White-collar criminals who launder billions by buying luxury UK properties must be tackled, Prime Minister David Cameron said on Tuesday. Experts warn these fraudsters are distorting the UK property market and pushing up house prices in the process. Cameron’s criticism of money laundering formed part of a broader speech on… – Continue reading
Fraudsters behind the latest phone scam making the rounds appear to believe that Canadians pay taxes to the American Internal Revenue Service. “Notice against your name for tax fraud, for tax evasion,” the recorded message begins and continues with its threatening tone. “So before this matter goes to complaint goes… – Continue reading
The Supreme Court-appointed special investigative team’s (SIT’s) recommendation of stricter norms for participatory notes (P-notes), to check the flow of unaccounted money, is likely to be viewed negatively by the market. The SIT had last week suggested the Securities and Exchange Board of India (Sebi) put in place regulations to… – Continue reading
Six people, one a financial adviser, have been arrested as part of an investigation into a suspected £4 million tax evasion and money laundering fraud. Officers from HM Revenue and Customs searched six premises in Telford and Wolverhampton last week and arrested the four men and two women. During the… – Continue reading
Following the trends of countries such as Spain and Mexico, among others, Brazil has begun to amend and introduce new legislation to reflect BEPS recommendations in its internal legislation. Provisional Measure (PM) 685 was issued this month, determining a disclosure procedure as a result of BEPS Action Plan 12 (Mandatory… – Continue reading
HSBC could have to relinquish its membership of the FTSE-100 index if it moves its HQ to Hong Kong, Sky News understands. HSBC is wrestling with the potential loss of its membership of London’s blue-chip share index if it moves its headquarters back to Hong Kong after a 23-year absence…. – Continue reading
Anyone running a business online through an app store, listings site or similar services could face new scrutiny on tax as part of a government crackdown on tax evasion. Under the new terms, Airbnb, Apple, Amazon eBay and Gumtree could all be required to hand over user information to the… – Continue reading
Gang is suspected of large-scale tax evasion Prague, July 24 (ČTK) — Daniel Rudzan, a right-hand man of Shahram Abdullah Zadeh, an influential Iranian oil dealer, both suspected of a huge tax evasion, has been released from custody in the Czech Republic, Lidovky.cz server reported today. Along with them, another… – Continue reading
Wealthy investors in multiple tax avoidance schemes are being leaned on to settle what the tax authority sees as due, or risk reputational damage, reports the Financial Times. Although the government has yet to legislate for powers to “name and shame” tax avoiders, HM Revenue & Customs has warned a… – Continue reading
HM Revenue & Customs (HMRC) has won a case against £29 million ‘sham’ tax avoidance scheme in a tribunal case, reports Citywire. The First-Tier Tribunal rules against tax avoidance scheme the Brain Disorders Research Limited Partnership and partner Neil Hockin’s attempts to claim £29 million in tax relief. The investors… – Continue reading
In order to provide the necessary legislative amendments required to implement the tax proposals that were announced in the 2015 National Budget on 25 February 2015, the National Treasury (Treasury) published the 2015 Draft Tax Administration Laws Amendment Bill (TALAB) on 22 July 2015 for public comment. One of the… – Continue reading
Fatca was introduced in 2010, to curb offshore tax evasion by US entities and citizens Even after the signing of a treaty between the governments of India and America to comply with the latter’s Foreign Account Tax Compliance Act (Fatca), mutual funds (MFs) continue to remain wary of accepting investments… – Continue reading
Blatant corporate and personal tax evasion contributed to Greece’s debt crisis, but it’s dwarfed by the tax avoidance of U.S. multinationals operating in countries like Australia. There’s a popular misconception that Greece’s debt crisis was self-inflicted. ‘The Greeks are a bunch of tax evaders! They should never have been allowed… – Continue reading
MUMBAI: Suspecting tax evasion of at least Rs 5,000-6,000 crore, regulator Sebi has clamped down on a large number of organised syndicates who had set up ‘shops’ to convert black money into legitimate-looking funds through the stock market platform. While more than 900 entities have been banned from capital markets… – Continue reading
The link between global tax transparency and domestic resource mobilization was a key issue discussed at the sidelines of the Financing for Development conference. The side event, jointly organised by the Organisation for Economic Cooperation and Development (OECD) and UN-DESA,was attended by President of the African Development Bank, Donald Kaberuka,… – Continue reading
WASHINGTON — Two more Swiss banks will pay penalties to the United States as part of settlements that mean they will not face criminal charges for helping Americans avoid taxes, US authorities said on Thursday. SB Saanen Bank AG will pay nearly $1.4m and Privatbank Bellerive AG will pay $57,000,… – Continue reading
Effective August 17, financial institutions in Jamaica will be required to transmit relevant financial information to Tax Administration Jamaica (TAJ) – the competent authority – on persons who reside permanently in the United States (US) or persons who earn a substantial amount of their income from or within the United… – Continue reading
As globalist forces and the international institutions they control openly prepare to plunder humanity’s wealth, Third World dictators and tax-funded “civil society” groups have stepped up their demands for a United Nations tax authority — supposedly to ensure that they all get their “fair share” of the loot from Western… – Continue reading
Introduction Recently, the Cayman Islands Department of International Tax Compliance (DITC) notified financial institutions that in October 2015 it will be introducing local regulations to implement the OECD’s Common Reporting Standard (CRS), also commonly referred to as global FATCA or GATCA. That notice also served as a reminder that international… – Continue reading
In recent years, the popularity of the Canada Revenue Agency’s voluntary disclosures program – which enables taxpayers to correct any mistakes or omissions in their previous tax filings – has ballooned. When taxpayers come forward, their tax problems get solved, the CRA reduces the accrued interest and, most important, waives… – Continue reading
Turkish Finance Minister Mehmet Şimşek said the Turkish government and the United States administration will sign a deal on July 23 which will make financial information exchanges possible between the two countries, as a part of the efforts to fight against tax evasion, as reported by Anadolu Agency. “With the… – Continue reading
The total of uncollected VAT and income revenue by HM Revenue and Customs (HMRC) rose by £1 billion in the last 12 months to an eye-watering total of £34 billion. The £34 billion ‘tax gap’ – the difference between what HMRC is actually owed and what it physically collects –… – Continue reading
LAUSANNE — Julius Baer Group should have cash to purchase rivals even as it prepares to settle a four-year probe into tax evasion by the US justice department. Switzerland’s third-largest wealth manager said last month it set aside $350m to fund a financial agreement over the bank’s role in helping… – Continue reading
Categorizing it as a “large scale, continuing, complex commercial crime,” a judge has sentenced two Calgary businessmen to prison for five years for defrauding the federal government of millions in taxes that should have been paid on registered retirement savings plans. Court of Queen’s Bench Justice Peter McIntyre said Steven… – Continue reading
The governments of Guinea-Bissau and Cabo Verde (Cape Verde) signed agreements to avoid double taxation and prevent tax evasion at the end of a four-day working visit to Guinea-Bissau by the Prime Minister of Cabo Verde, José Maria Neves. Alongside the tax agreement, Cabo Verde will train Guinean technicians so… – Continue reading
The European Parliament’s special tax committee is seeking to punish multinationals for refusing to send representatives to a hearing in June by revoking lobbyist passes and preventing access to senior European Commission officials. AB InBev, AmazonEU, Barclays Group, Fiat Chrysler Automobiles, Google, HSBC Bank, Ikea, McDonalds and The Coca-Cola Company… – Continue reading
HMRC has secured £26.6bn from clamping down on tax avoidance and evasion in the last year, its annual accounts have shown. The tax office identified £2.7bn more such activity in 2014/15 than it did in the year before, when the figure amounted to £23.9bn. The chancellor pledged in his March… – Continue reading
A sweeping global reform of tax systems is under way and will have profound implications for the insurance industry, the London-based International Underwriting Association has warned. Responding to public concerns about tax evasion, the G20 major economies have ordered a major shift towards greater cooperation between tax authorities. This work… – Continue reading
Post Finance, the banking arm of the Swiss post office, has informed clients living abroad that their credit cards will be cancelled at the end of October. The Organisation of the Swiss Abroad (OSA) has criticised the decision that has been motivated by tightening money laundering and tax evasion regulations…. – Continue reading
HM Revenue and Customs (HMRC) has launched four consultations on the UK Government’s proposed new approach to tackling offshore tax evasion. Under the proposals, corporates who are deemed to have failed to prevent tax evasion or the facilitation of tax evasion would face a criminal offence. A separate strict liability… – Continue reading
THE GOVERNMENT’S MOVE to introduce criminal ‘strict liability’ measures for those with undeclared offshore income and assets have been roundly criticised by the CIoT. While welcoming the announcement that the offence will be targeted at only the “most serious” offshore tax evaders and a threshold of £5,000 of under-declared tax… – Continue reading
AN AGREEMENT to avoid double taxation and prevent tax evasion has been signed between Brunei and Luxembourg last Tuesday in Brussels, the Ministry of Finance (MoF) said yesterday. The MoF said this is in line with Brunei’s commitment to implement an internationally agreed tax information exchange standards. The ministry said… – Continue reading
At a global summit that addressed how illicit financial flows interfere with reducing poverty, wealthy nations rejected a plan to expand the UN’s power to fight global tax evasion. The plan, promoted by developing economies and transparency groups, was the subject of the meeting between delegations of UN members from… – Continue reading
1MDB scandal prompts regulator to outline S’pore’s anti-money laundering regime The financial regulator has outlined Singapore’s anti-money laundering regime after an unfolding scandal at 1Malaysia Development Bhd (1MDB) put the private banking industry here in the spotlight. The Monetary Authority of Singapore (MAS) said yesterday in a statement: “Singapore is… – Continue reading
The tax department has launched an investigation against 90 companies for possible evasion, money laundering and for converting black money into “white” through a series of transactions in little-known shares, commonly called penny stocks. Sources said this is a massive scam which the department is probing and is the latest… – Continue reading
A new UK criminal offence for corporations who fail to take reasonable steps to prevent their agents from criminally facilitating tax evasion would apply even if it is non-UK tax that is being evaded. The proposed details of the new offence are set out in a consultation document published by… – Continue reading
HM Revenue & Customs is consulting on a raft of new measures to clamp down on offshore tax evasion. The tax office has published four consultations, which will run to 8 October, on expanding the Government’s evasion strategy. The proposals include increased sanctions for individual tax evaders and new civil… – Continue reading
DEVELOPED countries throughout the world are stepping up efforts to curb base erosion and profit shifting (BEPS), a scheme used by multinational companies to avoid paying taxes estimated as high as $200 billion globally, especially when doing business across different jurisdictions. At the 2015 Asia Pacific Tax Symposium hosted last… – Continue reading
Australia has reportedly rejected a global push to require developed countries to give a time frame on meeting UN aid targets. Australia is getting a bad rap and is sending mixed messages about fighting poverty at a major United Nations conference in Ethiopia, the federal opposition says. Australian officials have… – Continue reading
Tax avoidance by big companies costs Africa tens of billions of dollars in revenue every year, continent’s leaders say at big meeting in Addis. AS the world grapples to find the cash to end poverty and battle climate change, African leaders at a global development summit being held in Ethiopia… – Continue reading
The U.S., Japan and Europe are being accused of blocking developing countries from participating in efforts to combat international tax evasion. Policymakers have been gathered this week in Addis Ababa, Ethiopia for the 3rd Financing for Development Conference, where discussions have been underway about ways to combat corporate tax evasion…. – Continue reading
The world can end the AIDS epidemic by 2030, the United Nations said on Tuesday, highlighting global success in rolling out life-saving drugs over the last 15 years. The UN Millennium Development Goal to halt and reverse the spread of the disease has been achieved, said UNAIDS, the global body’s… – Continue reading
CALLS are being made to change the rules at Worcestershire County Council to prevent any companies from taking advantage of “aggressive tax avoidance” to rip off taxpayers. Councillor Richard Udall wants bosses at County Hall to review the guidelines when allowing firms to bid for work such as office supplies,… – Continue reading
Lord Green has admitted more should have been done to uncover “industrial” tax avoidance practices at a Swiss arm of his former bank HSBC. The peer – who served as David Cameron’s trade minister for three years after stepping down as HSBC chairman in 2010 – said he did not… – Continue reading
Ukraine and Cyprus have agreed to review bilateral agreements on taxation to prevent the withdrawal of capital to offshore zones, Finance Minister Natalie Jaresko wrote on Facebook. “After very lengthy negotiations, we’ve finally taken an important step in the fight against capital withdrawal to offshore zones: we have with the… – Continue reading
On Friday, the Seventh Circuit upheld what it determined to be a substantively reasonable sentence for billionaire Ty Warner, the creator of Beanie Babies. We previously blogged about Warner’s district court sentencing, during which Judge Kocoras found that Warner’s “very unique” circumstances warranted a non-incarceration sentence – well below the… – Continue reading
Addis Ababa, Jul 12 (AFP) Prominent economist and Nobel laureate Joseph Stiglitz accused Germany today of displaying a “lack of solidarity” with debt-laden Greece that has badly undermined the vision of Europe. “What has been demonstrated is a lack of solidarity by Germany. You cannot run a eurozone without a… – Continue reading
The short answer to the question of the connection between Canada’s new anti-terrorism laws and taxes is that recent amendments to the Income Tax and Excise Tax Acts which arise through the Anti-Terrorism Act permit more extensive disclosure and sharing of private and confidential taxpayer information. The longer answer is… – Continue reading
TWO NEW SWISS BANKS REACH JUSTICE AGREEMENT On June 19th, 2015, the Department of Justice (DOJ) came to an agreement under the Swiss Bank Program with two new Swiss banks, Bank Linth LLB AG and Bank Sparhafen Zurich AG. BANK LINTH 126 U.S.-related accounts are attributed to Bank Linth Bank… – Continue reading
KUWAIT, July 13 (KUNA) ¬¬ The cabinet, under the chairmanship of His Highness the Prime Minister Sheikh Jaber Al¬Mubarak Al¬Hamad Al¬Sabah, approved Monday a number of agreements to boost cooperation with several friendly countries. The endorsed agreements included a memorandum of understanding for cooperation in social insurance with Bahraini government,… – Continue reading
