Category: Samoa

High Court confirms tax evasion by companies linked to wealthy businessman Vanda Gould

A series of companies associated with high-flying Sydney accountant who had scores of wealthy clients in Sydney’s eastern suburbs have been found to have avoided paying tax by the High Court, in a case that the tax office has described as “blatant tax evasion”. Four companies linked to accountant, Vanda...

Pakistan to seek offshore companies information from nine tax havens

Pakistan’s authorities are making efforts to seek information about tax details of 270 offshore companies from nine known tax havens around the globe where 444 individuals have invested billions of dollars, and, finally, their names appeared through PanamaLeaks, The News has learnt. The cases of 444 individuals involving nine jurisdictions...

Govt approves signing of tax evasion agreement with Samoa

The Cabinet today gave approval for signing and ratification of an agreement between India and Samoa for exchange of information to curb tax evasion. The agreement enables India and Samoa to provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws...

More than 100 governments now signed up to international tax convention

Five more governments have signed up to an international convention on cooperating with tax authorities around the world, bringing the number of participating jurisdictions to 103. The OECD’s Convention on Mutual Administrative Assistance in Tax Matters is a wide-reaching agreement to exchange information about taxpayers between authorities either on request...

Panama Papers: Further revelations about New Zealand’s role as a tax haven

Reports published last week, based on the Panama Papers, cast further light on New Zealand’s role as a location where wealthy individuals around the world are able to hide their fortunes. Last month the International Consortium of Investigative Journalists released millions of leaked documents revealing that Panama-based Mossack Fonseca, the...

The Panama Papers And FATCA – Another Cover Up?

Tax avoidance on a grand scale is nothing new – the US President Barak Obama has led the way in tackling the issue head on with the Foreign Account Tax Compliance Act (FATCA) since 2010. FATCA demands non-American financial institutions should hand over details about accounts and investments controlled by...

Panama thumbs its nose at transparency – again

We have on several occasions fingered Panama as a particularly recalcitrant secrecy jurisdiction: our recent Panama Narrative Report spills a fair number of beans in that respect. Its recalcitrance is perhaps hardly surprising, given the quantity of Colombian and Mexican drugs money believed to be sheltered there – to name...

13 States Sign Up To OECD’s New Tax Info Exchange Standard

Thirteen jurisdictions signed the OECD Multilateral Competent Authority Agreement (MCAA) at a meeting on October 29-30, 2015, in Barbados. In joining the MCAA, the territories commit to automatically exchange tax information with other nations’ tax authorities under the OECD’s new tax information exchange standard, the Common Reporting Standard. A total...

DAVIS: A refresher on foreign asset reporting requirements

Recently, the Internal Revenue Service announced the exchange of financial account information with certain foreign tax administrations as the next step in efforts to combat offshore tax evasion. This is a significant portion of the IRS’s efforts to enforce FATCA, the Foreign Account Tax Compliance Act, which was enacted in...

Sixteen States’ Tax Transparency Frameworks Reviewed

Sixteen peer review reports were released at the recent plenary meeting of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes on October 29-30, 2015. The release of the reports follows reviews of those territories’ legislation for the exchange of tax information and their frameworks for...

Global Forum makes strides toward tax transparency

The timely and effective implementation of the automatic exchange of tax information was a key theme during the Oct. 29-30 meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes held in Bridgetown, Barbados. The meeting, which brought together delegates from the Global Forum’s 128 member...

OECD: Global Forum on tax transparency pushes forward international co-operation against tax evasion

Major implementation milestones are being met by members of the world’s leading forum on tax transparency as the international community continues to move ahead towards greater tax transparency. The imminent shift to the automatic exchange of information will send a strong warning to tax evaders. Significant strides towards a major...

New Zealand more of a tax haven than Island neighbours

New Zealand still has some work to do to stop the country being used as a safe haven for illicit funds, a new survey shows. The 2015 Financial Secrecy Index has been released, which ranks countries on their ability to promote fiscal transparency. The index is produced by the Tax...

Inniss: FATCA good for Barbados

Barbados’ reputation as a home of “serious” business and a “significant” player in international business is being enhanced with the adoption of a United States law which targets non-complaint US taxpayers with foreign accounts, Minister of International Business Donville Inniss has contended. In fact, Inniss suggested that the Foreign Accounts...

Switzerland Tops The Financial Secrecy Index

When the HSBC Holdings plc (ADR) (NYSE:HSBC) (LON:HSBA) Swiss leaks story broke the big shock was that someone had produced evidence, not that one of Switzerland’s notoriously secretive banks had helped people evade taxes. We know that trillions are stashed away in tax havens around the world (the ICIJ estimates...

Global Tax Transparency Goes Live in 2016

Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is...

Project Wickenby’s seven-year hunt lifts lid on dubious trades

NEIL CHENOWETH The raids unfolded across the city at 8.40 on a Tuesday evening. Squads of federal police descended on Point Piper, Chatswood, city offices and the departure lounge of Sydney International Airport. Accountant Vanda Gould was up when police arrived to arrest him. Across town officers scooped up his...

British Virgin Islands suffers amid push against money laundering

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/0/3fbed922-3d51-11e4-871d-00144feabdc0.html#ixzz3Eo63WbfR The British Virgin Islands has long attracted Chinese companies looking to...

Central Bank of Samoa tightens controls on foreign payments

APIA, Samoa — Dividends, land sale income, insurance payments, management fees and airline ticket payments over $1 million tala (US$425,800) are all to come under new exchange controls from next month. On Friday, the Central Bank of Samoa released a statement signed by Governor Maiava Atalina Ainu’u-Enari, covering the different areas....

Chinese companies make use of Samoa tax haven

Chinese companies registered under Samoa’s tax haven status are among those pouring billions back into China. Roughly 1 billion US dollars in foreign direct investment from Samoa to China is shown on a graph published last week. According to the Samoa Observer, this represents about two billion tala of funds...