Whistleblowers across the European Union have won greater protection under landmark legislation aimed at encouraging reports of wrongdoing. The new law, approved by the European Parliament on Tuesday, shields whistleblowers from retaliation. It also creates “safe channels” to allow them to report breaches of EU law. It is the first...
Barbados is hopeful that it will be removed from a European blacklist of non-cooperative tax jurisdictions by next month, the head of the Barbados International Business Association (BIBA) has said. Julia Hope said her organisation, which represents international business companies and offshore financial services, will be giving every support it...
HMRC sent 1,414 requests to professional services firms demanding confidential information on clients suspected of tax evasion in the 12 months to 31 March 2018, according to law firm RPC. The production orders are issued by HMRC’s Criminal Investigation Directorate to force third parties, such as accountants, lawyers and other...
Islamabad Around 152,518 financial information of Pakistan tax residents have been received through Common Reporting Standard Exchange (CRSE) on various dates – from October-2018 onwards. This data is being analyzed from taxation point of view and it has been shifted to identify in first instance, cases which are of a...
The financial services sector in the British Virgin Islands is set to soar as the new economic substance rules are expected to triple the number of persons employed by the industry. Under the new rules, it is mandatory for offshore financial services companies to set up physical offices in the...
The Directorate General of Taxation will seriously investigate Indonesian assets that are not reported through the annual tax return form (SPT), and is preparing punishment for non-compliant taxpayers, Finance Minister Sri Mulyani Indrawati said over the weekend. She said the first step would be for the Directorate General of Taxation...
The Isle of Man has been removed from the EU’s grey list of non-cooperative tax jurisdictions, along with the other Crown Dependencies, Jersey and Guernsey, after the three worked together with the EU to develop proposals to address the concerns raised. Chief Minister Howard Quayle tweeted he was “delighted” with...
The UK has published a policy paper setting out the direction for HMRC’s updated strategy for offshore tax compliance, offshore tax compliance strategy: No Safe Havens 2019. In the document, published alongside the chancellor’s Spring Statement, HMRC said it will use hefty punishments for those who enable offshore tax avoidance....
Taipei, March 14 (CNA) The European Union has removed Taiwan from the bloc’s greylist of tax havens, acknowledging the nation’s efforts at implementing anti-tax avoidance measures, Taiwan’s Ministry of Finance (MOF) said Thursday. The MOF vowed to continue to work with governments of other countries in the future and implement...
Mizrahi-Tefahot Bank and two subsidiaries acknowledge that from 2002 until 2012 they conspired with U.S. clients to avoid taxes on assets and securities by opening and maintaining offshore accounts under false or code names or through foreign entities. One of Israel’s largest banks has agreed to pay $195 million for...
Rep. Lloyd Doggett, D-Texas, a member of the House Ways and Means Committee, and Senator Sheldon Whitehouse, D-R.I., a member of the Senate Finance Committee, introduced a pair of bills aimed at stopping corporations from using offshore tax havens and outsourcing jobs to other countries. The first bill, the No...
