Since the introduction of the Transaction Value System of customs valuation by Canada on January 1, 1985, the Canada Border Services Agency (CBSA) has maintained a stated policy of denying refund claims of related party importers who seek to amend declared values for duty to account for adjustments that decrease transfer prices after importation. The CBSA’s interpretive proposition that value for duty reduction is precluded is based on its statutory exclusion as “rebates or […]

Observers of offshore financial centres will know that post 2008 they have been weathering a perfect storm. Firstly, reduced transactional flows, simply because there is less money available for structured finance and investment generally. Secondly, a constant barrage of negative publicity, which deliberately seeks to conflate tax evasion and tax avoidance, orchestrated by extreme left wing Non- Governmental Organisations (NGOs) and various G20 Treasury Departments and thirdly, unprecedented levels of additional tax and regulatory […]