Category: Tax Avoidance

Canada: “Changing Of The GAAR”: A Background On The General Anti-Avoidance Rule, And Canada’s Attempt To Expand Its Tax Power In The 2022 Budget

The Budget purports to introduce several new financial and taxation regimes, as well as enhance several existing mechanisms. One of the existing taxation mechanisms proposed to be amended is the General Anti-Avoidance Rule (the "GAAR"). The Government initially indicated they would be amending the GAAR in the 2021 Budget. The 2022 Budget now provides some additional detail, though we are still waiting for the actual legislation. ... - Continue reading

Q&A: tax issues for private equity funds in Cayman Islands

Under current Cayman Islands law, there are no Cayman Islands taxes on income or gains of the private equity fund (PE fund) or on gains on dispositions of shares or partnership interests, and distributions made by a PE fund will not be subject to withholding tax in the Cayman Islands. ... - Continue reading

Is Tax Avoidance A Crime In The Uk?

There are financial and criminal penalties involved in tax evasion. Other instances can be civil or criminal. Generally speaking, HMRC deals with all types of fraud and evasion through civil processes. The severity of your tax evasion depends on how large a jail sentence you can expect, assuming you are charged with tax evasion. ... - Continue reading

How To Evade Taxes Canada?

In order to hide income or inflate expenses, intentionally overstating receipts or claiming in the wrong ways, hiding income, or lying to the Canadians, tax evasion can be considered in this regard. The goal is to gain as many benefits from compliance as possible in violation of the law, whereas aggressive tax avoidance is to evade compliance. ... - Continue reading

7 Ways You’re Accidentally Committing Tax Fraud

Not every fraud artist is a sketchy identity thief or faux Nigerian prince from the dark corners of the internet. In fact, you might end up committing accidental tax fraud or accidental tax evasion yourself if you don’t pay careful attention during this tax season. ... - Continue reading

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