Category: Tax cheats

Ottawa to spend $500M on pursuit of tax cheats, budget reveals

Money will be used to hire more auditors and develop computer systems to “target high-risk international tax” evasion. Tax auditors and fraud investigators have been given more than half a billion dollars to pursue tax cheats, and the government expects them to collect five times that much in additional taxes....

Bank transparency, data matching for tax purposes

The government’s plan to issue a regulation in lieu of law (Perppu) concerning banking transparency, which includes allowing the tax authority to access taxpayers’ bank data, has sparked hot public debate. The proponents argue that such an initiative is critical, outlining the fact that the government has to comply with...

Canada To Ramp Up Efforts Against Tax Evasion

The Canadian Government has said that it will review its tax ruling process and voluntary disclosures program as part of its response to recommendations made last year by a parliamentary committee. In October 2016, the Standing Committee on Finance released its report on the Canada Revenue Agency’s (CRA’s) efforts to...

CRA’s new fingerprinting policy could create travel problems for accused tax evaders

Tax agency calls mandatory fingerprinting ‘a powerful deterrent’ The Canada Revenue Agency’s new policy to fingerprint every person it charges with tax evasion could create travel problems at the U.S. border for some Canadians who haven’t had their day in court The Canada Revenue Agency has begun to record the...

IRS warns of ‘Dirty Dozen’ tax scams

MARTINSBURG — The Internal Revenue Service has started releasing this year’s top 12 scams targeting consumers known as “The Dirty Dozen.” The annually compiled list features a variety of scams the agency says are common and that taxpayers could encounter anytime, but especially during peak filing season. Phishing schemes lead...

‘Tax haven’ Canada being used by offshore cheats, Panama Papers show

Country’s reputation being exploited for ‘snow washing’ global money trails, experts warn Far from the palm-fringed beaches of the usual offshore tax havens, Canada has quietly become a go-to destination for international tax cheats eager to exploit the country’s twin benefits of a sterling reputation and rules that allow private...

CRA must toughen up voluntary disclosure for tax cheats, panel says

The Canada Revenue Agency needs to toughen up the program that offers advantageous deals to tax cheats, especially in cases where large amounts of income were not declared through deliberate schemes, a federally appointed committee says. In a report released Thursday, the Offshore Compliance Advisory Committee called for a series...

France’s honest tax system crusader convicted for hiding millions of euros

Jérôme Cahuzac, appointed by Hollande to lead clampdown on wealthy avoiders, hid cash in a secret Swiss account for 20 years Jérôme Cahuzac, the minister who led François Hollande’s drive for a more honest tax system, has been sentenced to three years in prison for tax fraud and secretly stashing...

Call for probe into Jose Mourinho ‘offshore tax haven’

Calls have been made for an investigation into Manchester United manager Jose Mourinho’s financial affairs after claims millions of pounds was moved offshore to avoid tax. It is alleged Mourinho’s advisers may have helped him avoid paying tax on earnings from the use of his image rights for product endorsement...

Taxman targets Real and Barca over fraud, says report

Giants Real Madrid and Barcelona are among five La Liga clubs from whom the Spanish taxman is looking to recover €52 million (RM244 million), online newspaper El Confidencial claimed yesterday. Alongside Atletico Madrid, Sevilla and Valencia, the big two are accused of having avoided tax by paying player’s agents directly....

High Court confirms tax evasion by companies linked to wealthy businessman Vanda Gould

A series of companies associated with high-flying Sydney accountant who had scores of wealthy clients in Sydney’s eastern suburbs have been found to have avoided paying tax by the High Court, in a case that the tax office has described as “blatant tax evasion”. Four companies linked to accountant, Vanda...

Dumping Obama’s faux foreign tax legislation should be high on Trump’s to-do list

President-elect Donald J. Trump has stated that among his top priorities will be revocation of President Barack Obama’s misguided executive orders. Among the first such items to get the ax should be a series of legally infirm international agreements to implement a monstrosity unfamiliar to most Americans, called the Foreign...

Anti-terrorism tactics should be applied to tax havens, report says

The same aggressive and uncompromising international effort used to combat terrorism must be employed to eliminate tax havens, says Nobel Prize-winning economist Joseph Stiglitz in a report being released Tuesday. In a copy of the report, obtained by the International Consortium of Investigative Journalists and shared with the Star, Stiglitz...

Australian ­Taxation Office turns to Facebook to catch cheats

Social media posts, private school records and immigration data are being used by the Australian Taxation Office as part of an increasingly sophisticated crackdown on tax cheats that yielded nearly $10 billion last year. ATO Commissioner Chris Jordan said the tax office had been investing in data collection analysis of...

CRA investigating 85 Canadians for tax evasion tied to Panama Papers

Eighty-five Canadians identified in the Panama Papers leak are now being investigated for tax evasion, the Canada Revenue Agency has revealed. Details of Canada’s enforcement effort were provided to the Star the same week the U.K., which is a major hub of the offshore finance world, said it has launched...

Taxman sets police on Finns coming clean on undeclared overseas income

Finns alarmed by cracks in the previously iron-clad Swiss banking secrecy have come forward to volunteer information about undeclared overseas income to Finnish tax authorities. They were hoping for immunity from fines or criminal sanctions but dozens now face police investigations. The Finnish Tax Administration has requested police investigations into...

Fourteen football clubs to stand trial before the sports tribunal on tax evasion’s charges

The investigation, dubbed “Offside,” was launched three years ago and conducted by Naples Public Prosecutor’s Office. The alleged offense was criminal association aimed at tax evasion. Now that the sports prosecutor has completed the investigation, the first results are emerging. Fourteen football clubs will stand trial before the sports tribunal...

Experts dismiss HMRC’s shrinking tax gap estimate

The narrowing figure of £36bn roundly condemned for ignoring estimated tens of billions lost in profit shifting and tax avoidance by multinationals Tax experts warned that HM Revenue & Customs was underestimating the size of Britain’s tax avoidance problem after the agency claimed that Britain’s annual tax shortfall was only...

US ambassador asks Swiss banks to service Americans

Several Swiss banks have received a letter from the United States Ambassador to Bern, Suzan LeVine, asking them not to shun US citizens who want to open accounts in Switzerland. Many Swiss banks have frozen out US clients, and even closed down existing accounts, in the wake of a damaging...

Civil Society proposes to step up measures to fight money laundering and terrorist financing

EESC debate also calls for safeguards against misuse of data collected An EESC debate this week on fighting money laundering, terrorist financing and tax evasion called for a number of policy proposals aimed at “making the lives of criminals more difficult and their actions impossible”. The Brussels event made a...

Vietnam plans new transfer pricing rules to curb tax fraud

Various agencies are expected to work together to draft a decree and keep the practice in check. In a move that signals Vietnam’s apparent stronger stance against tax evasion, the Ministry of Finance has sought to work with other ministries and agencies to draft a new decree on transfer pricing...

Canadians in Panama Papers shouldn’t expect a tax deal, CRA says

More than 2,000 files under review, 85 taxpayers under audit National Revenue Minister Diane Lebouthillier said in a statement Monday that a few thousand files are now being pursued by the tax agency after it sifted through the Panama Papers. Canadians implicated in the Panama Papers shouldn’t expect any leniency...

Treasury proposal may fine tax evaders up to 200% of amount owed

Tougher stance follows Theresa May’s leadership campaign promise to be more punitive of tax evasion and avoidance The Treasury is proposing new rules to punish offshore tax evaders who fail to come clean about their finances before September 2018, with fines of up to 200% of the amount owed. Published...

Tanzania extends its e-tax system to cut fraud

Tanzania’s president, John Magufuli, has extended the e-tax system to all government bodies as he bids to slash fraud. Tanzania’s president, John Magufuli, has been in office for less than a year, but he is already making a name for himself as a staunch opponent of fraud and corruption. Magufuli...

«Delaware» Crackdown: All Bark and No Bite?

The U.S. has used judicial might to successfully pursue offshore tax cheats all over the world. A little-noticed new rule introduced by Barack Obama’s administration gets tough on U.S. states such as Delaware and Nevada, which are notorious for murky shelters often used for illicit purposes. But there is a...

Panama Ambassador to U.S.: Our Transparency Commitment Remains Strong

Four months since the so-called “Panama Papers” made global headlines, Panama continues a path of reform aimed at improving financial transparency and closing loopholes exploited by foreign tax cheats. Among our steps, we established an independent committee to examine Panama’s laws and regulations and make recommendations for strengthening them. While...

CRA convicts a fraction of offshore tax evaders: Exclusive

As worldwide pressure grows to fight offshore tax evasion, new statistics obtained by the Star show the Canadian government has convicted only 49 people and levied just $13.4 million in fines for what it calls offshore activity since 2010. These numbers are far lower than in comparable countries and show...

Banks to hand over offshore tax files

The Trudeau government has won a round in its battle against offshore tax cheats. Two banks have agreed to give the federal revenue minister information from the accounts of a Caribbean financial institution to help the government crack down on Canadian tax evaders. The Federal Court of Canada has approved...

HMRC explores tougher methods for publicising tax fraud by the wealthy

Public Accounts committee criticised HMRC’s lack of strategy HM Revenue & Customs (HMRC) is exploring how it can better publicise fraud investigation outcomes and increase the impact of the sanctions it uses, in order to dispel the myth “people are getting away with tax evasion”. The department said it wants...

‘Tax avoidance’ masters revealed: EXCLUSIVE

The “Big Four” global accounting firms – PwC, Deloitte, KPMG and Ernst & Young – are the masterminds of multinational tax avoidance and the architects of tax schemes which cost governments and their taxpayers an estimated $US1 trillion a year, according to an Australian taxation expert. The controversial new claims...

CRA has double standard for tax cheats

The CRA won’t divulge the identities of people convicted for stashing millions offshore, but it names and shames those caught owing small amounts of tax. The Canada Revenue Agency claims at least nine people have been convicted of offshore tax evasion over the last two years, receiving $4 million in...

CRA has double standard for tax cheats

The CRA won’t divulge the identities of people convicted for stashing millions offshore, but it names and shames those caught owing small amounts of tax. The Canada Revenue Agency claims at least nine people have been convicted of offshore tax evasion over the last two years, receiving $4 million in...

Canada willingly makes tax deals with tax havens

The seeds of Canadian corporations hiding billions of dollars in offshore tax havens were sown more than 40 years ago, after the Canadian government pursued a series of tax treaties with tiny Caribbean and European nations. The 92 tax treaties now signed with countries such as Barbados, Jamaica and Malta...

New double tax treaty will help French businesses operating in Singapore, says expert

A new double tax treaty between France and Singapore will be of particular help to French companies operating in Singapore, especially in the construction industry, an expert has said. Franck Lagorce, an expert in French tax at Pinsent Masons, the law firm behind Out-law.com was commenting following an announcement from...

Deals Canada signed to catch tax cheats allow billions in taxes to escape

Montreal-based clothing maker Gildan earned $396 million in profit last year, but paid just over $6 million in cash taxes — a rate of about two per cent. Drug maker Valeant, based in nearby Laval, Que., booked $1.1 billion in profit in 2014 but paid only $110 million in tax....

Australia announces multinational tax avoidance in federal budget

Australia announced a further crackdown on multinational tax avoidance in its annual budget on Tuesday, including the planned introduction of a UK-style diverted profits tax (DPT), that it expects to raise A$3.9 billion over the next four years. The government is creating a new Tax Avoidance Taskforce of 1,000 specialist...

Tax evasion prosecutions in Canada fall dramatically

Prosecutions for tax evasion almost halved across Canada in just three years, figures released to Global News show. Fewer Canadians were taken to court for tax evasion in every part of the country between 2012-13 and 2014-15. In Ontario, cases fell to 47 from 119 just three years earlier. Manitoba...

Reasons behind decrease in effective rate of sales tax identified

The effective rate of sales tax is within the range of 3 to 3.5 percent as compared to the standard rate of 17 percent sales tax due to massive tax evasion and illegal/inadmissible input tax adjustment claimed by the unscrupulous elements. Official sources told Business Recorder here on Saturday that...