Business & Finance
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Ireland has been added to a ”blacklist“ of tax havens by the Department of Federal Revenue of Brazil just weeks after the European Commission ordered Apple to repay €13 billion in back taxes to the State. Among 67 nations on the list, Monaco also appears, despite strenuous efforts over the last few years to establish the Principality as fully compliant with transparency norms.
It is understood the decision to place Ireland on the list will have immediate implications for transactions between the two countries.
Grant Thornton tax partner Peter Vale said Ireland must strongly rebuff the decision by Brazil.
“We have, and it’s acknowledged by the OECD, one of the most transparent tax systems in Europe, if not the world. If having a low tax rate means you’re a haven, then perhaps.
“Most of the rationale and the basis for people calling it a tax haven is to do with structures that we have outlawed in response to the noise around it, while we would have strongly held the view that it wasn’t an Irish issue,” he said.
Ireland’s addition brings the total number of countries and dependencies listed as havens by Brazil up to 67. Also included on the list are Panama, the Isle of Man and Monaco. The Irish State appeared on the list on Tuesday, September 13.
Whether or not its presence on the list is due to the Apple Tax ruling is unclear. (Source Irish Independent)
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Major economies continue to dominate the global ranking of the richest countries, with one nation’s private fortunes jumping by $200 billion (€177 billion) in six months alone, according to a new report released on Tuesday.
New World Wealth ranked the different countries according to the total amount of wealth, including property, cash, equities and business interests, held by all individuals as of June 2016. At least three countries from Asia appeared on the list, while four from Europe made it to the rankings.
Accumulating $48.9 trillion (€43 trillion) in wealth, the United States topped the overall list, followed by China, Japan, the United Kingdom and Germany in the top five. Rounding up the top ten are France, India, Canada, Australia and Italy.
Analysts are impressed by Australia’s showing in the top ten, considering that the country only has a population of 22 million. Australia, as well as Canada, has also overtaken Italy over the past 12 months, while China posted the fastest wealth growth over the past 15 years.
In terms of wealth held per person, European countries dominated the global rankings, with Monaco taking the number one spot. As of June 2016, the average person in Monaco owns $1.6 million (€1.42 million) in wealth, the highest in the world, reports New World Wealth, which also said the high average of wealth of Monaco’s residents can be attributed to the country's tax-free regime. (Source: Gulf News)