bank in Australia has reached a deal with the industry regulator to compensate clients who received “potentially deficient advice” on retail structured products sold between January 2009 and March 2013.
The Isle of Man has introduced new legislation to regulate crowdfunding platforms in a bid to attract more of the peer-to peer lending startups to the island.
A British financial adviser has been fined £36,285 (€46,048, $52,086) and banned for two years for insider dealing by the UK’s Financial Conduct Authority (FCA).
The Indian government is set to impose a capital gains tax (CGT) on investments coming from Mauritius in bid to tackle tax evasion.
The Association of International Life Offices (Ailo) has called on the European Commission to abandon a clause in the upcoming Priips regulation that will require fund manufacturers to provide KIDs on open-architecture bonds.
UK prime minister David Cameron set out a raft of new initiatives at today’s anti-corruption summit to tackle corruption which he described as the “cancer at the heart of so many of the world’s problems”.
The Cayman Islands will repeal its Confidential Relationships (Preservation) Law, commonly known as the ‘secrecy law’, by September 2016 as it looks to step up its fight against corruption and tax evasion.
Norway’s economic crime authority has set up a dedicated phone number to give those with undeclared offshore assets linked to the Panama Papers the opportunity to come forward voluntarily and face lesser charges.
International efforts to end the secrecy of offshore tax havens – seen by governments as the solution to tackling tax evasion – may lead to some undesired side-effects, according to experts in the industry.
More than $12trn (£8trn, 10.5trn) has been taken out of emerging economies such as China and Russia and stashed in offshore accounts, new data from advocacy group the Tax Justice Network (TJN) has revealed.