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Posts tagged "International tax law"

Federal appeals court dismisses FATCA challenge

A collective of American expats living abroad filed suit back in 2015 to challenge imposition of the Foreign Account Tax Compliance Act (FATCA) as it applies to their international financial accounts. The group, with the self-imposed name of "Republicans Overseas," engaged in a silent protest against FATCA prior to filing their legal claims: they each, to ensure that their funds were not subject to FATCA disclosure and taxation, drained foreign bank accounts below the mandatory reporting amount.

Atlanta CEO Convicted of Hiding Assets in Swiss Accounts

The CEO of an Atlanta internet company has pleaded guilty to one count of willfully failing to file an FBAR, related to his concealment of offshore accounts from the U.S. Treasury. As part of his plea agreement, Kaminsky has agreed to pay the IRS a civil FBAR penalty in the amount of $250,635.

Prominent Swiss Banker Acquitted by South Florida Jury

The acquittal of the former CEO of Global Wealth Management and Business Banking at UBS AG could affect the handling of more than twenty other cases involving Swiss "enablers," many of whom are currently fugitives. A US jury rejected charges that Raoul Weil knew UBS bankers had used deception and shell corporations to conceal accounts owned by American clients.

U.K. Prime Minister Bets 2015 Election on Income Tax Cut Promises

U.K. citizens can expect income tax cuts should Prime Minister David Cameron's Conservative party win the general election in May. Mr. Cameron said his party will cut income taxes over the next five-year parliamentary term, as long as it can continue its austerity drive to reduce the deficit.

G-20 Introduces First Guidelines to Overhaul International Taxes

The Organization for Economic Cooperation and Development has revamped efforts to overhaul the international tax system as it presented its first set of guidelines to finance ministers of the group of 20 largest economies. The guidelines are an attempt to make it more difficult for companies to shift profits to low tax countries.

Financial Institutions Brace Themselves as FATCA Prepares to Go Global

Just as financial institutions began getting a grip on the Foreign Account Tax Compliance Act (FATCA), the Organization for Economic Cooperation and Development threw a curveball by introducing the new global version. The OECD proposal is called the Global Standard for Automatic Exchange of Information and it will be the platform for a virtual highway where detailed account information will travel between governments.

Walgreen Seeks Lower Tax Rate Abroad

Walgreen Co's Chief Executive Greg Wasson said on Tuesday that the company is exploring the idea of moving outside the U.S. as it considers buying the remaining shares it doesn't already own in European pharmacy Alliance Boots GmbH.

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