Category: Switzerland

Another French footballer on tax evasion radar

Switzerland is cooperating with French tax authorities over an investigation of alleged tax fraud involving former French footballer Marcel Desailly. The notice of Swiss cooperation was published on Tuesday in the Federal Gazette. Desailly, captain of the French football team from 2000 to 2004, allegedly holds or has held assets… – Continue reading

Global Tax Topical Focus – Corporate Inversions FAQ

To some, US companies switching their tax residency to gain a tax advantage are economic “traitors.” To others, they are victims of a United States tax code that effectively punishes them for investing at home and encourages them to look for opportunities overseas. In this Tax-News Topical Focus, we try… – Continue reading

Our Swiss dilemma

With new laws in place, recovery from Swiss banks can be little easier provided the government shows sincerity in taking action against tax dodgers   Finance Minister Senator Ishaq Dar in recent days has expressed the government’s firm conviction to bring back untaxed money of “US$ 200 billion” stashed in… – Continue reading

Investors Should Be Aware Of Cameco’s Dispute With The Taxman

The Canada Revenue Agency is speeding up the frequency of reassessments of Cameco’s tax returns in what may be an attempt to pressure Cameco to settle out of court. Cameco’s cash is being tied up as they are required to remit 50% of each disputed bill. Cameco could ultimately be… – Continue reading

Tax Evasion: More and More Voluntary Declarations in NRW

Clandestine accounts in Switzerland are clearly becoming too hot for many people. In the first half of 2014 in North Rhine-Westphalia (NRW), three times as many voluntary declarations of an incomplete tax return relating to Switzerland are reported to have been received than in the same period of the previous… – Continue reading

India to Switzerland: Join group on illegal money information sharing

New Delhi: To address the problem of illegal money stashed abroad, India has asked Switzerland to join a ‘early adopter group’ mandating an automatic exchange of information amongst the countries involved in the group, Parliament was informed on Tuesday. “The finance minister has written a letter to the Swiss finance… – Continue reading

Black money: OECD unveils automatic info exchange framework

New Delhi/Paris: In a major development in the fight against black money, multilateral grouping OECD Monday unveiled a ‘single global standard’ for automatic exchange of financial account information by various countries including India and Switzerland.The new framework, to be presented before a meeting of G-20 finance ministers in September, would… – Continue reading

Switzerland, Iceland Sign Double Tax Pact

Switzerland and Iceland have signed a new double taxation agreement (DTA) which lowers withholding tax rates and provides for the exchange of information in line with international standards. It will replace the existing DTA, signed in 1998. The treaty sets a withholding tax exemption for dividend payments from significant holdings… – Continue reading

FALL IN SWISS TAX EXPECTATIONS

Britain is likely to receive little more than half of the £3 billion-plus expected from an agreement reached with Switzerland to tackle offshore tax evasion, HM Revenue and Customs has told MPs. Chancellor George Osborne’s 2012 Autumn Statement forecast the taxman would collect an additional £3.12 billion as a result… – Continue reading

Switzerland and EU draw a line under corporate tax row

BERNE: Switzerland and the European Union stepped closer on Tuesday to resolving a near-decade long dispute over corporate tax rates, a sign of cooperation between the two amid friction over immigration policy. The pair signed an agreement, announced late last month, which outlined Switzerland’s intention to propose scrapping long-cherished rules… – Continue reading

Switzerland’s Role in India’s Fight Against Tax Evasion

In a major coup in India’s efforts to recover untaxed wealth, Switzerland recently promised to share the details of Indian nationals “holding black money” in Swiss bank accounts. The offer to share information came after India’s Finance Minister, Arun Jaitley, wrote to the Swiss authorities requesting their cooperation. Given the… – Continue reading

Switzerland willing to work with India in fight against tax evasion

The Swiss Government has expressed its desire to work together with the new Indian Government in its fight against tax evasion. In an e-mail response to Business Line on Swiss authorities’ reported move on sharing information, the Swiss Finance Ministry said, Switzerland is committed to resolving any open question with India and… – Continue reading

Swiss say working with Egypt, Ukraine to recover stolen assets

GENEVA, June 4 (Reuters) – Switzerland is working hard to prevent ill-gotten assets of corrupt leaders from reaching Swiss bank coffers and an international clampdown on tax evasion could help the campaign, a senior Swiss foreign ministry official said on Wednesday. Swiss authorities are already working closely with Egyptian counterparts… – Continue reading

EU investigates tax rulings on Apple, Starbucks, Fiat

Reuters) – The European Commission raised pressure on Ireland, the Netherlands and Luxembourg over their corporate tax practices, saying it was investigating deals the countries have cut with Apple, Starbucks and Fiat. The EU is looking at whether the countries’ tax treatment of multinationals, which help to attract investment and… – Continue reading

Revised tax treaty aiming to get official access to Swiss bank accounts

Treasury is taking submissions on a revised tax treaty with Switzerland, which will lead to Swiss banks handing over secretive bank account information to Australian authorities on request. The new treaty means Australian tax evaders with undisclosed Swiss bank accounts will now rely on limited bank secrecy protection from the… – Continue reading

Lombard Odier Partner Says EU to Bar Swiss Offshore Banks

Geneva’s private banks may have to wait years before they can prospect for business in the European Union from Switzerland and service clients across borders, according to a managing partner at the city’s oldest bank. The EU won’t allow the banks to market wealth-management services into the 28-member bloc, especially after the… – Continue reading

Chidambaram’s last shot: tells Swiss to ratify global pact on tax avoidance

India has asked Switzerland to speed up the ratification of the Organization for Economic Cooperation and Development (OECD) convention on automatic exchange of tax information. ”I would urge you and your (Swiss) government to ratify the multilateral convention on mutual administrative assistance in tax matters as early as possible,” outgoing… – Continue reading

Transparency ‘cop’ can help trace black money

The Special Investigation Team (SIT) constituted by the government to “bring back black money” is likely to help India plug its wealth draining to offshore tax havens with Swiss global tax activists saying that the government can put pressure on Switzerland by blacklisting it as a non-cooperative jurisdiction and complaining… – Continue reading

Three Things Credit Suisse’s Guilty Plea To Tax Evasion Teaches Big Banks

Credit Suisse is pleading guilty to criminal charges and paying a $2.6 billion fine for helping American clients cheat on their taxes over the past decade. The firm helped tens of thousands of Americans hide their wealth, kept lists of companies and accountants who could facilitate tax evasion for clients, and actively recruited U.S…. – Continue reading

Caterpillar Dodged Billions in Taxes for Over a Decade

Caterpillar, industrial and construction equipment manufacturing Goliath, has been avoiding or deferring paying U.S. taxes for at least 13 years to the tune of approximately $2.4 billion, according to a report from the Homeland Security & Government Affairs Permanent Subcommittee on Investigations. “Tax evasion schemes rob the system of billions of… – Continue reading

Switzerland May Share Bank Information to Trace Chinese Black Money

Switzerland is no longer considered as a “tax haven”. Being the world’s largest offshore financial center, Switzerland has agreed automatically to share foreigners’ account information with other countries. Analysts say that this is good news for the other countries, however, for the Chinese Communist Party’s (CCP) corrupt officials, it seems… – Continue reading

Singapore and Switzerland sign up to automatic exchange of tax information

Forty seven countries, including Singapore and Switzerland have endorsed a declaration agreeing to automatically exchange tax information at the Organisation for Economic Cooperation and Development’s (OECD’s) annual Ministerial Council Meeting which took place on 6 May. The declaration commits the signatories to implement a new single global standard on automatic… – Continue reading

Wealthy in China need new tax haven as Switzerland U-turns on banking privacy

The agreement of Switzerland to disclose information on banking accounts in its territory, at the risk of its time-honored status as the world’s foremost tax haven, may prompt the wealthy worldwide, including Chinese nationals, to search for new shelters for their fortunes. Switzerland, the world’s largest offshore financial center, announced… – Continue reading