Category: Tax evasion investigations

Advocacy Group Says EU’s Tax Haven Blacklist Is Failing

Tax havens are typically assumed to be islands in warm climates offering low tax rates for organizations looking for a lucrative loophole. But these “havens” are also sought after for opaque financial laws that can allow organizations to get away with illegal activity, like money laundering. Now, a new report...

Don’t make extra income a tax time headache

The Australian Taxation Office (ATO) is increasing its efforts to identify taxpayers who fail to report all their income this tax time, as it strives to recover an annual tax shortfall of nearly $1.4 billion caused by individuals who leave income out of their return. “Tax lost from under-reported income...

Can the PHL fully participate in ASEAN Taxation Cooperation?

(Second of two parts) Embracing the Automatic Exchange of Information (AEoI), whether in the form of FATCA and/or CRS, affects stakeholders ranging from the government and businesses down to the ordinary consumers of financial products and services. As such, the uncertainties arising from the supposed implementation are definitely not in...

Chasing tax evaders worldwide

Indonesia is set to join the global treaty on the Automatic Exchange of Information (AEOI) on tax matters this month, and will then have virtually all the “high-caliber weapons” it needs to hunt down tax evaders — not just within the country but anywhere in the world, including tax-haven countries....

ASEAN taxation cooperation via automatic information exchange

IN 2015, the ASEAN Economic Community (AEC) Blueprint 2025 was adopted as part of the ASEAN 2025: Forging Ahead Together plan. This collaboration charts the broad trajectories of ASEAN economic integration from 2016 to 2025. It aims to strengthen and reinforce by 2025 these five AEC characteristics: 1. A highly...

PACAC Explains Why FG Turned Spotlight on Multinationals

The Presidential Advisory Committee against Corruption (PACAC) has explained why it is shifting the war against corruption in the country from politically exposed persons to multinationals. According to the Executive Secretary of PACAC, Prof. Bolaji Owasanoye, Africa and indeed Nigeria losses more from Illicit Financial Flows (IFF) perpetrated by multinational...

Blockchain Startup Smart Valor Receives Approval To Operate In Switzerland

Blockchain startup Smart Valor has announced that it received approval to operate in the Swiss financial market. Based in Switzerland’s Crypto Valley, Smart Valor is a company building a decentralized marketplace for tokenized alternative investments. Its network is coordinated by a smart-contract-based governance model, which incentivizes each participant to contribute...

Sweden takes measures to tackle tax evasion, financial crimes

STOCKHOLM, Sept. 4 (Xinhua) — The Swedish government has proposed three new measurements to tackle aggressive tax planning, evasion and financial crimes, the Government Offices of Sweden said Tuesday. The proposals include increased international automatic information exchange, new possibilities for the Swedish Tax Agency to prevent financial crimes and tighter...

Automatic exchange of tax evaders data from September 1: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) on Monday informed the task force constituted by the Prime Minister to repatriate laundered ill-gotten funds that newly installed computer software would ensure the automatic exchange of information about tax evaders with the Organisation for Economic Cooperation and Development (OECD) from September. The...

FIRS Publishes Nigeria’s Revised Transfer Pricing Regulations

Federal Inland Revenue Service has published Nigeria’s revised Transfer Pricing Regulations (NTPR). The NTPR is effective for basis periods commencing after 12 March 2018 and incorporates BEPS outcomes and suggestions from The African Tax Administration Forum. The NTPR includes significant penalties for non-compliance (a) failure to file TP declaration =...

UK – GOVERNMENT PUBLISHES OFFICIAL GUIDANCE ON ENGAGING WITH UMBRELLA COMPANIES

The HMRC published an official guidance yesterday on engaging with umbrella companies in the UK. The guidance provides advice and spotlights umbrella companies that effectively operate tax avoidance schemes. “Most employment agencies and umbrella companies operate within the tax rules. However, some umbrella companies and agencies promote arrangements that claim...

EU Fails To Fix ‘Outrageous’ Monaco Loophole Which Helps Super-Rich Avoid Tax

Around 2,000 millionaires – many of them billionaires – call Monte Carlo their home and avoid paying billions of euros in tax. Sputnik spoke to the UK Socialist Party’s Deputy General Secretary, Hannah Sell, about why France and the European Union have done nothing to combat this tax haven in...

How to Apply for CIT Incentives in China

China offers a number of preferential corporate income tax (CIT) policies for businesses operating in the country. Businesses that qualify for these preferential policies can benefit from incentives like CIT rates lower than the standard 25 percent rate and other CIT exemptions and deductions. These preferential tax treatments, however, do...

Sri Lanka And Oman Sign Agreement On Avoidance Of Double Taxation, Tax Evasion

An agreement on Avoidance of Double Taxation and Prevention of Fiscal Evasion between Sri Lanka and Oman was signed during the Second Meeting of the Sri Lanka-Oman Bilateral Consultations, held on August 15, 2018 in Colombo at senior officials’ level by the leaders of the respective delegations. The Sri Lankan...

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...

Malaysia To Phase Out ‘Harmful’ Tax Regime

Malaysia has suspended its MSC Malaysia tax regime, pending changes to bring it into line with recommendations from the OECD’s Base Erosion and Profit Shifting initiative. Under the regime, domestic and foreign information and communication technology-related businesses can apply for “MSC Malaysia Status,” which allows them to benefit from tax...

Warning to declare foreign income before September deadline

UK taxpayers who receive any foreign income or profits from offshore assets have been urged to contact HMRC and disclose this income before 30th September 2018 to avoid being hit by higher penalties. David Redfern, tax preparation specialist and director of DSR Tax Claims, warned those affected to contact HMRC...

FBR to send tax notices to 600-700 potential tax evaders in UK

ISLAMABAD: After expiry of the tax amnesty scheme that had failed to lure owners of offshore assets abroad in a big way, the Federal Board of Revenue (FBR) has decided dispatching tax notices to 600-700 individuals having rental income from possessing expensive properties in the UK in a bid to...

VN-Cambodia agreement on double taxation avoidance ratified

The Government has ratified the agreement on double taxation avoidance and income tax evasion prevention between Vietnam and Cambodia. The Government assigned the Ministry of Finance to coordinate with relevant ministries and agencies of Vietnam and Cambodia in implementing the agreement. The agreement was officially signed on the occasion of...

HMRC warn UK taxpayers it’s time to declare offshore assets

HM Revenue and Customs (HMRC) is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties New legislation called “Requirement to Correct’ requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK...

Nigeria’s Tax Law obsolete, overdue for review —Oruaze Dickson

A legal practitioner cum entrepreneur, Moses Oruaze Dickson, has called for the review of the legislative framework for tax and taxation in the country, describing the existing law as obsolete for a progressive society like Nigeria. According to Dickson, who is also Managing Solicitor, Triax Solicitors, the law is long...

PM asks authorities to probe tax evasion by FDI firms

Media reports have suggested the Government to build a more effective mechanism to tackle the problem that prolonged loss-making FDI enterprises have still enlarged investment and production. — Photo cafebiz.vn Viet Nam News HA NOI – Prime Minister Nguyen Xuan Phuc has assigned the Ministry of Finance (MOF) and General...

Rivers seeks support from US senators

(CNS): Financial Services Minister Tara Rivers was in Washington, DC, last week, trying to persuade US Senators and others that Cayman’s financial services industry is well regulated and adhering to tax transparency standards. Picking up from an earlier visit, the minister spoke with American lawmakers about the industry here and...