COMMUNIST trade union leader Ken Gill famously referred to taxation as “the price we pay for civilisation.” If so last week gave further evidence of just how uncivilised a country Britain has become after decades of neoliberalism. Google’s deal with HMRC has rightly prompted outrage and consternation at the sheer… – Continue reading
European officials have been urged by the British government to remove Bermuda – a tax haven used by Google – from an official blacklist, according to reports. The behind-the-scenes lobbying by UK Treasury ministers involved a memo circulated among Tory MEPs in Brussels describing the sanctions against tax havens as… – Continue reading
Though the use of the retrospective tax on Vodafone and Cairn tend to grab the headlines, a large part of the ‘tax terror’ in India has really been the contribution of the high-pitched transfer pricing (TP) additions to the income of the MNCs Though the use of the retrospective tax… – Continue reading
The Italian Patent Box regime largely complies with the OECD recommendations to prevent base erosion and profit shifting. Its non-compliant features offer a brief window of opportunity for companies able to take swift advantage of its wide range of qualifying intangible assets. Many countries have implemented specific IP regimes through… – Continue reading
Finance Minister Bambang Brodjonegoro officially announced the aggregate tax revenue for 2015, amounting to Rp 1 quadrillion (US$72.46 billion). This record breaking number, however, was far below the target, by more than Rp 230 trillion. Still, the minister claimed the results were a decent achievement. This is true, especially because… – Continue reading
swissinfo.ch charts the evolution of the long-running tax dodging dispute between Switzerland and the United States and looks at how far there is still to go before the final curtain can be drawn on the affair. The United States wound up its “Category 2” tax evasion programme on Wednesday, netting… – Continue reading
BRUSSELS (Alliance News) – The EU stepped up the fight against corporate tax avoidance Thursday, unveiling proposals including an EU-wide blacklist of international tax havens, as part of a wider clampdown on firms using loopholes to reduce their tax bills. The EU’s executive estimates that member states are deprived of… – Continue reading
If Republican leaders in Congress really want to fix our broken corporate tax system, as they’ve recently claimed, they should start by blocking what would be the biggest offshore tax dodge in American history. By stopping drug giant Pfizer from changing its legal address to Ireland — and thereby avoiding… – Continue reading
SEJONG, Jan. 27 (Yonhap) — South Korea’s tax authorities said Wednesday that it has launched probes into 30 offshore tax evasion cases as part of its efforts to clamp down on tax dodging. The National Tax Service (NTS) said the investigation is targeting companies and individuals who have allegedly concealed… – Continue reading
Moving money out of the usual offshore secrecy havens and into the U.S. is a brisk new business. Last September, at a law firm overlooking San Francisco Bay, Andrew Penney, a managing director at Rothschild & Co., gave a talk on how the world’s wealthy elite can avoid paying taxes…. – Continue reading
The Australian Taxation Office has stepped up investigations into Australians with Swiss bank accounts, pursuing some individual debts worth more than $100 million. Figures obtained by The Australian also show that in the past 12 months the ATO has handed the details of more than 30,000 ¬financial accounts to the… – Continue reading
Facebook founder Mark Zuckerberg has been defending his decision to build a new data centre in Ireland against claims the move is a tax dodge. The social media mogul announced the start of construction of the €200m facility at Clonee on the Meath-Dublin border on his own Facebook page, quickly… – Continue reading
Directive follows a series of high-profile tax cases involving Google, Apple and others. Rampant corporate tax dodging and sweetheart deals that cheat governments and skew markets, have prompted the European Commission to unveil a new directive Thursday. The proposed legislation follows a quick succession of tax rulings, settlements and investigations… – Continue reading
The Internal Revenue Service appears to have violated a court order once again requiring the preservation of evidence needed by investigators looking into questionable practices at the agency. In a case sure to stir up memories of the Lois Lerner investigation, which saw IRS Commissioner John Koskinen dragged before Congress… – Continue reading
The Philippines should compel Thailand to abide by the World Trade Organization’s (WTO) ruling on the cigarette-tax case, after Bangkok slapped tax-evasion charges against Philip Morris Thailand (PMT), a legal expert said over the weekend. Lawyer Anthony Abad, who was part of the Philip Morris Philippines legal team that won… – Continue reading
Ludhiana: In a shocking case of fleecing consumers and evading service tax, Directorate General of Central Excise Intelligence (DGCEI), Ludhiana regional unit, has exposed a big scam involving country’s top online travel portals, majority of whom are based at Gurgaon. The officials have zeroed in on as many as five… – Continue reading
DAVOS, Switzerland—Google said Friday that it has struck a deal with U.K. authorities that will settle a tax dispute and boost its corporate taxes in Britain, part of a broader effort by European governments to wring more out of big firms in the tech sector. As part of the settlement,… – Continue reading
LAHORE: Directorate of Intelligence Inland Revenue (I&IR), Federal Board of Revenue (FBR) in a raid recovered, impounded and retained record of a known educational institution in an income tax evasion case. The income tax evasion by the educational institution, which has around 100 branches of schools, colleges and different entrance… – Continue reading
After designers Domenico Dolce and Stefano Gabbana spent almost eight years battling in Italian courts to protect their brand and their honesty — Italian fashion house Dolce & Gabbana was officially cleared of all tax evasion charges this week. “Finally,” Dolce’s lawyer, Massimo Dinoia, told WWD about the end of… – Continue reading
A Sacramento federal judge on Thursday sentenced a former West Sacramento attorney to two years in prison for a “sophisticated” tax-evasion scheme. According to prosecutors, James Stewart Richards, 69, owed federal income taxes between 1994 and 2003 totaling $170,000. Not only did he not pay taxes, but he went to… – Continue reading
Tax dodging by the super-rich is one of the main drivers of global income inequality and must be sharply curtailed, according to a new report from the global nonprofit Oxfam. Citing research by Berkeley economist Gabriel Zucman — a protégé of Thomas Piketty, author of the global bestseller on inequality,… – Continue reading
Ireland’s insistence that it is not a tax haven and that in fact other EU countries have tax regimes that facilitate tax dodging by multinationals will be borne out by a study to be released next week. But while this will be good news to Finance Minister Michael Noonan a… – Continue reading
India’s biggest source of FDI is India itself, money departing on a short holiday to a tax haven and then routed back as FDI. Will the government muster up the political will to clamp down on the tax-allergic business elite? This could be a bumper year for the ever-lucrative tax… – Continue reading
THE BUREAU of Internal Revenue (BIR) filed with the Department of Justice a criminal complaint against a “grey market” luxury car importer for P638.36-million tax evasion. In a Thursday briefing, Commissioner Kim S. Jacinto-Henares said the BIR found Eddie M. Estallo, Jr. liable for the tax after he filed inaccurate… – Continue reading
The Argentine has been fined €815,000 and handed a year’s sentence for two counts of fiscal crimes committed in 2011 and 2012 Javier Mascherano has been sentenced to a year in prison but is unlikely to ever serve time in jail, after a verdict was reached in his tax evasion… – Continue reading
The Yomiuri Shimbun Four international organizations will join forces to devise unified global tax rules aimed at preventing tax evasion by multinational companies. The four entities involved are the Organization for Economic Cooperation and Development, the United Nations, the International Monetary Fund and the World Bank. The OECD — whose… – Continue reading
THE Canada Revenue Agency (CRA) has a new program that offers rewards to individuals who provide precise details about Canadians hiding money or assets offshore and not paying the taxes they owe. It is not illegal to invest money or hold accounts offshore but Canadian residents must report their worldwide… – Continue reading
The IRS believes it is owed millions of dollars from golf clubs taking tax deductions for environmental protections that are not appropriate. The Internal Revenue Service may never be able to get all of the tax dollars it expects from wealthy investors or corporations due to tax loopholes or offshore… – Continue reading
Largely as a result of interaction between the Estonian Tax and Customs Board and entrepreneurs on the subject of incorporation, 157 more people have started to pay payroll taxes and have paid altogether 210,000 euros in such taxes in three months, the tax authority said, cites LETA/BNS. “In connection with… – Continue reading
With the issue of tax evasion a political priority and firmly in the media spotlight, the Public Accounts Committee kick-started 2016 with an evidence session with top HMRC officials as part of its inquiry into: Tackling tax fraud: how HMRC responds to tax evasion, the hidden economy and criminal attacks…. – Continue reading
MADRID (AP) – Lionel Messi’s tax fraud trial has been set for May 31-June 3, conflicting with the start of the centennial Copa America in the United States. The Copa America Centenario will kick off June 3, meaning the five-time world player of the year will not have the best… – Continue reading
COLUMBIA, S.C. – In an attempt to combat fraud, South Carolina taxpayers won’t be receiving their state income-tax refunds until March 1 or after. In a statement, the South Carolina Department of Revenue said that the delay will give the agency time to verify wage documents with the Internal Revenue… – Continue reading
BANGKOK—Thai prosecutors charged the Thailand subsidiary of global tobacco giantPhilip Morris International Inc. with tax evasion for allegedly under-declaring the value of cigarettes imported from the Philippines. The Office of the Attorney General said in a statement Tuesday it has filed a complaint with a Thai court after a long-running… – Continue reading
LONDON: India and the UK today agreed to strengthen their economic cooperation in infrastructure and financial services as they vowed to address cross-border tax evasion and avoidance. Finance Minister Arun Jaitley, who held talks with his UK counterpart George Osborne as part of the 8th India-UK Economic and Financial Dialogue… – Continue reading
COUNCIL chiefs have vowed to tackle tax evasion in Worcestershire – insisting they will not contemplate deals with those who fail to pay up. After widespread criticism it was not doing enough, the Government has taken steps to clean up its own policies so it avoids ‘buying’ any services or… – Continue reading
NEW DELHI: Indian businesses are anticipating a “more aggressive” stance by tax authorities as their tax arrangements come under greater scrutiny, says a survey. The findings are part of leading consultancy Deloitte India’s BEPS (Base Erosion and Profit Shifting) survey titled ‘Anticipating BEPS India impact’. Indian businesses are anticipating a… – Continue reading
KARACHI: Recently, under the context of the Article IV consultation, the International Monetary Fund (IMF) released a report on Pakistan’s overall economy. The report started on a positive note highlighting the macroeconomic gains made over the past couple of years which included the increase in growth rate from 3.7% in… – Continue reading
ATHENS, Greece – Greece has turned to a German state government to seek help in combating tax evasion. Greek tax officials, initially numbering about 50, will be trained by the tax authorities of North Rhine-Westphalia, a state noted for its success in persuading German citizens to repatriate capital they had… – Continue reading
European Commission is due to rule on Apple’s tax affairs in March But recent rulings suggest that report is likely to go against tech giant Probe investigating if firm negotiated low tax rate with Irish authorities If taxes are recalculated at higher rate, Apple could end up owing $8bn Apple… – Continue reading
The automatic sharing of tax information between India and Britain scheduled to begin from 2017 is expected to figure in the Economic and Financial Dialogue (EFD) between finance minister Arun Jaitley and chancellor George Osborne in London during January 18-19. Jaitley is scheduled arrive in London on a three-day visit… – Continue reading
The European Commission has ordered Belgium to recover €700 million from 35 large companies in back taxes in the EU executive’s biggest move yet to crack down on tax avoidance by multinationals. The Commission said Belgium’s “excess profit” tax system, whereby multinationals’ economies of scale can enable them to reduce… – Continue reading
Outgoing HM Revenue & Customs (HMRC) chief executive Lin Homer has said it is ‘unlikely’ to pursue further prosecutions against individuals involved in alleged tax evasion at HSBC’s Swiss private bank. HSBC was accused of helping wealthy clients to evade tax in February 2015, when the BBC’s Panorama programme reported… – Continue reading
Documentary Evidence European Union lawmakers sitting on the TAXE committee investigating corporate tax evasion in Europe say they have become frustrated at changes to their mandate and the unwillingness of the European Commission to hand over documents for their investigation. The matter is all the more personal as Commission President… – Continue reading
Professional landlords are using Airbnb and other home-sharing websites to avoid taxes and evade planning laws, according to Ufi Ibrahim, chief executive of the British Hospitality Association (BHA) Ibrahim provided evidence to the Business Innovation and Skills committee this week, where he argued that home-sharing websites like Airbnb are made… – Continue reading
According to Tanzania Revenue Authority (TRA), officials here, despite the introduction of the East African single custom territory that is harmonized through one stop border post some domestic traders have not actively taken the advantage. They have continued with their old tax evasion tricks at the main Sirari border post… – Continue reading
Tax evasion by online retailers is emerging as a serious and growing risk, Lin Homer, the outgoing chief executive of HM Revenue & Customs, warned on Wednesday. The illegal sales of tax-free goods over the internet was “a very big issue”, Ms Homer told members of the Commons public accounts… – Continue reading
Americans living abroad feel that the Foreign Account Tax Compliance Act negatively impacts their professional lives and that compliance with the related tax reporting requirements is overly burdensome, a survey by Americans Abroad Global Foundation and the University of Nevada has found. But most survey respondents believe the U.S. government… – Continue reading
The government aims to turn the screws on tax delinquents this year as well as those who have escaped the taxman’s radar, finance minister Harris Georgiades told MPs on Tuesday. The Tax Department is preparing to launch a drive to track down and tax the owners of luxury assets, such… – Continue reading
Microsoft CEO Satya Nadella will be sitting in the House gallery as an honored guest at the State of the Union (SOTU) address tonight. By all rights, he be should sitting before a Congressional committee instead, answering for his company’s blatant tax avoidance. Microsoft is playing a game called “Global… – Continue reading
‘We’re not a tax haven, we have never been involved in any kind of tax malpractice’ – Michael Noonan, Irish Minister for Finance 5th October 2015 If your top political figures need to constantly state that your country is not a tax haven, then the chances are it probably is… – Continue reading
