Former Prime Minister Tigran Sargsyan, who is currently Armenia’s ambassador to the United States, has filed a lawsuit against former businessman Paylak Hayrapetyan with a demand that he refute the “libelous information” spread about him and pay 1 million AMD (about $2,100) in compensation for moral damages. Sargsyan demands Hayrapetyan,… – Continue reading
Two heirs to Italian luxury jeweller Bulgari denied wrongdoing on Tuesday after an Italian court ordered them to stand trial along with 11 others on suspicion of tax evasion. Brothers Nicola and Paolo Bulgari will be called to respond to allegations the jeweller evaded taxes between 2006 and 2010, before… – Continue reading
Athens is in talks with Swiss authorities on plan to voluntarily declare deposits abroad Greece may impose a small levy on bank ATM withdrawals to encourage use of credit cards, as part of a package of measures aimed at fighting tax evasion, the finance minister said on Tuesday. “There may… – Continue reading
Caribbean IFCs continue to face the growing challenges as global standards struggle to manage certain risks across borders. Some of these challenges (such as cross border tax information sharing) have maintained their original format but intensified and we have seen several new initiatives (for example a push for beneficial ownership… – Continue reading
There is an existing global instrument to help prevent the £2tn annually lost to governments. The UN should focus on making it work Tax evasion is a major cause of underdevelopment. Against the backdrop of Greece struggling to plug budgetary holes, aggravated by rampant tax evasion, the upcoming UN financing… – Continue reading
Six of the biggest names in global finance shelled out billions of dollars Wednesday to settle charges of rigging currency markets, but liberal lawmakers complain the government is just doling out slaps on the wrist. On Wednesday, the Justice Department announced a settlement that also saw five banks plead guilty… – Continue reading
Switzerland has begun online publication of names of foreigners and foreign firms wanted in tax probes by their countries of origin, including Germany. American citizens are identified only by their initials. The Swiss Sunday newspaper “Sonntagszeitung” said the alpine nation was flooded with formal tracing requests from foreign tax authorities…. – Continue reading
New Delhi: Government on Monday asked income tax department to take steps to unearth domestic black money while keeping a close watch on ponzi schemes, bogus IPOs and other such illegal means of raising money. The government is determined to fight menace of black money both abroad and inside the… – Continue reading
In a bold attempt to reduce frivolous tax demands, the income tax department has decided to overhaul the annual performance appraisal system for tax officials, relying on the quality and effectiveness of their work and not plainly on the quantum of tax demands raised. Sources said that error-free and well-reasoned… – Continue reading
Switzerland has begun revealing alleged foreign tax dodgers that are wanted by tax authorities in their native countries, Swiss newspaper Sonntagszeitung reported. MOSCOW (Sputnik) – Names, birth dates and nationalities of people suspected by their countries of origin to have stashed money in the alpine tax haven are being published… – Continue reading
Argentine political analysis is increasingly introspective but sometimes it is worth looking at developments in the wider world in order to place things in perspective. The substantial rise in the tax burden over the past decade has led to plenty of local moaning and groaning at both national and provincial… – Continue reading
A bill offering legal amnesty to Russians who willingly declare their foreign assets sailed through Russia’s lower house of parliament on Friday, forcing companies and individuals to face a crucial question: to declare or not to declare? Under the legislation, known as the “capital amnesty bill,” businesses and citizens who… – Continue reading
America the not so brave CRACKING down on tax evasion “has been a core piece of President Obama’s agenda” since before he took office, according to a spokesman. His administration’s campaign to that end has been a “groundbreaking” success, according to the Department of Justice, the agency that has led… – Continue reading
The Foreign Account Tax Compliance Act (FATCA) – a law passed in 2010 to tackle the abuse of using offshore financial accounts for the purpose of evading US taxes – is now in effect after a two-year delay. As it requires foreign financial institutions worldwide to identify and report to… – Continue reading
A special European Parliament committee meant to examine tax breaks for multinationals is being stonewalled at every turn, prompting some MEPs to consider taking the legal route to get real powers, reports the EU Observer. Parliament president Martin Schulz is being blamed for the committee’s weak mandate. Fabio de Masi,… – Continue reading
Change to the Procedural Requirements at the Bank of Israel The Bank of Israel has recently implemented measures that are designed to minimize legal and reputational risks for Israeli banks. The Bank of Israel circulated a draft directive for all Israeli banks by virtue of which all foreign (non-Israeli resident)… – Continue reading
ISLAMABAD – The PML-N government is mulling to bring amendments in law to empower Federal Board of Revenue (FBR) to purchase urban land at about 25 per cent over and above rates declared in transfer deeds in order to stop tax evasion. Currently, the people involved in the real estate… – Continue reading
President His Highness Sheikh Khalifa Bin Zayed Al Nahyan has issued a number of federal decrees ratifying a number of agreements concluded with the governments of friendly countries. The decrees have been published in the recent issue of the federal official gazette, reports the Gulf Today. Sheikh Khalifa issued Federal… – Continue reading
The ultimate owners of companies will have to be listed in central registers in EU countries, open both to the authorities and to people with a “legitimate interest”, such as investigative journalists, under new rules already agreed with the Council and endorsed by Parliament on Wednesday. The new anti-money laundering… – Continue reading
It is quite clear that the more recent past has seen a notable shift in the debate from various supranational initiatives implemented over the years, designed to curtail the activities of smaller offshore financial centres, towards the real issues of tax transparency, regulatory cooperation and managing systemic risk in the… – Continue reading
AUGUSTA — A measure to prevent multinational corporations from evading Maine taxes by hiding profits in offshore tax havens won initial approval in the state’s Democratic-controlled House of Representatives on Thursday on an 81-67, party-line vote. The bill, LD 341, sponsored by state Rep. Ryan Tipping-Spitz, D-Orono, requires Maine companies… – Continue reading
OECD, G20 team up to plug loopholes that allow companies evade taxes in jurisdictions they operate to prevent tax base erosion There is now a serious global attempt to ensure that multinationals pay taxes in the jurisdiction in which they carry out their business. The attempt is being made keeping… – Continue reading
Jersey’s positive role in helping to drive forward and shape the international transparency landscape has been praised by a senior OECD tax expert at this year’s Jersey Finance Annual London Private Client Conference. Addressing an audience of more than 400 senior private client tax, trust and wealth management professionals at… – Continue reading
Jersey’s positive role in helping to drive forward and shape the international transparency landscape has been praised by a senior OECD tax expert at this year’s Jersey Finance Annual London Private Client Conference. Addressing an audience of more than 400 senior private client tax, trust and wealth management professionals at… – Continue reading
BEIJING, May 21 (Xinhua) — China has signed agreements with 99 countries to avoid goods being taxed twice as they cross borders in order to benefit more domestic enterprises going global, said a senior taxation official on Thursday. Wang Wenqin, deputy director of the State Administration of Taxation’s international tax… – Continue reading
ISLAMABAD: The Federal Board of Revenue (FBR) has decided to launch an investigation into Axact Pakistan (Pvt) Limited’s assets in foreign countries, including the United Kingdom and the United Arab Emirates, bank accounts, credit card transactions and internet marketing in and outside Pakistan. FBR’s subsidiary Directorate General Intelligence & Investigation… – Continue reading
Jean-Claude Juncker, President of the European Commission, just got a step closer to explaining his role in the Lux Leaks scandal. Speaking after an official visit to Luxembourg, German Member of the European Parliament, Fabio De Masi said: “It is becoming increasingly clear that powerful EU member states like Germany… – Continue reading
Actor John Malkovich has sued the French daily paper Le Monde over false reports saying he had a secret Swiss account. The defamation suit is the latest proof that having an undisclosed account in Switzerland—or perhaps anywhere—is an embarrassment for anyone. Whether politician, public figure, or anyone else, no one… – Continue reading
On May 8, 2015, the United States Department of Justice announced that it had entered into a “non-prosecution agreement” (NPA) with Swiss bank Vadian Bank AG under the Department of Justice’s (DOJ) Swiss bank program. In its press release announcing the NPA, the DOJ said, “the department has opened investigations… – Continue reading
* Assets under management down 1 pct to 289 bln Sfr at end-April * Net new money growth at the low end of target range * Shares up 9.2 pct year to date (Adds detail, shares) ZURICH, May 19 (Reuters) – Swiss private bank Julius Baer said its assets under… – Continue reading
As money laundering is estimated to cost over €1 trillion a year, MEPs are set to vote on measures to set up an EU register of beneficial company owners. One of the hot topics at this week’s plenary session is parliament’s proposed measures against money laundering and terrorist financing, which… – Continue reading
Chennai: Tamil Nadu’s commercial tax department is investigating into tax suppression and evasion to the tune of Rs.1,522 crore, an official statement said on Monday. The government is also taking action based on the result of audit and inspection with a total revenue effect of Rs.5,178 crore. In a statement… – Continue reading
In 1934, a distinguished American jurist, Judge Learned Hand, famously opined that “one may so arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to… – Continue reading
As part of a push to control money laundering in the global banking system, the HKMA has called on lenders to peek into customers’ filings, reports the South China Morning Post. Banks in Hong Kong are calculating just how much tax expertise they will need to add over the coming… – Continue reading
Georgia’s freshman Senator David Perdue is a big advocate of the Fair Tax – a proposal long linked to the Peach State that calls for replacing federal income taxes with a national sales tax on all goods and services. Perdue talked up the plan in the GOP primary and general… – Continue reading
SEOUL – Tax authorities in Korea are aiming to stamp out tax evasion by requiring taxpayers to declare all of their overseas investments. On May 18th the National Tax Service of Korea issued a statement announcing that taxpayers will now be required to submit detailed information about investments or properties… – Continue reading
THE BJP-led National Democratic Alliance government, which had made a lot of noise about black money and the illegal stashing of funds abroad in the run-up to general elections last year, finally got down to some serious work to tax ill-gotten wealth and curb its growth. Last week, the government… – Continue reading
Short cuts, loopholes and other forms of skulduggery will not be tolerated when the automatic exchange of tax information comes into force, a top official from the Organisation for Economic Co-operation and Development (OECD) has promised Swiss bankers, reports FinFacts. Grace Perez-Navarro, second in command at the OECD’s tax policy… – Continue reading
Governments and tax partners need to work to ensure confidentiality is protected when new international tax transparency rules come into force in 2017, according to OECD director, Pascal Saint-Amans. “There is a fundamental difference between the automatic exchange of information and the existing system of exchange upon request, particularly because… – Continue reading
If you are hiding income from the taxman, consider how long you are at risk. Three years, six, more? Even if you did your best with your taxes, you might be worried as taxes are horribly complex. The line between aggressive tax planning and tax evasion is sometimes less clear… – Continue reading
“We will have a black money discussion (with finance minister Arun Jaitley) to solve and clarify (the issue),” said Swiss economic affairs minister. Amid India enacting a law to deal with the menace of black money stashed abroad, Switzerland on Friday said that it is considering amendments in its domestic… – Continue reading
KUALA LUMPUR, May 15 ― The Malaysian Anti-Corruption Commission (MACC) today froze 1,623 bank accounts of companies and individuals involving over RM560 million in the first day of its “Operasi Bersepadu” in Sabah. The commission’s investigation division chief Datuk Mohamad Jamidan Abdullah said the operations were launched to crack down… – Continue reading
Introduction to FATCA On December 16 2013 Malta and the United States entered into an intergovernmental agreement (IGA) to implement rules and regulations under the Foreign Account Tax Compliance Act (FATCA). FATCA, enacted in 2010 by the United States, requires US taxpayers and financial institutions to report financial information to… – Continue reading
Senators and members of the House of Representatives under the Anti-Money Laundering and Cyber Security Coalition are expected to meet and suggest to President-elect retired General Muhammadu Buhari the establishment of special courts that will deal with cases of tax evasion and corruption offences. Chairman of the coalition, Senator Aloysius… – Continue reading
WASHINGTON, May 15 (Reuters) – Finter Bank Zurich AG has agreed to pay $5.4 million in a deal with the Justice Department to resolve tax-related offenses, becoming the third Swiss private bank this year to reach a settlement to avoid U.S. prosecution over helping Americans evade taxes. Finter, a small… – Continue reading
The latest changes to VAT and profit tax legislation, implications of recent measures taken to fight fiscal evasion, changes to international tax reporting rules and the need to improve holding legislation were some of the topics discussed by participants in BR’s 14th Tax & Law conference which took place in… – Continue reading
JOHANNESBURG – There is considerable scope to collect more revenue by addressing tax leakage due to transfer pricing. Speaking at a forum event hosted by the Gordon Institute of Business Science (Gibs), Judge Dennis Davis, chair of the Tax Committee that was tasked with a comprehensive review of South Africa’s… – Continue reading
The opera singer Montserrat Caballé failed to appear in a Spanish court this week to settle a tax fraud case, and her lawyer stepped down as her legal representative in the matter. Ms. Caballé, who was summoned by a judge in Barcelona, Spain, on Tuesday, did not explain her absence,… – Continue reading
In order to curb the shadow economy and tax evasion, the State Revenue Service in Latvia will continue active control measures at companies in those national economy sectors that are the most exposed to the shadow economy; amendments have been drawn up in cooperation with the Finance Ministry in order… – Continue reading
While the Bureaucrat Hall of Fame and Moocher Hall of Fame already exist, the Hypocrite Hall of Fame is just a concept. But once it gets set up, Congressman Alan Grayson of Florida will definitely be a charter member. Here are some passages from a column in the Tampa Bay… – Continue reading
