Jersey: Blurred Lines: The Shifting Position Between Lawful Tax Avoidance & Unlawful Tax Evasion

1. The traditional attitude to tax avoidance is encapsulated in the judgment of Lord Tomlin in the English case of IRC v Duke of Westminster (1936):

“Every man is entitled if he can to arrange his affairs so that the tax attaching under the appropriate Acts is less than it otherwise would be. If he succeeds in ordering them so as to secure that result, then, however unappreciative, the Commissioners of Inland Revenue or his […]

By |October 27th, 2014|

United States: New Hampshire Man Pleads Guilty Regarding Accounts In Switzerland, Israel, And Jersey

On October 20, 2014, Menashe Cohen pleaded guilty in New Hampshire federal court to one count of filing a false income tax return for failing to report the existence of his Swiss and Israeli bank accounts on his 2009 tax return.  He did, however, report the existence of his Jersey account.  The Swiss account had a high balance of $1.3 million.  Cohen faces a maximum sentence of three years in prison.  His sentencing is […]

By |October 27th, 2014|

Canada: B.C. Unveils Liquefied Natural Gas Tax Framework

Earlier today, the Liquefied Natural Gas Income Tax Act (the “Bill”) was introduced into the British Columbia legislature. The Bill reflects the culmination of the Province’s goal to introduce an LNG tax framework, which was initially unveiled in February 2014. The Bill provides for a tier 1 tax rate of 1.5% and a tier 2 rate of 3.5%. The LNG tax applies to the net income from all liquefaction activities in British Columbia.

Effective for […]

By |October 25th, 2014|