After years of deliberation and debate spanning two administrations, the Tax Information Exchange (United States of America) Bill, 2016, also known as the Foreign Account Taxpayer Compliance (FATCA) Bill was passed in the Senate on March 7, 2017. This following its unanimous passage in the House of Representatives, two weeks...
ISLAMABAD: Pakistan and Bulgaria on Tuesday signed an agreement to get rid of double taxation and cooperate in preventing tax evasion as a state delegation from the European Union member country concluded its two days visit. The Federal Board of Revenue (FBR) Director General and Deputy Minister of Economy Bulgaria...
India gaming giant Delta Corp. saw a substantial selloff if its shares last week after reports started surfacing that the country’s government could be investigating the company for possible tax evasion. Only on Friday, the amount of shares dropped 12% as shareholders became nervous and started looking at ways to...
In our April 21 article, we discussed Revenue Regulations (RR) 4-2019, the implementing rules and regulations covering the Tax Amnesty on Delinquencies (TAD) under Republic Act 11213, the “Tax Amnesty Act of 2019.” The regulations took effect on April 24, 2019. Under the TAD, any person may enjoy the benefits...
Finance minister AHM Mustafa Kamal has said that the foreign companies will be required to have local partners for doing business in Bangladesh as the government wants to bring them under the tax net. ‘No foreign company can do business alone here any longer,’ he told reporters on Thursday after...
The Republic of Cyprus and Kazakhstan signed on Wednesday a Convention for the Avoidance of Double Taxation and for the combating of Tax Evasion with respect to taxes on income. According to a press release issued by the Public Information Office, the Convention was signed in Nursultan, Kazakhstan, by the...
Financial institutions should be able to leverage existing financial crime compliance, conduct and tax (including tax transparency regimes) procedures and controls, to address the risks of customer tax evasion. The Wolfsberg Group has published new guidance on customer tax evasion, designed to help financial institutions in developing, implementing and maintaining...
The government has approved the creation of tax residency certificates for permanent residents so they can prove compliance with other countries’ laws, a Cabinet Minister said yesterday. Brent Symonette, minister of financial services, trade and industry and Immigration, told the Society of Trust and Estate Practitioners (STEP) Caribbean Conference that...
TUNIS, May 13 (Xinhua) — Tunisia and the United States signed on Monday an agreement to improve international tax compliance and mutual cooperation in the field of taxation, Tunis Afrique Presse reported. The agreement was signed by Tunisian Minister of Finance Ridha Chalghoum and U.S. Ambassador to Tunisia Donald Blome...
The Court of Tax Appeals (CTA) has cleared a model and talent promoter of tax evasion charges because the Bureau of Internal Revenue’s (BIR) final assessment notice (FAN) did not mention the date when the alleged deficiency taxes should be paid. The BIR filed the case after its national investigation...
48 Kenya Revenue Authority (KRA) officials were Monday morning expected at the Directorate of Criminal Investigations (DCI) headquarters on Kiambu road for questioning. The individuals include 32 officers from KRA’s Domestic Taxes Department, 15 from the Customs and Border Control Department and one from the Investigations and Enforcement Department. They...
On 11 February 2019 the Court of Bosnia and Herzegovina confirmed the indictment in the case of Selman Husejin et al. charging the accused Selman Husejin with the continued criminal offense of Tax Evasion or Fraud under Article 210(4) as read with Paragraph 1, and Article 54 of the Criminal...
A former chiropractor who evaded paying more than $500,000 in income taxes and didn’t report a Russian bank account where he deposited more than $1.5 million is now headed to prison. Federal prosecutors say Carlo Amato received a five-year sentence Tuesday. The 57-year-old Beachwood man owned and operated a Lakewood...
The owner of an Albuquerque jewelry store is facing up to five years in prison after pleading guilty to tax evasion. Prosecutors say 76-year-old David Castle was indicted in February 2018. Castle owns and operates the Gold and Silver Exchange that buys, sells and repairs jewelry. In his plea agreement...
Karel De Gucht, former federal minister and European commissioner, has lost a legal battle with the tax authorities over what they claimed was tax evasion. The tribunal of first instance in Ghent was ruling on a dispute between De Gucht and his wife Mireille Schreurs on one side, and the...
A developer and builder based in Anmore has been found guilty of tax evasion and making false statements under the Income Tax Act, the Canada Revenue Agency (CRA) announced on Friday. According to the CRA, Willi Isaak was sentenced to pay a $23,100 fine, after being found guilty on two...
NEWARK – The owner of a Woodbridge business that sold automotive industry warranty products has been indicted by a federal grand jury on three counts of tax evasion and three counts of filing false tax returns Danny Silva, of Woodbridge, owned an automotive industry business that sold warranty products which...
Corporate influence at the EU level needs to be reined in, LobbyControl has warned. Businesses have been accused in its latest report of using incredible lobbying power to advance their own interests. LobbyControl on Monday accused the European Union of doing too little to combat corporate influence. A new report...
As per the agreement, it is intended to provide relevant and reliable information to perform an efficient and robust transfer pricing risk assessment analysis. Aimed at providing relief to subsidiaries of US multinationals and ensuring a check on cross-border tax evasion, India has notified the inter-governmental agreement with the United...
PF deputy media director Antonio Mwanza says if former Post newspaper editor-in-chief Dr Fred M’membe was in America, he would have been in jail, by now, for tax evasion. And Mwanza says opposition political parties come short of blaming the Pope when they lose elections. Meanwhile, National Democratic Congress (NDC)...
According to sources, the raids were conducted at Mr Nath’s nephew Ratul Puri’s company, Hindustan Powerprojects Pvt Ltd on April 7. New Delhi: The income tax department has detected tax evasion of more than Rs 1,350 crore during search and seizure operations conducted against Hindustan Powerprojects, a company owned by...
Taiwan implemented ‘Common Reporting Standards’ in 2019, now recognized by Japan and Australia TAIPEI (Taiwan News) – On April 22, the Ministry of Finance (MOF) announced Australia had officially agreed to accept Taiwan as a Common Reporting Standards (CRS) partner nation in matters of financial and legal transparency related to...
In late December, news of Refaeli’s potential indictment came about. Her mother, who was her modeling agent, was also subject to the money-laundering scheme, according to reports. Israeli supermodel Bar Refaeli, who has been investigated by the nation’s Tax Authority since 2015, will have to pay taxes for the roughly...
In our previous articles, we’ve discussed Republic Act (RA)–1213, the “Tax Amnesty Act of 2019” (Tax Amnesty Act), particularly the fact that President Duterte vetoed several provisions, specifically the General Tax Amnesty (GTA). The GTA was supposed to cover all national internal revenue taxes (i.e., income tax, withholding tax, value-added...
Barbados is hopeful that it will be removed from a European blacklist of non-cooperative tax jurisdictions by next month, the head of the Barbados International Business Association (BIBA) has said. Julia Hope said her organisation, which represents international business companies and offshore financial services, will be giving every support it...
HMRC sent 1,414 requests to professional services firms demanding confidential information on clients suspected of tax evasion in the 12 months to 31 March 2018, according to law firm RPC. The production orders are issued by HMRC’s Criminal Investigation Directorate to force third parties, such as accountants, lawyers and other...
The Ukrainian Finance Ministry has called on the Verkhovna Rada to approve a package of bills that will open access to further macro-financial assistance from the EU and help continue cooperation with the IMF, the ministry’s press service has reported on its Facebook page. “This week, the Verkhovna Rada will...
About 105 businessmen are arrested over an alleged tax evasion in the capital Addis Ababa. Adanech Abebe, minister of the ministry of revenue, said over 135 businesses are identified for “plundering public resources and tax evasion,” according to a report by state affiliated FanaBC. The ministry claims the alleged tax...
With more complicated company structures being used, it has become increasingly more difficult to establish who the ultimate beneficial owners of entities are. In light of the new regulation, do you believe that the Ultimate Beneficial Ownership (UBO) Register can help in any way to prevent financial crime? The UBO...
Businessman Genius Kadungure was back in court yesterday for continuation of his $22 million tax evasion case. Kadungure was represented by Jonathan Samkange when he appeared before Harare regional magistrate Vongai Guuriro. Prosecutor Shephered Makonde told the court that investigations have been completed. He said a trial date will be...
KARACHI: The income tax law has made it mandatory for taxpayers to declare foreign income and assets in order to avoid penalty, Vishno Raja Qavi, former chief tax policy, Federal Board of Revenue (FBR), said on Thursday. He was highlighting the key points of Automatic Exchange of Information (AEOI) at...
CANBERRA, Feb. 13 (Xinhua) — Australia’s tax collector has announced a crackdown on lawyers who misuse legal privilege to protect their clients. In a post on its website, the Australian Taxation Office (ATO) said it was preparing to launch “range of (legal) cases in the short to medium term” against...
ISLAMABAD: The government decided to convert almost all the prize bonds into registered instruments in a move to keep record of investors and curb tax evasion and money laundering, sources said on Friday. Presently, prize bonds can be purchased from open market and used as an instrument to evade taxes....
ISLAMABAD: Pakistan has made formal requests to 10 more countries under the OECD mechanism as well as Switzerland separately for exchange of information about those Pakistanis who stashed their assets abroad to evade taxes. “We have made requests to 10 more countries for getting automatic exchange of information and so...
Panama enacted the Law 70 of 2019, where the Tax Evasion is considered a crime by adding said dispositions to Criminal Code and modifying the Tax Code. This new law brings Panama to a new level of compliance under International Law, as it was one of the few countries in...
Apple has settled a ten-year tax battle with France, agreeing to pay a reported half a billion Euros ($570M) in back tax. The French government had accused Apple of evading or avoiding tax due on sales made in France. The line between tax evasion, which is illegal, and aggressive tax-avoidance,...
Prime Minister’s adviser in charge of tax reform Faisal Derbal has revealed that tax evasion is estimated to reach TND25 billion (around USD8.3 billion) in Tunisia. He denied, during a press conference in the government’s headquarters, rumors circulating about the tax evasion value rising to double of the mentioned number...
AMMONNEWS – The weekly meeting Finance Minister Ezzedine Kanakrieh holds with heads of financial departments focused on steps adopted to crackdown on tax and customs duty evasion among other procedures, according to a statement. It said today’s meeting focused on the preparation of the final account for 2018, due to...
The Angolan parliament unanimously approved proposals for the resolution of agreements for the elimination of double taxation and prevention of tax evasion on income tax with Portugal, China and the United Arab Emirates (UAE), according to official information. The Secretary of State for Cooperation, Domingos Vieira Lopes, said that the...
The Court of Tax Appeals (CTA) has sentenced a gold trader of up to 10 years in jail for filing false income tax returns (ITR) for the years 2005 to 2009. The Court’s Third Division also ordered Rex Chua Co Ho to pay the Bureau of Internal Revenue (BIR) deficiency...
The Director-General Intelligence and Investigation-Inland Revenue department has unearthed tax evasion worth Rs170 billion throughout Pakistan last year ISLAMABAD: Around 20% of the overall tax evasion and fraud cases involving billions of rupees have been resolved by the tax department during 2018. The Director-General Intelligence and Investigation-Inland Revenue department has...
The Portuguese Parliament voted in favour of a proposed government resolution approving the agreement to eliminate double taxation with Angola, the Portuguese press reported on Friday. The parliament unanimously approved an agreement between Portugal and Angola on mutual administrative assistance and co-operation in fiscal matters signed in Luanda on 18...
The Ministry of Finance will scrutinize amendments to tax law policy in 2019, centred on some measures aimed at preventing base erosion and profit shifting (BEPS) and restructure tax revenue sources. The information was released at a conference reviewing the finance sector’s performance throughout 2018 and setting forth targets for...
KUWAIT CITY, Jan 13: The Fatwa and Legislation Department has submitted to the Council of Ministers a draft law that allows banks to declassify the data of their customers, as provided by the CRS Convention on Join Reporting, reports Al-Rai daily quoting sources. The Common Reporting Standard (CRS) is an...
KARACHI: The Federal Board of Revenue (FBR) has detected tax evasion of around Rs2 billion by sugar mills through suppressing sales, sources said on Wednesday. In its ongoing drive against tax concealment by sugar mills, the revenue authority recovered around Rs500 million from one sugar mill and issued another five...
In recent weeks, major anti-money-laundering enforcement actions have highlighted the critical role of whistleblowers in government efforts to curb illegal movement of funds. The German raids of Deutsche Bank, U.S. indictments of three employees and a client of Panamanian law firm Mossack Fonseca, and an earlier Danske Bank money-laundering investigation...
Double taxation agreements with China, Brunei and Vietnam came into effect Tuesday with the New Year, with experts saying they will bolster trade and attract investment. The agreement with China on the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed...
The Dutch finance ministry is expanding its official list of places it considers to be involved in tax evasion by a further 16 low tax jurisdictions, including the islands of Guernsey and Jersey, the Isle of Man, and Belize. The list contains five jurisdictions currently blacklisted by the EU: American...
The United States Department of Justice has charged four people with crimes allegedly brought to light by the International Consortium of Investigative Journalism’s Panama Papers expose, according to a DOJ announcement published earlier this month. They are the first US criminal charges stemming from the ICIJ’s 2016 investigation, which reported...
The governments of Argentina, Panama, Paraguay and Uruguay have joined forces to create a Latin American initiative to tackle tax evasion and corruption by making sharing and making better use of the information exchanged under international tax transparency standards. The countries have agreed to “consider the possibility” of making a...
