The “Evasion in the financial system” film is a documentary directed by former minister of Culture Jorge Coscia. It is based on the information leaked in the media by Hervé Falciani, an ex-employee of HSBC’s Swiss private bank, on clients and their tax situation. The C5N news channel aired this… – Continue reading
Center-left MEPs turn up the heat on multinationals refusing to exchange views on tax policy. Google, Facebook, HSBC and AB Inbev are among a group of multinationals that have been “banned” from meeting MEPs from the European Parliament’s center-left grouping unless the companies agree to appear before a special committee… – Continue reading
Tunis, — The process of returning Tunisian property and assets frozen in a number of foreign banks in general and in Switzerland, in particular, has not moved an inch. More than four years have elapsed since the fall of former President Ben Ali without any hope of progress on the… – Continue reading
James Packer defended his gambling empire on Wednesday, calling the casino owner Crown Resorts a “role model” business that meant more to him than anything except his family. Speaking at the annual general meeting, Mr Packer said Crown paid more tax as a percentage than any other business in Australia’s… – Continue reading
The Directorate of Tax Investigations in Iceland will begin investigating the tax returns of 30 individuals, RÚV reports. That decision is based on analysis of documents from tax havens purchased by the Directorate last spring. The number of cases was determined taking into account the number of staff available for… – Continue reading
The government’s determination to tackle tax evasion via offshore accounts is evident in its commitment to increasing international tax transparency, but it is in danger of veering seriously off course. Taking evasion action The government has been a key player in developing a common approach to automatically exchanging financial account… – Continue reading
MUMBAI: There is a sudden, inexplicable surge in money that Indians are sending abroad for ” maintenance of close relatives“. Such fund transfers typically add up to $10-20 million a month. But in July 2015, according to the latest available data, total remittance under this head crossed $124 million. Also,… – Continue reading
KOLKATA (miningweekly.com) – The Indian federal government has zeroed in on the mining sector as the prime repository of “black money” and unaccounted wealth stashed overseas, and was instructing a clampdown by tax authorities. In a directive to tax authorities, including the Income Tax Department (ITD), the Finance Ministry observed… – Continue reading
The Turnbull government has welcomed the support of the Labor party for the new laws that will add more teeth to the government’s crackdown on multinational tax dodgers. The government also offered to consider the suggestions of the opposition in improving the scope of the legislation. Labor formally announced its… – Continue reading
Panamanian officials question declared payments for Enrique Iglesias, Julio Iglesias, Alejandro Sanz and other artists Enrique Iglesias, Alejandro Sanz and Julio Iglesias are among the artists named in an investigation by Panamanian tax authorities into possible tax evasion, concerning money they received for concerts in that country. According to an… – Continue reading
Australia’s new Serious Financial Crime Taskforce (SFCT) is to launch investigations into serious international tax evasion and “phoenix activity” over the next two years. The SFCT has been operational since July 1 and, as of October 14, there are eight matters under investigation. More than 580 tax audits have been… – Continue reading
Government has made it easier for Australian companies to avoid paying tax, says Greens spokesperson Adam Bandt Greens MP Adam Bandt has lambasted the passing of new laws that ensure tax details of Australian-owned private companies are exempt from public disclosure rules, saying the government has made it easier for… – Continue reading
Oct 14 Germany’s Commerzbank has agreed with Cologne prosecutors to pay 17 million euros ($19.49 million) of fines for tax evasion, Sueddeutsche Zeitung reported on Wednesday, without citing the source of the information. Germany’s second biggest bank by market value is the country’s third lender after Hypovereinsbank and HSH Nordbank… – Continue reading
ISLAMABAD: Talent is universal, opportunities are not. A Pakistani is combating tax fraud in America and Russia using the same technology he earlier employed in Pakistan discovering 3.5 million out-of-tax-net rich individuals. Unlike the appreciation of his efforts abroad, the data he compiled in Pakistan has been thrown into the… – Continue reading
After confirming that he would take part in the final round of the 2015 World Superbike Championship in Qatar, Max Biaggi’s presence at Losail this weekend is no longer a sure thing. The multiple World Champion has taken a fall from his mountain bike and sustained muscular injuries that may… – Continue reading
Banking jobs in Geneva slipped to the lowest level since the 2008 financial crisis amid regulatory pressures, tax scrutiny and consolidation in the Swiss finance industry, according to lobby group Geneva Financial Center. Employees at banks in the city fell 3 percent to 18,855 in the 12 months through August,… – Continue reading
Switzerland has offered legal support to India in the case of a high-profile married couple suspected of evading taxes by hiding money in a HSBC bank account in Geneva. The Swiss tax authorities said on Tuesday that they were offering legal co-operation regarding Subhash Vasant Sathe, the son of a… – Continue reading
The UK Government’s pledge to introduce a criminal offence that could put unintentional offshore tax evaders behind bars has been criticised by the Chartered Institute of Taxation (CIOT). Despite supporting HM Revenue & Customs efforts to tackle tax evasion, CIOT said it is opposed to the government installing a new… – Continue reading
A trial in Switzerland has been adjourned against Hervé Falciani, the former IT worker from the HSBC Private Bank in Geneva who leaked data about thousands of suspected tax evaders. Falciani, 43, now living in Spain, failed to appear in the Federal Criminal Court in Bellinzona in the canton of… – Continue reading
An independent panel appointed by Bank Leumi Le-Israel Ltd. recommended that a former chairman and chief executive officer both return bonuses after the lender agreed to pay a fine to U.S. authorities in a tax probe. An insurer for the former bank officials will pay an additional $92 million. Leumi,… – Continue reading
The US Internal Revenue Service has begun receiving data from foreign banks about US expats’ overseas bank accounts and is now sharing data with certain foreign tax authorities to also support their tax enforcement efforts. The first tax information exchanges on September 30, 2015, were facilitated by a platform put… – Continue reading
Raoul Weil, a former UBS Group AG banker, faces tax-dodging charges in France less than a year after he was acquitted of U.S. tax conspiracy allegations. France’s national financial prosecutor charged Weil with helping tax evasion and illicit marketing and set a payment similar to bail at 200,000 euros ($226,000)… – Continue reading
Dozens of banks signed amnesty agreements disclosing tactics, providing prosecutors with valuable information At a rate of one or two a week, Swiss banks are doing what was once unthinkable: revealing to the world how they helped wealthy Americans cheat on their taxes. Once bastions of secrecy, 41 Swiss banks… – Continue reading
VietNamNet Bridge – Minister of Planning and Investment Bui Quang Vinh has disagreed with the opinion that Coca-Cola has been conducting transfer pricing in Vietnam, affirming that the soft drink manufacturer is innocent until proven guilty. Vinh made the statement at the Vietnam Global Investment Forum held in Hanoi in… – Continue reading
Ministers of G20 countries must deliver on their climate finance promises and support a second wave of attacks on corporate tax cheats if they want to be successful in their Lima meeting, Oxfam said on Wednesday. “Corporate tax dodgers deprive Latin America of half of its potential tax revenue. This… – Continue reading
The court overruled the order of Income Tax Appellate Tribunal issued last year suggesting that the income tax dept has jurisdiction in this dispute Mumbai: The Bombay high court on Thursday ruled in favour of the Indian arm of Vodafone Group Plc. in a Rs.8,500 crore transfer pricing tax dispute…. – Continue reading
Spanish prosecutors have dropped all tax fraud charges against FC Barcelona’s Argentinian star Lionel Messi, but will pursue the case against his father. Jorge Horacio Messi and the footballer were accused of defrauding Spain’s tax office by not paying €4m (£2.9m, $4.5m) due in taxes between 2007-09. If convicted, the… – Continue reading
A senior officials say they have no legal jurisdiction over the accounts maintained in foreign countries and governments there can cooperate only in case of established criminal conspiracy While the government has threatened rigorous action against black money hoarders after tepid response to its one-time compliance window, it may have… – Continue reading
NEW DELHI: India has found global allies in its fight against black money. Germany, France, Switzerland, Singapore, Mauritius and the British Virgin Islands are among those that are providing information, or will soon start doing so, on assets held by Indians, helping the Narendra Modi government in its campaign to… – Continue reading
A financial adviser and a group of film producers who set up an international scheme are facing a trial for fraud. It is alleged the scheme, which took advantage of the tax relief the UK Government offers the film industry, created the appearance of huge “paper losses”, The Times reported… – Continue reading
The government intends to crack down on tax evasion by adopting best practices from other countries, Greek Alternate Finance Minister Tryfon Alexiadis said in Parliament on Tuesday, during the debate on the government’s policy statements. Among others, he announced plans to follow the German model for tax inspections, in which… – Continue reading
WEST PALM BEACH, Fla. (AP) — A former Swiss bank executive is due to be sentenced in Florida for conspiracy as part of a long-running U.S. investigation into tax evasion. Hansruedi Schumacher could avoid prison in the scheme because of his cooperation. He pleaded guilty in April to conspiring to… – Continue reading
Two banks owned by former Tory Party vice-chairman Lord Ashcroft are at the centre of a major US tax evasion investigation. Authorities are probing whether wealthy Americans have been using the banks, based in the Central American tax haven Belize, to shelter funds offshore. Billionaire Lord Ashcroft is the majority… – Continue reading
It’s not just about the pig’s head. Britain’s headline writers went into high porcine pun mode last month over a suggestion that Prime Minister David Cameron, while still in university, had taken part in a club-initiation ritual that bizarrely incorporated part of a pig carcass. The second-hand allegation appears in… – Continue reading
At least 25 multi-millionaire Canadians used an offshore “sham” set up by accounting firm KPMG, a document filed Tuesday in Federal Court shows. For more than two years, KPMG has been fighting a court order to provide the list of names of multi-millionaire clients who had used what the CRA… – Continue reading
Moving overseas to cut tax burden remains a viable option for some firms, though the presidential candidates may have other plans. With the long haul of a presidential election campaign just beginning, companies that leave the U.S. to lower their tax bills are once again political targets. Donald Trump this… – Continue reading
MIAMI (AP) — A former executive at Swiss bank UBS AG might avoid jail time and end up with probation because of his extensive cooperation in a long-running U.S. investigation into tax evasion using secret accounts. Prosecutors asked a judge to order five years’ probation and a $150,000 fine for… – Continue reading
PARIS – France’s fight against tax evaders is paying dividends, and will help the government cut taxes for households. On September 28th the Minister of Finance of France Michael Sapin announced that the upcoming budget plan for the 2016 year has been boosted by approximately EUR 2.4 billion, following a… – Continue reading
The Netherlands have requested information on a large number of Swiss bank accounts held by residents of its country in connection with a tax probe, Swiss authorities confirmed at the weekend, reports the Swiss Local. Swiss tax authorities received a request from their Dutch counterparts in July for access to… – Continue reading
ESPN FC’s Fernando Palomo previews the upcoming UCL action, highlighting that Barcelona will have to learn to play without Messi. Also Mou faces his old Club, while Bayern may be playing at their best. Barcelona star Javier Mascherano was charged with two counts of defrauding the Spanish tax authorities of… – Continue reading
Two more Swiss banks will pay fines to the United States as part of settlements that mean they will not face criminal charges for helping Americans avoid taxes, U.S authorities said on Friday. Migros Bank AG will pay approximately $15 million and Graubündner Kantonalbank will pay $3.6 million, the U.S…. – Continue reading
Hungary’s Minister of State for the Utilization of EU Funds, Balázs Rákossy, has called for a more coordinated EU effort in the fight against tax evasion. Speaking at the 13th G28 taxation forum, Rákossy noted that the recent EU report on the VAT gap revealed that EU states lost theoretical… – Continue reading
The tax office is beefing up efforts to catch international tax cheats by swapping banking information with US authorities. Details of more than 30,000 financial accounts worth over $5 billion held in Australia by US citizens will be provided to US Internal Revenue Services under the first wave of transparency… – Continue reading
Entebbe — Members of African Parliamentarian Network on Illicit Financial Flows and Tax (APNIFFT) want governments across the continent to put more pressure on multinational companies to pay full taxes. According to the parliamentarians, tax evasion and illicit financial flow (IFFs) from Africa can be brought to an end if… – Continue reading
A report from Italy’s Minister of the Economy and Finance says the annual Italian “tax gap” – the revenue lost due to tax breaks, avoidance, and evasion – totalled EUR91.3bn, or 6.6 percent of the country’s gross domestic product, during the period 2007-2013. This represents a fall from the EUR93.5bn… – Continue reading
Former Real Madrid midfielder Xabi Alonso has denied that he is guilty of defrauding Spain’s tax authorities. The country’s revenue services claim that Alonso – currently with Bayern Munich – defrauded the state by having his image rights paid to companies based in overseas countries. A complaint has been lodged… – Continue reading
Coalition bill to scrap taxation transparency requirements for privately held companies with incomes of $100m or more examined in Senate hearing The Australian federal police had not been approached by the tax office over fears that publishing the tax details of wealthy individuals would lead to an increased risk of… – Continue reading
NEW DELHI: Widening its probe into suspected tax evasion and laundering of black money through stock markets, regulator Sebi is looking into illicit ‘arbitrage’ through derivatives trading from offshore locations. Also under the scanner are manipulation through ‘client code modifications’ in the past, although there has been a complete clampdown… – Continue reading
On Friday, Coca-Cola Co. said that it may owe the IRS an extra $3.3 billion in federal income taxes. According to the company, the Internal Revenue Service found after a five-year-long audit that the soft drink giant may owe the federal government $3.3 billion along with interest for the 2007… – Continue reading
The night that Uber started offering its ride-hailing service in Costa Rica, vandals – reportedly taxi drivers – smashed the windows of one of the company’s cars in protest. Traffic police impounded two Uber vehicles earlier that same night. Airbnb, however, another staple of the so-called “sharing economy,” has been… – Continue reading
