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Tax

International Business

"G20 backs OECD plan to reform corporate taxation"

There are new concerns in Bermuda’s international business and insurance community about what the latest OECD proposal for cracking down on corporate tax-avoidance could potentially mean for the Island. The 40-page report, backed by the G20 on Friday...
Jul 22, 2013
International Business

"G20 backs OECD plan to reform corporate taxation"

The Organization for Economic Cooperation and Development has proposed a plan for cracking down on tax-avoidance strategies by companies such as Google, Apple and Yahoo! This follows hearings in the US and UK revealing how companies avoided billions ...
Jul 19, 2013
International Business

"US delays offshore tax-dodge law"

The US Treasury Department says it will postpone enforcement of a new law that cracks down on offshore tax avoidance by Americans by six months to give foreign banks more time to figure out how to comply. The Foreign Account Tax Compliance Act, or FA...
Jul 15, 2013
International Business

"Report targets Bermuda ‘tax resident’"

Another global company has come under the microscope for a being a tax resident in Bermuda a company already mired in controversy. The Irish Times reported that Monsanto Finance Holdings Ltd, an Irish-incorporated company with an address on Lower Hat...
Jul 08, 2013
Other

"Six-figure bill likely over Govt’s failed land tax battle"

Taxpayers will be hit with a six-figure bill after the former Government launched a doomed bid to get a legal ruling overturned. Yesterday The Royal Gazette revealed that Government had hired a costly legal team to appeal the decisions of two indepen...
Jul 04, 2013
Other

"Government loses lengthy land tax battle"

Former Premier Dame Pamela Gordon Banks and her husband have criticised the Land Valuation Department for waging a costly four-and-a-half year legal battle against them, instigated by a senior civil servant who overvalued their house. The Court of Ap...
Jul 03, 2013
International Business

"IRS’ offshore voluntary disclosure programme explained"

By James Paul Sabo The Government Accountability Office, an investigative arm of Congress, recently issued a scathing report on the Internal Revenue Service entitled “Offshore Tax Evasion: IRS Has Collected Billions of Dollars But May Be Missing Con...
Jul 02, 2013
Other

"Barclays Bank head of tax joins XL Group"

XL Group plc today announced that they have appointed Philip Jacobs as Global Head of Capital Management, Corporate Development and Tax. Mr. Jacobs joins XL Group from Barclays Bank where he served as global head of tax, and prior to joining Barclay...
Jun 25, 2013
Other

"Island is looking at tax schemes used by multinationals"

Bermuda’s role in tax avoidance schemes, such as those employed by multinationals like Google, is being examined, Premier Craig Cannonier said in a response to parliamentary questions. “Does the Premier and his Government have any intention of extric...
Jun 24, 2013
Editorials

"Mr Cameron: Bermuda deserves better"

In the eyes of many around the world, Bermuda is probably now demonised as the so-called tax haven that shields multinational companies from the billions of dollars they owe. The billions that could go to job-creating initiatives in countries suffer...
Jun 20, 2013
Letters to the Editor

"There’s a difference between tax avoidance and tax advantage"

June 18, 2013 Dear Sir, There is an absolute difference between tax avoidance and seeking a tax advantage. In the scheme of free enterprise seeking an international tax advantage is a market issue, much as seeking cheaper labour or better business or...
Jun 20, 2013
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