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Monthly Archives: April 2013

Billionaires Flee Havens as Trillions Pursued Offshore

Billionaire Dmitry Rybolovlev, Russia’s 14th-richest person, and his wife, Elena Rybolovleva, have been brawling for almost five years in at least seven countries over his $9.5 billion fortune. More than 30 percent of the world’s 200 richest people, who have a $2.8 trillion collective net worth,Bloomberg Billionaires Index, control part of their personal fortune through…
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Multinationals Be Prepared: Costly Tax Audits On The Rise!

               The current trends in global taxation include a sweeping wave of compliance, regulatory requirements, the implementation of the OECD report on Base Erosion and Profits Sharing alongside a push for harmonisation. The development of FATCA legislation from the US, CFC reform and increases in information exchange agreements are also of major impact to multinationals…
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IRS Begins Furlough Notice

As the effects of federal government budget cuts due to sequestration become a reality, we want to keep the dialogue open regarding next steps. Next week, we plan to issue official furlough notices. Some IRS employees will receive them via email, while many campus employees will receive hard-copy letters. Those in non-work status will receive…
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Norway signs FATCA Agreement with United States.

The Norwegian Ministry of Finance announced on April 15, 2013 the signing of an agreement with small t and will as he United States for an automatic exchange of financial information between the countries’ tax authorities, pursuant to the U.S. Foreign Account Tax Compliance Act (FATCA). The agreement makes Norway the second Nordic nation to enact FATCA,…
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