Panel to hear taxpayer before invoking GAAR under new set of rules
New rules mandate officials to refer a suspected case of tax avoidance to a panel of senior officials ... - Continue reading
Category: Tax Evasion
CTA acquits gold trader in P110-million tax evasion case
A gold trader has been acquitted by the Court of Tax Appeals in the P110-million tax evasion case for the failure of the Bureau of Internal Revenue (BIR) to prove his guilt beyond reasonable doubt.n a 56-page decision, the CTA’s Second Decision said the BIR was not able to present… – Continue reading
AEOI will assist IRB in cracking down tax evasion
The Automatic Exchange of Information (AEOI) initiative by the Organisation for Economic Cooperation and Development (OECD) will assist the Inland Revenue Board (IRB) in cracking down tax evasion, said Finance Minister Lim Guan Eng. ... - Continue reading
Switzerland: Italian Tax Authorities Request Information From Switzerland On UBS Bank Customers
In the past ten years, Switzerland has undertaken significant efforts to combat international tax fraud and tax evasion and to fight for the strict observance of foreign tax laws. In order to do so, a number of tax laws were enacted, allowing Switzerland to comply with international standards issued by the OECD (acting on behalf of the G20). In this respect, Switzerland ratified the Multilateral Convention on Administrative Assistance originally issued by the CoE and the OECD in 1988 and amended in 2011 ("OECD MC"), and it renegotiated numerous Double Taxation Conventions ("DTC"), amongst them also the DTC with Italy, in order to comply with the international standard introduced by the OECD MC in the version of July 2010. ... - Continue reading
FBR demands Rs992m from TV channel in alleged tax evasion case
ISLAMABAD: The Federal Board of Revenue (FBR) has served a notice on ARY Communications Limited (ARY) and raised a tax demand of Rs992 million – alleging that the entity had evaded tens of millions in taxes through misrepresentation, concealment and misuse of exemptions, thereby causing a substantial loss to the… – Continue reading
€8.5 million evaded in Rome tourist tax
Tax was paid by Rome tourists but not passed on to the city.Rome police have discovered that around €8.5 million in tourist tax was not received by city hall in the first six months of 2019, following an extensive investigation. The audit uncovered hotels, B&Bs and room-rental landlords, mainly in… – Continue reading
Ukraine: NBU Will Develop The Tool For Verifying Information About Ultimate Beneficiaries
The NBU's accession to the Memorandum on cooperation in developing a mechanism for verifying information about the beneficial owners (the "Memorandum") is quite logical and even is expected according to the obligation of banks to identify bank account holders. ... - Continue reading
CRS reveals Australians holding $100bn in offshore accounts: reports
Australians are holding more than $100bn in undisclosed offshore accounts, according to new taxation office data collected under the Common Reporting Standard (CRS), British newspaper the Guardian has reported. ... - Continue reading
What happened to the proposed amendments to Bank Secrecy Act?
The news is replete with discussions on the refiling of the proposed bills for the other TRAIN Packages with the 18th Congress. However, there seems to be no discussion yet on any proposed amendment to the Bank Secrecy Act, Republic Act (RA) 1405, as amended, particularly the proposed amendments to… – Continue reading
UK: HSBC Is Paying Hundreds Of Millions To Settle Tax Fraud Allegations
HSBC's Swiss private banking arm has agreed to pay nearly 300 million euros to settle a tax fraud case in Belgium. The settlement comes six months after a French court ordered another Swiss lender, UBS, to pay 4.5 billion euros for illegally solicitin ... - Continue reading
Tanzanian freelance journalist in court over money laundering, tax evasion
DAR ES SALAAM, Aug. 5 (Xinhua) — Tanzanian freelance journalist Eric Kabendera on Monday appeared in court charged with money laundering, tax evasion and leading organized crime. The state prosecution told the Kisutu Resident Magistrate’s Court in the commercial capital Dar es Salaam that on diverse dates between January 2015… – Continue reading
Tighten scrutiny of tax exemption claims on farm income: CAG to I-T Departement
The CAG report also flagged the issue of abuse of tax exemption granted to charitable trusts and institutions ... - Continue reading
Cyprus: Country Update-Cyprus: AML
The financial services and international business sector in Cyprus is one of the vital pillars of the Cyprus economy. That said, Cyprus aims to be in full compliance with the AML European framework, and in this respect constantly implements changes in its local laws to align with EU Directives and Regulations. ... - Continue reading
Guernsey: Guernsey Plays Its Part In OECD Success Against Tax Evasion
Guernsey Finance Chief Executive Dominic Wheatley reflects on the findings of the latest OECD tax report to world leaders. ... - Continue reading
Deal firmly with those who game the system: Sitharaman to taxmen
Finance Minister Nirmala Sitharaman on Wednesday asked taxmen to firmly deal with those who try to evade taxes and game the system but act as facilitators to those who want to pay taxes honestly. ... - Continue reading
GST watchdog detects invoice fraud to the tune of ₹7,600 crore
The Directorate General of GST Intelligence (DGGSTI), an arm of the indirect tax administration, has unearthed a racket involving 90 firms which issue fake invoices to errant companies for tax evasion, the agency said on Friday. ... - Continue reading
Amended India-China tax treaty protocol enters into force
An amending protocol to the China-India tax treaty entered into force from June 5, the Indian government announced on July 17. ... - Continue reading
India’s hedge funds threatened by higher taxes
So much of India’s private wealth is trapped in gold that any more will be a colossal social waste ... - Continue reading
Tax fraud of about ₹38,000 crore detected last year
Tax fraud of ₹6,520 crore was detected in the April-June period of the current financial year ... - Continue reading
Barcelona star Pique told to pay 2.1m euros in tax arrears and fines
MADRID, July 12 (Xinhua) — Barcelona and Spanish international center half Gerard Pique has been told to pay 2.1m euros by the Tribunal Economico-Administrativo Central in Madrid. Pique had been found guilty of tax evasion around the profit he made from his image rights from 2008 to 2010 but decided… – Continue reading
Taiwan to join anti-tax evasion program CRS
Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading
Taiwan to join anti-tax evasion program CRS
Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading
Netherlands announces tax policy agenda for 2019
The Dutch government on May 29 announced its priorities and timelines in the area tax policy, including how the Netherlands intends to deal with tax evasion and tax avoidance and improve the Dutch investment climate. ... - Continue reading
OECD Finds Tax Automatic Exchange has Increased Transparency, Agrees on Digital Economy Taxation Roadmap
6 July 2019: In the lead up to the Group of 20 (G20) Finance Ministers and Central Bank Governors’ Meeting, the Organisation for Economic Co-operation and Development (OECD) released data that show that automatic exchange of information on financial accounts is improving tax compliance and delivering concrete results for governments… – Continue reading
Recto backs DOF plan to tax Chinese POGO workers
The Senate is backing a government plan to run after tens of thousands of Chinese workers in the country who have not been paying income tax ... - Continue reading
Vietnamese lawyer probed for abetting tax evasion
A Hanoi lawyer famous for taking on high-profile cases could find himself in the dock for abetting tax evasion. Police in the central province of Khanh Hoa on Tuesday launched an investigation and searched the residence and offices of Tran Vu Hai, 57, head of Tran Vu Hai Attorney Office,… – Continue reading
Experts convene in the City of London to call out ‘pin stripe mafia enablers of tax abuse’
Researchers and campaigners from around the world have been presenting radical solutions on tackling tax abuse and financial crime at the Tax Justice Network’s annual conference held in the heart of London’s finance centre, on 2 – 3 July 2019. With over 200 attendees including prominent politicians, whistleblowers and economists,… – Continue reading
MP in the Dock Over Sh487m Tax Evasion
The member of parliament for Lamu West constituency Mr Stanley Muthama has been charged in an Eldoret Court for tax evasion. Mr Muthama appeared before Eldoret Chief Magistrate Charles Obulutsa on Monday for allegedly failing to remit Sh487 million in taxes from businesses operated under Stansha Limited, a company linked to him…. – Continue reading
BIR files tax evasion charges against 15 Metro Manila business taxpayers
The Bureau of Internal Revenue filed Thursday separate criminal cases against 15 business taxpayers in Metro Manila for alleged refusal to pay tax debts totaling to more than P493 million. This brought to 482 the number of tax evasion charges lodged by the bureau under its Run-After-Tax-Evaders (RATE) program under… – Continue reading
Cargo pile-up at ICD depot linked to tax evasion scam
Unscrupulous agents based in Dubai and China are behind the pile-up of cargo at the Nairobi Inland Container Depot (ICD) even as it emerged that this is also a ploy to evade taxes. People Daily yesterday established that small-scale traders using these agents to consolidate their cargo in one container… – Continue reading
Israel seeks Swiss help in identifying undeclared accounts
Swiss authorities are considering a request from the Israeli finance ministry for assistance in identifying Israelis with undeclared assets at two Swiss private banks. ... - Continue reading
Banks bear the biggest cost of CRS
Last year, Malaysian financial institutions commenced their CRS obligations to the Inland Revenue Board (IRB). ... - Continue reading
Seven Countries Where Cryptocurrency Investments Are Not Taxed
Here are a few countries where cryptocurrencies are not taxed under some or all circumstances ... - Continue reading
Foreign Exchange Management Accounts: FBR for replicating Indian model
ISLAMABAD: Terming Indian model as good to replicate Foreign Exchange Management Accounts (FEMA) in case of Pakistan, Chairman FBR Shabbar Zaidi said that $40 billion was remitted out from Pakistan, so there was need to bring changes in existing Pakistani laws related to management of foreign exchange. He pointed out… – Continue reading
Dominica removed from EU tax haven blacklist
The European Union has removed the Caribbean island of Dominica from its list of uncooperative jurisdictions in tax matters. Dominica changed its tax rules to comply with EU requirements meant to reduce the risks of tax evasion, the EU said in a statement. Dominica implemented its commitments and addressed EU… – Continue reading
Govt tightens noose around offshore tax evaders
The federal government has decided to go after offshore tax evaders, laying out a number of propositions that would effectively criminalise the process and introduce heavy punishments for tax evasion. The proposed tightening of income tax laws would mean that anyone found guilty of evading taxation through foreign banks accounts… – Continue reading
Australia: OECD releases beneficial ownership implementation toolkit to facilitate transparency
In brief – Beneficial ownership toolkit aims to help governments implement legal and supervisory frameworks to identify and collect beneficial ownership information Beneficial ownership is a critical issue in many areas of law, in particular tax and anti-money laundering. National authorities often struggle to keep up with private ingenuity in… – Continue reading
Pampanga trader wins tax evasion charges
The Court of Tax Appeals (CTA) has dismissed the more than P30 million tax evasion charges filed against a businesswoman for the failure of Bureau of Internal Revenue (BIR) to prove that the offense was willful. Acquitted of two counts of tax evasion was Analiza San Miguel David, operator of… – Continue reading
Pakistan: Imran Khan announces tax evasion amnesty scheme
The prime minister is seeking to end Pakistan’s rampant tax evasion as he secures a major IMF bailout. Only about 2 million tax returns are filed in Pakistan annually. Pakistani Prime Minister Imran Khan, who ran on a campaign of tackling corruption, gave a televised address on Monday calling on… – Continue reading
US to investigate Vietnam ‘shrimp king’ for anti-dumping tax evasion
Minh Phu Seafood JSC, one of Vietnam’s biggest shrimp processors, is suspected of selling imported Indian shrimp to evade anti-dumping tariffs. On May 12, Illinois representative Darin LaHood said he had received an email petition accusing Minh Phu of evading anti-dumping duties on Indian shrimp in the U.S. The email… – Continue reading
NBR building up profiles of MNCs
National Board of Revenue is building up profiles of the multinational companies operating in the country for the purpose of conducting audits on the MNCs’ accounts to prevent tax evasion through misuse of transfer pricing system. Transfer Pricing Cell (TPC) of NBR is also conducting risk assessment of the companies’… – Continue reading
Ex-TV newsreader accused of tax evasion
A former television newsreader has denied she deliberately withheld more than $1.8 million in GST payments during a lucrative career of property development in Melbourne. Simone Semmens, who is on bail, faced a County Court of Victoria trial on Monday after pleading not guilty to 10 charges of dishonestly withholding… – Continue reading
Cyprus: The True Impact Of BEPS On International Business Structures
In the last decade, OECD officials have recommended measures to combat tax avoidance, culminating first in the BEPS (Base Erosion and Profit Shifting) initiative in 2015 and then the MLI (Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS) effective from July 2018 – yet have all their… – Continue reading
Third-party info system to check tax evasion likely
The government is likely to introduce third-party information system from the next financial year to check tax evasion as part of the government aim to mobilise half of the total revenue from income tax by 2020-21. Officials said that of the introduction of the system is likely to be proposed… – Continue reading
BIR files 454th tax evasion case
The Bureau of Internal Revenue (BIR) filed on Thursday tax evasion charges against five corporate taxpayers under the jurisdiction of the Quezon City revenue region for alleged refusal to pay tax debts totaling to more than P71 million.The criminal complaints filed before the Department of Justice (DOJ) brought to 454… – Continue reading
British overseas territories top corporate tax loophole index
Governments are stepping up efforts to recoup more tax from multinationals, with the European Commission forcing iPhone maker Apple to repay 13 billion euros after it used Ireland to cut its tax on European profits to almost zero. The Tax Justice Network, a group campaigning for transparency, said its study… – Continue reading
Government Should Investigate BAT’s Tax Evasion
Kenya Tobacco Control Alliance KETCA has today called upon the government to prioritize regulations that enable the maximization of corporate tax revenue from British American Tobacco (BAT) Company. The KETCA Chairman, Joel Gitali said that BAT avoids paying full corporate taxes which would have been used for public services like… – Continue reading
Alleged Tax Evasion: Court renews Jay Jay Okocha’s arrest warrant
A Lagos State prosecutor, Y. A. Pitan, has told an Igbosere High Court in Lagos that former Super Eagles captain, Austin Okocha, has not liquidated the alleged tax debt he owed the state. Mrs Pitan told Justice Adebayo Akintoye on Tuesday that Mr Okocha had visited the Lagos Internal Revenue… – Continue reading
Revised tax treaties usher in a new era in investment, taxation
Policy tweaks curb evasion, show India can woo investments without sops Singapore, another major FDI contributor to India, too, enjoyed the same tax sops under a similar treaty with India NEW DELHI: For about a decade-and-a-half, revenue authorities examining foreign investment proposals received by the erstwhile Foreign Investment Promotion Board… – Continue reading
