Category: Credit Suisse

Bank of Singapore’s Hong Kong CEO on Developing a Greater China Proposition

As Bank of Singapore’s Global Market Head for Greater China and North Asia, and since March 2018 also Hong Kong CEO, Derrick Tan has plenty of challenges in front of him. But he can draw on from his multi-faceted background – he spent five years as an investigating officer with… – Continue reading

Opportunity Zone Program turns blight sites into tax havens for asset-rich investors

The rich are getting richer in America but that prosperity is not trickling down the economic food chain, with investment capital pooling up in thriving portions of big cities. One reason for this, experts believe, is the amount of wealth tied up in assets—real estate holdings and stock portfolios, primarily—that… – Continue reading

Tax amnesty plan premature, says Citi

MANILA, Philippines – Instead, the government should pursue the enactment of the proposed Comprehensive Tax Reform Program (CTRP) before pursuing a tax amnesty program, Citi economist Jun Trinidad said. He said fiscal priority remains the passage of the first component of the tax reform measure that includes income tax cut… – Continue reading

Tax amnesty plan faces hurdles – Credit Suisse

MANILA, Philippines – Investment bank Credit Suisse said an effective tax amnesty program would face hurdles in the Philippines due to the country’s strict banking secrecy law. In its Asian daily report titled “Philippines: Credible threat still lacking,” Credit Suisse economist Michael Wan said the planned program announced by Finance… – Continue reading

Credit Suisse (CS) Faces Tax Fraud & Money Laundering Probes

Credit Suisse Group AG (CS – Free Report) is facing money-laundering and tax-evasion investigations involving thousands of account holders. In addition to the homeland, the investigation covers the Netherlands, Britain, Germany, France and Australia. The probes were triggered after FIOD, the Dutch office for financial crimes prosecution, got a tip… – Continue reading

US ambassador asks Swiss banks to service Americans

Several Swiss banks have received a letter from the United States Ambassador to Bern, Suzan LeVine, asking them not to shun US citizens who want to open accounts in Switzerland. Many Swiss banks have frozen out US clients, and even closed down existing accounts, in the wake of a damaging… – Continue reading

VAT tweaks to help offset income tax cut

THE FINANCE DEPARTMENT will keep value-added tax (VAT) exemptions for three key sectors, but may opt to remove this benefit from senior citizens and others to arrive at a “fair” tax regime. Finance Secretary Carlos G. Dominguez III told reporters late last week that the government is looking to trim… – Continue reading

Belize offshore secrecy ill at ease with UK politics and US authorities

How US tax inspectors fear firms and individuals are using Lord Ashcroft’s bank to hide assets and evade tax It was a stern message David Cameron took with him on his visit to the Caribbean last September: “If we’re to beat corruption, we need transparency.” And some in the region… – Continue reading

Major banks deny helping clients avoid tax offshore

HSBC, Credit Suisse and the Royal Bank of Scotland-owned bank Coutts Trustees have denied claims they are helping clients avoid tax by using complex offshore structures following the leak of the Panama papers. The banks were named in a list of 500 lenders who investigative journalists said had helped to… – Continue reading

Global tax enforcement puts Cayman in the crosshairs

The investigation and prosecution of tax evasion has, in the last decade, grown from a specialised subcategory of law enforcement into a first-tier policy concern for the global community.Starting with the US government’s crackdown on Swiss bank UBS in 2008, there has been a steady drumbeat of news about prosecutions… – Continue reading

Credit Suisse probed in Italy in tax evasion case: sources

Credit Suisse Group (CSGN.S) is under investigation in Italy in connection with a case looking into allegations that the bank helped wealthy clients transfer undeclared funds offshore, Italian judicial sources said on Wednesday. Credit Suisse offices in Milan were searched by Italian police in December 2014 as part of an… – Continue reading

Showdown looming over Singapore bank secrecy laws in UBS tax evasion case

NEWARK, NEW JERSEY (BLOOMBERG) – The US Internal Revenue Service (IRS) sought to make UBS Group turn over records on an account in Singapore held by a US citizen, setting up a showdown with the city-state over its bank-secrecy laws and potentially opening a new front against offshore tax evasion… – Continue reading

Swiss-US tax evasion saga: where are we now? charts the evolution of the long-running tax dodging dispute between Switzerland and the United States and looks at how far there is still to go before the final curtain can be drawn on the affair. The United States wound up its “Category 2” tax evasion programme on Wednesday, netting… – Continue reading

A third of foreign banks in Australia had no taxable income

Nearly a third of the 26 large foreign banks operating in Australia, including Goldman Sachs, JPMorgan, Lloyds and BNP Paribas, had no taxable income in 2014, data released by the Australian Taxation Office shows. Eight banks with total revenue of $9 billion had no taxable income, while Credit Suisse, which… – Continue reading

Thirty-eight percent of Australia’s large companies paid no tax in 2013-14

An Australian Taxation Office (ATO) report issued last month on “corporate tax transparency” showed that 1,539 of the country’s biggest firms had a combined turnover of $1.6 trillion but paid a total of only $39.9 billion in company tax—about 2.5 percent of the collective turnover. Five hundred and seventy-nine of… – Continue reading

United States: Global Tax Enforcement in 2016: What You Need To Know

The investigation and prosecution of tax evasion has, in the last decade, grown from a specialized subcategory of law enforcement into a first-tier policy concern for the global community. Starting with the U.S. government’s crackdown on Swiss bank UBS in 2008, there has been a steady drumbeat of news about… – Continue reading

United States: Is Julius Baer Group AG The Next Swiss Bank To Resolve Its Tax Problems With The U.S.? If So, What Does It Mean To Those Who Had A JB Account?

Shortly before New Year’s, on Wednesday, December 30, 2015, the media reported that Julius Baer Group AG (“JB”) expected to pay about $547 million to settle the U.S. investigation into how the bank (and its bankers) assisted U.S. taxpayers in evading tax. This investigation began more than 4 years ago,… – Continue reading

Two more top banks getting away with paying NO corporation tax in the UK: Credit Suisse and Citigroup are latest to admit using previous losses to slash their bills

Two more top banks getting away with paying NO corporation tax in the UK: Credit Suisse and Citigroup are latest to admit using previous losses to slash their bills Seven foreign investment banks in London now pay no corporation tax Fines and lawsuits used to slash their tax bills by… – Continue reading

Exclusive: More banks pay no UK tax, Labour wants tougher approach

Two more investment banks have reported paying zero tax in Britain in 2014, prompting the opposition Labour party to urge the government to reverse a tax change it made for banks last year. Citigroup and Credit Suisse disclosed in the past fortnight that their main UK subsidiaries paid no corporate… – Continue reading

Swiss bank Julius Baer to settle US tax probe for $547 mn

One of the leading Swiss banks Julius Baer Group AG is set to reach a deal with US authorities over a tax probe by paying $547 million early next year. Julius Baer, Switzerland’s third-largest wealth manager after UBS and Credit Suisse has been under criminal investigation since 2011 by the… – Continue reading

US Swiss bank tax evasion program reaches $1 bn in fines

(MENAFN – AFP) US officials announced settlements with four more Swiss banks Wednesday to lift the total fines in the two-year disclosure program to more than 1 billion from 75 banks. “With today’s resolutions under the Swiss Bank Program, the department has reached agreements with 75 Swiss banks, imposed penalties… – Continue reading

IRS investigated thousands of financial crimes in 2015

IRS Criminal Investigation » Agency initiated 3,853 investigations nationally and is nabbing criminals from tax cheats to terrorists despite budget cuts, chief says. Utahn Gerrit Timmerman III claimed his corporation — “The Office of the First Presiding Patriarch (Overseer) and his/her successors, a corporation sole over/for an unincorporated scriptural society,… – Continue reading

Australia lays bare corporate tax details

The Australian Government’s efforts to improve tax collections are more urgent amid falling revenue from weak commodity prices, the Wall Street Journal reports Malcolm Turnbull’s government took the rare step of making public the tax affairs of scores of multinationals, highlighting that many big names—including Apple Inc. and Volkswagen AG… – Continue reading

Canada: Canadian Tax Amnesty – Time May Be Running Out For Canadians With Swiss Bank Accounts To File A Voluntary Disclosure With CRA

Swiss Banks Sending Letters to Canadian Account Holders For resident Canadian taxpayers that hold Swiss bank accounts which have not been reported to the Canada Revenue Agency (“CRA”), the window to come clean with Revenue Canada by filing a Voluntary Disclosure, and thereby avoid financial penalties and the possibility of… – Continue reading

US Justice Department Announces Two Banks Reach Resolutions Under Swiss Bank Program

The Department of Justice announced today that Cornèr Banca SA (Cornèr) and Bank Coop AG (Bank Coop) reached resolutions under the department’s Swiss Bank Program. The Swiss Bank Program, which was announced on Aug. 29, 2013, provides a path for Swiss banks to resolve potential criminal liabilities in the United… – Continue reading

Sean Connery’s Wife Could Face Prison In ‘Operation Goldfinger’ Tax Case

Sean Connery has not played James Bond for years, but is still a public figure prosecutors might like to attack. He was cleared, but Mr. Connery’s wife, Micheline Roquebrune, has been charged with taking part in an alleged plot to defraud the Spanish treasury of millions in taxes. It is… – Continue reading

Julius Baer’s Meier Says Future for Advice Is Local

Veteran banker says India purchase reflects client demand for onshore private banking advice. Julius Baer’s Asia Pacific head Thomas Meier is preparing to leave Asia after 20 years, but he isn’t leaving Asia behind. The veteran banker, who also worked at Credit Suisse and Deutsche Bank, will continue to oversee… – Continue reading

Wealth inequality and tax justice

Wealth inequality is a scourge of many countries. Last year, Credit Suisse reported that the richest 0.7% of adults in the world owned 44% of global wealth. Closer to home, earlier this year, the Lien Centre for Social Innovation’s ‘A Handbook on Inequality, Poverty and Unmet Social Needs in Singapore‘… – Continue reading

Welbeck Solutions: Whistleblower exposes secretive city firm at the heart of vast tax avoidance operation

Company used actresses including former Alan Partridge star to bombard financial sector workers with cold calls The grey Basinghall Street office building, in the heart of London’s City financial district, gives few clues about the frenzy of activity that was going on inside. But for years, this was the home… – Continue reading

US Justice Department Announces Two Banks Reach Resolutions Under Swiss Bank

The Department of Justice announced today that Banque Internationale à Luxembourg (Suisse) SA (BIL Switzerland) and Zuger Kantonalbank (ZGKB) have reached resolutions under the department’s Swiss Bank Program. These banks will collectively pay penalties totaling more than $13 million and continue to cooperate with the department. “The agreements reached today… – Continue reading

Why Billions of Dollars in Estate Taxes Go Uncollected

They say the only certain things in life are death and taxes, but a large number of non-U.S. citizens may have found a way to avoid at least one of those. Under U.S. tax law, the estates of foreign holders of U.S. assets, such as stocks, real estate and valuables,… – Continue reading

US Justice Department Announces Banque Bonhôte & Cie SA Reaches Resolution Under Swiss Bank Program

The Department of Justice announced today that Banque Bonhôte & Cie SA (Banque Bonhôte) has reached a resolution under the department’s Swiss Bank Program. The Swiss Bank Program, which was announced on Aug. 29, 2013, provides a path for Swiss banks to resolve potential criminal liabilities in the United States…. – Continue reading

Six ways the ATO uses data to catch tax-dodgers

How analytics will nab cheaters. Tomorrow is the Australian Taxation Office’s official cutoff for 2014-15 personal tax returns. Will you be tempted to tell fibs about your income? How will the tax man ever know? Take note: it may already know – or at least can find out – a… – Continue reading

Allergan Deal Could Take Pfizer Closer to Split, Move Abroad

Pfizer Inc. may be getting closer to breaking up and moving out. The largest U.S. drugmaker and Allergan Plc are considering combining operations, according to the Wall Street Journal. A deal would give Pfizer a way to move to a low-tax legal address abroad and gain valuable specialty drugs like… – Continue reading

HSBC Nemesis Falciani Mocks Swiss Justice a Mile From Border

Herve Falciani, the Frenchman wanted on charges of industrial espionage in Switzerland, has opted to skip his trial at the country’s top court and instead plead his case before a jury of journalists at a French hotel, less than a mile from the Swiss border. The Frenchman was the star… – Continue reading

Challenges for family offices in emerging markets

Leading family offices in Latin America and the Caribbean are going through a transitional period, says Steven Cantor, managing partner of Cantor & Webb, a Miami-based law firm, reports the Financial Times. “As the world moves to tax transparency, with a crackdown on undisclosed tax savings in Swiss bank accounts,… – Continue reading

GSK, Novartis and Crédit Suisse put Switzerland on a high

Swiss firms have bagged major business from global brands such as GSK, Novartis and Crédit Suisse this year, while their Asia ventures have come good. The legal minds behind the Glaxo-SmithKline and Novartis asset swap, global banking investigations, Schaeffler’s €2bn high yield bond issuance and Dufry’s £1.05bn takeover of Nuance… – Continue reading

U.S. Chases Swiss Bank Secrets to Singapore and Israel

Dozens of banks signed amnesty agreements disclosing tactics, providing prosecutors with valuable information At a rate of one or two a week, Swiss banks are doing what was once unthinkable: revealing to the world how they helped wealthy Americans cheat on their taxes. Once bastions of secrecy, 41 Swiss banks… – Continue reading

A Pig Story, Belize Banks and Questions About U.S. Tax Evaders

It’s not just about the pig’s head. Britain’s headline writers went into high porcine pun mode last month over a suggestion that Prime Minister David Cameron, while still in university, had taken part in a club-initiation ritual that bizarrely incorporated part of a pig carcass. The second-hand allegation appears in… – Continue reading

Taxation issues concerning high networth individuals

What constitutes an HNI is a tricky question? In general parlance, HNIs are understood to be the individuals with ultra-high networth with deep pockets having surplus investible funds. As per the Credit Suisse global wealth report, currently India is home to around 1,500 ultra-high networth individuals with wealth of at… – Continue reading