(Reuters) – Tax evasion in Italy costs the country around 91 billion euros (70.91 billion pounds) every year, equal to about six percent of national output, the economy ministry said on Wednesday. Rampant tax evasion is considered one of the biggest problems of the euro zone’s third largest economy, which… – Continue reading
British chancellor George Osborne’s promise to clamp down on a tax avoidance loophole widely used by multinational technology companies could actually result in a reduction in the amount of money the government takes in, the Chartered Institute of Taxation has warned. Patrick Stevens, the group’s tax policy director, admitted the… – Continue reading
American technology companies are suddenly living in fear. European governments are finally standing up to the power of these giants that are happy to talk about the benefits their digital products and services bring to society while being accused of not paying their fair share of corporation tax, not doing… – Continue reading
BRUSSELS : The European Union’s tax investigation of Luxembourg focuses on a single unit of the Italian auto company Fiat. But the implications of the inquiry could in some ways be more far-reaching for multinational companies and their tax accounting than the bloc’s separate Apple-Ireland inquiry, experts said Tuesday. “I… – Continue reading
Billionaire retailer Gerry Harvey says it is “morally wrong” for a company to avoid paying tax in its home country. Weighing into the debate about corporate tax dodging, the owner of Harvey Norman told Fairfax Media he could “dramatically reduce” his company’s tax bill by shifting profits overseas but chose… – Continue reading
The Court of Appeal in Versailles has ordered the elusive international art dealer Guy Wildenstein, to pay a €20 million as a security deposit against tax avoidance allegations which have been levied against him. The funds must reach the court before by 15 October, according to the Le Monde newspaper…. – Continue reading
The cost of renouncing US citizenship has gone up with the introduction of the new Foreign Account Tax Compliance Act (FATCA) tax reporting rules. Many US expats are unhappy with their government because of special tax rules. The US is one of few nations to tax expats on their worldwide… – Continue reading
Troubled Italian fashion giant Prada stonewalled questions over its tax affairs on Monday after it emerged that its top two executives are being investigated for allegedly not disclosing many millions in overseas earnings to Italian authorities. Chinese fashion titans look to Italy for value (29 Sep 14) Global fashion circus… – Continue reading
eBay accused of tax avoidance, but insists it complies with letter of the law By Emma Woollacott, Sep 29, 2014Updated: September 30, 2014 7:24 AM Online auction site eBay got away with paying just £620,000 in tax on sales of over £1.3 billion last year, its latest accounts reveal. The… – Continue reading
Her Majesty’s Revenue and Customs (HMRC) UK will assist Federal Board of Revenue (FBR) on tax and customs reform initiatives encompassing development of special skills to identify cases of transfer pricing, techniques to catch tax evaders and use of IT to control tax avoidance. It is learnt on Monday that the… – Continue reading
(Reuters) – Liechtenstein is investigating the main owner of Bulgaria’s Corporate Commercial Bank (Corpbank), Tsvetan Vassilev, and have asked for information about him, Bulgarian prosecutors said on Tuesday. Corpbank was hit by a run on deposits in June, triggering Bulgaria’s worst financial crisis since the 1990s. Vassilev was charged with… – Continue reading
George Osborne, the Chancellor of the Exchequer over here in the UK, has just announced at the Conservative party conference that he’ll be changing the tax laws to make sure that Google GOOGL +0.16% and other tech multinationals (Facebook, Microsoft MSFT -0.17%, possibly Apple AAPL +0.64%, among them) end up… – Continue reading
A federal crackdown and a new act make life tougher for lawyers and accountants. Criminal tax attorney Robert Fink views the conviction and sentencing of his client Dr. Michael Canale—on tax fraud charges in New York state federal court in 2012—as representative of everything that’s wrong with the government crackdown… – Continue reading
The European Commission’s crackdown on the deal between Irish tax authorities and Apple Inc. marks an expansion in the growing global war on tax avoidance by multinational companies. Governments that enable it are now a target. Tuesday, the European Commission said the Irish tax authorities failed to conform to international… – Continue reading
Swiss banking giant UBS AG (UBS: Quote) is poised to pay a 1.1 billion euros or $1.4 billion security deposit in a French tax-evasion case as it challenges the allegations and bond demand, according to Bloomberg report citing a person familiar with the matter. The company is reportedly proceeding with… – Continue reading
Troubled Italian fashion giant Prada stonewalled questions over its tax affairs on Monday after it emerged that its top two executives are being investigated for allegedly not disclosing many millions in overseas earnings to Italian authorities. Chinese fashion titans look to Italy for value (29 Sep 14) Global fashion circus… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Brussels has challenged Luxembourg over a tax ruling offering potentially illicit support to a Fiat subsidiary, opening a… – Continue reading
The European Union has accused Ireland of swerving international tax rules by letting Apple shelter profits worth tens of billions of dollars from revenue collectors in return for maintaining jobs. European Competition Commissioner Joaquin Almunia told the Dublin government in a letter published on Tuesday that tax deals agreed in… – Continue reading
Swiss private bank Julius Baer is cooperating in a French investigation into suspected money laundering and tax fraud by a former client involved in the European carbon allowances market, a spokeswoman said, following French media reports. News agency AFP said last week the bank is suspected of receiving funds in… – Continue reading
MUMBAI: The Isle of Man appellate court last week rejected builder Niranjan Hiranandani’s appeal, challenging its jurisdiction over a case of fraud and misconduct filed against him by Hirco Plc. Hirco, a property investment fund, had raised Rs 3,000 crore from global investors in 2006, to be invested in Hiranandani’s… – Continue reading
The European Commission is expected to announce today that Apple, now one of the world’s biggest listed companies, got special treatment from the Irish authorities, when the American company sought assurances on tax issues in 1991 and 2007 – – from the latter year, Apple’s foreign tax rate tumbled compared… – Continue reading
Prada shares have also lost 30% of their value this year because of weak investor sentiment Continue reading the main story Related Stories Prada profit hit by fall in sales Prada shares fall on luxury warning The fashion business Prada’s two chief executives are being investigated by Italian authorities for… – Continue reading
While it’s said that death and taxes are inevitable, enough money and clever maneuvering can apparently help sidestep the latter. Witness the so-called dividend arbitrage, which is raising concerns from regulators thanks to its ability to allow big banks to create $1 billion per year in revenue, according to The… – Continue reading
On the sidelines of the UN General Assembly in New York yesterday, Latvian Foreign Minister Edgars Rinkevics (Unity) met with the economy minister of Qatar Sheikh Ahmed bin Jassim Al Thani, during which the two sides signed an agreement on the avoidance of double taxation, LETA was informed by the… – Continue reading
(AFP) The European Union is to accuse US tech giant Apple of taking illegal aid from the Irish state through sweetheart tax deals over two decades, the Financial Times reported Monday. A European Commission investigation into Apple’s tax affairs in Ireland, where it has enjoyed a rate of less than… – Continue reading
European regulators are set to examine whether Apple violated EU law by striking special tax deals with the Irish government. The European Commission opened an initial investigation into Apple’s tax affairs in June, looking at whether the company’s two percent tax rate in Ireland — far less than the standard 12.5… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/f0564d62-4803-11e4-b5ad-00144feab7de.html#ixzz3EsBYd5vW Technology companies “that go to extraordinary lengths” to cut their tax… – Continue reading
(Reuters) – British finance minister George Osborne said on Monday he was examining changes to clamp down on tax avoidance by multinationals which the government says are depriving Britain’s public coffers of hundreds of millions of pounds each year. “Some technology companies go to extraordinary lengths to pay little or… – Continue reading
Korean companies and individuals have invested more than 25 trillion won (about $23 billion) in 50 tax haven countries over the past seven years, according to a report submitted Sunday by the National Tax Service (NTS) to the National Assembly. “Investments by small-and medium-sized companies and individuals are in decline… – Continue reading
The Delhi High Court has sought clarification from the Union Government on the issue of tax evasion by Internet companies with regard to their business operations in the country. The Court also asked whether the recipients of services would be liable to pay tax if the service provider was outside… – Continue reading
(Bloomberg) — AbbVie Inc. is examining plans to raise additional financing to complete its takeover of Shire Plc, after U.S. officials imposed new obstacles to so-called tax inversion deals, people with knowledge of the matter said. AbbVie may seek to borrow as much as $7 billion more than it originally… – Continue reading
There is nothing illegal about tax planning. Yet some things are legal while others are not, and the lines can sometimes get fuzzy. Add to that the fact that some people go to extraordinary lengths to avoid paying taxes, and it can be a recipe for disaster. Increasingly, if you… – Continue reading
David Beckham, cricketer David Gower and Conservative MP Andrew Mitchell are among those set to receive tax demands totalling millions of pounds after investing in potential tax avoidance projects. HM Revenue & Customs is understood to have been sending out letters to investors in film finance schemes set up by… – Continue reading
Leicester City defender Matthew Upson is being linked to a scheme that is currently being investigated for tax avoidance. According to the Leicester Mercury, the 35-year-old could end up paying out thousands of pounds as a result of the investigation. The former England international reportedly invested in the Inside Track fund, which gives benefits… – Continue reading
Canada should not count on building its economy by luring U.S. multinationals over the border with low tax rates in light of an announcement from the U.S. Treasury Department this week. The department outlined new measures to block companies from escaping U.S. taxes by moving earnings outside the country. This… – Continue reading
German Finance Minister Wolfgang Schaeuble is working on closing a tax loophole whereby German firms use so-called “patent box” tax breaks available abroad on profits generated from patented research to minimize tax bills, according to a magazine report. Business weekly Wirtschaftwoche said a potential new restriction on the practice, similar to one in… – Continue reading
Nearly 200 entrepreneurs, enthusiasts, private sector representatives and governmental officials were convened last week for the Crypto Valley Summit 2014 in the Isle of Man to share their points of views on numerous topics involving digital currencies and discuss the opportunities and challenges that is facing the industry. The two-day… – Continue reading
The World Bank analysed the world’s biggest corruption scandals over that past two decades. Seventy per cent involved anonymous shell companies Take a guess at how much is lost to developing countries each year through international corruption? $1 billion, maybe $10? Even more? The shocking truth is that $1trn a… – Continue reading
The latest edition of Newsbrief counts as 1 hour of structured CPD and covers the regulatory and marketplace changes that took place during August 2014. Visit the Money Marketing CPD Centre to answer 10 multiple choice questions and complete this CPD activity. Just click into your CPD Plan and you’ll… – Continue reading
This chart illustrates the location of residential properties in England and Wales currently valued at more than £2m. High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail…. – Continue reading
HOLDER LEGACY AS TAX-CHEAT CATCHER. Attorney General Eric Holder, who on Thursday announced he’s stepping down, made some pretty huge contributions to tax land during his six years on the job. Continuing the work his predecessor started prosecuting Swiss bank UBS, Holder maintained the department’s laser focus on tax evasion, starting… – Continue reading
Corporate financial accounting and taxation are complex subjects. For this reason, many people tune out when issues that involve corporate tax practices rise to the level of public debate. Unfortunately, many legislators shy away from these issues for similar reasons. But while corporate taxation can be mind-bogglingly complex, nontax experts… – Continue reading
European Union Tax Commissioner Algirdas Šemeta has welcomed a raft of new measures to combat international tax avoidance, in agreement between the finance ministers of the G20 at a meeting in Cairns, Australia. The ministers have agreed on a several recommendations that were made to address key areas which were… – Continue reading
The Government of Canada has been moving ahead with its plans to solve the deficit by cutting services to Canadians and yet, there are billions of dollars in taxable assets illegally hidden by some Canadians in overseas tax havens. Overseas tax evasion is a serious problem requiring assertive action. Eight… – Continue reading
Italian judge rules Cellino guilty of ‘Machiavellian’ tax evasion • Football League rules bar club owners convicted of dishonesty • Cellino’s lawyer says judge’s ruling is ‘full to the brim of errors’ • How an elegant yacht became vital to Leeds United’s future • Cellino: I don’t know why I… – Continue reading
Ed Miliband is under pressure to “bang up” the British chief executives of overseas firms that use tax avoidance schemes, should he win next year’s general election. Speaking to The Independent on the fringe of the Labour conference in Manchester, Paul Kenny, the general secretary of the GMB, said: “Tax… – Continue reading
Global corporations based in the UK will now have to report where they make their profits and pay their taxes to HMRC, the UK government has announced. The new country-by-country reporting template was released this week by the OECD and the UK is the first of 44 countries to officially sign… – Continue reading
Stricter tax inversion rules punish stocks of firms mulling such moves. The Obama administration’s tougher rules on offshore corporate inversions had an immediate effect Tuesday, pushing down the stock prices of companies considering such moves.But the highly technical changes to the tax code di Stricter tax inversion rules punish stocks… – Continue reading
The Swiss Federal Council has launched a consultation on changes to the flat-rate tax credit, which seeks to ensure double tax relief for permanent establishments of companies that are located in Switzerland. The proposed change affects permanent establishments in Switzerland that are part of a company domiciled in a country… – Continue reading
Thousands of Americans abroad are giving up their citizenship as the implementation of a complex new tax law causes banks to shut down accounts for US expatriates Angry Canadians are rare. But Patricia Moon qualifies. Until 2012, Moon was actually an American – albeit one who had lived in Canada… – Continue reading
