offshore

(redirected from Offshore bank)
Also found in: Dictionary, Thesaurus, Financial, Encyclopedia, Wikipedia.

offshore

a term used to describe vehicles or institutions based in, or regulated by, the laws of a jurisdiction that either has no tax or low tax for non-locals and that specializes in providing services of a financial or legal nature to persons and businesses ‘onshore’, that is to say, in high-tax jurisdictions. While many such jurisdictions are based on islands, which has brought about the terminology in a literal sense, the littoral location of the investment is irrelevant.
References in periodicals archive ?
After January this year, the Federal Board of Revenue (FBR) did not issue any notice to the people who had offshore bank accounts, Mohammad Ashfaq, Director General of International Taxes of the FBR disclosed in a meeting of the National Assembly Standing Committee on Finance.
The information about the offshore bank accounts of Pakistani nationals was shared with the government by the Organisation for Economic Cooperation and Development (OECD).
Officials said about half a dozen wealthy people, who had huge investments in foreign securities and in listed companies in Pakistan through offshore banks and entities, wanted to declare their investments at only 2% tax.
Trillanes said it was clear the President was lying and that the latter just made up the story that he had secret offshore bank accounts.
LAHORE -- Lahore High Court (LHC) has directed 26 politicians including Prime Minister Mian Nawaz Sharif, former president Asif Ali Zardari and PTI chairman Imran Khan to appear before it in person on June, 16 in offshore bank accounts case.
ySTANBUL (CyHAN)- The amount of money stored in offshore bank accounts by Turkey's wealthiest individuals and businesses is worth $158 billion, says a report by the UK-based financial transparency group Tax Justice Network.
Martin Spurling joined HSBC 20 years ago and led the Jersey-headquartered offshore bank of HSBC Bank plc which provides international banking and investment services to expatriates and overseas residents in more than 200 countries and territories across the world.
taxpayers who have to disclose their offshore bank accounts to the Internal Revenue Service need to consider rectifying this even though the special six-month amnesty program has expired.
The National Honors Committee voted unanimously to revoke Stanford's title for embarrassing the nation by running an alleged Ponzi scheme out of his Antigua-based offshore bank, Chairwoman Jacqui Quinn-Leandro said.
The FTB is reminding taxpayers that are filing an amended federal tax return to correctly report income related to offshore bank accounts or other offshore activity to file an amended return with California at the same time.
Tax authorities throughout the world are stepping up attempts to access offshore bank accounts as part of an aggressive drive against tax evasion, business and financial advisers Grant Thornton has warned.
OFFICIALS at HM Revenue & Customs have announced phase two of their campaign against tax evaders using offshore bank accounts.