International taxation
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More Good Reasons Than Ever to Go Offshore
Welcome back to International Arbitrage!From Q Bytes, the blog of the Q Wealth Report:
While the days of James Bond-style numbered Swiss bank accounts may be over, the world of discreet private banking and offshore wealth management is growing apace as financial uncertainty continues to make people seek safe havens.
Despite highly-publicized government crackdowns on tax evasion [...]
UK to Double Tax Evasion Penalty
The maximum penalty for offshore tax dodging will double to 200% of the unpaid tax, the government has announced in its pre-Budget report.
The plan is one of 14 separate new measures announced aimed at saving as much as £5bn in lost tax every year.
At the moment the maximum fine that can be levied by HM [...]
Australia Hops on Tax Amnesty Bandwagon
Australia has become the latest nation to set up a tax amnesty scheme to encourage recalcitrant taxpayers to come clean on their offshore holdings. From the Sydney Morning Herald:
Individuals and companies who fear that their offshore tax arrangements may spark a criminal investigation have been offered an amnesty by the Australian Tax Office.
This precedes [...]
Offshore Tax Bill Sought as Health Bill Add-On
A prominent Democrat will offer a controversial bill to target tax evasion by U.S. citizens and corporations to the main healthcare reform legislation in the Senate, an aide said on Wednesday.
Democrat Senator Carl Levin will offer his Stop Tax Haven Abuse Act as an amendment to the Senate Finance Committee’s healthcare bill when it reaches [...]
Australia Ponders Offshore Tax Revisions
Bloomberg reports that the Australian Tax Office is considering changes to its voluntary disclosure program, providing stiff penalties for Australians who do not declare offshore income and assets.
Bloomberg story here.
In-depth story at Australian Financial Review here.
How to Open an Offshore Bank Account in Uruguay
Wealthy Latin Americans have been banking in Uruguay for decades, but it is less well known as an offshore banking centre in the rest of the world. That could be good news for your privacy, says offshore banking commentator Peter Macfarlane.
Uruguay has acquired a nickname, “the Switzerland of South America” due to its discreet Swiss [...]