Category: Tax Authority

US IRS begins FATCA crackdown

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...

Tax authorities mount raids on 19 German banks and houses

Investigation is linked to Panama Papers and part of money laundering allegations Eleven banks and eight private homes and offices across Germany have been raided by police and tax investigators as part of a wide-ranging investigation into tax evasion. The raids, which began at dawn on Wednesday and went on...

UK – HMRC WINS TWO TAX AVOIDANCE CASES OVER USE OF OFFSHORE TRUSTS

The HMRC has successfully argued two cases in the First-tier Tribunal involving the use of offshore trusts to avoid tax and National Insurance Contributions (NICs). The case was brought against Hyrax Resourcing Limited and Curzon Capital Limited. The Tribunal decided in both cases that the disguised remuneration arrangements being promoted...

Taxing times for SMEs

Globalisation of the economy has resulted in a shift in the way Singapore corporations operate – from local country-specific business models, to global integrated supply chains which centralise functions at a regional or global level. Singapore, in particular is a popular location to house regional and global operations, due to...

FBR documents Rs75 billion properties under amnesty scheme in July-March

KARACHI: The Federal Board of Revenue (FBR) has documented Rs75 billion worth of properties during the first nine months of the current fiscal year of 2018/19 under a tax amnesty scheme; although the revenue collection fell a quarter year-on-year on uncertainty about the concessions, sources said on Tuesday The sources...

Israeli supermodel Bar Refaeli to pay tax evasion fine

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...

Mauritius: blue skies, sunshine – and these noteworthy changes to its domestic laws

Not just the ultimate holiday stop, Mauritius is also a preferred jurisdiction for fund managers looking to establish African-focused funds, say Michael Denenga and Nicole Paige, partners at Webber Wentzel. “A scenic island off the coast of Africa, Mauritius’ main competitive advantage is its proximity to the jurisdictions that African-focused...

EU passes legislation protecting whistleblowers to encourage wrongdoing

Whistleblowers across the European Union have won greater protection under landmark legislation aimed at encouraging reports of wrongdoing. The new law, approved by the European Parliament on Tuesday, shields whistleblowers from retaliation. It also creates “safe channels” to allow them to report breaches of EU law. It is the first...

EU Report Calls For Finance Authorities, AML Oversight

European Union lawmakers released a report on Wednesday (Feb. 27) recommending that the EU create a police unit dedicated to the investigation of tax and financial crimes, as well as a watchdog organization to fight money-laundering, according to a report by Reuters. The report, which is the result of a...

Swedbank hires EY to conduct forensics into money laundering

Swedbank, one of the largest banks in Sweden, has hired professionals services firm EY to investigate the bank’s possible involvement in large scale money laundering. According to media reports in Sweden, over the period of nearly ten years the bank facilitated approximately $5.8 billion worth of suspicious transactions. The transactions...

Malta: How Beneficial Owners Registers Aim To Curb Money Laundering And Tax Evasion

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...

Property tax collection rises 31pc in July-Jan

KARACHI: Property tax collection by provinces surged 31.34 percent to Rs7.38 billion during the first half of the current fiscal year of 2018/19, official data showed on Friday. Finance ministry’s data showed property tax collection amounted to Rs5.624 billion during the corresponding period of the last fiscal year. Sources in...

Foreign income declaration mandatory

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...

Mauritius, first jurisdiction globally to legally protect crypto

The Mauritius International Financial Centre (IFC) claims to be the first jurisdiction globally to offer a regulatory landscape for the custody of digital assets. This is according to communication from the country’s integrated regulator for the non-bank financial services sector and global business, the Financial Services Commission (FSC). The FSC...

Guernsey: Investment Funds: Why Choose Guernsey?

The benefits of Guernsey as a fund domicile. Guernsey is one of the world’s largest offshore finance centres, with a thriving funds industry. Almost 1,000 investment funds, and well over 2,000 sub-funds, are currently administered in the island. The current value of funds under management and administration in Guernsey is...

FAMILY BUSINESSES DOMINATE LIST OF BRITAIN’S HIGHEST TAXPAYERS

Britain’s wealthiest families paid $1.2 billion in tax in the last financial year at a time when the state revenue contributions of the world’s richest individuals and corporations are coming under increasing scrutiny. Campden FB totalled the tax bills for 2017-18 of the 21 families of significant wealth as conservatively...

Apple settles 10-year tax battle with France, paying a reported €500M ($570M)

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,...

Investment banker extradited for helping clients defraud tax authorities

For facilitators in Malta, it’s business as usual. A former employee of Mossack Fonesca has been extradited to Germany on charges relating to revelations from the Panama Papers, an unprecedented leak of over 11 million files from the database of the world’s fourth biggest offshore law firm at the time....

FBR resolved 20% of total tax evasion and fraud cases involving billion of rupees in 2018

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...

End of double taxation between Angola and Portugal approved in Lisbon

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...

Banks may declassify expatriate client data

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...

FBR probes undeclared offshore assets of resident Pakistanis

KARACHI: The Federal Board of Revenue (FBR) has sought explanations from the resident Pakistanis regarding their undeclared foreign assets, sources said on Tuesday. These assets were identified under the Automatic Exchange of Information (AEoI), they added. Large Taxpayers Unit (LTU) Karachi summoned around 100 people from Sindh Region to appear...

US DOJ charges four in ‘Panama Papers’ case

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...