Sat, Dec 16, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Opalesque Exclusive: Sarkozy plans huge tax on tax haven, Singapore, Bahamas removed from blacklist after last minute concessions

Monday, February 15, 2010
By Matthias Knab:

French President Sarkozy is stepping up his stance against tax havens. French companies doing business in those countries must deliver half of their income to the state. The French banks will close all operations in the tax havens. Some prominent financial havens like Singapore, Chile, Malaysia, Uruguay, Bahamas and Vanuatu managed only by last-minute concessions to be removed from the black list.

By March, France will increase the withholding tax on dividends, interest and royalties that flow through tax havens from 15 to 50 percent. In addition, the 95-percent tax exemption for dividends paid by a company to its parent company will be canceled if the subsidiary is based in a tax haven.

The French black-list includes the following countries: Anguilla, Belize, Brunei, Costa Rica Dominique, Grenada, Guatemala, Cook Islands, Marshall Islands, Liberia, Montserrat, Nauru, Niue, Panama, Philippines, Saint-Kitts-and-Nevis, St. Lucia and St. Vincent & the Grenadines.

By comparison, OECD’s List of Un-cooperative Tax Havens contained no jurisdiction as of May-09 (Source).

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Mediobanca acquires majority stakes in Swiss hedge fund[more]

    Komfie Manalo, Opalesque Asia: Listed diversified banking group Mediobanca SpA said it has acquired a majority stake in Geneva-based hedge fund firm RAM Active Investments SA (RAM AI), an active and alternative asset manager offering a range of act

  2. North America - Miami could attract hedge funds if SALT deductions axed[more]

    From Law360.com: For years, inertia has been Nitin Motwani's greatest foe in his attempts to lure hedge fund owners in the northeast to Miami, which he has pitched as a tropical low-tax paradise. But with the Republican tax bill proposing to eliminate deductions for state and local taxes, he's sensi

  3. Northleaf Capital Partners closes debut private credit fund on $670M[more]

    Bailey McCann, Opalesque New York: Northleaf Capital Partners has closed its debut private credit fund - Northleaf Private Credit I - on $670 million. The vehicle will invest in private credit transactions in Europe and North America, with a primary focus on lending to private equity-backed compa

  4. ...And Finally - The ongoing gun saga in the U.S.[more]

    From Newsoftheweird.com: As elder members of the First United Methodist Church in Tellico Plains, Tennessee, gathered on Nov. 16 to discuss the recent church shooting in Sutherland Springs, Texas, one of those present asked if anyone had brought a gun to church. One man spoke up and said he c

  5. Opalesque Exclusive: Credit Suisse Asset Management's NEXT Investors leads $6M Series A round for LUX Technology and Services[more]

    Bailey McCann, Opalesque New York: Credit Suisse Asset Management's NEXT Investors has led a $6 million Series A funding round for LUX Technology and Services, a business and technology solutions provider for the alternative assets industry. The investment will be used to fuel growth of Trans