Tax

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Taxation of amounts returned by floor clauses

Taxation of amounts returned by floor clauses Customers who receive their refunds of floor clauses may have to pay for them, depending on the deductions applied at the time. The amounts received for the return of the floor clauses may be taxed, depending on the deductions applied at the time. The system...

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Gibraltar: the Brexit’s territorial problem

Gibraltar: the Brexit's territorial problem Gibraltar advocates a distinctive agreement for the Rock and other British territories in the negotiations regarding Britain’s exit from the EU. Gibraltar's Chief Minister, Fabian Picardo, advocated in the British TV Channel “BBC” that the upcoming negotiations between London and Brussels to negotiate Britain’s exit from...

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Football Leaks: The tax evasión league

Football Leaks: The tax evasión league A European consortium of investigative journalists uncover footballers and celebrities' massive tax fraud, with an emphasis on Cristiano Ronaldo and José Mourinho. The German newspaper “Der Spiegel” known as Football Leaks, has revealed that several European clubs and soccer players have committed a crime of...

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HNWI The British tax authorities’ goal

HNWI: The British tax authorities’ goal

British tax authority is targeting high-net-worth individuals in order to collect more taxes that patch the public deficit hole up. The United Kingdom has an economic problem: in 2015 its public deficit reached up to 4.20 of GDP. To cover that hole is a priority for the State to regain income....

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Non-doms reshape their taxation

‘Non-doms’ in the UK to reshape their taxation schemes

Non-domiciled in the United Kingdom are reshaping their properties and taxation schemes in anticipation of government’s taxation changes due to the Brexit.The British tax system and its rules will radically change since April 2017 and it will do more once London calls upon Article 50 of TEU to start the...

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McDonald's: new target in the EU tax offense

McDonald’s: new target in the EU tax offense

The European Union is tax-tackling McDonald's and demands that the fast-food company pay a huge to Luxembourg for back taxes, just as it did with Apple. The American fast-food giant McDonald's could face a fine imposed by the European Union of 466 million Euros in back taxes to be paid to...

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Corporate Income Tax: a roller coaster of reforms in Spain

The caretaker government will undertake the Corporate income Tax reform and  re-implement installment payments. This measure is being accused as confiscatory by labor unions and the opposition parties. The caretaker government will make effective through law-decree the Corporate income tax reform that was announced last July; and by which is trying...

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European Commission against Apple's tax spider web

The European Commission against the Apple’s tax spider web

Apple’s corporate network is investigated by the European Commission The EU's Competence Commission has calculated that Apple defaulted €13bn between the periods 2003 and 2013 in Europe. It is not the first investigation on this American multinational accounts, which is already being investigated by the Spanish Tax Agency. In fact, The Spanish...

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International Taxation No peace for evaders

International Taxation: No peace for evaders

HM Revenues & Customs proposals for sanctions against tax evasion, the BEPS project and Islamic finance have been the highlights of the week at Del Canto Chambers. International finance has led the way this week at Del Canto Chambers. We have analysed the emerging sector of Islamic finance, the BEPS (Base...

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Directive for European front against tax evasion

A Directive for the European front against tax evasion

The Directive 2016/1164 applies the principles of the OECD against international tax evasion in Europe The Council Directive (EU) 2016/1164 of 12 July 2016 laying down  rules  against tax  avoidance practices that  directly affect the  functioning of  the internal market  was enacted concerning tax avoidance. The new legislation follows the directions...

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Brits who commit fraud risk large fines for tax evasion

Brits who commit fraud risk large fines for tax evasion

HMRC has an ambitious plan against tax evasion that is raising doubts among industry professionals and tax advisors.The British Treasury has launched a plan to prevent tax fraud which seeks to impose sanctions of up to 100% of the taxes evaded. The plan is a continuation of the anti-fraud measures...

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BEPS: Welcome to the OECD 2.0

BEPS: Welcome to the OECD 2.0

The OECD is trying to resolve some of the classic international tax issues in the context of the digital economy. Welcome to the OECD 2.0Since 2013 the OECD’s BEPS (Base Erosion and Profit Shifting) is combating international tax fraud with a true multilateral tax reform proposal in a paper called...

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BEPS project global consensus against tax evasion

BEPS project: global consensus against tax evasion

The OECD leads an international project to fight tax fraud that places a special focus on cross-border taxation of corporate income tax. In economic terms, "globalization" means the same as "world market". Doing business globally also involves generating wealth on a global level, which, eventually, must be taxed. Countries, through multilateral or...

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Light and shadows in British housing market

Light and shadows in the British housing market

A Rics' survey warns of a British housing market's deep falling while a report from Moody's states that it is not going to affect main investors: GCC countries. A Royal Institution of Chartered Surveyors' survey (Rics) foresees that home sales in the UK will significantly go down in the summer of...

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