Category Archives: IRS
#Hong Kong and its link to Offshore Jurisdictions
In 1984, people of Hong Kong were made aware of the concept “offshore jurisdiction” by the re-domicile of one of the biggest listed conglomerates in Hong Kong to Bermuda. Since then, quite a number of offshore jurisdictions become well-known in … Continue reading
Cayman Islands Resilient Offshore Investment Jurisdiction
Cayman’s Resilience Demonstrates Continued Relevance for Offshore Leaders The global financial crisis undoubtedly had a significant impact on business and activity for offshore financial centres, just as the repercussions were felt in onshore economies. For the Cayman Islands, three years … Continue reading
IRS Seeks to Boost Revenue: Introduces 2012 Voluntary Disclosure Program
On January 9, 2012, the IRS issued a press release (IR-2012-5), which announced the reopening of the offshore voluntary disclosure program. During the release, IRS indicated that it had collected in excess of $4.4 billion from taxpayers who participated in … Continue reading
IRS Continues Scrutiny of Foreign Insurance Subsidiaries
The Wall Street Journal reported in a March 31, 2012 article titled, “How to get the IRS to Notice You,” that the IRS audited 1.1% of all tax returns filed in 2010. However, those who filed a Schedule C with … Continue reading
Australian Harmonized Export Commodity Classification
Those responsible for the reporting of the import and export of goods to border agencies may not have been enjoying the usual New Year’s Eve festivities on 31 December 2011 as they excitedly awaited the implementation of “HS2012″ for import … Continue reading
IRS KEEPS $20M OF FOREIGN TRUST CORPUS
SETTLOR WAS IN “CONTROL,” FEDERAL JUDGE RULES In June of this year, after traveling from London to Los Angeles, the trustee of a Turks & Caicos Islands grantor trust (“Trust”) gave testimony in federal court , claiming that the U.S. … Continue reading
#OffshoreInvestment – Smoke and mirrors, perhaps: but where is the fire?
The real causes of the current international crisis appears to have been brewing for a considerable period of time. This decision comes from the various anti-money laundering, tax evasion measures introduced at an international level, against attractive political targets. The … Continue reading
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