Oxfam director Winnie Byanyima says what is on the table is not enough to stop poor countries being ‘bled dry’ Moves by G20 nations to tackle corporate tax avoidance are welcome but will only begin to uncover the full problem while leaving poor countries still vulnerable to exploitation, tax justice… – Continue reading
New Zealand is planning to crackdown on tax evaders and combat the menace of avoidance by international firms. As part of the exercise, New Zealand will work with an international action plan being spearheaded by the OECD. This was stated by Finance Minister Mr. Bill English. He told media persons… – Continue reading
The latest G20 leaders’ summit in Australia, which ended yesterday, has endorsed the various strands of international tax work being undertaken by the European Commission and by OECD, including work on the Base Erosion Profit Shifting (BEPS) project Prime Minister David Cameron said there had been ‘important breakthroughs’ in making… – Continue reading
Fifty-one countries signed the Multilateral Competent Authority Agreement in Berlin on Oct. 29 to fight offshore tax fraud and evasion. The agreement aims to put an end to banking secrecy by sharing tax-related information with member states. Missing from the signatory list are the United States and China. China’s absence… – Continue reading
A high-profile businesswoman accused of using Cayman Islands bank accounts to dodge more than $7 million in taxes is seeking to challenge the use of information obtained by the U.S. Internal Revenue Service through a tax information exchange request. Cheryl Womack, a Kansas City businesswoman who has a home and… – Continue reading
THE Lagos State government has begun the prosecution of no fewer than 50 companies over alleged tax evasion charges. The number adds up to 200 that have so far been charged to court in the last one year. Chairman of the Lagos State Internal Revenue Services (LIRS), Tunde Fowler,… – Continue reading
There is broad global support for moves to curb international tax avoidance, says Finance Minister Bill English, on the sidelines of the G20 Leaders’ Summit in Brisbane. Cracking down on tax avoidance is one of the key agenda items at this weekend’s G20 Summit, where New Zealand is an invited… – Continue reading
BRISBANE, Australia — Under pressure to jolt the lethargic world economy back to life, leaders of G-20 nations on Sunday finalized a plan to boost global GDP by more than $2 trillion over five years. The fanfare, however, was overshadowed by tensions between Russian President Vladimir Putin and Western leaders…. – Continue reading
You know those annoying “We Agree” television ads by the fossil fuel corporate giant Chevron? The ones where an actor playing a student or a concerned member of a community “agrees” with supposedly noble objectives of this multinational? Those ads make me feel like puking. The objective of this campaign… – Continue reading
BRISBANE: Australia has vowed a “very aggressive” crackdown on tax avoidance at weekend G-20 talks, as a row rages over Luxembourg’s sweetheart arrangements with multinationals. Closing corporate tax loopholes and endorsing a common reporting standard to increase transparency are set to be a primary focus of the G-20 summit in… – Continue reading
Expats have a range of choices – so how do they find a safe home for their assets? The traditional use of offshore centres as a way of enabling better tax planning – and even tax evasion – has all but fallen away. An increasing desire for countries to share… – Continue reading
The OECD’s head of tax has rejected calls to publicly release country-by-country breakdowns of taxes paid by multinationals, despite growing pressure from community and transparency groups. Agencies such as Transparency International and a host of community groups are putting pressure on the OECD and G20 leaders at the summit in… – Continue reading
BRUSSELS — European Union authorities have accused the Netherlands of making a special deal with Starbucks that helped the company lower its taxes, creating unfair advantages over other countries in the bloc. The report by the bloc’s competition authority, made public on Friday, is a preliminary finding in a review… – Continue reading
The LuxLeaks scandal is a classical example of the growingly frequent clash between the level of integration of the European economy (and the global for that matter) and the national sovereignty. Greece was first to prove that four years ago when it put to the test the very survival of… – Continue reading
BRUSSELS, Nov. 13 (Xinhua) — European Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici vowed on Thursday to push forward fight against tax evasion and raise the bar for tax good governance in Europe. “It is clear that we need to take a more systematic approach to… – Continue reading
Y20 head on youth unemployment mission Countries may have to battle for revenue from digital companies once the global plan to stop tax avoidance succeeds, says the OECD’s head of tax Pascal Saint-Amans, but at least they now have something to fight for. In an exclusive interview with Fairfax Media… – Continue reading
(Reuters) – A showdown between Western leaders and Russian President Vladimir Putin is likely at the G20 summit in Australia starting on Saturday, following fresh reports of Russian troops pouring into eastern Ukraine. Ukraine has accused Russia of sending soldiers and weapons to help separatist rebels in eastern Ukraine launch… – Continue reading
G20 guide: what to expect Brisbane residents will experience “longer travel times” as G20 forces roads and bus stations to be closed in the CBD and South Bank. Autoplay ONOFFVideo feedbackVideo settings G20: full coverage The global coalition against corruption – Transparency International – hopes Sunday’s G20 closing statement in… – Continue reading
MUMBAI: In the first ever ruling relating to taxation of black money stashed in overseas tax havens, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has given the taxman a lot to cheer. Funds aggregating $2.4 million (Rs 11.73 crore approximately) as of December 31, 2001, held in… – Continue reading
This offshore illegal scam showed that, in Ireland as elsewhere, taxes really were for the “little people”. The facts emerged as a by-product of the tribunal directed by Mr Justice Brian McCracken in 1997. It was set up to trace payments by supermarket magnate Ben Dunne to Fianna Fail’s Charlie… – Continue reading
A WHISTLEBLOWER claimed former Tanaiste Mary Harney “shut down” his investigation into allegations of offshore tax evasion after he uncovered the names of senior politicians in the Progressive Democrats, Fianna Fail and Fine Gael, the Dail has heard. It is the first time Ms Harney’s party, the now defunct PDs,… – Continue reading
The Cayman Islands is touted as one of the world’s top 10 finance hubs. The chief reason that the Caribbean hotspot holds such cachet is an epic perk it provides – freedom from income tax. twitter To get more Money more often, why not follow us on Twitter? We’re @FairfaxMoney… – Continue reading
Committee cannot examine civil servant’s claims about offshore accounts The Public Accounts Committee (PAC) has been told there is no legal basis for it to examine the tax evasion claims made by a civil servant in the Department of Jobs, Enterprise and Innovation. The committee has also been given legal… – Continue reading
To help in its efforts to crack down on suspected black money stashed abroad, India has entered into an information exchange pact with Saint Kitts and Nevis, a two-island Carribean country, perceived as a safe haven for offshore funds. The agreement was signed by India’s Permanent Representative to the UN… – Continue reading
The ability of multinational companies to shift profits into low-tax jurisdictions is undermining governments’ ability to raise revenue. But the cross-border policy solutions are complex. Curbing international tax avoidance has become a focus of G20 discussion this week, after last week’s revelation that major companies including Ikea, AMP and Pepsi… – Continue reading
Future Fund chairman Peter Costello has defended the amount of tax the sovereign wealth fund pays, saying it has ‘sovereign immunity’ when it invests overseas. The government-owned Fund was named along with other Australian companies for using Luxembourg as a base in which to lower global taxes in one of… – Continue reading
Members of the European Parliament called for action on tax avoidance in Europe on Wednesday. A report released earlier this month by the International Consortium of Investigative Journalists documented secret deals arranged with multinational corporations, enabling them to avoid paying tax in Luxembourg. Hundreds of major corporations like Pepsi, IKEA… – Continue reading
New research from international law firm Pinsent Masons has shown that the compliance yield from HM Revenue and Customs’ (HMRC’s) “Specialist Investigations” team rose by 23 percent last year to hit a record GBP3.65bn (USD5.79bn). 2013-14 was the team’s most successful year to date, according to Pinsent Masons. The GBP3.65bn… – Continue reading
Ed Balls said Labour will bring in tough penalties to deter people from tax avoidance if they get into power at the next general election. Labour will impose fines of up to 100% of the value of the avoided tax, said the shadow chancellor. As it stands, those who are… – Continue reading
A court here has granted bail in an alleged tax evasion case to Pradip Burman, one of the promoters of Dabur India whose name has figured in the list given by the Centre to the Supreme Court on the black money issue. Additional Chief Metropolitan Magistrate Devender Kumar Sharma Monday… – Continue reading
New Delhi: Absence of criminal legal treaties between India and tax haven nations have been cited by probe agencies working in the SIT on black money as one of the major impediments in initiating steps to bring back illegal funds stashed abroad by Indians. These agencies, including the Central Board… – Continue reading
India will soon put its signature on an agreement for exchange of information to curb tax evasion after refusing to sign the multilateral pact along with 51 nations in Berlin last month. Finance Ministry officials told Deccan Herald that the government was currently in the process of completing the internal… – Continue reading
A new report on tax transparency across 15 EU states highlights hidden profits People in Europe and in developing countries are being robbed. One trillion euro is lost to tax dodging every year in the EU, with billions being lost from developing countries each year for the same reason. It… – Continue reading
India will soon put its signature on an agreement for exchange of information to curb tax evasion after refusing to sign the multilateral pact along with 51 nations in Berlin last month. Finance Ministry officials told Deccan Herald that the government was currently in the process of completing the internal… – Continue reading
THERE IS NO single policy or solution that can prevent the occurrence of tax avoidance because there is no single cause for the phenomenon, according to Devereux Tax Chambers barrister Jolyon Maugham. Speaking at the ICAEW’s Hardman Lecture, Maugham told the institute’s members that “plugging holes” in the tax code… – Continue reading
Orascom Construction Industries, an international engineering and construction firm, has won a ruling in its favor from the Egyptian Tax Authority’s Independent Appeals Committee, against an earlier USD1bn tax evasion ruling relating to its Egyptian subsidiary. Orascom Construction Industries (OCI) SAE said that it had been served with an assessment… – Continue reading
Argentine authorities say they have found a tax haven for luxury cars near one of the world’s largest deposits of shale oil and gas. Tax agents in Buenos Aires province said Wednesday that evaders have registered some 20,000 cars near the Vaca Muerta (Dead Cow) deposit in Neuquen province. The… – Continue reading
Legal advice to the Public Accounts Committee has highlighted several obstacles to any investigation into the dossier alleging tax evasion by some former politicians. Following a private meeting this evening, PAC Chairman John McGuinness said he must now study the options open to the committee. He said none of them… – Continue reading
The C20 (Civil Society 20) is calling on G20 leaders to take action this weekend to improve the lives of the most vulnerable in society. C20 chair Tim Costello said the group was looking for an outcome on Sunday that clearly demonstrates G20 leaders’ commitment to fairness by taking concrete,… – Continue reading
Treasurer Joe Hockey has made tax avoidance by the world’s largest companies one of the cornerstone issues for discussion by the world’s most powerful leaders at the G20 summit in Brisbane this week – but it appears he still has some way to go to convince those closer to home… – Continue reading
Two Zimbabwe Revenue Authority officers yesterday appeared in court charged with soliciting for a bribe from Megalinks Pvt (Ltd) to help the firm evade paying over $6 million in taxes. zimra chief investigation officer Tafara Gumede (41) of 4 Gainsbrugh Court in Harare and an investigation officer Obrie Tinashe Tozivepi… – Continue reading
BJP today accused Congress leaders of generating black money in the country while referring to the matter of the alleged tax evasion by its spokesperson Abhishek Singhvi and asked Congress President Sonia Gandhi to clarify on the issue. “The issue of Singhvi is just a sample as it is only… – Continue reading
The European Union should complete its four tax probes before it can “decide what to do next,” EU Competition Commissioner Margrethe Vestager said. “Maybe in the beginning of the second quarter of next year we will have results on at least some of those open cases,” Vestager told reporters after… – Continue reading
The US Treasury has opened a new front in its war against offshore tax evasion. But for some it amounts to financial imperialism. Americans with legitimate bank accounts outside the country, and foreigners working in the United States, have begun receiving letters from their banks in Paris, Tokyo, Johannesburg and… – Continue reading
Official ‘offered €20,000’ to wrap up tax evasion probe GARDAI have now received 5,500 pages of files relating to allegations of tax-evasion by holders of Ansbacher accounts. Jobs Minister Richard Bruton forwarded the allegations of a whistleblower in his department to the gardai last night. The documents have been sent… – Continue reading
MUMBAI: Five years after Germany gave New Delhi a list of Indians with secret bank accounts in the Alpine tax haven Liechtenstein, the first tribunal ruling has gone in favour of the government. The case pertains to three Kolkata-based individuals – Mohan Manoj Dhupelia, Ambrish Manoj Dhupelia and Ms Bhavya… – Continue reading
MINISTERS who were passed documentation by a whistleblower alleging widespread tax evasion by former politicians are expected to be quizzed by the Public Accounts Committee (PAC) about their response to the claims. Labour TD Joe Costello last night said he believed that the PAC would seek the attendance of these… – Continue reading
DUBLIN — In a sprawling conference center on the outskirts of the Irish capital, more than 20,000 people from the global tech industry gathered last week to sign deals and swap contacts. Despite the throngs of startups, American heavy hitters like Peter Thiel, and executives from Facebook and Twitter, talk… – Continue reading
Civil servant alleges ‘interference with administration of justice’ Minister for Jobs and Enterprise Richard Bruton has been accused of “interference with the administration of justice” by the civil servant in his department who sent a highly controversial dossier on tax evasion to the Dáil Public Accounts Committee. The civil servant,… – Continue reading
The Low Incomes Tax Reform Group is concerned that government proposals designed to target tax evaders are likely to catch low-income migrants to the UK who have made a genuine mistake about the UK tax status of a source of income in their home country. In a consultation on offshore… – Continue reading
