By the wide margin of a 250-76 vote on October 16, the Chamber of Deputies of the Italian Parliament passed a decree law to introduce a voluntary disclosure program for undeclared assets and funds held abroad or in Italy. Under the new program, such taxpayers would be allowed to declare… – Continue reading
Around $180 million in undeclared offshore income has now been recovered as part of the amnesty, the ATO said. A further $1 billion in assets has also been recovered. Photo: Louie Douvis The Tax Office is keeping a close eye on foreign banks as part of its push to stop… – Continue reading
“It is the world’s best tax amnesty, “ says Morris Maroon, Head of the National Tax Team of law firm Rockwell Olivier. “There are only months before the best opportunity to turn foreign wealth tax-clean will come to an end. We will then see if the predictions of a particularly… – Continue reading
In the history of the old west when gun fighters survived a gun fight they might put a “notch” in their pistol as a badge of honor. Well the U.S. Department of Justice can put another notch in its weapon of choice, threat of prosecution” because Deutsche Banks’ Swiss unit… – Continue reading
Undeclared offshore income and assets must be disclosed by 19 December 2014 The Australian Taxation Office (ATO) is reassuring taxpayers that disclosing under Project DO IT will not give them a “red flag”. Project DO IT, the ATO’s offshore voluntary disclosure initiative, offers considerable benefits to taxpayers who bring their… – Continue reading
The Internal Revenue Service announced changes to one of its limited-amnesty programs for U.S. taxpayers with undeclared offshore accounts. The revisions are to the “streamlined procedure,” which was announced in June and is for taxpayers who weren’t intentionally hiding money abroad. Participants in the streamlined program who live in the… – Continue reading
The UK Finance Act 2014, enacted in July 2014, contains new legislation to deal with cases of purported tax avoidance, which marks a radical departure from previous policy in this area. Until Finance Act 2014, it was generally the case that where a taxpayer contested a direct tax assessment made… – Continue reading
The relationship between the IRS and Canadians is not great. Groups like the Alliance for the Defense of Canadian Sovereignty want relief from the horrendous double filing and higher taxes Ameri-Canadians often face. Add to that the Canadian suit to block Canada’s FATCA deal with the U.S. It adds up… – Continue reading
The latest edition of Newsbrief counts as 1 hour of structured CPD and covers the regulatory and marketplace changes that took place during August 2014. Visit the Money Marketing CPD Centre to answer 10 multiple choice questions and complete this CPD activity. Just click into your CPD Plan and you’ll… – Continue reading
Clients of UBS AG (UBSN), Switzerland’s largest bank, have led a five-fold surge in the number of Canadian residents reporting hidden offshore income over the past eight years. Almost 6,000 taxpayers came forward in the past 12 months as part of the Canada Revenue Agency’s voluntary disclosure program to report… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Savers and investors who have kept assets offshore should make use of disclosure facilities to settle with the… – Continue reading
The constant battle raging between clever lawyers and HM Revenue & Customs (HMRC) has led to the goal posts moving on a tax amnesty offer. After alleged abuses of the Employee Benefit Trust settlement arrangement (EBT) the scheme will be closed early, denying taxpayers the chance to settle their affair… – Continue reading
A useful – and legal – scheme for people who haven’t paid their dues to the taxman is being restricted, reports Alison Steed Expats who have failed to pay their taxes may find the attractive option of using the Liechtenstein Disclosure Facility (LDF) blocked, thanks to changes made to it… – Continue reading
HM Revenue and Customs (HMRC) is consulting on the design of a proposed new strict liability criminal offence for those who fail to declare taxable offshore income and gains. Under the plans, magistrates could be given the power to impose an unlimited financial penalty and a custodial sentence of up… – Continue reading
The Australian Taxation Office (ATO) has launched an investigation regarding the income and property that members of the Greek Diaspora have in Greece. Greek-Australians have a deadline until December 2014 to voluntarily declare all their homeland assets in order to avoid being considered as tax evaders and paying the full… – Continue reading
Those committing tax evasion could face stricter consequences due to the change in government tax legislation, according to a top city accountant. Des Veney, Director of Haines Watts Chartered Accountants on Victoria Street, believes that as a result of the stern regulation, which came into effect earlier this month, UK… – Continue reading
HM Revenue & Customs (HMRC) has announced changes to the terms of the Liechtenstein Disclosure Facility (LDF), restricting the most favourable treatment to new tax irregularities with a “significant” offshore connection. Tax Disputes and Investigations Tax Private wealth tax Reg Day, a tax expert at Pinsent Masons, the law firm… – Continue reading
Clandestine accounts in Switzerland are clearly becoming too hot for many people. In the first half of 2014 in North Rhine-Westphalia (NRW), three times as many voluntary declarations of an incomplete tax return relating to Switzerland are reported to have been received than in the same period of the previous… – Continue reading
Australians who have dodged tax outside Australia have less than five months to voluntarily disclose or face going to jail, a law firm warned. Mills Oakley Lawyers said evaders can voluntarily disclose tax evaded through false deductions and offshore undeclared income through the Australian Taxation Office (ATO) initiative Project DO… – Continue reading
AROUND 16,000 TAX AVOIDERS are to be given the chance to settle their outstanding liabilities with HM Revenue & Customs, the department has confirmed. On average, each of the users of the contractor loan schemes covered by this settlement opportunity owes £11,000 a year in tax. The schemes involve complex… – Continue reading
The Swiss banks in “category two” of the deal struck with American tax authorities could face smaller fines than they had feared, but only if they cooperate more with the United States. The Swiss publication Finanz und Wirtschaft reported on Saturday that those banks with some exposure to American clients… – Continue reading
Tax Since the 1970s, U.S. taxpayers with foreign banks accounts have been required to annually report their foreign bank account information to the Department of Treasury on a Report of Foreign Bank and Financial Accounts (“FBAR”) by June 30th of each year. In addition to requiring the filing of an… – Continue reading
The authorities are looking to entice Russian-owned offshore firms to repatriate capital. A new law will impose penalties on such companies for tax evasion, but offers 2-year amnesty for those firms which decide to relocate to Russia. The Finance Ministry has decided to grant a 2-year amnesty for offshore companies… – Continue reading
The Finance Ministry is pushing ahead with its program to entice Russian-owned offshore firms to repatriate capital. A new law will impose penalties on such companies for tax evasion, but offers the carrot of a 2-year amnesty for those firms which decide to relocate to Russia. The Finance Ministry has… – Continue reading
Australia’s taxing agency is doubling efforts to identify individuals with undisclosed foreign income and assets so they can participate in a streamlined tax program for individuals with offshore assets, the agency said Monday. The Australian Taxation Office said it is sorting through data to identify people with offshore assets so… – Continue reading
The Australian Tax Office is stepping up its surveillance of Australians funnelling money into secret offshore bank accounts. The extra scrutiny is part of an amnesty program that will allow some tax dodgers to avoid severe punishment by declaring income and agreeing to come back into the tax system before… – Continue reading
Australians with undeclared offshore investments are being urged to take advantage of a once-off chance to avoid hefty fines, and a possible jail sentence, by disclosing their foreign income. Australian Taxation Office (ATO) deputy commissioner, Michael Cranston, warned investors who have not reported their overseas earnings in the past that… – Continue reading
As the Justice Department winds down its eight-year crusade against Swiss banks selling offshore tax-dodging services to wealthy Americans, the Internal Revenue Service is offering its own parting gift: softer penalties for taxpayers who come out of the woodwork to disclose their secret accounts. Call it the advent of the… – Continue reading
WASHINGTON — The Internal Revenue Service is offering to waive steep penalties for Americans living abroad who haven’t been paying their U.S. taxes. But there is a catch: You have to be able to show that you didn’t evade U.S. taxes on purpose. American citizens living abroad are required to… – Continue reading
One hundred of Australia’s richest people have taken advantage of a rare amnesty from the Australian Taxation Office – issued in March this year – to reveal their use of secretive offshore tax havens without severe punishment. There has also been a ”large number of expressions of interest” in addition… – Continue reading
The U.S. has given Swiss banks more time to show some Americans’ accounts were not used to evade taxes in a program that has banks deliver account data to avoid criminal prosecution. The Department of Justice has given as many as 106 banks until July 31 to demonstrate that an… – Continue reading
The U.S. has given Swiss banks more time to show some Americans’ accounts were not used to evade taxes in a program that has banks deliver account data to avoid criminal prosecution. The Department of Justice has given as many as 106 banks until July 31 to demonstrate that an… – Continue reading
As many as 13 Swiss banks are facing an increasing stake related to criminal tax avoidance probes after another Swiss bank, Credit Suisse Group AG (NYSE: CS), put new standards for punishment in US crackdown on evasion of offshore taxes. Punishment to fit crime Zuercher Kantonalbank, Julius Baer Group Ltd. and… – Continue reading
The hunt for money hidden in Swiss bank accounts by U.S. citizens has become a global chase, with prosecutors tracing records to Singapore, the Cook Islands and elsewhere as U.S. authorities increase the pressure on Swiss lenders to turn over evidence, according to officials. Kathryn Keneally, head of the Justice… – Continue reading
With any opportunity that seems too good to be true, there is often a fatal flaw. That is the case with The Partnership to Build America Act, introduced by U.S. Rep. John Delaney, D-Md., and U.S. Sen. Michael Bennet, D-Colo. The bill offers a way for multinational corporations to bring… – Continue reading
Kevin E. Thorn, Managing Partner of the Thorn Law Group discusses the recent negotiations between the U.S. Department of Justice and Swiss bank Credit Suisse and the effect that any potential settlement may have on the rest of the banking community and the U.S. Taxpayers who still may have undisclosed… – Continue reading
Swisspartners Group, a Zurich-based money-manager, resolved a U.S. criminal tax probe by paying $4.4 million for helping American clients use secret accounts to evade taxes. In return, the government agreed not to prosecute the firm, citing its “extraordinary cooperation.” The agreement resulted from Swisspartners’ voluntary production of the files for… – Continue reading
The tax evasion trial and conviction of former Bayern Munich president Uli Hoeness triggered a wave of self-disclosures resulting in 16,926 tax dodgers turning themselves in during the first four months of the year, a newspaper reported on Sunday. The Welt am Sonntag newspaper said it had surveyed finance authorities in Germany’s… – Continue reading
Without a firm deadline in place from the IRS, U.S. citizens and resident aliens need to comply as soon as possible with the Offshore Voluntary Disclosure Program to avoid significant penalties and criminal prosecution. Modeled after the Offshore Disclosure Initiative, OVDP was passed in 2012 and increases the maximum Foreign… – Continue reading
The tax office has announced an amnesty for taxpayers with unreported offshore financial activities, codenamed Project DO IT (disclose offshore income today). Among the transactions it’s interested in are interest income from offshore bank accounts, undeclared capital gains on overseas assets and ongoing income flows from businesses owned overseas. Though… – Continue reading
HMRC ‘Must Change Approach’ To Successfully Tackle Tax Evasion April 14th, 2014 Legal Expert Reacts To Offshore Evasion Strategy Document HM Revenue and Customs (HMRC) needs a change in approach rather than more powers if it is to improve its efforts to tackle tax evasion, according to a legal expert… – Continue reading
More than three people a day have disclosed offshore income or assets in the fortnight since the Australian Taxation Office announced an amnesty, The Australian Financial Review reports. According to the newspaper, tax commissioner Chris Jordan said early results were promising, with 16 disclosures and 33 expressions of interest about possible disclosures… – Continue reading
The Liechtenstein Disclosure Facility (LDF) is a tax disclosure facility for UK taxpayers. It is open to those with unpaid UK tax liabilities who had assets outside the UK (whether or not in Liechtenstein) as at 1 September 2009. It can be used to regularise their tax affairs on preferential… – Continue reading
The revenue the UK Government will see in its coffers as a result of the Liechtenstein Disclosure Facility amnesty scheme “is likely to fall significantly short of its £3bn target”, a UK law firm has predicted. With just two years left to run, the number of new LDF registrations each… – Continue reading
On 27 March 2014, the Commissioner of Taxation announced an initiative to allow eligible taxpayers to come forward and voluntarily disclose unreported foreign income and assets. He urged taxpayers with offshore assets to declare their interests ahead of a global crackdown on people using international tax havens. The initiative covers… – Continue reading
Expats should put their financial affairs in order while they have the chance as governments around the world prepare a global tax net aimed at wiping out avoidance. The operation is headed by the Organisation of Economic Co-Operation and Development (OECD) and closely follows the lines of the controversial US… – Continue reading
In the early hours of Thursday Morning, Australia announced a tax amnesty on any tax resident with offshore assets not declared to the Australian Taxation Office Geraint Davies, Managing Director of Montfort International sees this move as significant from many perspectives. “We have seen the breaking news of a complete… – Continue reading
The Tax Office is allowing Australians with money parked in offshore accounts to avoid harsh penalties by coming forward, in an amnesty program worth up to half a billion dollars. ATO Commissioner Chris Jordan will announce the program today, which will reduce the penalties for taxpayers who hand over information… – Continue reading
A report by the Government Accounting Office details who took part in the first voluntary disclosure program for offshore accounts. If you made an honest mistake and failed to keep up on international account reporting requirements, it is important to spe March 25, 2014 /24-7PressRelease/ — Congress has been on… – Continue reading
The inevitable march towards automatic exchange of information (AEI) as the Organization for Economic and Cooperation’s (OECD) global standard was just one of the issues discussed at a recent international tax conference held in Liechtenstein. During his address, Head of the OECD International Cooperation and Tax Administration Division, Achim Pross,… – Continue reading
