African nations will have more resources at their disposal to meet the Sustainable Development Goals if their national revenue authorities can boost tax collection. The United Nations Economic Commission for Africa estimates that the continent loses more than $50 billion through illicit financial outflows per year, much of this linked...
PERTH (miningweekly.com) – US oil and gas major Chevron has withdrawn its High Court appeal over a A$340-million bill from the Australian Taxation Office (ATO). The withdrawal means that the Full Federal Court decision of April is now final. The company in May turned to the High Court after a...
Bizlive cited a report from the Foreign Investment Agency (FIA) as showing that the British Virgin Islands alone registered $1 billion worth of FDI in the first seven months of the year, raising its total accumulative investment capital to $21.4 billion, ranking fifth among countries and territories with the highest...
Revenue & Customs collected an extra £3.4billion from small and medium-sized businesses in the tax year to April 2017 after a crackdown on firms that fail to pay VAT, according to tax investigation insurance company PFP. VAT accounted for 49 per cent of the extra tax take from investigations into...
China will continue value-added tax reform in an attempt to boost the economy through tax cuts. VAT reform is a key part of supply-side economic reform and has made good progress, according to a statement released after a State Council executive meeting presided over by Premier Li Keqiang. The most...
Finance Minister Sri Mulyani Indrawati has claimed that the tax revenue target of Rp 1.61 quadrillion (US$ 120.40 billion), as stated in the draft 2018 state budget, is realistic as it is only a 9.30 percent increase from this year’s target of Rp 1.47 quadrillion. This projection is relatively moderate...
The United Kingdom’s Criminal Finances Act 2017 (the “Act”) creates two new corporate offences of failure to prevent facilitation of tax evasion (the “Corporate Offences”). These new Corporate Offences will be committed where a relevant body fails to prevent an associated person criminally facilitating the evasion of tax, whether the...
Thailand has lost income worth Bt4.311 billion due to tax evasion on luxury cars, according to an investigation of 259 luxury cars, Department of Special Investigation (DSI) deputy chief Korrawat Panprapakorn said on Friday. The DSI is forwarding information from Italy to the Customs Department to assess unpaid tax for...
The Internal Resources Division (IRD) has issued a directive to audit maximum 25,000 income tax files of both individuals and corporate taxpayers to detect tax evasion and concealment of actual income, officials said. The income tax authority has received the directive from the IRD not to exceed this number of...
Banker’s Toolbox, Inc., the leader in Bank Secrecy Act anti-money laundering compliance solutions for financial institutions, announced today the launch of its Due Diligence Manager solution for Beneficial Ownership. This extension of the existing BAM+ platform delivers exciting and holistic features including a completely flexible question builder and automated periodic...
The Geneva asset management firm Prime Partners has agreed to pay $5 million (CHF4.8 million) to the United States to settle charges for tax evasion and assisting US taxpayers in opening and maintaining undeclared foreign bank accounts from 2001 to 2010. A US Department of Justice (DOJ) statement external linkon...
