Category: Sudan

EAC fail to reach consensus on common tax rates

East African Community member states have failed to reach a deal on a common tax rate as the bloc’s smaller economies worry about significant revenue losses. The failure to harmonise value added tax, income tax and excise tax rates has left the regional bloc deliberating on how to harmonise legislation...

EAC STATES ADOPT NEW MEASURES TO CURB TAX LOSS

Multinationals operating in Kenya, Tanzania and Uganda will be among the first in Africa to feel the impact of new measures to be adopted in January to curb tax losses caused by manipulation of contracts between related companies. The three countries together with Nigeria, Ghana, Burkina Faso, Senegal, Botswana and...

Deutsche Bank’s Swiss Unit to Pay $31 Million in Tax Case

Deutsche Bank AG’s Swiss unit agreed to pay $31 million to receive a non-prosecution agreement in a U.S. probe of banks in Switzerland that helped Americans evade taxes. The accord announced Tuesday by the Justice Department is the third-largest of 57 reached this year with Swiss banks. The firms, which...

Clock Ticking for U.S. Holdouts as BNP Joins Swiss Tax Pact

The clock is ticking for American tax dodgers around the world after BNP Paribas SA’s Swiss unit and two other banks joined a U.S. program to avoid prosecution, revealing the exact methods of Swiss bankers’ legendary discretion. BNP agreed to pay $59.8 million in a program that has brought in...

Gillibrand proposes reinsurance tax gimmick to fund 9/11 victims

In his seminal 1987 work Crisis and Leviathan, economic historian Robert Higgs traces the pattern of government growth as a response to catastrophic events. The federal government, in particular, grows over time through a “ratcheting up” effect, as politicians respond to disasters and catastrophes with calls to “do something,” often...

African leaders reject EU ‘charity’ over ‘investment’

Macky Sall, the Senegalese president, tells journalists on the sidelines of the Malta migrants summit that Africa would have no need of handouts if wealthy governments stopped multinationals avoiding legitimate taxation in their countries African leaders have rejected a European Union bid to curb migration with aid payments as “not...

Relaxed tax residency rules to help MNCs

Foreign companies with Indian shareholders won’t have to pay taxes here for their worldwide income unless they are managed from India on an everyday basis. If these foreign companies are managed from outside India, whether or not they are promoted by resident Indians, they will have to pay taxes in...

Corporate Investigations & White Collar Defense – April 2015

In This Issue: • It’s Stifling in Here! SEC Rules That Companies Can’t Put Restrictive Language in Confidentiality Agreements That Could Potentially Stifle Whistleblowers • An Opinion on Opinions: U.S. Supreme Court Decision in Omnicare • Is OFAC the New Black? Schlumberger and PayPal—The Rise in the Enforcement of Sanctions...

UK to jail Ugandan diplomats over fraud, tax evasion

TWO Ugandan diplomats will soon find out how long they will be locked up in a jail in the UK after court found them guilty of fraud and tax evasion relating to duty-free goods. Diplomats are exempt from paying duties and taxes on cars, food and electrical appliances that they...

Azerbaijan, Sudan to develop ties

Azerbaijani and Sudanese officials have voiced readiness to further expand cooperation between the two countries. President Ilham Aliyev received a delegation led by Ali Ahmed Karti, Sudanese Foreign Minister on March 18. The head of the state expressed confidence that the visit of the Sudanese delegation will be fruitful and...

HSBC Still Aiding Tax Fraud Even After Justice Department Settlement: Report

This story has been updated. At her confirmation hearing Wednesday, attorney general-designate Loretta Lynch said she has been “very aggressive” in pursuing white-collar crime. “At the outset, no individual is ‘too big to jail.’ And no one is above the law,” said Lynch. Yet according to a new report from...

Sudanese banks to implement US law targeting tax evasion

April 1, 2014 (KHARTOUM) – The Central Bank of Sudan (CBoS) has directed all commercial banks in the country to implement provisions of the of the US Foreign Account Tax Compliance Act (FATCA) by 1 July. FACTA is a US law designed to crack down on offshore tax evasion by...

Tax Evasion Threatens Africa’s Socio- Economic Transformation: UN Expert

The quest of African countries to carry out economic stability and transformation is threatened by illicit financial outflows through tax evasion and avoidance, a UN expert observed here on Thursday. He said the draining of tax revenues and scarce foreign exchange resources stifled growth and socio-economic development and weakened governance....