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Bank Secrecy torn into pieces (2)
What does the de facto end of bank secrecy mean for offshore banking? Rene Philippe, Offshore Premium You can view this video and the full video archive on the Dukascopy TV page: http://www….

By: dukascopytv

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Bank Secrecy torn into pieces (2) – Video

Macquarie Group had been the subject of an intensive large business audit by the ATO over 2006, 2007 and 2008, that could have resulted in an estimated tax bill of about $300 million. Photo: Louie Douvis

The Tax Office denied Macquarie Group a controversial tax deduction related to offshore subsidiaries that resulted in a long-running and costly court battle, while at the same time allowing other taxpayers to claim the deductions, a report finds.

A report from inspector-general of taxation Ali Noroozi, released by the government late on Friday on the weekend of theG20, quotes an internal Australian Taxation Office document from 2010.

The ATO document cited shows the agency was allowing other companies to use an “ad-hoc” method to calculate the deductions while simultaneously denying Macquarie the ability to use this same method. Profits generated by offshore banking units (OBUs) are taxed at 10per cent rather than the usual corporate rate of 30per cent.

The ATO document gave “tacit” approval to taxpayers using the deduction noting that “the statutory formula used to calculate the general OB deduction has caused angst among many taxpayers for a variety of reasons” and that some taxpayers had “substituted their own methodology to calculate their general OB deductions”.

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The document said: “Our policy has been to accept reasonable and supportable approaches to this allocation. This tacit approval has been given on an ad-hoc basis where it is justifiable onthe facts”.

The Federal Court last year threw out a bid by Macquarie to stop the ATO issuing tax bills for previous years over the group’s use of OBU deductions.

Macquarie Group had been the subject of an intensive “large business audit” by the ATO over 2006,2007 and2008, that could have resulted in an estimated tax bill of about $300million.

The OBU regime was set up in1986 to attract international financial flows that would otherwise go to offshore institutions.

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Macquarie Group hit by Tax Office 'U-turn'

Macquarie Group had been the subject of an intensive large business audit by the ATO over 2006, 2007 and 2008, that could have resulted in an estimated tax bill of about $300 million. Photo: Louie Douvis

The Tax Office denied Macquarie Group a controversial tax deduction related to offshore subsidiaries that resulted in a long-running and costly court battle, while at the same time allowing other taxpayers to claim the deductions, a report finds.

A report from inspector-general of taxation Ali Noroozi, released by the government late on Friday on the weekend of theG20, quotes an internal Australian Taxation Office document from 2010.

The ATO document cited shows the agency was allowing other companies to use an “ad-hoc” method to calculate the deductions while simultaneously denying Macquarie the ability to use this same method. Profits generated by offshore banking units (OBUs) are taxed at 10per cent rather than the usual corporate rate of 30per cent.

The ATO document gave “tacit” approval to taxpayers using the deduction noting that “the statutory formula used to calculate the general OB deduction has caused angst among many taxpayers for a variety of reasons” and that some taxpayers had “substituted their own methodology to calculate their general OB deductions”.

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The document said: “Our policy has been to accept reasonable and supportable approaches to this allocation. This tacit approval has been given on an ad-hoc basis where it is justifiable onthe facts”.

The Federal Court last year threw out a bid by Macquarie to stop the ATO issuing tax bills for previous years over the group’s use of OBU deductions.

Macquarie Group had been the subject of an intensive “large business audit” by the ATO over 2006,2007 and2008, that could have resulted in an estimated tax bill of about $300million.

The OBU regime was set up in1986 to attract international financial flows that would otherwise go to offshore institutions.

Read the original post:
Macquarie hit by ATO 'U-turn'



Bank Secrecy torn into pieces
What does the de facto end of bank secrecy mean for offshore banking? Rene Philippe, Offshore Premium You can view this video and the full video archive on the Dukascopy TV page: http://www….

By: dukascopytv

View original post here:
Bank Secrecy torn into pieces – Video



Why Should I Choose An Offshore Company And Enjoy Offshore Banking?

By: Personal Finance

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Why Should I Choose An Offshore Company And Enjoy Offshore Banking? – Video



Offshore Banking Business / Pennies In The Pound
Offshore Banking Business / Pennies In The Pound The Members 1979 The copyright in this sound recording is owned by Virgin Records Ltd Producer: Steve Lill…

By: The Members – Topic

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Offshore Banking Business / Pennies In The Pound – Video

Establishing and Administering an Offshore Bank Account INTRODUCTION

The objective of this section of our website is to advise potential clients of the “basics” and to provide answers to the more common questions relating to offshore banks and establishing and administering an offshore bank account.

Most importantly, OCRA Worldwide is not an offshore bank, we are an international and offshore corporate and trust services provider. However, a significant percentage of the companies and trusts we administer establish accounts with international and offshore banks rather than domestic banks because often their characteristics include:

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Offshore Banking – OCRA Worldwide



Best Offshore Banking
To find the more details about the offshore banking.Visit us on: http://www.inmotioncapital.com/

By: will samson

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Best Offshore Banking – Video

Oct 222014



Blue dark

By: Offshore Banking

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Blue dark – Video

Oct 212014



AHS Name Game
All rights go to American Horror Story and Bobby Shmurda.

By: Offshore Banking

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AHS Name Game – Video



Schools That Teach About Offshore Banking

By: Homeschooling in Education

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Schools That Teach About Offshore Banking – Video



Nrsb 11 – Offshore Banking
Commodified 2013 WM Records http://www.discogs.com/NRSB-11-Commodified/master/595708 Penlope – Sherard Ingram – Gerald Donald.

By: 500cherish

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Nrsb 11 – Offshore Banking – Video

The twin-island nation of Antigua and Barbuda in the Caribbean recently appointed Indian entrepreneur Rajat Khare as a brand ambassador to promote tourism, investment and homeland security solutions within the twin island state.

The Carbbean nation is looking to attract investors in its energy, real estate, hotels, offshore banking and gaming sectors.

Khare, one of new breed of Indians lending their expertise to a wide range of governments globally, is the promoter of ACSG, a homeland security firm helping governments secure their sensitive information and data. He is expected to recommend various security measures that the country ought to implement for homeland security.

The main areas of collaboration with government agencies include developing new technologies, cyber security, emergency preparedness and fire-fighting, as well as conducting joint research and development in homeland security technology.

Reacting to his appointment, Khare said: “Our partnership with government agencies, both at home and especially abroad, gives us an opportunity to show the growing influence of Indian firms in the IT and homeland security sectors.”

“We understand how critical these areas are and our services are based on mutual trust and reliance,” he added.

(Posted on 24-09-2014)

Information on States of India:

Andaman Nicobar | Andhra Pradesh | Assam | Bihar | Chandigarh | Chhattisgarh | Dadar Nagar Haveli | Daman Diu | Delhi | Goa | Gujarat | Haryana | Himachal Pradesh | Jammu Kashmir | Jharkhand | Karnataka | Kerala | Lakshadweep | Madhya Pradesh | Maharashtra | Manipur | Meghalaya | Mizoram | Nagaland | Orissa | Pondicherry | Punjab | Rajasthan | Sikkim | Tamil Nadu | Tripura | Uttar Pradesh | Uttaranchal | West Bengal

INDIA REGIONAL MAPS:

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Antigua names Indian entrepreneur Rajat Khare its brand ambassador



The Members – Offshore Banking Business – NYC 2014
The Studio at Webster Hall 13-September-2014.

By: nbmkms

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The Members – Offshore Banking Business – NYC 2014 – Video



Offshore Banking Business – the Members
Live at the Red Line Tap, Chicago – Sept 6, 2014.

By: TheRobman

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Offshore Banking Business – the Members – Video



Offshore Banking Passports and ID
Offshore Banking Passports and ID.

By: George Soros

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Offshore Banking Passports and ID – Video

A portrait of Inspector-General of Taxation Ali Noroozi. Photo: Nic Walker

A senior Macquarie Group executive sought to ”engage the assistance” of Inspector-General of Taxation Ali Noroozi in the financial services group’s fight with the Australian Taxation Office, court documents show.

Mr Noroozi’s senior staff agreed to use the financial services group as a ”case study” in a review of ATO policy ”U-turns”, according to the Federal Court documents.

A member of Mr Noroozi’s staff allegedly also told Macquarie the Inspector-General’s office would question ATO officers and require the agency to search its records for information that Macquarie lawyer Peter Speed hoped would ”assist Macquarie’s cause”.

Mr Noroozi told BusinessDay he always acted independently and impartially when investigating complaints about the tax system.

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”We are doing a U-turn review; we are looking at the Macquarie decision because it has a real impact Our interest in Macquarie is, because we do not at the moment handle single complaints, not about the rights or wrongs as far as Macquarie is concerned, but is more about the fundamental issue of principle.”

A policy ”U-turn” is when the Tax Office changes its mind about how the law should be applied. While U-turns are allowed, under Tax Office policy they should apply only to new cases.

At present the Inspector-General of Taxation is able to investigate only systematic tax problems, but as part of this month’s budget, Treasurer Joe Hockey said he would give Mr Noroozi the power to investigate individual complaints. How and when the transfer of power will happen is yet to be determined.

The Federal Court fight between Macquarie and the ATO arose out of a long-running audit, after which the ATO alleged Macquarie had not paid enough tax because it was counting expenses against the domestic bank that should have been expenses of the offshore banking unit (OBU).

More here:
Macquarie sought help in U-turn policy



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