This week revelations on BBC’s Panorama have sparked an explosive scandal: HSBC, the UK’s largest – and the world’s second largest – bank, has been caught facilitating industrial-scale tax evasion, committed by some of its wealthiest clients. Thousands of leaked bank account files obtained by the International Consortium of Investigative… – Continue reading
HSBC is under fire, after a large cache of leaked bank files revealed that it helped clients evade taxes and conceal millions of dollars. The files, which cover the period 2005-07, amount to the biggest banking leak in history, shedding light on some 30,000 accounts holding almost $120bn. HSBC was… – Continue reading
Money from charity games featuring Barça star was sent to Curaçao, Civil Guard says Messi charity games investigated for link to drug traffickers Charity soccer matches organized under the name of Argentinean star Lionel Messi in four countries in 2012 and 2013 raked in hundreds of thousands of euros that… – Continue reading
Dec 22 (Reuters) – Mexico’s tax collection agency (SAT) has reached a deal with a multinational company at the center of a tax-avoidance investigation, and the latter will make a ‘substantial’ payment soon, a senior official was quoted as saying on Monday. “We have just closed a case with an… – Continue reading
President Putin’s surprise amnesty allowing Russians with cash stashed abroad to bring it back home with no penalty may be a windfall, but then maybe not. The US, Mexico, Italy, Kazakhstan, and many others have tried it with varied success. When financial crises hit, governments have tried to reel in… – Continue reading
These crimes hinder the development of societies, prevent strengthening the legitimacy of democracy SANTIAGO — Corruption and tax evasion are flagrant violations of human rights in Latin America, where they contribute to inequality and injustice in the countries of the region, according to studies and experts consulted by IPS. “Tax… – Continue reading
SAN ANTONIO — A tax protester who fancied himself as a pirate was ordered Friday to dry dock for 41 months for dodging more than $400,000 in taxes before fleeing to Mexico in 2005. Chief U.S. District Judge Fred Biery imposed the prison sentence on Sterling R. Benningfield, 66, and… – Continue reading
(Reuters) – Mexican authorities plan to ramp up a tax avoidance probe of major multinationals to scour for evidence of evasion, officials said on Tuesday, adding that they were already close to a deal with one company. In January, Mexico said its tax authority, SAT, had launched a probe of… – 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
This article was first published in the 2nd quarter 2014 edition of Personal Finance magazine. Most people accept that they have to pay taxes in their country of residence. But citizens of the United States and green card holders who live outside that country – even if they have never… – Continue reading
Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading
Potential inversion deal highlights dropping corporate taxes in Canada, now the lowest among 10 countries, with the U.S. in 5th place. Fast-food giant Burger King faced anger from both Washington and average Americans Monday, a day after it announced that it was in talks to buy Tim Hortons and relocate… – Continue reading
MONTREAL • Eugene Melnyk, the billionaire owner of the Ottawa Senators and founder of drug maker Biovail Corp., is waging war against the company that now controls his one-time business. Mr. Melnyk alleges that Valeant Pharmaceuticals International Inc. is masquerading as a Canadian company to make use of this country’s… – Continue reading
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
On July 14 to 18, 2014, two officials of the National Revenue Authority of Panama traveled to Mexico’s Tax Administration Service to learn of the SAT’s experience in enforcing its transfer pricing regime. The main objective of the visit was to learn how SAT monitors transfer pricing compliance, and to… – Continue reading
TAOS – An alleged cocaine distribution ring leader in the Southwest and his family have been indicted on several tax evasion, tax fraud, conspiracy and money laundering charges. A Taos County Grand Jury on Thursday returned indictments against alleged drug kingpin Ismael Adame, 56; his wife, Angela Adame, 56; and… – Continue reading
As the first set of Foreign Account Tax Compliance Act (FATCA) compliance issues for banks worldwide is set to come into effect on July 1 we have seen a flurry of banks around the world advising US citizens that they will be immediately closing their accounts. None has been so far… – Continue reading
The new Mexican Income Tax Law (“MITL”) that entered into force on January 1 modified the so-called procedural provisions concerning the application by multinational companies of benefits set forth under tax treaties negotiated and executed by Mexico. Accordingly, foreign residents claiming tax treaty benefits (either for a tax exemption or… – Continue reading
Up to December 31, 2013, Mexico did not tax dividend payments. However, the Mexican Income Tax Law (“MITL”) that entered into force on January 1, 2014 established a new 10 percent withholding tax on the gross amount of dividend payments made by legal entities resident in Mexico for tax purposes… – Continue reading
MEXICO CITY—Mexico and Panama have finished negotiating a free-trade agreement, which the two governments expect to go into effect once it is approved by their respective legislatures. The document was signed Monday by Mexican Economy Minister Ildefonso Guajardo and Panamanian Trade and Industry Minister Ricardo Quijano during a visit to… – Continue reading
The days of multinational companies being able to use the Double Irish Dutch Sandwich to avoid taxation may soon be coming to an end, with the G20 group of nations looking to create a reporting standard to allow for automatic exchange of tax information. In the official communique coming at the end… – Continue reading
