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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

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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

$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.

By: americanwatches

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

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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

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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

FAST FACTS: Vanuatu: land of poverty and beauty

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Mar 162015
 

The south Pacific nation of Vanuatu is an archipelago of more than 80 islands known for their tropical beauty, active volcanos and rural poverty

A fisherman paddles his outrigger canoe across Erakor Lagoon near Port Vila on August 2, 2010. Torsten Blackwood/AFP

SUVA, Fiji The south Pacific nation of Vanuatu hammered by Super Cyclone Pam is an archipelago of more than 80 islands known for their tropical beauty, active volcanos and rural poverty.

LOCATION: The archipelago stretches across about 800 kilometers (500 miles) of the South Pacific, closer to Australia than Hawaii. About 65 of the islands, which are mountainous and volcanic, are inhabited.

POPULATION: Approximately 267,000 according to 2014 figures, with 98 percent ethnic Ni-Vanuatu. The population is largely Christian, with the majority Protestant and 12 percent Roman Catholic. The capital Port Vila, on Efate island, has a population of about 45,000.

ECONOMY: Largely rural. As much as 80% of the population is involved in small-scale farming. Fishing, offshore banking and tourism are the other principal revenue sources. The country is reliant on Australia and New Zealand for foreign aid.

Total GDP in 2013 was a tiny $828 million. Per capita GDP in 2013 was $3,276, according to World Bank figures.

ENVIRONMENT: Extensive coral reefs, one of the main tourist attractions. The islands are volcanic, with Yasur being an especially active volcano. The islands are in the tropical cyclone belt from January to April and have also been subjected to tsunamis and minor earthquakes related to volcanic activity.

Deforestation is a problem. Less than half of the rural population has access to reliable drinking water and another 40% only has access to a system that requires repair, according to the aid group Oxfam. Rappler.com

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FAST FACTS: Vanuatu: land of poverty and beauty

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Did Irelands 12.5 Percent Corporate Tax Rate Create the Celtic Tiger?

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Mar 132015
 

Yves here. Offshore banking and tax haven expert Nicholas Shaxson has launched a new blog, Fools Gold, to look at issues of competitiveness and so-called competition between nations. Weve often taken issue with that policy goal, since it gives precedence to crushing labor as a way of lowering product prices to stoke exports. This approach is dubious for anything other than small economies, since all countries cannot be net exporters. Undue focus on exports as a driver of growth results in increasing international friction, such as the currency wars that are underway now. Moreover, as we have discussed separately, trade liberalization has gone hand in hand withliberalization of capital flows, in no small measure due to US efforts to make the world safe for what were then US investment banks. Yet Carmen Reinhardt and Ken Rogoff pointed out in their study of financial crises, higher levels of international capital flows are associated with more frequent and severe financial crises.

In addition, lowering wage rates reduces domestic demand. In countries like the US, where the domestic economy is much larger than the export sector, lowering internal demand to stoke exports is misguided.

By Nicholas Shaxson, the author of Treasure Islands, an award-winning book about tax havens. Originally published at Fools Gold

Ireland has long been a poster child for corporate tax-cutting. The standard argument goes something like this. Ireland has very low corporate taxes . . . Celtic Tiger . . . just goes to show that corporate tax cuts grow your economy. This argument is popular in Ireland too where government officials like to call the flagship 12.5 percent corporate income tax rate a cornerstone of industrial policy.

But is any of this even true?

Well, now take a look at this little graph.

Chart 1: Irelands GNP per capita, relative to European GNP per capita, 1955-2013.

Thats a pretty clear picture of the so-called Celtic Tiger, now battered and bruised.

The graph casts serious doubt on the official story that multinationals and big accounting firms are desperate for people to believe (because this story is their meal ticket). The story is that Irelands low corporate income tax rate was a cornerstone of Celtic Tiger-related economic growth.

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Did Irelands 12.5 Percent Corporate Tax Rate Create the Celtic Tiger?

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HSBC Whistleblower: Offshore Banking Out Of Control – Video

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Feb 192015
 



HSBC Whistleblower: Offshore Banking Out Of Control
In his only British television interview, former HSBC employee Herve Falciani says he thought the offshore banking system was out of control.

By: Sky News

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HSBC Whistleblower: Offshore Banking Out Of Control – Video

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HSBC Whistleblower: Offshore Banking Out Of Control | {bySkyNews} – Video

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Feb 192015
 



HSBC Whistleblower: Offshore Banking Out Of Control | {bySkyNews}
In his only British television interview, former HSBC employee Herve Falciani says he thought the offshore banking system was out of control SkyNews Subscrib…

By: Vanec Cagen

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HSBC Whistleblower: Offshore Banking Out Of Control | {bySkyNews} – Video

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Synopsis | Fundamentals Of Offshore Banking: How To Open Accounts Almost Anywhere – Video

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Feb 132015
 



Synopsis | Fundamentals Of Offshore Banking: How To Open Accounts Almost Anywhere
THE SYNOPSIS OF YOUR FAVORITE BOOK =— Where to buy this book? ISBN: 9781460987957 Book Synopsis of Fundamentals of Offshore Banking: How to Open Accounts Almost Anywhere by …

By: Mis Libros Favoritos

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Synopsis | Fundamentals Of Offshore Banking: How To Open Accounts Almost Anywhere – Video

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Jersey Offshore Banking | Open an Offshore Account in Jersey

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Feb 072015
 

Jersey is well-established as a leading offshore financial centre and has long been a key base for offshore banking and private wealth management.

If you are an expatriate living and working away from your home, there may be tax advantages to investing in Jersey, and managing your wealth via an offshore account. By holding some of your wealth outside your own country with Citi International Personal Bank, it may be possible to make the most of these advantages, while benefitting from the security of investing through a stable market.

As one of the Channel Islands, Jersey operates in a jurisdiction close to but outside of the UK and continental Europe, and offers a high level of security with tightly-controlled regulation from the Jersey Financial Services Commission (JFSC). It is the largest and most established of the Channel Islands in terms of financial services, particularly in the fund management sector where it is a world leader.

Over one in nine of the island’s population is a financial services professional and many banks, investment management companies and brokers have chosen the centre as a base because it is politically and economically stable. Over 154.9bn is deposited on the island at one time and well over half of these funds are in foreign currencies.

Take advantage of offshore investing and offshore bank accounts at Citi International Personal Bank

Whether or not you can reduce your tax liabilities by investing through Jersey is completely dependent on your personal and financial circumstances. These include where you live (your residence), and where you are from or pay your tax (your domicile), which may or may not be in a different country. It also depends on how you are investing and withdrawing your money as a lump sum or as regular income for example. All of these factors have an impact but expatriates in particular may benefit from managing their money via Jersey offshore banking.

When you join us you become a member of one of the world’s largest and most experienced financial services companies with global resources and leading financial experts to help you manage your wealth.

Accounts are available to clients wishing to invest with the minimum required balance. The minimum required balance is generally US$100,000, however, please note that in some countries the minimum funding requirements may be higher and some products and services may not be available due to local legal restrictions. Please contact us for further information.

Our current clients live all over the world, including the countries listed below. If your country is not listed you can still contact us to discuss your application as we may still be able to help you.

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Jersey Offshore Banking | Open an Offshore Account in Jersey

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