New Delhi: A delegation led by Shri Shaktikanta Das, Revenue Secretary and consisting of Shri K.V. Chowdary, Chairman, CBDT and ShriAkhileshRanjan, Joint Secretary (FT&TR) visited Switzerland on 15.10.2014 and held discussions with Swiss Finance and Tax Authorities on issues relating to Exchange of Information in tax matters. The Swiss delegation… – Continue reading
The NDA government is sending a high-level delegation to Switzerland in a bid to persuade them to assist with details of the 700-odd Indians who have bank accounts with the HSBC Bank in Geneva. This is being seen as the last-ditch attempt by the Indian government since the Swiss authorities… – Continue reading
Say judge may find evidence inadmissible because it was supplied by a whistleblower As the AFIP tax bureau starts reviewing information it recently obtained from the French government on undeclared bank accounts held by Argentines in Switzerland, tax experts have warned that using the data might be harder than it… – Continue reading
Clients of UBS AG (UBSN), Switzerland’s largest bank, have led a five-fold surge in the number of Canadian residents reporting hidden offshore income over the past eight years. Almost 6,000 taxpayers came forward in the past 12 months as part of the Canada Revenue Agency’s voluntary disclosure program to report… – Continue reading
UBS AG, the world’s biggest manager of money for the rich, has become the test case for French President Francois Hollande’s tax-evasion crackdown. The Swiss bank is set to learn from a Paris appeals court on Sept. 22 if it must post a 1.1 billion-euro ($1.4 billion) bond to cover… – Continue reading
HM Revenue & Customs has recovered £135m from 24,000 clients named on a list of HSBC’s Swiss private banking operation, which were revealed in a leak by a former employee. Lin Homer, chief executive of HMRC, told a hearing at the House of Commons Public Accounts Committee last night that… – Continue reading
Suisse Group AG (CSGN) set a new standard for punishment in the U.S. crackdown on offshore tax evasion. Julius Baer Group Ltd., Zuercher Kantonalbank and the Swiss unit of HSBC Holdings Plc (HSBA) are among those seeking to avoid pleading guilty to helping Americans cheat the Internal Revenue Service —… – Continue reading
MUMBAI: Swiss bank account holders who have been quietly celebrating the exit of P Chidambaram now have another reason to rejoice. Almost three-fourths of the 600 or so named in the list of clients of HSBC Geneva are beneficiaries of ” discretionary trusts”. These individuals are confident that a Supreme… – Continue reading
NEW DELHI: The Indian Tax authorities and the Swiss government could be headed for a showdown over what the Indian side regards as lack of co-operation from the Alpine country over access to information on bank accounts. Last week Finance Minister P Chidambaram wrote to his Swiss counterpart – officials… – Continue reading
London: Schroders is the latest UK group to set aside millions of pounds for potential fines arising from a US investigation into companies that helped American clients evade taxes. Schroders, the UK’s second-biggest listed fund house, has reserved £15 million (Dh92 million) for a possible penalty in connection with the… – Continue reading
Malta’s two largest banks rejected the European Commission’s suggestion that high interest rates on loans in the country may indicate collusion. In a report issued earlier this month, the European Union’s executive arm said “the interest margin on loans in the core banks appears to be converging,” and this “could… – Continue reading
Bank Secrecy Act (“BSA”) compliance, and in particular anti-money laundering (“AML”) controls, remains a focus of regulators as evidenced by record fines levied in recent weeks. On February 7, 2014, the Financial Industry Regulatory Authority, Inc. (“FINRA”) suspended a former AML compliance officer at Brown Brothers Harriman (“BBH”) and assessed… – Continue reading
The U.S. Senate Permanent Subcommittee on Investigations will hold a hearing on a crackdown on offshore tax evasion that has stalled as prosecutors conduct criminal probes of 14 banks, including Credit Suisse Group AG. (C:US) The hearing will focus on “the status of efforts to hold Swiss banks and their U.S. clients… – Continue reading
The United States permanent subcommittee will be holding a hearing as they try to solve issues surrounding offshore tax evasion as prosecutors conduct criminal probes of 14 banks including credit Suisse Group AG. According to a statement by the committee, the focus will be on the status efforts to hold… – Continue reading
Greece’s chronic difficulties with tax evasion was a topic of discussion today when Finance Minister Yannis Stournaras met his Swiss counterpart Eveline Widmer-Schlumpf in Athens. “We reiterated that we want the British model” for Greece, Stournaras said after the meeting, referring to a 2011 withholding tax agreement between Switzerland and… – Continue reading
