Category: Tax Evasion

HM Revenue & Customs / Legislation / Tax Avoidance / Tax Evasion / United Kingdom

Extended tax liabilities for directors in insolvencies linked to tax avoidance

Published by: Lexology - November 12, 2019

Draft legislation included in the Finance Bill 2019-2020 will potentially make directors and certain other individuals closely connected to a company jointly and severally liable for a company’s tax liabilities that arise from avoidance, evasion or repeated insolvency and non-payment of tax debts or tax-related penalties of the company. ... - Continue reading

Cambodia / Double Taxation Agreement / Hong Kong / Tax Evasion

Cambodian parliament ratifies double taxation avoidance pact with China’s Hong Kong

Posted On: November 4, 2019

PHNOM PENH, Nov. 4 (Xinhua) — The Cambodian parliament on Monday ratified an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income that the country had signed with China’s Hong Kong Special Administrative Region (HKSAR). Ruling Cambodian People’s Party’s 110… – Continue reading

Corporate Tax / Double Tax Treaty / Income Tax / Malaysia / Russia / Tax Evasion / Ukraine

Parliament ratifies double tax agreement with Malaysia

Posted On: October 30, 2019

The Verkhovna Rada of Ukraine ratified an agreement with Malaysia on the avoidance of double taxation and the prevention of tax evasion and the protocol thereto, adopting Bill No. 0002. 333 MPs voted in favor of it. It was broadcasted by official Rada Channel. The agreement extends to individual income… – Continue reading

Common Reporting Standard / Investments / OECD / Pakistan / Residence / Tax Authority / Tax Evasion / UAE

FBR asks UAE to share details of Pakistanis hiding behind Iqama status

Posted On: October 29, 2019

Chairman Federal Board of Revenue (FBR) Shabbar Zaidi on Monday wrote letter to UAE authorities and asked for devising mechanism to share details of Pakistanis who are hiding behind Iqama based residential status to evade taxes. In a letter written to Ministry of Finance UAE by the Chairman FBR Shabbar… – Continue reading

Base Erosion & Profit Shifting / Compliant / Country-by-Country (CbyC) Reporting / FATCA / Multinational Enterprises ("MNEs") / Nigeria / OECD / Tax Avoidance / Tax Evasion / Tax Transparency

Nigeria: Unprecedented Global Drive For Tax Transparency – The Nigerian Perspective

Published by: Mondaq - October 15, 2019

In the last few years, the international tax space has experienced an unprecedented drive to achieve increased transparency in the tax practices of Multinational Enterprises (MNEs) and individuals in order to curb tax avoidance and evasion. ... - Continue reading

Banking Secrecy / Philippines / Tax Amnesty / Tax Authority / Tax Evasion / Withholding Tax

BIR Officials: Congress not inclined to lift Bank Secrecy

Posted On: October 13, 2019

“The suggestion has been brought up many times before and lawmakers with the support of the business community rejected it,” said a revenue regional director who declined to be named. He recalled that many congressmen even protested when the BIR in 2014 tried to require taxpayers to include in their… – Continue reading

Anti money laundering / Banking Secrecy / Beneficial Ownership / Legislation / Tax Evasion / Tax Reform / USA

United States: Senators Introduce Bill To Require Reporting Of Beneficial Ownership Information

Published by: Mondaq - October 8, 2019

A bipartisan group of senators introduced a bill which would impose federal beneficial ownership reporting requirements for legal entities established under state law, intended to assist law enforcement in fighting money laundering and terrorist financing ("AML/CFT"). ... - Continue reading

Common Reporting Standard / FATCA / France / General Data Protection Regulation (GDPR) / HMRC / IGA / Internal Revenue Service (IRS) / Tax Evasion / USA

Accidental Americans’ sue France over FATCA disclosure rules

Posted On: October 7, 2019

A group representing French-American taxpayers  has filed a complaint against France with the European Commission over its compliance with the US Foreign Account Tax Compliance Act (FATCA), in a bid to avoid being blacklisted by French banks starting in January. France is a signatory to an agreement to give the… – Continue reading

Anti money laundering / Fiji / Tax Evasion / Tax Fraud

Fiji Institute of Accountants concerned about cybercrime, money laundering

Posted On: October 7, 2019

SUVA, Oct. 7 (Xinhua) — The Fiji Institute of Accountants (FIA) said Monday they are concerned about the increase in money laundering and cyber-crime activities in the island nation. According to Fiji Broadcasting Corporation (FBC), while presenting before the Standing Committee on Economic Affairs, the Fiji Institute of Accountants President… – Continue reading

Citizenship / Common Reporting Standard / FATCA / Foreign Financial Institutions / Individuals / Interest / Privacy / Tax Evasion / Withholding Tax

Worldwide: Financial Institutions And Personal Data

Published by: Mondaq - October 7, 2019

Combating Tax EvasionIn recent years, there have been several high-profile prosecutions for the crime of tax evasion (for example the actor, Wesley Snipes, and the footballer, Lionel Messi). Governments around the world have been making a concerted effort in an attempt to tackle this problem. Their objective is for their respective tax administrations to work together so that taxpayers pay the correct amount of tax in the correct jurisdiction. ... - Continue reading

Double Taxation Agreement / East Africa / Framework / Tax Evasion / Tax treaties

East Africa bloc mulls regional tax treaty framework to boost integration

Posted On: October 1, 2019

NAIROBI, Oct. 1 (Xinhua) — The East Africa Community (EAC) bloc plans to develop a regional tax treaty framework to boost regional integration, an official said on Tuesday. Doris Akol, commissioner general, Uganda Revenue Authority told Xinhua in Nairobi that once the treaty is in place the trading bloc will… – Continue reading

Business / Income Tax / Tax Avoidance / Tax Evasion / Tax Planning / Tax Reform / Uganda / VAT / Withholding Tax

Uganda: Don’t Make Up Losses To Avoid Tax

Published by: Mondaq - October 1, 2019

Conflicting interests arise for many businesses where decisions have to be made to determine how they consistently achieve profitability, while on the other hand minimise payment of tax. The temptation to minimise profits or even make a loss then becomes a tax risk management strategy. ... - Continue reading

Armenia / Business / Double Tax Treaty / Framework / Malta / Tax Evasion

Armenia, Malta sign double tax treaty

Posted On: September 25, 2019

YEREVAN, SEPTEMBER 25, ARMENPRESS. Armenian Foreign Minister Zohrab Mnatsakanyan on September 24 met with Malta’s Minister for Foreign Affairs and Trade Promotion Carmelo Abela on the sidelines of the 74th session of the UN General Assembly in New York, the Armenian ministry told Armenpress. The officials praised the current dynamic… – Continue reading

Business / High Networth Individuals / Jurisdiction / Offshore / Tax Avoidance / Tax Evasion

Wealth managers not ready for rise in HNWI demand for offshore investments: GlobalData

Posted On: September 24, 2019

Wealth managers will have to review their offshore service propositions in lieu of an expected rise in high net worth (HNW) demand, according to GlobalData, a data and analytics company. GlobalData’s 2019 Global Wealth Managers Survey noted that 50.2% of industry participants expect HNW demand for offshore investments to rise… – Continue reading

Automatic Exchange of Information / Double Taxation / G20 / Multilateral Competent Authority Agreement / Switzerland / Tax Evasion / Tax Fraud / Tax Laws / Voluntary Disclosure Program

Switzerland: Italian Tax Authorities Request Information From Switzerland On UBS Bank Customers

Published by: mondaq - September 10, 2019

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

Income Tax / Pakistan / Tax Evasion / Tax Exempt / Tax Laws / Transfer pricing / Withholding Tax

FBR demands Rs992m from TV channel in alleged tax evasion case

Posted On: September 2, 2019

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

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