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The White House plans to propose stiffer tax rules for U.S. companies with overseas operations to limit what it views as tax avoidance and evasion through profit shifting and other means, senior administration officials said Thursday.
Singapore has overtaken Switzerland, emerging as the world’s fastest-growing wealth management center, but banks in the Southeast Asian nation have a long way to go toward tax transparency, particularly in regards to questionable investments from other Asian countries.
Singapore’s wealth management industry grew 22 percent in 2012 to 1.63 trillion Singaporean dollars ($1.29 trillion US), and its share of global offshore wealth is expected to outstrip Switzerland by 2020, according to data from WealthInsight, an industry research group.
While all types of occupational fraud and abuse will continue to pose challenges this year, there are three issues that are looming large at present, namely data breaches, cybercrime and financial statement fraud.
The extent of the recent data breach affecting Target Corp. (and now possibly Neiman Marcus, among other retailers) is startling. Initially, Target reported that as many as 40 million credit and debit cards could have been compromised by a deliberate attack in December 2013; since then the number has risen to a possible 110 million customers. The hacking case put consumers on edge during the holiday shopping season and continues to cause serious concern as cardholders determine the steps needed to protect their credit and their identities.
In early 2014 BEF engaged an international expert to assist in establishing a Barbados based Angel Investor Network. The preliminary work has been completed and based on the recommendations received and subsequent engagement with stakeholders, BEF is moving forward immediately with the creation of ‘Trident Angels‘ the first ever Caribbean Angel Investor Network.
Cahill Energy has signed a 30-year contract with the government of Barbados to build and operate a waste-to-energy plant designed to provide up to 25% of the Caribbean island's energy needs. The Guernsey-based company said in a release that it will invest US$240mn in the plasma gasification plant, which will transform up to 650t/d of solid waste into renewable energy.
WHILE the International Business and Financial Services (IBFS) sector continues to contribute substantially to the Barbados economy, there is still a lot more work to be done.This is the view of Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss.
Caribbean financial executives have bemoaned what they deem as an uneven playing field in negotiations towards compliance of the US Foreign Account Tax Compliance Act (FATCA). At the Third Caribbean Conference on the International Financial Services Sector in Nassau, concerns have been expressed that the US is not playing fair in the negotiations. But a US tax expert dismissed claims of an uneven playing field. Manal Corwin, principal and national leader of international tax at Washington-based KPMG LLP, said the issue of reciprocity is actually an important aspect of the deal. And, in fact, she suggested that the US is actually held to a higher-standard diligence requirement.
Caribbean Export, in partnership with the Government of The Bahamas, today commenced a three-day high profile summit under the theme “The Caribbean Engaging the World in Financial Services”. The conference seeks to address a number of the immediate issues such as global policy measures and initiatives that directly affect the Caribbean international financial services centers.
The Central Bank of Trinidad and Tobago (CBTT) says it has pumped half a billion US dollars into the domestic foreign exchange market, saying it is aware of the difficulty some businesses and the public have been experiencing in obtaining foreign currency. In a statement, the CBTT said that it has been “actively and aggressively” taking steps to address the situation and that in the last three and a half months it has sold US$500 million to the banking sector to alleviate tensions in the domestic foreign exchange market.
The Board of Directors of The DGM Group of Companies has announced the appointment of Mr. Wayne Fields as President of DGM Bank & Trust Inc, effective 1st November 2012.
The Shareholders and Directors of DGM Bank & Trust Inc. are pleased to announce the appointment of Lynn A. Garner as Vice President – Trust Services.
The Towner Management Group, the largest independent captive and international business company manager in Barbados, announced today that it has sold its Barbados-based business and operations to the Jardine Lloyd Thompson Group plc (JLT).
Effective January 1, 2015, the Canadian Federal Government will be changing the rules of play for how foreign income by Canadian banking and insurance subsidiaries is treated for tax purposes. Mr. Douglas Connell, Senior Tax Advisor with Deloitte Barbados, delivered a presentation at BIBA's February 25, 2014 luncheon seminar outlining the major implications of the new measures, followed by a panel discussion offering further perspectives on the issue from international tax professionals Mr. Ben Arrindell, Mrs. Dominique Pepin, Ms. Gloria Eduardo, and Mr. Wayne Lovell. A PDF copy of Mr. Connell's presentation can be downloaded here.
The last BIBA luncheon for 2013 was addressed by Mr. James Bynoe, Chief Executive Officer of the Caribbean Cyber Security Centre. His presentation on November 28, 2013, at the Hilton Barbados, Needhams Point, St. Michael focused on the growing threat businesses in the Caribbean are facing from online security breaches leading to loss of data and funds. This is a PDF document and must be downloaded to be viewed.
The latest budgetary measures by the Canadian Federal Government compel Barbados to be more agile and responsive than at any other time in the history of its international business sector. This came from president of the Barbados International Business Association (BIBA), Ryle Weekes, as he opened the association’s February luncheon seminar at the Barbados Hilton on Tuesday, February 25.
Jamaican-Canadian billionaire Michael Lee-Chin revealed his secrets to building wealth at the second Barbados International Business Association luncheon for 2011 held at the Hilton Barbados on February 25, 2011.
The Barbados International Business Association (BIBA) rejects the recent assertions made by the Canadian Broadcasting Corporation (CBC) which attempts to discredit Barbados’ International Financial Services sector. CBC’s sensationalist reporting was unbalanced, inaccurate and inflammatory.