tax advice for arab bankers
Last Updated : GMT 20:41:34
Arab Today, arab today
Arab Today, arab today

HMRC has £38bn deficit

Tax advice for Arab bankers

Arab Today, arab today

Arab Today, arab today Tax advice for Arab bankers

Paul McKenna addresses the seminar
London - Umar Farooq

Paul McKenna addresses the seminar London - Umar Farooq A former tax inspector says Arab bankers and their clients need to cooperate with authorities, with countries developing intergovernmental mechanisms to crackdown on tax evaders.Andrew McKenna, partner at Manchester-based law firm Smith & Williamson has warned that British and American tax authorities are actively pursuing nationals living abroad - to make sure they are paying tax on investments. McKenna was speaking at a tax seminar organised by Arab Bankers Association at Arab-British Chambers of Commerce in central London. The event, entitled: The HMRC (Her Majesty's Revenue and Customs) and IRS (Internal Revenue Service) Pursuit of Financial Institutions and Their Clients, was a legal insight into the various pieces of cross-border tax legislation. McKenna told Arabstoday: "What we're seeing is that the world is becoming a place where there is nowhere to hide in terms of people hiding assets, evading or avoiding tax. The tax authorities are making real moves, particularly in the current climate, the impact on banks and OECD (Organisation for Economic Co-operation and Development), governments need to generate funds and they're going after tax dodgers." Around 60 bankers from the UK and Middle East attended the seminar to learn about tax legislation from experts in the field. The seminar was moderated by Jawad Ali, Managing Partner at King & Spalding (Dubai) and overseen by George E Kanaan, Chief Executive Officer of Arab Bankers Association. Kanaan told Arabstoday that the aim of the evening was to provide bankers with a basic understanding of "forthcoming legislation," which is "quite complex in nature." "Arab bankers in London have an important client base. Tax matters affect them and their clients, so they have to understand tax matters. The session was quite lively and people asked plenty of questions," Kanaan said. "The banks are acting as policemen for the state. They are looking for the US citizen or the UK citizen, and speaking to tax authorities," he added. The event was based on a series of short presentations from experts, followed by a question and answer session. McKenna, a specialist is tax investigations compared the recently-ratified UK-Switzerland Tax Treaty with the Liechtenstein Disclosure Facility. Both intergovernmental treaties allow for British nationals to cooperate with authorities in declaring earnings and assets, before HMRC come knocking on the door. "The instruments give the government a chance to say, 'tell us about your earnings before we penalise you,' they are facilities for people and entitle them to benefits," McKenna said. Roy Baldwin, McKenna's colleague at Smith & Williamson revealed that the British government has a £32bn tax gap, and the HMRC has developed a strategy to recover that over the next five years. “There really is no hiding place anymore; there was a time about 10 years ago when you could find places where money was hidden, but those times have gone. People have to come clean or pay the price,” Baldwin told Arabstoday Mariano Girlait, Tax Director at BNY Mellon looked at OECD's standardisation mechanisms to bring European nations together in tackling tax problems. He also touched on the rights of banks to reclaim tax by applying to the European Court of Justice. Girlait, who sits on the British Bankers' Association tax committee, also explained US Foreign Account Tax Compliance Act (FACTA) provisions, which allows British tax authority HMRC to liaise with its US counterpart IRS on tax matters. Kevin Conway, tax partner at law firm King & Spalding (London) concluded the evening with an overview of British Non-resident Landlord Scheme, which caters for tax on payment of rent to landlords living outside the UK. Watch exclusive video content from the Arab Bankers Association's tax seminar on ArabstodayTV YouTube channel: http://youtu.be/aAZXACnQkws and http://youtu.be/Kje-M2xqYMg

arabstoday
arabstoday

GMT 10:16 2017 Tuesday ,21 November

Amsterdam, Paris to host key EU agencies

GMT 14:28 2017 Monday ,20 November

US industry gears up to save NAFTA

GMT 02:56 2017 Saturday ,18 November

Moody's raises India rating, citing reforms

GMT 01:26 2017 Saturday ,18 November

Reports underline proliferation of weapons

GMT 01:28 2017 Friday ,17 November

Martin Lockheed Signs MoU with KACST

GMT 01:12 2017 Thursday ,16 November

Oil producers extend production cuts

GMT 00:50 2017 Wednesday ,15 November

Insurance hike expected for high-rises
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

tax advice for arab bankers tax advice for arab bankers

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

tax advice for arab bankers tax advice for arab bankers

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Fedra happy for “Between Two Worlds” success

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 00:54 2017 Monday ,20 November

Mideast in danger as London explores

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday