Category: Tax Avoidance

Cyprus: European Mandatory Disclosure Regime (EU MDR) – A New Reality For Cypriot Intermediaries, Another Burden On Cypriot Taxpayers?

Mandatory disclosure rules are not something new for European Member States ("EU MS"). In fact, with the United Kingdom leading the race (from 2004), Ireland (in 2008) and then Portugal (in 2011) were the first -and only- EU MS to introduce mandatory disclosure rules in their local legislation. ... - Continue reading

HMRC says 10% rise in UK tax evasion reports is due to whistleblowers

HMRC, the British government’s tax authority, has reported a 10% rise YoY in evasion probes – and says the increase is due to a surge in whistleblowers. Today’s figures, released by UHY Hacker Young, reveal 73,000 reports arising from whistleblowing, representing a 10% rise on the numbers for 2018-19.UHY Hacker… – Continue reading

Repatriation vows exceed NT$200bn

As of Thursday last week, the Ministry of Finance had received applications to repatriate NT$207.6 billion (US$7.03 billion) in overseas funds since a repatriation law took effect on Aug. 15 last year, the Liberty Times (the Taipei Times’ sister newspaper) reported on Saturday, citing Minister of Finance Su Jain-rong (蘇建榮). The amount would be NT$210 billion if applications filed on Friday were included, Su told a news conference in Taipei on Friday. ... - Continue reading

EU to launch tax observatory

The EU’s awareness of the relevance of tax policy is clear. On 6 July, the European Commission called for proposals for the creation of an EU tax observatory. This follows the adoption of the Commission Decision on the financing of the preparatory action EU Tax Observatory – Capacity building to support Union policy making in the area of taxation and the adoption of the annual work programme for 2020 on 16 June. ... - Continue reading

UN forms panel to help battle tax evasion, money laundering

Thought leaders from across the globe on Monday joined a UN panel tasked with making recommendations to fix the financial system that lacks effective ways to deal with tax evasion, tax avoidance, money laundering and corruption. The High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030… – Continue reading

Cayman tops ranking of money hideouts

Cayman is now the top enabler of financial secrecy in the world, according to the findings from the Tax Justice Network’s Financial Secrecy Index 2020. In second and third place respectively, were the United States and Switzerland. The Tax Justice Network has called on policymakers to prioritise sanctions against Cayman… – Continue reading