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Offshore Banking News – The New York Times

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Jul 222015
 

I.R.S. Is Looking Into Captive Insurance Shelters

By PAUL SULLIVAN

Captives can be designed so the risks they insure are so unlikely they will never pay a claim and all the premiums will go back to the owners or their heirs with little or no tax.

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Offshore Banking News – The New York Times

Banks win round 1 vs BIR policy on income, expenses allocations

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Apr 112015
 

THE Makati City Regional Trial Court stopped the Bureau of Internal Revenue (BIR) from implementing Revenue Regulations No. 4-2011 which prescribes the rules on the proper allocation of cost and expenses among the income earnings of banks and other financial institutions for income tax reporting purposes.

Makati RTC Judge Honorio Gualao Jr. issued the ruling after the Bankers Association of the Philippines (BAP) composed of several local and branches of foreign banks filed a petition for declaratory relief with application for a temporary restraining order and/or writ of preliminary injunction.

The restraining order is for 20 days and the court has set a hearing on April 20 for the application for a writ of preliminary injunction.

The objective of RR 4-2011 is to set the rules on income and expenses allocations of banks among their various operations, which are governed by different income tax rules

RR 4-2011 provides that a bank may deduct only those costs and expenses attributable to the operation of the Regular Banking Unit (RBU) to arrive at its taxable income. Any cost or expense related to or incurred in the operation of the foreign currency deposit unit (FCDU)/expanded FCDU (EFCDU) or offshore banking unit (OBU) is not allowed as deduction from the RBUs taxable income.

Failure to comply with the RR will subject officers of the banks and other financial institutions to criminal liability.

The banks filed a petition before the court to nullify RR 4-2011 after the BIR started issuing preliminary assessment notices (PANs) on several banks.

A PAN shows the deficiency tax assessment as well as the detailed facts and the law, rules and regulations or jurisprudence on which the proposed assessment is based.

Petitioner banks feared that issuance of PAN could lead to a distraint and levy of their properties.

Should there be distraint and levy, the banks will be deprived possession of their properties, effectively crippling their business operations, the petition stated.

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Banks win round 1 vs BIR policy on income, expenses allocations

Court stops restriction on bank tax deductions

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Apr 112015
 

Top Story

Posted on April 09, 2015 10:24:00 PM

By Mikhail Franz E. Flores, Reporter

Twenty-one banks sought temporary relief before the Makati court against the tax rule.

BIR Lawyer Felix Paul R. Velasco III confirmed that the bureau received a copy of the order. TRO was served after office hours, Mr. Velasco said via text.

He also said that Bank of the Philippine Islands, which filed a separate but related petition, has been assessed P3 billion in tax dues under RR 4-2011. The other banks did not indicate the amount in their petition. But they said the preliminary assessment is significant, Mr. Velasco added.

RR 4-2011 prescribed the proper allocation of costs and expenses among income earnings of banks and other financial institutions for income tax reporting purposes.

RR 4-2011 noted a banks income comes from its regular banking unit (RBU), foreign currency deposit unit (FCDU), expanded FCDU (EFCDU) and offshore banking unit (OBU). BIR defined RBU as a unit or department of a local bank or of a local branch of a foreign bank that is authorized by the central bank to engage in regular banking activities; FCDU as such a unit or department authorized to engage in foreign currency-denominated transactions; EFCDU as such a unit or department of a commercial or universal bank that is authorized to deposit, invest or grant loans in long-term foreign currency-denominated transactions; and OBU as a branch, subsidiary or affiliate of a foreign bank authorized to operate as a separate off-shore banking business in the Philippines.

RR 4-2011 provides that only costs and expenses related to RBU operations can be deducted in order to arrive at taxable income subject to regular income tax. Any cost or expense related with or incurred for the operations of FCDU/EFCDU or OBU is not allowed as deduction from the RBUs taxable income, the issuance read.

Common expenses or those that cannot be tagged for a particular unit should be allocated based on percentage share of gross income of the specific unit to total gross income that is subject to a 30% regular income tax and 10% final income tax.

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Court stops restriction on bank tax deductions

2014 IRS OVDP/OVDI Webinar Introduction – Video

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Apr 062015
 



2014 IRS OVDP/OVDI Webinar Introduction
This OVDP webinar event presented by Jeffrey S. Freeman, J.D., LL.M of Freeman Tax Law help answer IRS, tax law, offshore banking, and international tax comp. Are you confused about making…

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2014 IRS OVDP/OVDI Webinar Introduction – Video

$32 Trillion Stashed in Offshore Bank Accounts – Asset Protection Planners Examine the Facts

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Apr 032015
 

VALENCIA, Calif., April 3, 2015 /PRNewswire/ — Offshore banking is growing in leaps and bounds as both the rich and the not so rich look for safe places to stash their cash. They are doing it in record numbers and record amounts according to a recent Bloomberg News report, which said that as much as $32 trillion has been stuffed in offshore bank accounts. Of the world’s 50 safest banks, according to Global Finance, not even one of the top 25 safest are in the United States. In fact, there were 45 banks outside of the US that were on the top 50 safest bank list and only five (5) headquartered inside the US, California based Asset Protection Planners reports.

“For most people, it is not only the objective of not paying taxes,” says Philip Marcovici, a tax lawyer and board member a Lichtenstein wealth adviser. “It’s the objective of obtaining the right to privacy and seeking financial confidentiality.”

Asset protection from lawsuits is another major objective. E. Valdes, a firefighter located in Miami, Florida says, “I just don’t trust the courts here. I want to set up an offshore account to protect myself from the unknown. Plus, if I can put my money in a safer bank than any of the local banks, I don’t see why I shouldn’t.”

Mr. Valdes is not alone. The debt of nations can wreak havoc on its banking system and US isby far the most in-debt country in the world. The United States has over $18 trillion in debt. That is a little over $58,000 per citizen and an unsustainable 106% of its gross domestic product. China, on the other hand, the world’s fifth (5th) most in-debt country, has $3 trillion in debt, which is just a little over $2,000 per citizen, or 37.5% of its GDP.

Where are the Safest Banks Located?

Regarding the safest banks, Canada has six (6) banks on the world’s 50 safest banks list. The United States, which has nine (9) times as many people as Canada, has onlyfive (5) banks on the list. Germany, which is about one-fourth (1/4) the size of the United states has six (6) banks on the world’s safest banks list. The United States is almost fourteen (14) times bigger than Australia in population, yet the Aussies have four (4) banks showing, all of which are on the top half of the 50 safest banks list.

The top 10 safest banks are located in Germany, Switzerland, Germany, Germany, Netherlands, Netherlands, Germany, France, Luxembourg and France, in that order. Of the top 50 safest banks,zero (0) were in Africa, 15 were located in Asia, four (4) in Australia, 19 in Europe, 11 in North America and one (1) in South America.

Banks in jurisdictions such as Switzerland can also act as money management firms. They have expert financial advisors who work with their clients to invest funds in a combination of interest bearing and stock market investments that suit their clients’ desires.

Who Has Offshore Accounts?

There are an estimated 26.2 million US citizens who have offshore bank accounts. Many of these individuals do not hold their bank accounts in their own names but in companies and/or trusts for enhanced protection from US litigation. Plus many foreign banks will not open personal accounts for US people, so a foreign corporation or LLC must be filed to hold title to the account.

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$32 Trillion Stashed in Offshore Bank Accounts – Asset Protection Planners Examine the Facts

Download PDF Treasure Islands Uncovering the Damage of Offshore Banking and Tax Havens – Video

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Mar 312015
 



Download PDF Treasure Islands Uncovering the Damage of Offshore Banking and Tax Havens
DOWNLOAD PDF Ebook HERE : http://bit.ly/1AGgBaZ.

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Download PDF Treasure Islands Uncovering the Damage of Offshore Banking and Tax Havens – Video

Federal Agents Accused of Stealing $1M in Online Currency

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Mar 312015
 

Two former federal agents are accused of using their positions and savvy computer skills to siphon more than $1 million in digital currency from the illegal black market Silk Road website while they and their agencies were operating an undercover investigation of the online drug bazaar.

The pair appears to have acted independently of one another while using sophisticated encryption software, inside knowledge of the investigation and complex offshore banking transfers of digital money called bitcoins and U.S. currency.

Former Drug Enforcement Administration agent Carl M. Force, 46, was arrested Friday in Baltimore and remained in custody Monday after being charged with wire fraud, theft of government property, money laundering and conflict of interest.

Former U.S. Secret Service special agent Shaun W. Bridges, 32, of Laurel, Maryland, appeared in federal court in San Francisco and remains free on $500,000 bond after being charged with wire fraud and money laundering.

The two former agents appeared to have operated independently of one another in allegedly stealing electronic money known as bitcoins from the same investigation.

Force was the lead investigator of one aspect of the multiagency and multistate investigation of Silk Road and its now-convicted operator Ross Ulbricht, who used the online name “Dread Pirate Roberts.”

Force worked undercover and convinced Silk Road’s operator that he was a drug smuggler with global underworld connections. Force, using the online pseudonym “Nob” communicated with the Dread Pirate Roberts using “pretty good privacy” encryption software and obtained hundreds of thousands of dollars in bitcoin payments as part of a sting operation sanctioned by his supervisors. But Force is charged with failing to report many of the communications and payments and funneling money received from Silk Road to private accounts.

Force is also accused of creating a new online persona known as “French Maid” without his supervisors’ knowledge. Force is charged with using the French Maid moniker to sell inside information to Silk Road about the investigation into the website. Court records accuse Force of stealing more than $200,000 from Silk Road during the federal investigation of the site.

Force is also charged with accepting a position as chief compliance officer for a bitcoin company while serving with the DEA. Force is accused of using his DEA position to seize a customer’s $297,000 account and transferring it to his private account. Force resigned from the DEA last year after a 15 year career, according to court records.

His attorney Ivan Bates didn’t return a phone call.

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Federal Agents Accused of Stealing $1M in Online Currency

Federal agents accused of stealing $1M in online currency during Internet black market probe

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Mar 312015
 

SAN FRANCISCO Two former federal agents are accused of using their positions and savvy computer skills to siphon more than $1 million in digital currency from the illegal black market Silk Road website while they and their agencies were operating an undercover investigation of the online drug bazaar.

The pair appears to have acted independently of one another while using sophisticated encryption software, inside knowledge of the investigation and complex offshore banking transfers of digital money called bitcoins and U.S. currency.

Former Drug Enforcement Administration agent Carl M. Force, 46, was arrested Friday in Baltimore and remained in custody Monday after being charged with wire fraud, theft of government property, money laundering and conflict of interest.

Former U.S. Secret Service special agent Shaun W. Bridges, 32, of Laurel, Maryland, appeared in federal court in San Francisco and remains free on $500,000 bond after being charged with wire fraud and money laundering.

The two former agents appeared to have operated independently of one another in allegedly stealing electronic money known as bitcoins from the same investigation.

Force was the lead investigator of one aspect of the multiagency and multistate investigation of Silk Road and its now-convicted operator Ross Ulbricht, who used the online name “Dread Pirate Roberts.”

Force worked undercover and convinced Silk Road’s operator that he was a drug smuggler with global underworld connections. Force, using the online pseudonym “Nob” communicated with the Dread Pirate Roberts using “pretty good privacy” encryption software and obtained hundreds of thousands of dollars in bitcoin payments as part of a sting operation sanctioned by his supervisors. But Force is charged with failing to report many of the communications and payments and funneling money received from Silk Road to private accounts.

Force is also accused of creating a new online persona known as “French Maid” without his supervisors’ knowledge. Force is charged with using the French Maid moniker to sell inside information to Silk Road about the investigation into the website. Court records accuse Force of stealing more than $200,000 from Silk Road during the federal investigation of the site.

Force is also charged with accepting a position as chief compliance officer for a bitcoin company while serving with the DEA. Force is accused of using his DEA position to seize a customer’s $297,000 account and transferring it to his private account. Force resigned from the DEA last year after a 15 year career, according to court records.

His attorney Ivan Bates didn’t return a phone call.

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Federal agents accused of stealing $1M in online currency during Internet black market probe

China’s Secret Offshore Banking – Video

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Mar 192015
 



China's Secret Offshore Banking
Controversy over China's political families with secret offshore bank accounts. The elite in China have stole 4 trillion dollars from their people! To prove how vulnerable your personal…

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China’s Secret Offshore Banking – Video

SFTV: Bermuda Offshore Banking Part 1 – Video

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Mar 182015
 



SFTV: Bermuda Offshore Banking Part 1
George Roberts finds hard luck on the end of the line, while battling a big blue marlin in Bermuda's productive waters. Wahoo! Always a tasty treat, and Dean…

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SFTV: Bermuda Offshore Banking Part 1 – Video

The JetSetter Show EP 35 Josh VanDyk: Offshore Banking in the Cayman Islands – Video

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Mar 182015
 



The JetSetter Show EP 35 Josh VanDyk: Offshore Banking in the Cayman Islands
The Cayman Islands are a United Kingdom dependent territory, located between Cuba and Central America in the Caribbean. There are two international airports,…

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The JetSetter Show EP 35 Josh VanDyk: Offshore Banking in the Cayman Islands – Video

Choosing an Offshore Bank | Offshore Banking – Video

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Mar 182015
 



Choosing an Offshore Bank | Offshore Banking
Global Reserve and Finance, Ltd is your solution provider for the many Offshore services you will need to simultaneously grow your net-worth and protect your…

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Choosing an Offshore Bank | Offshore Banking – Video

Offshore Banking after FATCA – Video

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Mar 162015
 



Offshore Banking after FATCA
Treasury Department regulations – WHO MUST FILE: (1) Each person who physically transports, mails, or ships, or causes to be physically transported, mailed, …

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Offshore Banking after FATCA – Video

Ras Al Khaimah Dubai | Advice On Ras Al Khaimah Dubai Offshore Banking – Video

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Mar 162015
 



Ras Al Khaimah Dubai | Advice On Ras Al Khaimah Dubai Offshore Banking
Ras Al Khaimah Dubai Ras Al Khaimah Dubai offshore bank accounts are special in that . Ras Al Khaimah | Ras Al Khaimah: The truth about offshore company and …

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Ras Al Khaimah Dubai | Advice On Ras Al Khaimah Dubai Offshore Banking – Video

Offshore Banking Your Guide To Offshore Banking The Right Way 2 – Video

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Mar 162015
 



Offshore Banking Your Guide To Offshore Banking The Right Way 2
Offshore Asset Protection Secrets: Information, Services, and Resources Regarding Offshore Trusts, LLCs, an. To get your own copy of Guide to Banking in Sing…

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Offshore Banking Your Guide To Offshore Banking The Right Way 2 – Video

Offshore Banking: Bank Accounts & Assets Held In Foreign Countries Help Secure Private Wea – Video

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Mar 162015
 



Offshore Banking: Bank Accounts Assets Held In Foreign Countries Help Secure Private Wea
Asset protection report here: Offshore banking is not illegal, it's not tax evasion, it's not about the overly-wealthy . In simple terms, a UCITS is a mutual…

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Offshore Banking: Bank Accounts & Assets Held In Foreign Countries Help Secure Private Wea – Video




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