The end of the Bank secrecy

For many years, there has been a widespread belief in European bank secrecy. A client of a bank was assured that his bank would not routinely pass his banking records on request to an outsider, and in particular, not to the United States taxing authority.

With its worldwide tax regime, the United States has opposed such bank secrecy. It has pressed for international treaties and law enforcement agreements to compel foreign banks to turn client records over to U.S. Under the banner of anti-drug and money-laundering enforcement efforts, and not anti-terrorism, these agreements have increased in number and scope. Even the time-honored exception to compelled disclosure for “fiscal” crimes has been eroded through a definitional narrowing of the term.

Nonetheless, it was still a matter of dogma that a reputable “client-oriented” European bank would not turn over client banking records simply on request by the United States Internal Revenue Service. That government agency could only obtain such records through the formal international agreement structure, and only in very specific, limited situations.

In an effort to bypass this time-consuming, cumbersome, and limited method of obtaining records, the US and other countries are pressing Luxembourg, Switzerland and Austria to drop bank secrecy rules at a Group of 20 leaders meeting of the world's major economic powers in London on Thursday.

Luxembourg Prime Minister, Jean-Claude Juncker, said U.S. authorities had to end schemes set up in U.S. states including Wyoming, Nevada, Delaware and Florida if they wanted to tackle the global problem seriously.

"We know that right across the planet there are those who do not cooperate," said Juncker, who also leads regular economic talks between euro-zone nations.
He said British Prime Minister Gordon Brown, who will host the G-20 talks, "should ask Mr. Obama to put an end to the tax havens on his territory."

Juncker said it was unfair EU leaders and Obama had failed to address American havens earlier. The U.S. states have become a magnet for foreign capital thanks to their flexible incorporation laws and minimal reporting requirements.

"By April 3. we will know whether all of this is being said just for purposes of the public gallery or whether they really want to find a proper solution for a serious problem that exists in the United States as well," Juncker said.

The G-20 leaders are expected to renew commitments to fight tax havens during their talks to reap tax money to plug their swelling deficits.

European Commission President Jose Manuel Barroso said fighting tax havens worldwide was "one of the important concrete measures" the G-20 summit had to take.

"Giving credibility to the world financial system, we need to recover that credibility, that means introducing an ethical element to the system," he said.
Singapore promised some days ago to relax its strict bank secrecy laws in a sign of the escalating international pressure on tax evasion. In fact, Singapore will not make it a less attractive private banking and financial centre, say private bankers and tax experts. Except for tax evaders.

Hong Kong decided to bring its tax transparency up to international standards, and both moves advance the campaign against tax havens. The OECD praised recent concessions on tax evasion also by Andorra, the Isle of Man, Liechtenstein and the Cayman Islands.

Is this the end of the bank secrecy?.

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Definicion de Establecimiento Permanente

Definición de establecimiento permanente (E.P.)

Esta es una de las figuras más importantes de la fiscalidad internacional. El hecho que exista o no E.P. determina la forma en que tributa el no residente:

a) Si existe E.P. el no residente tributará bajo el mismo régimen fiscal que los residentes: tributará por la universalidad de las rentas imponibles, con independencia de donde se hayan producido.

b) Si no existe E.P., el no residente sólo tributará operación por operación por las rentas obtenidas en el Estado de la fuente. Tributará a través del sistema de retención fiscal, que adquiere el carácter de gravamen definitivo para el no residente (a diferencia del régimen de retenciones del residente, que se estructura como un "pago a cuenta"); a salvo, claro está, la deducción para evitar la doble tributación en el Estado de residencia.

Tanto en el Modelo OCDE (art. 5) como en la mayoría de las legislaciones, no se ha establecido una definición propia de E.P., sino una mera enumeración, no exhaustiva, de supuestos en los que se entiend existe E.P. En España la lista es semejante, pero no idéntica, a la del art. 5.

Actuación mediante E.P. en España

A efectos del Impuesto sobre la Renta de no Residentes (IRNR), se entiende que un no residente actúa en España mediante establecimiento permanente cuando, por cualquier título, disponga en el mismo, de forma continuada o habitual, de instalaciones o lugares de trabajo de cualquier índole, en los que realice toda o parte de su actividad, o actúe en él por medio de un agente autorizado para contratar, en nombre y por cuenta del no residente, que ejerza con habitualidad dichos poderes.

En particular, se entiende que constituyen E.P.: las sedes de dirección, las sucursales, las oficinas, las fábricas, los talleres, los almacenes, tiendas u otros establecimientos, las minas, los pozos de petróleo o de gas, las canteras, las explotaciones agrícolas, forestales o pecuarias o cualquier otro lugar de exploración o de extracción de recursos naturales, y las obras de construcción, instalación o montaje cuya duración exceda de 6 meses.

La legislación española establece también una lista negativa de rentas que se consideran no obtenidas en España (y, por tanto, no sujetas a tributación en España), entre las que se encuentran las actividades empresariales realizadas íntegramente en el extranjero (compraventas internacionales, comisiones de mediación) y las prestaciones de servicios o los servicios profesionales que se realicen íntegramente en el extranjero, y estén directamente vinculados a las actividades del pagador realizadas en el extranjero, salvo que se refiera a bienes situados en España.

La ley española también califica unos supuestos de exención y establece asimismo una serie de rentas exentas.

España: se permite la libre amortizacion a todas las empresas de un Grupo

"Tributos permitirá a todas las empresas de un mismo grupo la libre amortización", articulo publicado por Jaume Viñas el 15/01/2009 en www.cincodias.com:

Podrán aplicarse el incentivo fiscal aunque la matriz destruya empleo.

El Gobierno aprobó en la recta final del año anterior permitir que las empresas que mantengan su plantilla durante dos años gocen de libertad de amortización para los activos nuevos que se adquieran en 2009 y 2010. La Dirección General de Tributos aclaró a este periódico que este incentivo se aplicará incluso cuando la entidad que realiza la inversión forma parte de un grupo empresarial que, en su conjunto, reduce el número de trabajadores.

Tributos reconoce que el texto de la ley es algo ambiguo en este sentido y manifiesta que hará una interpretación lo menos restrictiva posible. 'Este incentivo fiscal es aplicado por las sociedades que realizan la inversión, con independencia de que estas sociedades formen o no parte de un grupo'. Y añaden: 'Aun en el caso de que el grupo al que pertenezca la sociedad tribute en régimen de consolidación fiscal, el requisito de mantenimiento de la plantilla se aplica a nivel de la propia sociedad que ha realizado la inversión y no a nivel de grupo'. Ello es así porque Tributos entiende que este incentivo 'gira sobre la base imponible individual'. El régimen de consolidación fiscal supone que las sociedades de un grupo empresarial tributan como un sola compañía.

La libertad de amortización, que se limita a los elementos nuevos del 'inmovilizado material y a las inversiones inmobiliarias', supone una oportunidad para reducir la factura fiscal del impuesto de sociedades. Las compañías podrán imputar, si así lo desean, el 100% de su inversión en su balance anual y, por lo tanto, reducir la base imponible del impuesto que grava los beneficios empresariales. En suma, supone un incentivo a la inversión.

Permitir la libre amortización es una de las múltiples novedades que se incluyeron en la ley que suprimió el impuesto sobre el patrimonio y que se aprobó en diciembre. En una jornada reciente organizada por Asociación para el Progreso de la Dirección (APD), el socio de Deloitte, Ricardo Gómez Acebo, constató las múltiples dudas interpretativas entre empresarios y fiscalistas que está provocando esta ley, ya que modifica grandes impuestos como el IRPF, el IVA o el impuesto de sociedades.

Una normativa para aumentar la liquidez

La Ley 4/2008 que suprime el impuesto sobre el patrimonio se convertirá este año en una de las más citadas en los despachos de los fiscalistas. Esta normativa incluye medidas como la devolución mensual del IVA o la reducción de 24 meses a un año del plazo para pedir la devolución del IVA repercutido pero no cobrado, entre otras muchas.

El director general de Tributos, Jesús Gascón, reconoce que durante los próximos meses afrontará el reto de dar respuesta a las múltiples dudas interpretativas que empresarios y abogados dirigen a la Administración. En cualquier caso, la mayoría de medidas incluidas en esta ley persiguen el mismo fin: mejorar la liquidez de empresarios y familias ante una situación económica caracterizada por el endurecimiento del acceso al crédito.

US: General Rules on Foreign Housing Exclusion or Deduction

CCH (cch.taxgroup.com) reports:

The IRS released information highlighting the general rules for claiming the foreign housing cost exclusion or deduction. An individual may elect to exclude or deduct a foreign housing cost amount if the taxpayer:

(1) is a U.S. citizen or resident alien for federal tax purposes;

(2) has received income for working in a foreign country;

(3) has a tax home in a foreign country;

(4) meets either the bona fide residence test or the physical presence test; and

(5) has paid or incurred foreign housing expenses.

The foreign housing costs that may be excluded or deducted are the total of foreign housing expenses less the base housing amount. Foreign housing expenses include reasonable expenses paid or incurred in the tax year for housing in a foreign country, such as rent, the fair rental value of housing provided in kind by the employer, utilities (other than telephone charges), real and personal property insurance, rental of furniture and accessories, repairs, and residential parking. The amount of foreign housing expenses is subject to limitation and varies depending on the location of the foreign tax home. The base housing amount for 2008 is $14,016, or $38.30 per day.

The foreign housing exclusion applies only to amounts considered paid for with employer-provided amounts while the foreign housing deduction applies only to amounts paid for with self-employment earnings. If the taxpayer is both an employee and self-employed during the year, he or she can deduct part of his or her housing amount and exclude part of it, subject to the limitation. The foreign housing exclusion and deduction are claimed and figured using Form 2555, Foreign Earned Income, which is then attached to Form 1040. Form 2555-EZ cannot be used to claim the foreign housing exclusion or deduction.

Foreign Housing Exclusion or Deduction, International Tax Gap Series

Other References:


Code Sec. 911

CCH Reference - 2009FED ¶28,049.01

Tax Research Consultant

CCH Reference - TRC EXPAT: 12,150

This Blog/Web Site ("Blog") does not to provide specific legal advice, it is for educational purposes only. This Blog is made available by the international adviser, lawyer or law firm for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice.

The Blog does not constitute legal advice and is not a substitute for competent legal advice from a licensed attorney in your state. Any comment posted on the Blog can be read by any Blog visitor; do not post confidential or sensitive information. Any links from another site to the Blog are beyond the control of us.

By using this blog site you understand that there is no attorney client relationship between you and the Blog.

The Blog should not be used as a substitute for competent legal advice from a licensed professional adviser or lawyer in your country.

Our firm and do not convey their approval, support or any relationship to any site or organization. The use of this Blog does not implicitly or explicitly convey any warranties or representations as to the accuracy of the information contained herein.

This Blog has created this privacy statement in order to demonstrate our firm commitment to privacy. The following discloses the information gathering and dissemination practices for this Blog.

This Blog takes your privacy very seriously. Our customers told us they want to see clear, easy-to-read information about our privacy commitments and policies. We have made our privacy policies easier to find and easier to read. And we're listening. We welcome your questions and feedback on our privacy policies, and invite you to contact us with your thoughts.

Customer Privacy Controls and Choices:
• You can review and correct your Personal Information collected by us.
• You can limit certain types of solicitation communications from AT&T, including marketing contacts made via telephone, e-mail and text messaging.
• We will provide you with notice of changes to this policy.

Our privacy commitments are fundamental to the way we do business every day. These apply to everyone who has a relationship with this Blog and visitors.
• We will protect your privacy and keep your personal information safe. We use powerful encryption and other security safeguards to protect customer data, when available.
• We will not sell your personal information to anyone, for any purpose. Period.
• We will fully disclose our privacy policies in plain language, and make our policies easily accessible to you.
• We will notify you of any revisions to our privacy policy, in advance. No surprises.
• You have choices about how this Blog uses your information for marketing purposes. Customers are in control.


This Privacy Policy identifies and describes the way This Blog uses and protects the information we collect about visitors. All use of this Blog is subject to this Privacy Policy.

Use of Location Information
• When your wireless device is on, it sends periodic signals to the nearest cell site. We use that information to provide your wireless services;
• You can use your wireless device to obtain a wide array of services based on the approximate location of the device, referred to as Location Based Services, or LBS. The information you receive in connection with your use of LBS may include advertisements related to your request and your location;

Online Activity Tracking and Advertising
• We collect information about your activity on this Blog for a number of purposes using technologies such as cookies, Web beacons, widgets and server log files.
• We and our advertising partners use that information, as well as other information they have or we may have, to help tailor the ads you see on our sites and to help make decisions about ads you see on other sites.

The Information We Collect, How We Collect It, And How We Use It

We collect different types of personal and other information based on your use of our products and services and our business relationship with you. Some examples include:
• Contact Information that allows us to communicate with you -- including your name, address, telephone number, and e-mail address;
• Equipment, Performance, Site Usage, Viewing and other Technical Information about your use of our network, services, products or Web sites.

We collect information in 2 primary ways:
• You give it to us when you register to provide comments;
• We collect it automatically when you visit our Blog.

We use the information we collect in a variety of ways, including to:
• Provide you with the best visitor experience possible;
• Deliver customized content that may be of interest to you;
• Address network integrity and security issues;
• Investigate, prevent or take action regarding illegal activities, violations of our Terms of Service or Acceptable Use Policies; and
• For local directory and directory assistance purposes.

Aggregate or Anonymous Information:

We may share aggregate or anonymous information in various formats with trusted entities’ only for purposes such as:
• Our knowledge, and offer of information that may be of interest to you;
• Universities, laboratories and other entities that conduct scientific research; and
• Media research companies for general information only.

España: Hacienda no puede vetar los negocios con ventajas fiscales

"Hacienda no puede vetar los negocios con ventajas fiscales", articulo publicado el 20-10-2008 , por José Mª López Agúndez en Expansion.com:

Dos resoluciones del Tribunal Económico-Administrativo Central –TEAC– establecen que sólo se pueden regularizar las operaciones que se califiquen como fraude o simulación. Apunta que buscar el ahorro fiscal en sí no es relevante. Sí lo es la legalidad del negocio realizado.


El Tribunal Económico–Administrativo Central –TEAC– ha establecido en dos resoluciones un criterio relevante para las empresas que se acogen al régimen especial recogido en la normativa del Impuesto de Sociedades para encontrar beneficios fiscales en las operaciones de reestructuración. Lo importante para conseguirlo no es que este tipo de negocios busque el ahorro fiscal en sí, sino que se trate de contratos lícitos, sin fraude, ya que de las operaciones fraudulentas se puede presumir el propósito de evasión fiscal.

El TEAC aclara, de esta forma, cómo se aplica el artículo 110.2 de la Ley del Impuesto sobre Sociedades: “El régimen no se aplicará cuando la operación no se efectúe por motivos económicos válidos, tales como la reestructuración o la racionalización de las actividades de las entidades que participan en la operación, sino con la mera finalidad de conseguir una ventaja fiscal”.

Según precisa ahora el TEAC, “la concurrencia de motivo económico válido, diferente por supuesto del ahorro fiscal implicado en el régimen especial, es exigible no ya desde la promulgación de la Ley del Impuesto de Sociedades, sino desde la entrada en vigor de la Ley 29/1991 que acogió en nuestro sistema la Directiva 90/434”.

En una de las resoluciones, el Tribunal analiza una operación de escisión de una sociedad encubierta a través de sucesivas transmisiones de cada una de las partes del negocio, por lo que la Inspección giró la liquidación complementaria correspondiente a la aplicación general del Impuesto de Sociedades a tal operación de escisión sin la posibilidad de conservar los beneficios fiscales que se había autoaplicado la sociedad.

La resolución apuntaba que, con tal operación, se había producido “un vaciamiento diferido del deudor” y que “tanto el resultado de la operación como los medios a través de los cuales ésta se instrumenta, cabe concluir que ha sido llevada a término con una intencionalidad exclusivamente fraudulenta”. Por ello, confirma una liquidación de 2 millones de euros.

Un caso opuesto es el que analiza la otra resolución, en la que se estudia el beneficio fiscal obtenido por la adquisición de un inmueble por una empresa a una sociedad vinculada donde los socios de ambas eran los mismos. Para el TEAC, “cuando la normativa alude a reinversión no se establece exigencia alguna de no vinculación entre las entidades, ni se excluye el beneficio en los casos en que las entidades intervinientes en la compra pertenezcan al mismo grupo”. El TEAC anula una liquidación de 340.000 euros.