(Bloomberg)– A Swiss banker who faced more than three years in prison for providing WikiLeaks with confidential details of his former employer’s offshore activities walked out of a Zurich courtroom a free man on Monday. Rudolf Elmer, 59, was given a suspended fine of 16,800 Swiss francs ($19,397) for violating Swiss… – Continue reading
Jan 20 (Agencies): The Modi government has decided not to divulge details of the 627 account holders being probed in the black money case. On Monday, the centre filed an affidavit in the Supreme Court asking it to dismiss senior advocate Ram Jethmalani’s petition that seeks details of the 627… – Continue reading
Tax forms will arrive in the mail any day now. At least one county in the area wants residents to know they’re cracking down on those who try to dodge the bill from Uncle Sam. Platte County Prosecutor Eric Zahnd announced last week that his office collected $220,000 in back… – Continue reading
Observers of offshore financial centres will know that post 2008 they have been weathering a perfect storm. Firstly, reduced transactional flows, simply because there is less money available for structured finance and investment generally. Secondly, a constant barrage of negative publicity, which deliberately seeks to conflate tax evasion and tax… – Continue reading
Italy and Switzerland have agreed an amendment to their double tax agreement to enhance tax information exchange provisions. It is hoped that the agreement will be signed before the March 2 deadline set by Italy’s new voluntary disclosure program to enable Switzerland’s removal from Italy’s “black list.” After three years… – Continue reading
Amazon made its bones avoiding taxes, and its tax history could bear on its current EU troubles. Amazon got bigger and more nimble than anyone else by betting on America’s love of tax avoidance.By edging the competition with no sales tax, Amazon grew to become the poster child of sales… – Continue reading
We commissioners have vowed to clamp down on evasion and fraud to make sure all companies pay their fair share 2014 was the year the world discovered there is no whisky in a double Irish and no cheese in a Dutch sandwich. Discussions about fair taxation and tax avoidance featured… – Continue reading
The Greens/EFA group has succeeded in its bid to set up a special enquiry committee into tax evasion and dumping, after gaining the support of over 25 per cent of MEPs, as required by parliament rules. This comes on top of an enquiry report currently being drafted by parliament’s economic… – Continue reading
The International Chamber of Commerce (ICC) has reaffirmed its active engagement in the second phase of the G20 / Organization for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) project while underscoring the importance of a coordinated and consistent approach to tax law changes. ICC continues to… – Continue reading
The Swiss Government has launched a three-month consultation period on draft legislation that will pave the way for Switzerland to implement tax information sharing agreements with other countries. Finance minister Eveline Widmer-Schlumpf announced the schedule in Bern on Wednesday and explained in outline that the cabinet wants Switzerland to agree… – Continue reading
ISLAMABAD: The Finance Ministry has proposed amendments to the Anti-Money Laundering (AML) Act 2010, in order to further improve it in lines with suggestions of the stakeholders regarding the anti-money laundering efforts and the Combating the Financing of Terrorism (CFT) regime. A well-placed source at the Finance Ministry told Customs… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights.http://www.ft.com/cms/s/0/3e5cbbfa-9bff-11e4-b6cc-00144feabdc0.html#ixzz3OtSPx5Gf The European Parliament is poised to launch a full inquiry into sweetheart… – Continue reading
He was known to authorities as Brazil’s black-market central banker, a career criminal who smuggled cash for the rich and powerful by private jet and armored car. Now Alberto Youssef — a rum-runner turned money-launderer turned reputed billionaire — has emerged as a principal player in the biggest corruption scandal… – Continue reading
The European Parliament’s Green Party cleared the first legal hurdle in its push for a probe of tax evasion in the wake of revelations about hundreds of sweetheart deals for companies in Luxembourg. The proposal gathered the backing of more than the required 188 EU lawmakers in order to seek… – Continue reading
ISLAMABAD: Despite an acceleration of terrorist activity and attacks in Pakistan, the government appears to have gotten worse at tracking terrorism financing in the last four years, flagging just 34 transactions – out of hundreds of millions in that period – as suspicious. This startling revelation was made by Mansoor Ali,… – Continue reading
The European Parliament’s Green Party has cleared the first legal hurdle for the creation of a committee to look into tax evasion in the wake of revelations about hundreds of secret deals for companies in Luxembourg. The proposal gathered the backing of more than the required 188 MEPs to seek… – Continue reading
MONMOUTH AM Nick Ramsay has warned increased tax avoidance is a real danger if Wales gains control of income tax. The Welsh Assembly has the option to call a referendum on whether income tax-varying powers should be devolved from Westminster. Under the Wales Act 2014, the Assembly will also gain… – Continue reading
In the light of the recent revelations about Luxembourg tax avoidance schemes for multinational corporations, a quarter of the European Parliament on Wednesday (14 January) backed the Greens’ proposal to set up a full inquiry committee on tax evasion and dumping. Managing to get the required support of 188 MEPs… – Continue reading
THE taxman has checked up on more than 3000 of the super rich it says dodged more than $1.3 billion in tax last year. So far, it says it has recouped half that money. The Australian Taxation Office said that in 2013-14 it did compliance checks on 2440 of the… – Continue reading
Yesterday, the US Taxation Office (IRS) announced the International Data Exchange Service. If you’ve not heard of it, it’s is an outgrowth of the Foreign Account Tax Compliance Act (FATCA), which requires every single bank in the world to get in bed with IRS to share information about customers. We’ve… – Continue reading
Quebec Finance Minister Carlos Leitão said in December he would ask Revenu Québec to look into whether Bombardier Inc. used Luxembourg as a way to avoid paying provincial taxes. What he didn’t say was that the results of those inquiries would remain secret. Washington-based International Consortium of Investigative Journalists discovered… – Continue reading
Outlook A missive from Amazon drops into my inbox. The retailer, tech giant, delivery drone developer and candidate to replace Spectre in the next Bond movie, wants to trumpet the thousands of new jobs it created last year. Six thousand, in case you were interested, and apparently that is the… – Continue reading
Severe council cuts could be reduced if multinational companies paid their fair share of tax, according to councillors. Labour Cllr Paul Merry, of Wanstead ward, and Cllr Varinder Singh-Bola, of Cranbrook ward, will put forward a motion at a council meeting this week calling on the authority to back the… – Continue reading
Jurisdictionally speaking, the Internal Revenue Code attempts to cast a broad net. The United States taxes its citizens’ income on a worldwide basis, regardless of residency. As every American expat knows all too well, this means overseas earnings must be reported to the IRS as taxable income. It matters not… – Continue reading
“The European Strategic Investment Plan is not the silver bullet. But if anyone has ideas to overcome the economic crisis with one stroke, stand up please,” said European Council President Donald Tusk in the debate on the results of the December European Council, which also covered tax avoidance and —… – Continue reading
Official’s notes include minutes from two meetings held on September 29th, 2008, in Government Buildings Bank guarantee notes The Department of Finance is considering whether to give the Oireachtas banking inquiry two notes from the night of the bank guarantee written by a Department official. They include minutes from two… – Continue reading
Switzerland’s Financial Centre Reforms Are A Work In Progress by Andreas Keiser, swissinfo.ch In the last few months Switzerland has made progress in making its financial centre internationally compliant. Key areas are the automatic exchange of information, enhanced administrative assistance with other countries, and the reduction of foreign untaxed assets…. – Continue reading
BUENOS AIRES] Argentina said on Monday it was suspending HSBC Bank Argentina’s right to transfer money abroad for 30 days due to “irregularities”, two months after charging it with helping clients evade taxes by siphoning their funds off to Switzerland. HSBC Bank Argentina has failed to fulfill a pledge to… – Continue reading
Severe council cuts could be reduced if multinational companies paid their fair share of tax, according to councillors. Labour Cllr Paul Merry, of Wanstead ward, and Cllr Varinder Singh-Bola, of Cranbrook ward, will put forward a motion at a council meeting this week calling on the authority to back the… – Continue reading
A senior Indian Revenue Services (IRS) officer attached to the investigation wing of the Income Tax department here is under the scanner of the Central Bureau of Investigation (CBI) which is probing a multi-city income tax evasion scam involving senior Income Tax (I-T) officials, chartered accountants and businessmen, The Hindu… – Continue reading
Bradley Birkenfeld, the former UBS AG banker who won a $104 million whistle-blower award after serving time in U.S. prison for tax conspiracy, lost a bid to move back to Europe before his probation term ends. U.S. District Judge William Zloch yesterday denied Birkenfeld’s request to let him leave the… – Continue reading
A pair of Democratic lawmakers in the House and Senate have re-introduced legislation aimed at preventing the abuse of offshore tax havens by multinational companies. Rep. Lloyd Doggett, D-Texas, a senior member of the tax-writing House Ways and Means Committee, and Sen. Sheldon Whitehouse, D-R.I., a member of the Senate… – Continue reading
The U.S. Internal Revenue Service (IRS), on Monday, introduced a new system that will allow financial institutions and tax authorities in other countries to securely send reports on financial accounts held by U.S. citizens to the IRS under the Foreign Account Tax Compliance Act (FATCA). The new system, dubbed the… – Continue reading
FORMER Tanaiste Michael McDowell has described as “nonsense” suggestions that Ansbacher inquiry judge Declan Costello was compromised by holding an account with the bank involved in the tax evasion scandal. Mr Costello’s family issued a statement defending the now deceased judge after it was alleged he was conflicted in overseeing… – Continue reading
Chinese nationals and companies operating overseas, who hold their fortunes outside of China, will soon be required to pay taxes on their worldwide earnings come Feb 1. Part of Beijing’s New Year resolution to crack down on tax avoidance and evasion, the general anti-avoidance rule (GAAR) and new penalties will… – Continue reading
New Electronic Funds Transfer (EFT) rules have entered into force in Canada, requiring certain financial intermediaries to report incoming and outgoing transfers of CAD10,000 (USD8,446) or more to the Canada Revenue Agency. On January 7, 2015, Revenue Minister Kerry-Lynne D. Findlay announced the launch of the CRA’s EFT initiative. Effective… – Continue reading
(Bloomberg) — The number of Americans renouncing U.S. citizenship increased 37 percent in the three months through December and the annual total reached a record level, data published Tuesday showed. The trend likely is accelerating because of a 2010 law that gives the Internal Revenue Service unprecedented access to U.S…. – Continue reading
South Africa has lost out on billions in tax revenue in the past decade as large corporations, wealthy individuals and criminal syndicates slipped nearly R1-trillion out of the country. A Washington DC research and advocacy group, Global Financial Integrity, believes South Africa suffered “illicit financial flows” totalling more than $122-billion… – Continue reading
ISTANBUL: Committing to resist protectionism, the G20 nations have pledged to improve business environment to promote growth and strengthen transparency to prevent cross border tax evasion. The G20 Ministers also expressed concern over terrorist activities and called upon the member nations to expeditiously comply with international norms concerning exchange of… – Continue reading
ISTANBUL: Committing to resist protectionism, the G20 nations have pledged to improve business environment to promote growth and strengthen transparency to prevent cross border tax evasion. The G20 Ministers also expressed concern over terrorist activities and called upon the member nations to expeditiously comply with international norms concerning exchange of… – Continue reading
(ATHENS) – Greece’s new anti-corruption tsar Panagiotis Nikoloudis has been tasked with recovering 2.5 billion euros ($2.8 billion) for the debt-strapped government’s coffers through a ruthless crackdown on tax evasion. The former Supreme Court deputy prosecutor and Greece’s first ever anti-corruption minister told AFP he was itching to tackle the… – Continue reading
HMRC chief executive Lin Homer will face questions today before the Public Accounts Committee (PAC) about the HSBC tax evasion scandal. The agenda of the scheduled meeting between Homer and the PAC has been overtaken by this week’s revelations about HSBC “assisting” over 7,000 UK nationals with their tax affairs…. – Continue reading
A Swiss banking executive accused of helping U.S. clients cheat on their taxes lost his bid for bail because he didn’t come to court to answer the charges against him. Stefan Buck, who was Bank Frey & Co.’s head of private banking in Switzerland and an executive board member, was… – Continue reading
British Members of Parliament (MPs) have questioned the Government’s unilateral decision to push for the introduction of a Diverted Profits Tax (DPT) ahead of the completion of the Organisation for Economic Cooperation and Development’s (OECD’s) work on base erosion and profit shifting (BEPS). In a debate held in Parliament on… – Continue reading
China has decided to join the likes of the US and tax its citizens living and working abroad, forming part of a crackdown on tax evasion by individuals and companies. China has had its own version of the Foreign Account Tax Compliance Act (Fatca) since 1993 when Chinese officials visited… – Continue reading
As Chinese individuals and companies head overseas in greater numbers, the country’s tax authorities are starting to follow. The Beijing billionaires who set up cryptically named companies in the British Virgin Islands to hold their fortunes are in the cross hairs. So are the Guangdong salesmen living and working in… – Continue reading
A US criminal investigation into how Swiss banks helped wealthy Americans hide their money has had an unexpected side effect: shaking out scores of tax cheats among the Swiss themselves. Secrecy laws in Switzerland, the world’s largest offshore financial centre with trillions in assets, have been under siege in recent… – Continue reading
Buenos Aires (AFP) – Authorities raided the Buenos Aires offices of British bank HSBC on Wednesday investigating alleged tax evasion involving more than 4,000 influential locals’ Swiss accounts, a court source said. About 100 agents took part in the raid, the source said, adding the bank gave “court authorities the… – Continue reading
A delegation from the US Internal Revenue Service (IRS) visited Israel last week to meet representatives of the Israel Tax Authority. Sources inform “Globes” that the purpose of the meeting was to implement the agreement for the exchange of information between Israel and the US concerning the accounts of US… – Continue reading
Argentinean Authorities Allege Bank Aided in Providing Secret Swiss Accounts A group of federal tax bureau agents and 100 police officers raided the downtown Buenos Aires offices of British bank HSBC on Wednesday, January 7. The Argentinean government is investigating the bank over alleged tax evasion and money laundering. In… – Continue reading
