Managers of Wealth Americas

Jeffrey Epstein Wealth Boosted by Virgin Island Tax Breaks

By, possibly, 90%.

Tax Treaty Updates: New treaty protocols ratified by Senate

The new treaties/protocols address various topics, including withholding taxes on transactions between US and foreign companies, and taxation of both individual and corporate taxpayers to avoid double tax situations.

U.S. Companies Repatriated Offshore Profits in Record Numbers Last Year

Ireland was the third largest source of repatriated cash, but the value is suppressed because of confidentiality rules in the country, according to the report.

How Wealth Accumulators Can Use Trusts To Avoid State Income Tax

We now have a new social group -trustafarians- that is created by the forethought of previous generations putting their money in trust.

Foreign-Owned Banks’ Results Could Sweeten Further Under Tax Law

Banks have been among the biggest winners under President Trump’s tax law. Wells Fargo said its effective tax rate was just over 17 percent in the second quarter.

US Senate ratifies protocols to tax treaties with Japan, Switzerland, Luxembourg

Like US-Spain protocol, all three tax treaty protocols easily cleared the two-thirds vote threshold for ratification.

US announces probe into France’s digital services tax

“The President has directed that we investigate the effects of this legislation and determine whether it is discriminatory or unreasonable and burdens or restricts United States commerce,” Lighthizer said.

SCC deals a blow to tax evaders in Canada | David Rotfleisch

Foreign banks and their tax lawyers have been fined by the American Internal Revenue Service and by European tax authorities for their involvement in aiding and abetting international tax evasion.

US Firms Still Keeping Some Overseas Profits Offshore

Overall, there is no evidence that Trump’s tax law spurred U.S. firms to bring intellectual property back home, Setser said, which suggests that the associated profits will continue to flow to overseas affiliates.

Canada steps up efforts to fight tax avoidance

Canada signed the MLI in June 2017 and the Liberals promised in the 2018 federal budget to enact it into Canadian law.

Panama Papers data leak whittled down to only 150 taxpayer audits in Canada

The report was made public at the same time that CRA revelead that Canadian corporations avoided paying between C$9.4bn and C$11.4bn in taxes in 2014.

Corporate tax gap could be costing more than $11B

The gap is the biggest in a CRA series of studies

Windsor, London properties raided in $8.3M tax evasion probe

Despite the search warrants on Wednesday, the CRA said no charges have been laid.

Newly signed Brazil-Uruguay tax treaty will force companies to review structures

The Brazil–Uruguay tax treaty represents a change and its negotiation was probably motivated by Brazil´s threat to blacklist Uruguay for tax purposes.

Rich New Yorkers are fleeing to Miami to escape high taxes.

New York millionaires who relocate to Florida can save more than $1 million in taxes each year.

Latin America banking: HSBC fights back in Brazil

The BMA has called on the Government to immediately reform the pensions tax system to prevent more doctors from leaving the NHS.

VAT update: recovery procedure in the UAE and 2020 SAF-T confirmed in Norway

Need to catch up on what’s happening in the world of VAT and wider tax updates? Here’s a summary from our global tax team.

Implementation of tax transparency initiative delivering concrete and impressive results

Voluntary disclosure of offshore accounts, financial assets and income in the run-up to full implementation of the AEOI initiative resulted in more than EUR 95 billion in additional revenue (tax, interest and penalties) for OECD and G20 countries over the

Make America Great Again by Cracking Down on Tax Havens

The U.S. has a lower rating on tax evasion than even the Cayman Islands—and far too many politicians are benefitting.

Taxpayers Should Prepare For The Next Penalty Battleground

Taxpayers have several potential defenses to the accuracy-related penalty depending on the ground upon which the penalty is asserted, including “substantial authority,” “reasonable basis,” adequate disclosure,” “reasona