/Tag:transparency

Gibraltar accepts bitcoin as a trading currency

What is bitcoin? Bitcoin is a virtual currency. In comparison with traditional currencies, bitcoin is not controlled by any central authority (e.g., a central bank). New bitcoins are generated by a decentralized process called mining. It involves the processing of bitcoin transactions by using specialized hardware.People who would like to start generating bitcoin have to use [...]

Offshore firms own 40.000 properties in London

A research conducted by the British newspaper The Guardian demonstrates that the offshore ownership of properties in London has increased with 9% over the last 10 months. At present, companies registered in tax havens, such as Panama, Liechtenstein, Cayman Islands, and the British Virgin Islands, own around 40.000 commercial and residential buildings in Greater London. The [...]

The US-Cayman FATCA Agreement

The cooperation in tax matters between the US and Cayman Islands began in 2014, when the agreement regarding automatic exchange of tax information under US Foreign Account Tax Compliance Act (FATCA) between Cayman Islands and the US entered into force. FATCA is a U.S. legislative act which aims at preventing US citizens living abroad from committing [...]

UK Starts Beneficial Ownership Registry in 2016

The UK has recently become an active player in setting new transparency standards in corporate taxation. More particularly, the UK government introduced the Small Business, Enterprise and Employment Act (SBEE), which came into force in 2015. The SBEE was created after the G8 Summit in 2013 with the aim to improve transparency regarding UK company ownership [...]

Americans Hold $ 2.1 Trillion Offshore to Avoid U.S. Taxes

Easy and quick incorporation procedure, no requirement for physical presence, and nonexistent taxes – these advantages attract businesses from all over the world to use the favorable tax environment of world’s tax havens. Striking numbers According to a recently released study about U.S. tax evasion conducted by two U.S. non-profit groups, U.S. businesses significantly benefit from [...]

Tax transparency creates new homes

In the recent years, there has been a steady increase in the number of legal acts allowing the governments to automatically exchange tax information. Below, three such legal acts are mentioned. The U.S. Foreign Account Tax Compliance Act (FATCA) requires all non-US financial institutions to conduct a search in their records and to report assets of [...]

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