Category: Tax evasion investigations

PWS: New Reporting Regulation Will Have Big Effect on Family Offices

A new agreement on international tax and financial information exchange aims to provide less opportunity to shelter wealth from taxation. Global wealth managers and advisors need to make sure they and their clients are in compliance. CHARLOTTE, N.C. (PRWEB) JULY 18, 2018 The Common Reporting Standard (CRS) for the automatic...

National Assembly passes three amendments to strengthen international tax compliance

BASSETERRE, St. Kitts -– The Government of St. Kitts and Nevis took steps on Friday, July 13, to further strengthen its proactive cooperation on tax matters through the passage of three amendments to the Common Reporting Standard (Automatic Exchange of Financial Account Information) (Amendment) Bill, 2018, in the National Assembly....

FBR obtains information about Pakistanis’ immovable properties in UK

ISLAMABAD: Under a newly-signed agreement, Pakistan will have access to the information about its nationals’ assets abroad, it emerged on Monday. The Federal Board of Revenue (FBR) has obtained information regarding immovable properties owned by Pakistanis in the United Kingdom (UK). The information has been obtained with the assistance of...

India’s sweeping anti money laundering agenda comes under scrutiny

Money laundering and abuse of sophisticated financial instruments have come under increasing scrutiny from regulators. However observers warn high-profile initiatives often act as a distraction from a lack of genuine political will to tackle global financial crime. For example, India’s leading stock exchange, the BSE, de-listed 222 dormant shell companies...

Australia to Fight Crypto Tax Avoidance with Bilateral Data Sharing

Australian Tax Authority will use bilateral data sharing agreements to collect taxes on cryptocurrency income. The Australian Tax Authority (ATO) will seek international cooperation to tackle hiding of cryptocurrency income, ATO acting deputy commissioner Martin Jacobs told local media on Friday. This year Australian traders must file tax declarations about...

IRS spent $380M on FATCA, but still can’t enforce it

The Internal Revenue Service spent nearly $380 million to implement the Foreign Account Tax Compliance Act, but so far isn’t prepared to enforce the law, according to a new report. The report, from the Treasury Inspector General for Tax Administration, examined the IRS’s efforts to implement FATCA, which was included...

More Information… More Intense Transfer Pricing Disputes?

The Central Board of Direct Taxes has recently issued guidance on the appropriate use of the ‘Country-by-Country Report’. The CbC filing was introduced as a result of the OECD/G20 Base Erosion and Profit Shifting project. India also introduced the requirement to file CbC reporting recently with the completion of the...

Standard Chartered selects BearingPoint’s FiTAX as tax reporting solution

Standard Chartered has selected FiTAX, a solution from BearingPoint, as its global client tax reporting solution for QI, FATCA and AEoI/CRS reporting. International banking group Standard Chartered, founded in 1969, is with approximately 87,000 employees across offices in more than 60 countries one of the globe’s leading financial services institutions....

‘Double taxation arrangement’ renegotiated

Document to be presented to Tynwald after summer recess The Isle of Man has agreed a renegotiated ‘double taxation arrangement’ with the UK. Howard Quayle met with Mel Stride MP yesterday, who is Financial Secretary to the Treasury and Paymaster General across, to sign the document which replaces the agreement...

Tax chiefs unite to tackle international tax crime

HMRC has formed an alliance with tax enforcement bodies in 4 countries to share intelligence and expertise in the battle against international tax crime. The UK has joined forces with Canada, the Netherlands, the United States and Australia to launch the Joint Chiefs of Global Tax Enforcement (J5) – a...

Restriction on non-filer forex accountholders : SBP’s rules to clean up untaxed money from banking system

KARACHI: The central bank’s rules to restrict access of the non-filers to foreign currency accounts would gradually clean up untaxed money from the banking system, although it may hurt much-needed forex inflows in the short run, analysts and bankers said. Analysts said foreign currency accountholders have been facing intensifying scrutiny...

Regent Airways accounts frozen for tax evasion

The airline began commercial flight operations in 2010 and its fleet comprises five aircrafts The National Board of Revenue (NBR) has frozen the bank accounts one of the country’s private airlines, Regent Airways, for avoiding tax around Tk14 crore, confirmed sources at the NBR. According to them, the Customs, Excise...

Transfer pricing disputes: Interest payout relief coming for MNCs

CBDT issues draft notification on interest computation NEW DELHI, JUNE 20 The Central Board of Direct Taxes (CBDT) proposes to provide a relief to MNCs on the interest payable by them on the untaxed profits stashed abroad, requiring to be repatriated back to India under the transfer pricing regime. It...

China’s top legislature reviews draft amendment to Individual Income Tax Law

BEIJING, June 19 (Xinhua) — The Standing Committee of China’s National People’s Congress (NPC) has begun reviewing a draft amendment to the Individual Income Tax Law at its bimonthly session that opened Tuesday. The draft amendment raises the minimum threshold for personal income tax from 3,500 yuan (about 544 U.S....

Australia: Experts Say Tax Office on ‘Warpath’ Against Crypto Investors

Australian tax experts have confirmed that the Australian Taxation Office (ATO) is cracking down on cryptocurrency investors this year, local news outlet The New Daily reports Friday, June 15. The ATO had said in early March that they would be using a combination of data matching and “100-point identification checks”...

Liberia signs convention on mutual tax administration

Liberia has signed the Convention on Mutual Administrative Assistance in Tax Matters, as amended by the Protocol amending the Convention on Mutual Administrative Assistance in Tax Matters at the Organization for Economic Cooperation and Development (OECD) The Convention provides a multilateral basis for a wide variety of administrative assistance including...

EU budget: Boosting cooperation between tax and customs authorities for a safer and more prosperous EU

For the next long-term EU budget 2021-2027, the Commission is proposing measures to make tax and customs cooperation between Member States better and more efficient. Continued funding of these programmes will help the EU to progress in offering businesses unfettered and easy access to the EU’s Single Market so that...

Wealthy Kenyans With Billions Hidden in Offshore Accounts Rush to File Returns Ahead of Amnesty Deadline

As June 30th deadline to file returns with Kenya Revenue Authority (KRA) fast closes in, a section of rich Kenyans who have hidden assets overseas are rushing to return the assets to avoid paying taxes. Tax consultants told Business Daily that the wealthy lot is repatriating the cash to avoid...

SMEs are paying more corporation tax than bigger businesses

According to figures released earlier this year, SMEs are in fact paying more corporation tax than larger more complex organisations. Specifically, the rate paid by SMEs in 2016 was 21.7%, while it was 20% for businesses with a turnover of £1billion. The research was conducted by accountancy firm Moore Stephens,...

OECD backs BEPS plan in face of critics

The OECD has endorsed New Zealand’s crackdown on multi-national tax evasion, despite significant criticism from local businesses that it departs from OECD standards, Thomas Coughlan reports. David Bradbury, head of the OECD’s tax policy and statistics division, told Newsroom that the OECD was “very pleased with the strong support that...

The CRS cliff edge: turning a challenge into an opportunity

Ever since the Organisation for Economic Cooperation and Development (OECD) Council approved the OECD’s Common Reporting Standard (CRS) in 2014, the international economic community has been gradually moving closer to a smoother and more transparent global exchange of financial account data. It is widely acknowledged that the CRS is long...

West Africa Leaks: How Billions are Leaving Africa for Offshores

Multinationals, politicians, corporate moguls, and European consuls all used offshore companies and bank accounts to hide money and avoid taxes in West Africa, according to an investigation by the International Consortium of Investigative Journalists released Tuesday. Senegal is one of the poorest countries in the world, but this didn’t stop...

Bahamas Slips In Half OECD ‘Peer Review’ Criteria

The Bahamas slipped slightly in its latest OECD “peer review”, although it maintained its “largely compliant” ranking amid beneficial ownership and tax information exchange concerns. The just-released full Organisation for Economic Co-Operation and Development (OECD) report, produced by its Global Forum on transparency and tax information exchange, showed The Bahamas...

Tax raids end in Madhya Pradesh, Bengaluru; Rs 100 crore tax evasion, 12 bogus companies detected

The searches which started at the locations pertaining to the Bhopal-based Asnani Group and its business associates have led to the disclosure of around Rs 100 crores undisclosed income. BHOPAL: Five day long searches at 30 premises related to a Madhya Pradesh-based real estate major and business associates in Bhopal,...