The opera singer, who sang the famous duet Barcelona with Freddy Mercury, has also been fined a quarter of a million euros. Spanish soprano Montserrat Caballé, 82, has been sentenced to six months in prison for tax evasion after taking a deal in which she plead guilty to the charges…. – Continue reading
Hundreds more people who fiddled their tax have been prosecuted in the past year, it was revealed today. HM Revenue & Customs (HMRC) has said its assault on tax evasion has produced a 58 per cent rise in convictions with criminals getting a total of 400 years in jail. HMRC… – Continue reading
British police and German investigators searched Brookfield Aviation International headquarters The Times of London reports this morning that a company that supplies Ryanair with pilots is at the centre of an international investigation for tax evasion. It is understood both British police and German investigators have searched the headquarters of… – Continue reading
Advisers – including tax agents – who facilitate offshore tax evasion are in the sights of the ATO, which in the past week has visited several wealth management firms linked to offshore arrangements. The tax evasion crackdown comes with the ATO having obtained more than 5,000 client names from wealth… – Continue reading
Global Financial IntegrityGlobal Financial Integrity (GFI) on 8 December 2015 released the Global Illicit Financial Flows Report 2015 entitled Illicit Financial Flows from the Developing Countries: 2004-2013. This study is GFI’s 2015 annual global update on illicit financial flows from developing economies. It is the sixth annual update of GFI’s… – Continue reading
A global law firm has today criticised HM Revenue & Customs’s (HMRC) recently announced plans for cracking down on tax avoidance by businesses, saying that parts of the proposals would make HMRC the “judge, jury and executioner.” Further details on legislation that would allow the UK tax authority to place… – Continue reading
When you think of a tax haven, you probably imagine the far off tropical islands of Bermuda or Grand Cayman, but the reality is that there is a major tax haven even closer to home in the state of Delaware. A new report from Institute on Taxation and Economic Policy… – Continue reading
Source: United Kingdom – Executive Government & Departments – Press Release/Statement: Headline: News story: Finance Bill 2016 paves way for even simpler tax system and tough offshore evasion regime The government has today (Wednesday 9 Wednesday) published draft tax legislation to implement policies published at Summer Budget 2015 and Autumn… – Continue reading
ROME—The Italian government will pocket over €4 billion ($4.4 billion) in proceeds from a tax amnesty it launched as part of a broad crack down on Italian money stashed abroad. The additional money will be a boon for the government, as it seeks to meet its budget targets amid a… – Continue reading
HM Revenue & Customs (HMRC) today published the results of its consultation, alongside draft legislation, for a proposed criminal offence for companies which fail to prevent the facilitation of tax evasion. The draft legislation lays down provisions for a criminal offence where somebody who is performing services on behalf of… – Continue reading
Trigger for prosecution will be loss to HMRC of £25,000 a year, up from £5,000 – but experts say legislation is ‘step too far’ Government plans to make offshore tax evasion a criminal offence even when there is no proof of intention to break the law have been softened under… – Continue reading
The Cabinet has submitted a bill to the Parliament Speaker’s Office for presentation and approval by the legislature of an agreement with the US that concerns the sharing of information between the countries to prevent tax fraud. A letter accompanying the legislation sent to the speaker’s office on Nov. 19… – Continue reading
In Paris on the occasion of the COP21, the Honourable Billy Graham Talagi, Minister for Ministry of Natural Resources of Niue signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters in the presence of Deputy Secretary General Rintaro Tamaki. Previously, Israel signed the Multilateral Convention on Mutual Administrative… – Continue reading
The new agreement marks the end of bank secrecy between San Marino and the EU. As of 2017, San Marino and EU Member States will automatically exchange information on the financial accounts of one another’s residents. Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said: “This agreement… – Continue reading
CANBERRA – School rolls are the latest weapon employed by Australian tax authorities in their fight against tax evaders. More than 100 households in Australia will be investigated by the Australian Tax Office in the near future, after authorities obtained information from several private schools about the payment of school… – Continue reading
The United States came down hard on Swiss banks after receiving, from various whistleblowers, Swiss bank data evidencing U.S. citizens had hidden fortunes in Swiss accounts. Swiss banks were fined billions for assisting U.S. citizens in evading taxes and now want to avoid repetition of this scenario when the exchange… – Continue reading
The taxman has appointed a chief analytics officer to lead its mining of taxpayer data. Daniel Sinnott has joined the Revenue Commissioners in the newly created role of chief analytics officer, having previously held a variety of private sector consulting and analytics roles. Because of the nature of its activities,… – Continue reading
As the curtain falls on Eveline Widmer-Schlumpf’s career in government, one of the most abiding legacies she leaves behind is the collapse of Swiss banking secrecy under her watch as Finance Minister. Her predecessor, Hans-Rudolf Merz, told the world in 2008 that it would “break its teeth on Swiss banking… – Continue reading
More than 50 banks which helped American clients dodge tax in Swiss bank accounts have received immunity from criminal prosecution in the US. The firms, which include UK giant Standard Chartered, Germany’s biggest lender Deutsche Bank, and France’s BNP Paribas, have reached plea bargains with the US Department of Justice…. – Continue reading
The Tax Department will thoroughly investigate the income of all Cyprus residents on the Lagarde list, going as far back as 2003. The Department will look into their income after 2006, to determine whether they met their tax obligations up to date. Chief tax inspector Klelia Papadopoulou told Phileleftheros daily… – Continue reading
TAXPAYERS are obliged to ensure maximum adherence to their tax obligations to avoid facing heavy penalties including criminal sanctions as well as frustrating the economic development of the country. Retired President, Mr Ali Hassan Mwinyi, made this call in Dar es Salaam on Thursday during the Accountants’ Annual Conference held… – Continue reading
Hungary’s National Economy Minister Mihály Varga called on European Union members to assist in a joint crackdown on value added tax evasion, the minister said today at a conference in Prague, according to a report from the National Economy Ministry. Varga and Czech finance minister Andrej Babis, whose ministry organized… – Continue reading
Switzerland’s EFG Bank is to pay a penalty of $29m to the US Department of Justice to avoid prosecution for helping its American account holders evade taxes. The bank came forward as part of a voluntary programme launched in 2013, which allows Swiss banks to admit their potential role in… – Continue reading
At the plenary of the European Committee of the Regions (CoR) local and regional leaders called for a fair and efficient corporate tax system in the European Union. The opinion drafted by Jean-Luc Vanraes (BE/ALDE), member of Uccle Municipal Council, criticises the complexity of corporate taxation systems, which disadvantages small… – Continue reading
At the plenary of the European Committee of the Regions (CoR) local and regional leaders called for a fair and efficient corporate tax system in the European Union. The opinion drafted by Jean-Luc Vanraes (BE/ALDE), member of Uccle Municipal Council, criticises the complexity of corporate taxation systems, which disadvantages small… – Continue reading
He said steps are being taken to put in place a robust information security mechanism in the Income Tax department Non-disclosure of overseas assets will become a “very risky affair” from 2017 as government will by then start getting information on them from foreign countries, Minister of State for Finance… – Continue reading
Dozens of climate change activists gathered outside of the headquarters of BNP Paribas in Paris on 3 December to protest against dirty climate dealings and tax evasion. The rally, organised by anti-globalisation group Attac, coincided with the UN Climate Change Conference taking place just north of Paris in Le Bourget,… – Continue reading
Tax cheats can breathe a little easier. The gun-toting Internal Revenue Service investigators who send felons to prison are retiring in droves and there’s no one to replace them. IRS Criminal Investigation agents are the elite special forces in the never-ending war on tax evasion. They are feared among criminals… – Continue reading
Australians hiding funds and investments offshore to avoid paying tax have been put on notice. The federal government on Thursday introduced to parliament legislation to enable the tax office to crack down on taxpayers hiding funds overseas. It implements an OECD scheme allowing the sharing of information between foreign tax… – Continue reading
The U.S. multinational will likely be investigated for evading taxes with Luxembourg’s help, following a report by trade unions earlier this year. McDonald’s is under investigation by European Union regulators for illegal tax deals with Luxembourg, according to sources close to the inquiry. The multinational—joining a list of EU tax… – Continue reading
AUTOMATIC EXCHANGE OF INFORMATION IN TAX MATTERS – THE COMMON REPORTING STANDARD Introduction The Common Reporting Standard (CRS) is a tool which facilitates the automatic exchange of information at a global level. The fight against tax evasion in cross border transactions has become a priority for Government around the globe…. – Continue reading
Former UBS bank executive Raoul Weil believes the United States tried to use him to batter down Swiss banking secrecy by having him arrested and placed on trial last year. In an interview with the Tages-Anzeiger newspaper on Wednesday, Weil said the US Department of Justice intended to “lead me… – Continue reading
The UK Government has issued a reminder that existing taxpayer disclosure facilities will be replaced by a tougher, “last chance” regime from 2016, reports Tax News. Financial Secretary to the Treasury David Gauke has launched a campaign that explains how the new regime will work. He said that the UK’s… – Continue reading
Tax authorities in Britain will be given new powers to demand personal financial details from Bermuda, reports the Royal Gazette. The Island is one of 90 countries that will begin to share the financial details of British residents with HM Revenue & Customs (HMRC) from January under new plans to… – Continue reading
First Private Bank has not committed tax evasion since its establishment, said Dr Sein Maung, the bank’s chairperson, at the 24th annual general meeting of the bank on November 29. “First Private Bank (FPB) has fewer branches than Myanmar’s major private banks. From its inception until the end of the… – Continue reading
Police last week raided the Nicosia offices of the law firm representing the Hermitage Fund, embroiled in the largest fraudulent tax rebate case in Russian history, the Cyprus Mail has learned. On Friday, two senior Russian interior ministry officials along with local police officers searched the Nicosia offices of a… – Continue reading
The Government continues to take a tough line on tax avoidance, with both political and financial motives… Building on its consultation document from July this year (HMRC consultation on strengthening sanctions for serial tax avoidance) it confirmed it will introduce legislation in the Finance Bill 2016 to implement the following… – Continue reading
(OECD) In Paris on the occasion of the COP21, the Honourable Billy Graham Talagi, Minister for Ministry of Natural Resources of Niue signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters in the presence of Deputy Secretary General Rintaro Tamaki. Developed by the OECD and the Council of… – Continue reading
Santo Domingo.- Internal Taxes (DGII) director Guarocuya Feliz on Sunday agreed with Institutional and Justice Foundation (FINJUS) vice president Serbio T. Castaños that large fortunes need to be investigated over tax evasion. “This position is in line with the work the institution carries out to eliminate banking secrecy to ensure… – Continue reading
Edward Snowden is not in jail, but his namesake soon could be. Switzerland has sentenced Hervé Falciani, a former HSBC Swiss bank employee, to five years in prison. He is the whistleblower and leaker often called the “Edward Snowden of tax evasion.” Leaks bank records and tax documents has helped… – Continue reading
Charities remind Cameron of pledge to ‘continue to lead world on tax and transparency’ before meetings with leaders of overseas territories Campaigners are urging David Cameron to use a meeting with leaders of Britain’s overseas territories this week to demand a crackdown on tax dodging, corruption and money laundering. Leading… – Continue reading
AFIP tax bureau will charge between three and eight percent as a penalty for evasion Amid a shortage of dollars and decreasing foreign-currency reserves at the Central Bank, president-elect Mauricio Macri will try to entice Argentines with undeclared assets and foreign currency to take part in a new tax amnesty… – Continue reading
World Bulletin / News Desk Herve Falciani, the former HSBC employee whose disclosures uncorked the “Swissleaks” scandal on bank-supported tax evasion, was sentenced in absentia on Friday to five years in prison, Switzerland’s ATS news agency said. Falciani, who worked as an IT specialist with HSBC, was convicted of industrial… – Continue reading
HM Revenue & Customs (HMRC) has warned people with offshore assets they will face ‘tougher’ penalties if they do not declare their full tax situation before the end of the year. Currently, people with offshore assets can use disclosure facilities to prevent criminal proceedings being issued and to reduce their… – Continue reading
As Common Reporting Standard (CRS) comes into operation. OHANNESBURG – South Africans with undeclared offshore funds may only have a few months to get their affairs in order or risk facing significant penalties and even criminal prosecution as revenue authorities start the automatic exchange of information. The Common Reporting Standard… – Continue reading
The UKtoday launched a campaign warning offshore tax evaders that the governmentwill soon receive details on UK taxpayers from more than 90 countries under new global agreements. The campaign by David Gauke, the Financial Secretary to the Treasury says that the government is giving people one last chance to come… – Continue reading
Individuals should focus on legitimising their assets while they can and start to look at how they can restructure their investments. Measures to tackle tax evasion continue to be a key focus for the government, with £800 million HMRC funding to be reinvested in additional work to tackle tax ‘evasion… – Continue reading
The planned penalty for arrangements subject to the General Anti-Abuse Rule (GAAR) has now been formally set at 60% (in line with the amount proposed in consultation), and the anticipated introduction of rules addressing hybrid mismatch arrangements has been confirmed for 1 January 2017. Civil penalties for those who enable… – Continue reading
Hong Kong is tipped to become the world’s largest offshore corporate services centre by 2020, helped ironically, by the industry’s own struggles against reform demands coming from western governments and pressure groups. On notice after high profile money laundering and tax avoidance scandals, traditional offshore havens like the British Virgin… – Continue reading
On November 22, 2015 the Israeli Ministry of Finance issued a press release announcing that on November 18, 2015 the Israeli Knesset approved in second and third reading a bill to increase the enforcement ability against tax evaders. According to the press release the bill allows the director of the… – Continue reading
