Entries by offshore

IRS grants 18-month FATCA respite to foreign banks who act in ‘good faith’

The US Internal Revenue Service has announced an 18-month grace period before it begins enforcing the Foreign Account Tax Compliance Act against foreign financial institutions (FFIs) that cannot meet FATCA’s requirements. However, the concession is being offered only to banks and other institutions that make ‘good faith’ efforts to follow the reporting and withholding duties […]

Canadian money in offshore tax havens hits record high

Canadian money stashed in 10 offshore tax havens hit $170 billion in 2013. That’s $15 billion more than in 2012, according to Canadians for Tax Fairness using new data from Statistics Canada. The money flowing to tax havens is growing at a faster rate than investment in non-tax haven countries. At least 40 per cent […]

Bahamas claims FATCA exemption for foundations

The Bahamas cabinet has approved in principle a Model 1 agreement with the USA to implement the US Foreign Accounts Tax Compliance Act. The announcement follows a ‘productive round of negotiations’ earlier this month during which the US Treasury Department appears to have conceded that foundations will be exempt from FATCA reporting and withholding taxes. […]

Changes in Tax Legislation of Ukraine

On 31 March 2014, Law of Ukraine “On preventing financial catastrophe and creating grounds for economic growth in Ukraine” No. 1166-VII dated 27 March 2014 (the “Law“) came into effect.