Search Results for: tax
IBM to pay Globalfoundries to take chip unit
October 20th, 2014
IBM Corp (IBM.N) said it would hive off its loss-making semiconductor unit to contract-chipmaker Globalfoundries Inc to focus on cloud computing, mobile and big data analytics. IBM will pay Globalfoundries $1.5 billion in cash over the next three years ...
Guernsey Welcomes Latest Financial Center Rankings
October 17th, 2014
Guernsey has taken third place in this year’s global rankings of specialist financial centers issued by trade publication The Banker. Guernsey was once again ranked third behind the Cayman Islands and Jersey, however the figures this year show that ...
Tribunal analysis: Entrepreneurs’ relief dispute
October 17th, 2014
The key question, explored by the first tier tribunal in the case of Jeremy Rice v HMRC, is whether or not a significant change in a business can amount to a cessation of the existing trade and the start ...
BVI Welcomes International Recognition for Financial Center
October 16th, 2014
The Premier of the British Virgin Islands, Orlando Smith, has welcomed recent recognition for the territory from two new independent surveys about offshore financial centers. The BVI achieved the highest rating among offshore centers in the Global Financial Centers ...
HMRC launches new FATCA online service
October 16th, 2014
HMRC has launched a new online service for UK financial institutions to register and report financial information on behalf of their US clients. In 2010, the US passed the Foreign Asset Tax Compliance Act (FATCA), meaning foreign financial institutions ...
AbbVie board goes against £32bn Shire takeover deal
October 16th, 2014
US drug firm AbbVie has recommended that is shareholders vote against a £32bn takeover offer for rival Shire. It said recent tax changes had introduced an “unacceptable level of uncertainty” to the deal. AbbVie, based in North Chicago, Illinois, ...
AbbVie says to reconsider recommendation for Shire acquisition
October 15th, 2014
AbbVie Inc (ABBV.N) said it intends to reconsider its recommendation to its shareholders to vote in favor of the 32 billion pound ($54.7 billion) merger with Shire Plc (SHP.L) due to the changing U.S. tax regulations. Chicago-based AbbVie, which ...
UK banks pay out $2.5 billion for swaps mis-selling
October 14th, 2014
Britain’s biggest banks have paid out less than 40 percent of the 4 billion pounds ($6.4 billion) set aside to cover the mis-selling of complex interest rate hedging products, according to data from the financial regulator. The mis-selling is ...
FATCA and the real cost of compliance
October 14th, 2014
Foreign account tax Compliance Act (FATCA) was introduced by the US government in the year 2010. The main focus of FATCA act is to reduce tax evasion by foreign finance institutions through offshore Accounts and shell companies. Apart from ...
Italy on Sale to Chinese Investors as Recession Bites
October 13th, 2014
Clotilde Narzisi and Luca Soliman have run the Caffe Orefici, 200 feet from Milan’s iconic Duomo Cathedral, for 10 years. Forced to sell their business because of high taxes, they say their only hope now is to leave it ...
