Category: Tax disclosure amnesty

Brazil’s Rousseff signs amnesty to undeclared offshore assets

BRASILIA, Jan 14 (Reuters) – Brazilian President Dilma Rousseff on Thursday signed a bill that gives amnesty to holders of undeclared offshore assets in exchange for a fine, part of efforts to cut a swelling budget gap and revive investment in the recession-hit economy. The law offers amnesty from prosecution… – Continue reading

Foreign Banks Pay To Avoid Tax Evasion Charges As More Americans Disclose Offshore Accounts

Lately, the IRS is warning offshore account holders to disclose before it’s too late. Under FATCA, banks everywhere want to know if you are compliant with the IRS. And the cost of compliance for many people is growing. The IRS updated its list of foreign banks where accounts trigger a… – Continue reading

During the exchange of information, against the tax amnesty

Banking secrecy no longer protects foreign clients: Council of States approved the transition to the automatic exchange of information. At the same time, he rejected the idea of a tax amnesty. Rejection of the tax amnesty was the main surprise of the discussion of the Government’s project to move to… – Continue reading

Miscalculate tax on a holiday home or inheritance? You could soon be branded a criminal

Holiday home owners and others who inadvertantly break new tax rules could be ‘criminalised’ Holiday home owners who miscalculate tax owed, and those inheriting offshore money, face having their income wiped out entirely due to new penalties and punishments being introduced in the New Year. HM Revenue & Customs has… – Continue reading

Indonesia considers new tax incentives for employees: Minister

JAKARTA (REUTERS)- Indonesia is considering offering tax incentives for employees as part of the country’s current efforts to spur economic growth through changes to its tax regime, Coordinating Minister for Economics Darmin Nasution said on Tuesday (Nov 17). The government of South-east Asia’s largest economy has introduced several other incentives… – Continue reading

FATCA Helps IRS Net £5 Billion In Lost Tax

The US Foreign Account Tax Compliance Act (FATCA) has helped grab £5.17 billion in lost tax held in secret offshore bank accounts. The Internal Revenue Service (IRS) has revealed the figures in a FATCA update. The IRS says the controversial law has made identifying offshore cash and investments that taxpayers… – Continue reading

Brazil eyes offshore cash in bid to boost gov’t revenue

PSDB amendment in Lower House cuts Speaker Cunha out of deal, but Senate still has final say BRASILIA — The Lower House of Brazil’s Congress has approved a controversial amnesty bill for undeclared offshore assets, despite criticism from opposition lawmakers who say it would allow the laundering of illegally gained… – Continue reading

Brazil lower house passes amnesty for unreported offshore assets

BRASILIA, Nov 11 (Reuters) – The lower house of Brazil’s Congress approved amnesty for undeclared offshore assets on Wednesday despite criticism from opposition lawmakers who said it would allow the laundering of illegally gained money. To reduce its budget deficit, President Dilma Rousseff’s government is hoping to raise 11 billion… – Continue reading

Tax amnesty set

HALF a billion dollars worth of assets previously unaccounted for were declared following the passing of a law to establish a tax amnesty scheme designed for Fijians to declare all their assets held overseas Attorney-General and Minister for Finance Aiyaz Sayed-Khaiyum, in his 2016 National Budget address, said there was… – Continue reading

Critical Guidelines for Taxpayers with Foreign Bank Accounts & Amnesty Program Information

Ayar Law Group speaks about amnesty programs expiring as foreign banks comply with FATCA. Read more: Nov. 2, 2015 / PRZen / VANCOUVER, British Columbia — The unofficial period of grace to reveal foreign bank accounts to the IRS is ending for U.S. taxpayers. Those who don’t comply with… – Continue reading

Tax amnesty deadline approaches – use it or lose it

At the end of this year an amnesty for UK tax resident persons whose offshore income and gains have not been disclosed to HMRC closes, and it is important the implications are understood according to Michael Crowe, a director at Grant Thornton in the Isle of Man. In the UK’s… – Continue reading

Ayar Law Group Releases Critical Guidelines for Taxpayers with Foreign Bank Accounts

Ayar Law Group speaks about Amnesty Programs expiring as foreign banks comply with FATCA. Oct. 22, 2015 / PRZen / DELHI, India — The unofficial period of grace to reveal foreign bank accounts to the IRS is ending for U.S. taxpayers. Those who don’t comply with the law may soon… – Continue reading

IRS Offshore Account Penalties Go Up, More Banks Sign U.S. Disclosure Deal

The number of banks with deferred prosecution agreements with the U.S. government keeps growing. The subject is tax evasion involving American account holders. Today, under FATCA, banks everywhere want to know if you are compliant with the IRS. And the IRS keeps updating its list of foreign banks where offshore… – Continue reading

Internal Revenue Service Issues Stern Warning To Non-Compliant Taxpayers With Offshore Holdings

Just one day after the October 15 deadline for filing personal income tax returns on extension, the Internal Revenue Service issued a strongly-worded warning to non-compliant taxpayers: take action now to fix your problem, or face serious consequences. At the same time, the IRS revealed, for the first time, that… – Continue reading

BSI Provides Road Map For Future Swiss Bank Agreements

On March 30, 2015, the U.S. Department of Justice announced that it had entered into a nonprosecution agreement with BSI SA, the first Swiss bank to reach resolution with the U.S. government as to its potential criminal exposure for assisting its U.S. clients in engaging in tax evasion.[1] As part… – Continue reading

Jersey chief minister ‘disappointed’ at Miliband letter

Jersey’s chief minister Ian Gorst has formally expressed his “disappointment” with statements from Labour Party leader Ed Miliband about tax transparency and disclosure efforts by UK overseas territories. In an open letter to the Opposition leader, Gorst said the Island government had reiterated “many times” in past discussions with the… – Continue reading

Jump In Foreign Requests For UK Tax Information

The number of requests from foreign governments for tax information from the UK rose by 45 percent in 2013, according to international law firm Pinsent Masons. 2,466 requests were received by HM Revenue and Customs (HMRC) in the year to December 31, 2013, up from 1,701 recorded in 2012. James… – Continue reading

Germany: Stricter Requirements For The Voluntary Self-Disclosure Of Tax Evasion

The German Fiscal Code provides for the possibility of a voluntary self-disclosure of tax evasion. Taxpayers are able to correct or complete their own incorrect tax returns or furnish relevant information previously omitted. In such cases, the taxpayer will be exempt from criminal prosecution for tax evasion in respect of… – Continue reading

Switzerland, Italy Treaty Announcement ‘Imminent’

An announcement is expected imminently on the terms of the long-awaited revised tax treaty between Italy and Switzerland, reports say. According to a report from the ANSA news agency, the push to complete the treaty follows the parliamentary approval of Italy’s new voluntary disclosure program, which allows Italian residents to… – Continue reading

Canada Launches Anti-Evasion Electronic Funds Transfer Initiative

New Electronic Funds Transfer (EFT) rules have entered into force in Canada, requiring certain financial intermediaries to report incoming and outgoing transfers of CAD10,000 (USD8,446) or more to the Canada Revenue Agency. On January 7, 2015, Revenue Minister Kerry-Lynne D. Findlay announced the launch of the CRA’s EFT initiative. Effective… – Continue reading

Should You Participate in the IRS Offshore Voluntary Disclosure Program?

2014 marked a significant increase in the enforcement efforts by the IRS and Department of Justice against non-compliant U.S. taxpayers who failed to report their off-shore bank accounts and earnings.  Grand Jury proceedings have been in full force and various criminal proceedings have been instituted.  IRS investigations continue to increase… – Continue reading

Voluntary disclosure in Israel- it’s time to become compliant

January 8 2015 As of 2003, Israeli tax residents are subject to tax in Israel on their worldwide income, including passive income (i.e., interest, dividends and capital gains) generated in their offshore bank accounts. Although more than a decade has passed, many Israeli residents have still not reported on income… – Continue reading

The Death Of Hidden Offshore Accounts

The future for offshore tax planning, also known as “aggressive tax planning” is likely to be limited to if not curtailed by the global exchange of information agreement signed in October, 2014 by 51 countries and growing. The link below is to a video summary of the predicted consequences of… – Continue reading

Tax evasion by super rich hurts every Australian

We will probably never know their names, but one thing we do know – one in 20 of the richest people in Australia tried to evade paying their fair share of tax in recent years. By what authority do we know this? By none other than the Australian Taxation Office…. – Continue reading

Swiss Bankers in Limbo After U.S. Jury Clears Ex-UBS Manager

The courtroom victory of the only Swiss banker to beat the U.S. in a trial over offshore tax evasion may embolden other indicted financial workers to leave a legal limbo some have endured more than five years. Twenty-five offshore bankers, lawyers and advisers have yet to answer U.S. Justice Department… – Continue reading

Business Lobby Urges Tax Amnesty for Reinvestment in Indonesia

Jakarta. A leading business lobby with strong ties to the administration of President Joko Widodo has called for a tax amnesty, in which the authorities will waive off past taxes and penalties to conglomerates and individuals parking billions of dollars worth of funds overseas, in a bid to reinvest that… – Continue reading

Billionaire Usmanov transfers key assets to Russian jurisdiction

“These measures were taken in line with the policy announced by President Vladimir Putin for the Russian economy’s de-offshorization,” USM Holdings owned by billionaire Alisher Usmanov said MOSCOW, December 19. /TASS/. USM Holdings owned by billionaire Alisher Usmanov is transferring key assets to Russian holding companies, USM said in a… – Continue reading

HMRC collects £32m from disputed tax demands

HM Revenue and Customs (HMRC) has pocketed £32 million after demanding early payments of disputed tax from investors in suspected avoidance schemes. The taxman says this equates to 99% of disputed tax from the first tax avoidance scheme users to be issued with accelerated payment notices. HMRC said that 30… – Continue reading

Medvedev: Capital Return Amnesty Not About ‘Dragging’ Money Back to Russia

Russian Prime Minister Dmitry Medvedev stated that Moscow does not intend to “physically drag money” to Russia in the framework of amnesty for capital returning to country suggested by Russian President Vladimir Putin. MOSCOW, December 13 (Sputnik) — Moscow does not intend to “physically drag money” to Russia in the… – Continue reading

Putin Says Tax Rules Should Remain Unchanged

Russia’s President, Vladimir Putin, has said that tax legislation should remain unchanged for the next four years, and that he wants a one-off tax amnesty for individuals who repatriate capital to Russia. Addressing the Federal Assembly, Putin said that there is a need for stable legislation and predictable rules, which… – Continue reading

ATO tax amnesty nets billions, but hunt for rich with secret Swiss accounts continues

Thousands of rich Australians have come forward to declare billions of dollars in untaxed assets and income stashed in bank accounts in Switzerland and in other countries. The rush comes as what the Australian Taxation office says is the last tax amnesty it will ever offer comes to an end…. – Continue reading

Putin declares amnesty for returning capital, tax breaks for small business

In his annual address to both houses of parliament, President Vladimir Putin announced a large-scale program for the liberalization of the Russian economy. In particular, he proposed an amnesty for the repatriation of offshore capital and tax breaks for small businesses. However, Russian experts point out that some of the… – Continue reading

Putin welcomes billionaires back to Russia – but will they come?

President Putin’s surprise amnesty allowing Russians with cash stashed abroad to bring it back home with no penalty may be a windfall, but then maybe not. The US, Mexico, Italy, Kazakhstan, and many others have tried it with varied success. When financial crises hit, governments have tried to reel in… – Continue reading

Tax moratorium, western sanctions to facilitate Putin’s offshore amnesty — experts

Economy  December 04, 17:06 UTC+3 Vladimir Putin announced an all-out amnesty for offshore capital to return Russian capital from foreign jurisdictions MOSCOW, December 4. /TASS/. Russia’s moratorium on tax hikes and western sanctions that provoked a cautious attitude to money from Russia will facilitate offshore capital amnesty announced by President… – Continue reading

How the HMRC helped tax avoiders stay ahead of the law – by shifting cash for Switzerland to Liechtenstein

It was billed as a multi-billion pound windfall for the long-suffering UK taxpayer, with HM Revenue & Customs getting its hands on a huge reservoir of untaxed “black money” stashed in Switzerland by wealthy subjects to keep it safe from the taxman. But the estimated take from what the former… – Continue reading

ATO issues warning on offshore income

The tax office said that Australia’s commitment to the automatic global exchange of information will mean accessing overseas banking information will become easier and hiding income and assets offshore will become harder. “Recent developments in exchange of information between countries and improved data matching capability mean there’s nowhere left to… – Continue reading

UK: In Uncle Sam’s Footsteps

When FATCA was signed by Barack Obama in 2010, many commentators were quick to argue that such ‘breathtakingly extra-territorial’ provisions would never come to fruition. Fast-forward only a few years and those five letters, FATCA, have become etched in the minds of exasperated US taxpayers (many of whom are queuing… – Continue reading

The Liechtenstein Disclosure Facility – Recent Changes

UK Disclosure Facilities – Background HM Revenue & Customs (HMRC) has offered several opportunities over the past seven years to encourage errant tax payers to come forward in order to regularise their tax affairs on relatively benign terms. In 2007 HMRC offered the Offshore Disclosure Facility (ODF) which afforded taxpayers… – Continue reading

IRS Offshore Voluntary Disclosure Program Offers Stark Choices for Taxpayers

The Internal Revenue Service is encouraging taxpayers with previously undeclared foreign bank accounts to enter into its Offshore Voluntary Disclosure Program, but there are now choices between a new streamlined version of the OVDP and the regular program that will require careful consideration and advice from practitioners. Since March 26,… – Continue reading

Australian Offshore Amnesty Reveals AUD1bn In Assets

Nearly 1,500 individuals have disclosed more than AUD180m (USD157.8m) in previously unreported offshore income and over AUD1bn in assets since the Project DO IT amnesty was launched, the Australian Taxation Office (ATO) has revealed. The scheme began in April and is scheduled to end on December 19, 2014. The foreign… – Continue reading

Luxembourg: Family Wealth Management In Luxembourg: We Are Not Done Yet, Despite The Changes To The Information Exchange

With the announced end of banking secrecy for non-residents, the time has come to make use of favourable repatriation schemes, such as the voluntary disclosure regime in Italy. Despite increasing pressure for fiscal transparency and exchange of information, beneficial owners still have a choice: move the capital out (of Luxembourg),… – Continue reading