Category: Panama

Canadians for Tax Fairness concerned about inaction on Panama Papers

It is estimated that the use of tax havens is costing federal and provincial governments at least $7.8 billion in lost tax revenue. Low and middle income Canadians are the ones paying for that missing $7.8 billion in tax revenue. Ottawa (11 Aug. 2016) — The leak of the Panama… – Continue reading

Tax authorities mount raids on 19 German banks and houses

Investigation is linked to Panama Papers and part of money laundering allegations Eleven banks and eight private homes and offices across Germany have been raided by police and tax investigators as part of a wide-ranging investigation into tax evasion. The raids, which began at dawn on Wednesday and went on… – Continue reading

A perspective on tax amnesty

Tax amnesty is defines as “grant of an opportunity to a specific class of society to declare their undeclared assets by payment of a meagre amount of tax in addition to grant of immunity from default surcharge, penalties and prosecution”. It is introduced by the governments to fulfill the slogan… – Continue reading

Malta: How Beneficial Owners Registers Aim To Curb Money Laundering And Tax Evasion

With more complicated company structures being used, it has become increasingly more difficult to establish who the ultimate beneficial owners of entities are. In light of the new regulation, do you believe that the Ultimate Beneficial Ownership (UBO) Register can help in any way to prevent financial crime? The UBO… – Continue reading

Guam, other US territories in European Union’s dirty-money blacklist again

Guam, American Samoa, Puerto Rico and the U.S. Virgin Islands are included in the European Nation’s updated list of areas that are deemed hot spots for money laundering and terrorism financing. The U.S. Department of Treasury rejected the inclusion of U.S. territories, calling into question the substance of the EU… – Continue reading

FAMILY BUSINESSES DOMINATE LIST OF BRITAIN’S HIGHEST TAXPAYERS

Britain’s wealthiest families paid $1.2 billion in tax in the last financial year at a time when the state revenue contributions of the world’s richest individuals and corporations are coming under increasing scrutiny. Campden FB totalled the tax bills for 2017-18 of the 21 families of significant wealth as conservatively… – Continue reading

Investment banker extradited for helping clients defraud tax authorities

For facilitators in Malta, it’s business as usual. A former employee of Mossack Fonesca has been extradited to Germany on charges relating to revelations from the Panama Papers, an unprecedented leak of over 11 million files from the database of the world’s fourth biggest offshore law firm at the time…. – Continue reading

US DOJ charges four in ‘Panama Papers’ case

The United States Department of Justice has charged four people with crimes allegedly brought to light by the International Consortium of Investigative Journalism’s Panama Papers expose, according to a DOJ announcement published earlier this month. They are the first US criminal charges stemming from the ICIJ’s 2016 investigation, which reported… – Continue reading

Argentina, Panama, Paraguay and Uruguay to share tax information with each other

The governments of Argentina, Panama, Paraguay and Uruguay have joined forces to create a Latin American initiative to tackle tax evasion and corruption by making sharing and making better use of the information exchanged under international tax transparency standards. The countries have agreed to “consider the possibility” of making a… – Continue reading

Argentina, Panama, Paraguay and Uruguay to share tax information with each other

The governments of Argentina, Panama, Paraguay and Uruguay have joined forces to create a Latin American initiative to tackle tax evasion and corruption by making sharing and making better use of the information exchanged under international tax transparency standards. The countries have agreed to “consider the possibility” of making a… – Continue reading

US indicts four tied to money laundering at ‘Panama Papers’ firm

The US government announced charges on Tuesday against four men it said laundered money and arranged tax avoidance schemes through the Panama firm at the centre of the “Panama Papers” scandal. The four were affiliated with Mossack Fonseca, the law firm that helped thousands of clients around the world move… – Continue reading

Post Panama Papers: are English trusts still trusted?

Trusts still remain under public scrutiny, but can their reputation be safeguarded, asks Stuart Price A recent government consultation on the law of trusts brought out some interesting issues concerning how the status quo aligns with the principles of transparency, fairness and simplicity (the principles that, at least in the… – Continue reading

OECD report shines a light on how the wealthy dodge tax rules

On the list of countries operating CBI/RBI schemes, that the OECD feels have the potential to be used for tax dodging, are 2 tax havens that are popular with wealthy Canadians and large Canadian companies. These are Barbados and Panama. Ottawa (19 Oct. 2018) — New information from the Organization… – Continue reading

Tax havens refuse cooperation with Pakistan

Pakistan has been unable to get much cooperation from 11 countries known as tax havens around the world to share information on offshore wealth amid a global clampdown on tax evasion. Under the Organisation for Economic Cooperation and Development’s (OECD) new automatic exchange of information programme, effective since September 1,… – Continue reading

Over Rs35 bn laundering: CJP hints at Panama-like JIT for Zardari, Faryal

ISLAMABAD: The Chief Justice of Pakistan (CJP), Mian Saqib Nisar, on Monday suggested formation of a Panama-style joint investigation team (JIT) to investigate the allegations against former president Asif Zardari and his sister Faryal Talpur of laundering over Rs35 billion through fake bank accounts. A three-member bench of the apex… – Continue reading

UK Adopts EU Anti-Money Laundering Legislation

The UK is upgrading its national security by adopting a recently implemented European Union fifth anti-money laundering directive, the Department for Business, Energy and Industrial Strategy (BEIS) announced in a statement on Tuesday. The fifth directive is aimed at combating corruption and money laundering and came into effect in the… – Continue reading

Who owns most of offshore companies

ISLAMABAD: If Panama Papers documents are any guide, Saifullahs of Lakki Marwat has the highest number of offshore companies owned by any Pakistani family and majority of them are in British Virgin Islands. Seychelles and Panama are two other jurisdictions where they have set up companies. While source of wealth… – Continue reading

ACC sets June 30 deadline to complete probes into Panama, Paradise Paper leaks

Anti-Corruption Commission chairman Iqbal Mahmood on Wednesday ordered all ACC officials to complete enquiries by June 30 against individuals or entities whose names have been appeared in Panama Paper and Paradise Paper leaks. He made the order in an urgent meeting with the secretary, all director generals, and directors of… – Continue reading

Konrad Mizzi instructed accountants to backdate New Zealand trust documents

While Panama Papers revealed his offshore companies, Konrad Mizzi was giving instructions to backdate changes to his New Zealand holdings Konrad Mizzi instructed New Zealand accountants to backdate documents after the Panama Papers exposed his offshore interests in 2016, The Australian Financial Review reported. Last month, The Shift News reported… – Continue reading

Keith Schembri Once Again Contradicts His Own Statements Regarding His Offshore Company Network

His story has changed somewhere along the line Keith Schembri’s latest explanation today of his network of offshore companies flies in the face of his original statement when the Panama scandal first broke out two years ago. Reacting to stories published today by German paper Süddeutsche Zeitung and the Times… – Continue reading

Fiscal Havens: New Record In Outstanding Cross-Border Claims Offshore End-2017

The crusade against fiscal havens is not working. According to the BIS, “banks’ outstanding claims on offshore banking centres surpassed their previous peak recorded in 2008 during the Great Financial Crisis (GFC). Outstanding cross-border claims on offshore centres totalled $4.6 trillion at end-2017, compared with $4.3 trillion at end-March 2008.”… – Continue reading

Singapore activates three new Automatic Exchange of Financial Account Information relationships

AEOI deals with the challenge of taxpayers operating cross-border but tax administrations remaining confined to their national borders, by providing an open international architecture. Singapore has activated three new Automatic Exchange of Financial Account Information (AEOI) relationships under the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account… – Continue reading

UK Parliament Opens Three Probes Into £12.6 Bln of Under-Collected VAT

British lawmakers are shifting their focus towards the offshores and tax havens detailed in the Panama and Paradise papers, in order to improve tax collection, curb multinationals’ tax avoidance practices, and track the money flows of ill-gotten gains. Kristian Rouz — Members of Parliament (MPs) are set to investigate the… – Continue reading

Panama inks multilateral tax pact to end bank secrecy

NEW DELHI, JANUARY 16: Panama, a popular tax haven that was in the eye of a data-leak storm dubbed ‘Panama Papers’ in 2016, has finally signed an international agreement that would pave the way for exchange of financial account information with the international community. By signing this agreement — CRS… – Continue reading

Jahangir Tareen’s ‘Trust Deed’ signed and executed in Switzerland

ISLAMABAD/LONDON: The thirty-eight-page trust deed of Pakistan Tehreek-e-Insaaf (PTI) leader Jahangir Khan Tareen’s offshore trust was signed and formalised in Geneva, Switzerland, and facilitated by HSBC Guyerzeller Trust Company Geneva – raising questions about Swiss bank accounts. During the hearing before Pakistan’s Supreme Court, Tareen was asked no questions about… – Continue reading

PANA committee calls for increased focus on virtual currencies, new technologies such as FinTech

The European Parliament’s PANA Committee has approved draft recommendations calling for increased scrutiny and regulation of emerging technologies, including virtual currencies and FinTech. The committee also approved a report delving into the findings of an 18-month probe into breaches of EU law in relation to money laundering, tax avoidance and… – Continue reading

I-T steps up drive against cash abroad; charges fixed against 5 businessmen

Dept starts prosecution against 5 people with Rs 5k cr of unaccounted wealth in British Virgin Islands. The income-tax (I-T) department has established charges against five persons with unaccounted foreign assets of Rs 5,000 crore in the British Virgin Islands (BVI), a Caribbean tax haven. Investigations are on in more… – Continue reading

Panama probe: First prosecutions are taken to court for off-shore tax evasion

While at the beginning of the year (The Indian Express, March 16, 2017) the number of requests sent by India stood at 283 cases, it has now crossed 300. And while the number of replies received from among these 13 jurisdictions stood at 165, that figure has now crossed 240…. – Continue reading

Panama: Panama Tax Treaties

The Panamanian Government with the aim of improving the competitiveness of the international services industry in Panama and, at the same time, comply with international standards for the effective exchange of information, initiated in 2009 a decisive agenda for the selection of countries with whom tax agreements were going to… – Continue reading

CBDT head says tax information from countries pouring in, firms can’t escape anymore

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra on Wednesday said that the tax exchange agreements with other countries was resulting in information pouring in at a fast pace, thus there was no escaping for the multi-national companies (MNCs) from fair taxation. “We have got wide (tax) information from… – Continue reading

Indian authorities investigate Amitabh Bachchan’s name in Panama Papers

Indian income tax department started probe into Amitabh Bachchan’s overseas transactions in the light of his name in Panama Papers. The I-T department sent officer to the British Virgin Islands in order to collect his financial information. The authorities received criticism for lack of action against the Bollywood actor after… – Continue reading

Pakistan yet to include UAE, Panama for exchanging financial data

KARACHI: Federal Board of Revenue (FBR) on Friday issued a list of at least 88 countries, including tax haven Switzerland to automatically swap financial information of their citizens — but does not mention United Arab Emirates and Panama, the tax avoidance hubs for wealthy Pakistanis. The country will exchange financial… – Continue reading

Japanese individuals, firms named in Panama Papers owe ¥1 billion in taxes on hidden income

Japanese individuals and companies listed in the leaked Panama Papers owe more than ¥1 billion ($9.06 million) in taxes on undeclared income, sources close to the matter have said. This is the first calculation by Japanese tax authorities of the amount owed on the undeclared income exposed by the documents,… – Continue reading

Panama and Mexico sign Competent Authorities Automatic Exchange of Tax Information Agreement

The Competent Authorities Agreement is part of Panama’s continued commitment to upholding international transparency standards PANAMA CITY, June 9, 2017 /PRNewswire/ — Panama and Mexico signed today a Competent Authorities Exchange of Tax Information Agreement, in accordance with Panama’s commitment to the Common Reporting Standard (CRS) of the Organization for… – Continue reading

Ending secret identities is the ‘new frontier’ in fighting tax evasion: OECD’s head of tax Pascal Saint-Amans

Revealing the secret identifies behind shell companies and opaque trusts is the “new frontier” in fighting tax evasion, says the OECD’s head of tax Pascal Saint-Amans. In an exclusive interview with Fairfax Media, Mr Saint-Amans also spoke about the Turnbull government’s tougher domestic laws aimed at cracking down on multinational… – Continue reading

Study: The ultra-rich hide 25 percent of their wealth in tax havens

A study released May 28 by University of California Berkeley economist Gabriel Zucman and two Scandinavian colleagues, “Tax Evasion and Inequality,” demonstrates that global wealth inequality is drastically underestimated in official statistics because of how successful the super-rich are at evading taxes. According to the paper, the super-rich, that is… – Continue reading

The Malta Files: a European version of the Panama Papers, revealing a global web of corruption

On Friday, a variety of news outlets around the world published the Malta Files, a cache of 150,000 documents leaked “from a Malta-based provider of legal, financial and corporate services,” revealing, among other things, that Turkish President Recep Tayyip Erdogan was secretly given a $25M oil tanker (!) by Azeri… – Continue reading

Tax ‘Lost’ In Panama Papers Worth Up To EUR237bn For EU

The total loss to EU member states from the schemes revealed in the Panama Papers could be in the region of between EUR109bn (USD119bn) to EUR237bn, according to a new study commissioned by the European Parliament’s PANA committee. The Committee of Inquiry into Money Laundering, Tax Avoidance, and Tax Evasion… – Continue reading