HSBC Private Bank, a Swiss unit of banking giant HSBC, has agreed to pay €300 million to avoid going to trial in France for enabling tax fraud, prosecutors said on Tuesday. HSBC was accused last year of helping French clients to hide at least €1.67 billion from the tax authorities, according to a source close to the probe.
Following a couple of weeks of public uproar after the French government said it was going to scrap a wealth tax that applies to personal assets of more than $1.5 million, Emmanuel Macron’s administration will propose a tax on luxury yachts, supercars and precious metals in France’s 2018 budget. Macron, a former Rothschild banker, has been trying to shake off the label of “president of the rich,” but the September proposal of replacing the tax on high-end assets such as jewellery with just a real estate tax didn’t help his cause.
UBS France's new 4.5 billion euros wealth management division, La Maison de Gestion, is looking at hiring new staff to grow the business, the company said on Tuesday. The Swiss bank's La Maison de Gestion arm was formed from a deal struck in December last year when UBS France agreed to buy the local private banking business of Italy's Banca Leonardo. The new division was formally launched on Tuesday. With the transaction in France, UBS thus has acquired the access to the circle of super rich individuals and families.
Air France formally launched on Monday its new “Joon” lower-cost airline, which the company hopes will attract a younger clientele and restore some routes to profitability. Air France said on Monday that Joon would start off by flying to six destinations. Joon is “especially aimed at a young working clientele, the millennials (18- to 35-year-olds), whose lifestyles revolve around digital technology,” Air France said in a statement, without elaborating on what new technology would be deployed.
The finance ministers of France, Germany, Italy and Spain have written a joint letter to the European Union's presidency and Commission calling for taxes on tech giants' revenues, not just their profits. The four nations want the Commission to produce an "equalization tax" that would make companies pay the equivalent of the corporate tax in the countries where they earn revenue. France is leading a push to clamp down on the taxation of such companies, but has found support from other countries also frustrated at the low tax they receive under current international rules.
Tax authorities in France are reportedly seeking €600m in taxes from the local subsidiary of software giant Microsoft. The company paid €32.2 million in corporate tax in France last year, and billed French customers from its operation in Ireland, where business tax rates are considerably lower, the weekly L'Express reported on Wednesday.
The issue of tax in Europe does not seem to be a happy one when it comes to tech giants like Apple, Google, Amazon, and Facebook. According to France's new Finance Minister, Bruno Le Maire, France and Germany can harmonize their corporate tax rates by 2018, paving the way for full harmonization across the eurozone. Le Maire made the comments during a television interview with Bloomberg. When asked if he wishes to lower the corporate tax rate to 25 percent across all states in the eurozone, Le Maire replied that the Macron Government has decided first to reduce the level of taxation in France. He argued that the tax burden is "too high and too unstable."
The U.S. is set for steady economic growth, while the U.K. and Russia appear to be heading for slowdowns, according to leading indicators released Tuesday by the Organization for Economic Cooperation and Development. The leading indicator for the U.S. was unchanged at 99.7 for the third straight month, signaling that its growth outlook has steadied, albeit at a weaker rate than normal. This is an improvement on indicators published in July, which hinted at a U.S. slowdown, and implies global economic prospects could be boosted as U.S. trade flows pick up.
France is Airbnb's second largest market and yet in 2016, the internet giant paid the country just €92,944 in taxes – equivalent to the amount paid by small and medium-sized enterprises (SMEs). With 350,000 listings, France is Airbnb's second-largest market after the United States, and Paris, the most visited city in the world, is its biggest single market, with 65,000 homes.
Switzerland and France have smoothed over concerns which had blocked the exchange of tax data between the two countries, a boost to French efforts to pursue cash hidden from the taxman. The way in which data sent over by Switzerland was used in a French legal case involving UBS, Switzerland’s biggest bank, had raised concerns for the Swiss that the two countries had different understandings of their double taxation agreement (DTA). DTAs are in place to try to prevent double taxation and also set the ground rules for administrative assistance in tax matters.
Part I: Basics (“GIPS beginners”) - Part II: Recent Developments and Update from the GIPS Commit
This seminar provides both “GIPS beginners” (part I and II) and “GIPS experts” (part II) wit
Der SWISS FUND DAY ist eine Initiative, welche im Jahr 2006 von verschiedenen Vertretern der Fonds-
Am Sustainable Investments Day teilen Expertinnen und Experten ihre Erfahrung auf dem Gebiet nachhal
Learn about the latest Cryto Currency and Blockchain investment opportunities, the features that set
Updates and news from MarketPlus
|Powered by Yahoo Finance|