India and Switzerland are discussing ways to share information on specific accounts relating to black money stashed in the European nation, Finance Minister P Chidambaram said here today. The Minister further said that he received a reply on his letter from his Swiss counterpart and will send India’s response in… – Continue reading
A Swiss delegation is likely to visit Pakistan by August-end to discuss the possibility of re-negotiating and upgrading treaty on Avoidance of Double Taxation between Pakistan and Switzerland. It is reliably learnt on Tuesday that Pakistan is set to re-negotiate and upgrade treaty on Avoidance of Double Taxation with Switzerland… – Continue reading
Greece is asking Swiss authorities to lift bank secrecy practices and allow its investigators to reveal the names and details of bank accounts held by Greek citizens. The request comes as Greece is already poring through a list of 2,059 Greeks who have put away 1.5 billion euros in the… – Continue reading
ZURICH (Reuters) – Credit Suisse faces the threat of a new investigation into its role in helping wealthy Americans avoid paying taxes after New York state’s top financial regulator requested documents from the Swiss bank. Switzerland’s second-largest lender had raised expectations it was putting the long-running American tax controversy behind it when it… – Continue reading
SCOTS who hide their money offshore are being targeted in a new offensive against tax evasion that costs the UK Treasury billions of pounds a year. In what are thought to be the first probes of their kind, tax officials and prosecutors have started targeting gangland bank accounts in jurisdictions… – Continue reading
Bloomberg news reports that on March 18, 2014, U.S. Senators Carl Levin and John McCain wrote a letter urging the Justice Department to seek extradition of about 30 Swiss bankers and others who are charged with enabling offshore tax evasion and failed to appear in federal courts. McCain and Levin,… – Continue reading
Credit Suisse Group (CSGN) AG, Switzerland’s second-biggest bank, said losses in the fourth quarter were larger than previously reported after it booked more charges for a probe into tax evasion by U.S. clients. The net loss amounted to 476 million Swiss francs ($534 million), the Zurich-based bank said today, as… – Continue reading
WASHINGTON — Caterpillar Inc. executives defended a tax strategy Tuesday that has saved the manufacturing giant billions in U.S. taxes. They got support from Republican senators, including one who said the company deserves an award. Caterpillar has avoided paying $2.4 billion in U.S. taxes since 2000 by shifting profits to… – Continue reading
Outlook Caterpillar is the world’s largest maker of construction and mining equipment. It’s really good at building big and complicated bits of kit. It’s even better at ducking paying tax on the profits from doing that, at least according to a report issued by a US Senate sub-committee which reckons Uncle… – Continue reading
The decision by Luxembourg and Austria to automatically exchange tax data with other European Union countries has isolated Switzerland in the global crusade against banking secrecy, a Tax Justice Network (TJN) expert tells swissinfo.ch. The two European Union states caved in to demands last month by signing up to the revised… – Continue reading
Caterpillar avoided $2.4 billion in federal taxes between 2000 and 2012 by shifting $8 billion in profits from international parts sales to a tax haven in Switzerland, said Chairman Carl Levin, (D-MI), of the Senate Permanent Subcommittee on Investigations on Monday. Joining Microsoft (MSFT), Hewlett Packard (HPQ) and Apple (AAPL),… – Continue reading
Luxembourg’s Prime Minister Xavier Bettel said the conclusions adopted at the recent European Council meeting on the revised Savings Tax Directive have enabled “a green light from the Grand Duchy of Luxembourg.” He expressed his satisfaction that all 28 European Union (EU) member states reached an agreement at the latest… – Continue reading
It would be surprising if Union finance minister P. Chidambaram’s threat to his Swiss counterpart — to declare Switzerland an uncooperative nation for not sharing information on the 562 Indians who allegedly stashed their black money in Swiss banks — is actually carried out. The threat has trade implications. These… – 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
Drowning in a sea of new financial regulations, and with IRS audits on the rise, some American citizens in Israel say they are weighing expatriation. That won’t work Tax attorney JoAnne Adlerstein has received some unusual phone calls of late. They’re from American clients living in Israel who are thinking… – Continue reading
The Tax Office is allowing Australians with money parked in offshore accounts to avoid harsh penalties by coming forward, in an amnesty program worth up to half a billion dollars. ATO Commissioner Chris Jordan will announce the program today, which will reduce the penalties for taxpayers who hand over information… – Continue reading
WASHINGTON (Reuters) – Caterpillar Inc’s offshore tax strategies will come under scrutiny on Tuesday at a U.S. Senate hearing expected to examine dealings by the world’s largest mining and construction equipment maker in Switzerland, Bermuda and Luxembourg. With many multinationals being criticized for tax avoidance, veteran tax sleuth Senator Carl Levin… – Continue reading
A former Severstal executive has been indicted for hiding as much as $7.5 million from US tax authorities in Swiss bank accounts held at UBS AG. Victor Lipukhin, a former steel trader for Russian steel maker Severstal, hid assets in two Swiss UBS bank accounts from 2002 through 2007, said… – Continue reading
As part of a plea agreement, an ex-Credit Suisse banker recently disclosed how U.S. customers avoided offshore account disclosure requirements. In an effort to crack down on offshore accounts, federal prosecutors have stepped up investigations of the largest Swiss banks, their bankers and account holders. The most recent bank to… – Continue reading
The European Union has formally adopted the Savings Tax Directive after six years of negotiations. The directive is intended to bolster the power of the EU to crackdown on tax evasion. The measure was adopted shortly after Luxembourg and Austria abandoned their opposition to the plan. EU tax commissioner Algirdas Semeta, commenting… – Continue reading
A report by the Government Accounting Office details who took part in the first voluntary disclosure program for offshore accounts. If you made an honest mistake and failed to keep up on international account reporting requirements, it is important to spe March 25, 2014 /24-7PressRelease/ — Congress has been on… – Continue reading
As 2008 began, the future looked brilliant for green energy giant Suntech Power and its high-flying founder, Shi Zhengrong. Suntech was one of the world’s largest makers of solar panels, the first non-state-owned Chinese company traded on the New York Stock Exchange. And Shi, born to a farm family so… – Continue reading
An inability to open a bank account is not news for everyone in Hong Kong. Just ask the long-suffering American residents. “Nobody wants to deal with the US citizen account signatory, whether it is a company account or an account for my own financial needs,” said Ross Feingold, a director… – Continue reading
States agree to automatic exchange of non-EU citizens’ savings account details After years of opposition, Luxembourg and Austria have agreed to back automatic exchange of savings account information on non-citizens to tackle tax fraud in the EU. Their shift was welcomed by other EU leaders meeting in Brussels and allows ministers to sign off… – Continue reading
U.S. corporations added at least $206 billion to their stockpiles of offshore profits last year, parking earnings in low-tax countries until Congress gives them a reason not to. They have accumulated $1.95 trillion outside the U.S., up 11.8 percent from a year earlier, according to securities filings from 307 corporations…. – Continue reading
Tax Avoidance/ Evasion: On Wednesday George Osborne, UK chancellor, proposed new rules in his Budget 2014 statement to reduce the opportunities for rich individuals and companies to avoid or evade personal and corporate taxes. Also this week, two prominent US senators wrote to the Justice Department to seek extradition of about 30… – Continue reading
Switzerland and Argentina have recently signed a new agreement for the avoidance of double taxation with respect to taxes on income and on capital. The treaty replaces the provisional agreement of 1997 and provides for the exchange of information upon request, in line with the current international standard. This is… – Continue reading
Washington, DC – California attorney Christopher M. Rusch was sentenced to serve 10 months in prison for helping his clients Stephen M. Kerr and Michael Quiel, both businessmen from Phoenix, hide millions of dollars in secret offshore bank accounts at UBS AG and Pictet & Cie in Switzerland, the Justice… – Continue reading
Corporate Tax Avoidance: Inditex, the Spanish owner of Zara, this week announced its first fall in annual profits in five years as the world’s biggest fashion retailer invested in stores while foreign exchange rates moved against it. However, Amancio Ortega Gaona, founding chairman of Inditex, with a stake of 60%… – Continue reading
The Swiss Council of States has adopted a bill forwarded on from the Federal Council with modifications, implementing the revised Financial Action Task Force (FATF) Recommendations. Lawmakers increased the tax threshold for a case of tax evasion to be deemed to be a serious tax offence, from CHF200,000 (USD229,164) to… – Continue reading
The benefits of the New Zealand Government’s desire to push export led growth, as part of its overall economic strategy, could be stymied by a lack of clarity over proposed cross-border tax changes. New research from the Grant Thornton International Business Report survey (IBR) reveals that New Zealand business leaders… – Continue reading
Austrian Finance Minister Michael Spindelegger said a deal on extending a European Union savings tax is in Luxembourg’s hands. Austria “can agree to this tomorrow — it’s not up to us if there isn’t agreement,” Spindelegger told reporters before a two-day meeting with his European Union counterparts in Brussels today…. – Continue reading
BERLIN — When all of his cards were played and Uli Hoeness, the Bayern Munich president and German soccer legend, faced the prospect of a protracted and high-profile appeal of his conviction on charges of tax evasion, he chose to take his punishment. In a surprise move that came hours… – Continue reading
OECD tax director Pascal Saint-Amans has played down concerns that the United States might resist plans to make multinational companies such as Apple and Starbucks pay more tax, arguing that governments must move quickly to close multibillion-dollar loopholes or risk ordinary citizens losing faith in their taxation systems. Mr Saint-Amans… – Continue reading
The largest US-based companies added $206 billion to their stockpiles of offshore profits last year, parking earnings in low-tax countries until Congress gives them a reason not to. The multinational companies have accumulated $1.95 trillion outside the US, up 11.8 per cent from a year earlier, according to securities filings… – Continue reading
Andreas Bachmann of Credit Suisse helped Americans hide $3 billion from Uncle Sam A former Swiss banker pleaded guilty Wednesday to his role in a fraud scheme that prosecutors say helped U.S. taxpayers hide as much as $3 billion in assets from the IRS. Andreas Bachmann, 56, a Swiss citizen,… – Continue reading
The rich are not like the rest of us, and neither are their offshore bankers. Court documents filed in a big tax evasion case in Northern Virginia provide just a glimpse of the extra services available if you have the means and will to maintain secret accounts with large banks in Switzerland… – Continue reading
Country’s corporate tax rate sits at about 25 per cent As Canadians dutifully file personal income tax returns during the coming weeks, consider this: many profitable companies pay little or no tax. In an interview this week on The Sunday Edition, Dennis Howlett, executive director of Canadians for Tax Fairness,… – Continue reading
European Union finance ministers failed once again Tuesday to agree on a sweeping new policy to fight tax evasion because of resistance from Luxembourg, a tiny country that long has prospered from a secretive banking culture. EU Taxation Commissioner Algirdas Semeta said their failure was disappointing because, if approved, the… – Continue reading
The Grand Duchy of Luxembourg, a city state of just over a half million inhabitants, on Tuesday refused to agree on a proposed key EU tax evasion law at the monthly Ecofin meeting of European Union finance ministers. Algirdas Šemeta, EU taxation Commissioner, said Tuesday’s failure was “disappointing” because the legislation… – Continue reading
As far back as the early stages of the global financial crisis in 2007, Nick Mathiason citing the African Union (AU) reported: “More than $150 billion a year is looted from Africa through tax avoidance by giant corporations and capital flight using ‘a pinstripe infrastructure’ of Western banks, lawyers and accountants.”… – Continue reading
The European Union says it is freezing the financial assets in Europe of 18 Ukrainians it says misused the Kyiv government’s state funds. The EU’s foreign ministers approved the list Wednesday but withheld the names for a day before their official publication in the EU’s legal journal, so the Ukrainians… – Continue reading
New Delhi: With India stepping up its pursuit of alleged black money in Swiss banks, Switzerland says it is exchanging information with Indian authorities on all lawful requests, but cannot help on enquiries based on stolen banking data. The European country, which has often been accused of being the most… – Continue reading
BERLIN: German football legend Uli Hoeness (pix), boss of champion club Bayern Munich, will face a high-profile tax evasion trial from Monday, accused of having stashed away millions in Switzerland. The folksy 62-year-old Bavarian club president, who also runs a flourishing sausage company, was arrested and bailed almost a year ago… – 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
Bankers at Credit Suisse helped their affluent American clients hide billions in assets from the IRS, according to a Senate investigative report released Tuesday. The Swiss banking giant is currently under investigation by the U.S. Justice Department for allegedly aiding tax evasion by its rich clients, is even accused of… – Continue reading
Bankers at Credit Suisse helped their affluent American clients hide billions in assets from the IRS, according to a Senate investigative report released Tuesday. The Swiss banking giant is currently under investigation by the U.S. Justice Department for allegedly aiding tax evasion by its rich clients, is even accused of… – Continue reading
Senior German lawmakers on Sunday called for tougher rules to make it harder for tax cheats to claim amnesty by turning themselves in, days after soccer manager Uli Hoeness was sentenced for 3-1/2 years in prison for tax evasion. Recent news that Hoeness and other prominent Germans such as feminist… – Continue reading
A tightening noose around the necks of tax avoiders in some parts of the world saw Guernsey’s financial regulator approve 103 new investment funds in the crown dependency during 2013. There is no capital gains tax or inheritance tax in Guernsey. The corporation tax on financial firms is just 10%,… – Continue reading
Feb. 26 (Bloomberg) — Credit Suisse Group AG moved to blame a small number of employees after a U.S. Senate report said the Swiss lender helped clients hide as much as $10 billion of assets from tax authorities. “Some Swiss-based private bankers went to great lengths to disguise their bad… – Continue reading
