The verdict serves as reference for invoking treaty abuse provisions in the absence of General Anti-Avoidance Rules Mukesh Butani September 7, 2014 Last Updated at 22:33 IST In a ruling demonstrating wise judicial discipline, the Delhi High Court (HC) recently upheld non-taxability of sale of shares in an offshore company… – Continue reading
SANTA ANA, Calif. (AP) — A Southern California military contractor who failed to report millions earned from providing services in Iraq has been sentenced to four years in federal prison. Prosecutors say Nadim Saifan Jr. of Huntington Beach was sentenced Friday. He pleaded guilty in May to attempted tax evasion…. – Continue reading
In Beezadhur v The Independent Commission against Corruption and anor [2014] UKPC 27, the Privy Council dismissed an appeal by a retired nurse who was charged with and found guilty by the Intermediate Court of Mauritius of five offences under sections 5(1) and 8 of the Financial and Anti-Money Laundering Act 2002… – Continue reading
Americans living in Canada are in a rush to renounce their citizenship in the face of Washington’s invasive tax grab. OTTAWA – Thomas Jefferson is famously believed to have defined the price of freedom as eternal vigilance. The price of freedom from Uncle Sam is a lot steeper. Faced with… – Continue reading
Using the code name Hot Lips with Swiss banking representatives, an 83-year-old Delray Beach man conspired to hide more than $1 million from the Internal Revenue Service in foreign bank accounts. Bernard Kramer pleaded guilty Tuesday in New York federal court before U.S. District Judge Alvin K. Hellerstein, admitting he… – Continue reading
High Court supports Tax Appeal Tribunal’s decision on SBI High Court has approved the decision made by the Tax Appeal Tribunal, which supports the decision made by Maldives Inland Revenue Authority’s (MIRA) for State Bank of India (SBI) to pay MVR 55.6 million in the form of additional tax. The… – Continue reading
Two women in Ontario are suing the federal government for complying with a new U.S. law that forces banks to turn over financial information of Canadian citizens to the IRS upon request. The women are American-born dual citizens of Canada and the U.S who left the states in childhood and have… – Continue reading
Robert Redford has sued New York State over a personal tax bill that goes back to 2005. Regarded as Hollywood royalty, the Sundance Film Festival founder, celebrated actor, director, and producer is generally considered the godfather of indie films. He has a Patrician air, a golden touch, and liberal values… – Continue reading
The Securities and Exchange Commission wants to make an example of two Texas brothers found by a jury at a civil trial to have acted fraudulently to evade taxes, but a defense lawyer said Wednesday that the more than $750 million sought by the government is “hotly contested.” A Manhattan… – Continue reading
The court of Dhaka’s Special Judge Rezaul Islam set Sep 12 for witnesses’ deposition in the Tk 26.5 million tax evasion case. Babar was present at the time of hearing on Wednesday, where he had pleaded innocent. His counsel sought more time before the charge framing but the judge rejected… – Continue reading
Romanian fashion designer Adina Buzatu was recently prosecuted for tax evasion and money laundry, in a file here the prejudice exceeds some EUR 22.4 million. She was recently placed under accusation by the Directorate for Investigating Organized Crime and Terrorism (DIICOT), according to Digi24. Buzatu is one of the 20… – Continue reading
NEW YORK (Reuters) – A former partner at defunct law firm Jenkens & Gilchrist, whom prosecutors have called the most important cooperating witness in the largest criminal tax fraud case in U.S. history, was sentenced on Wednesday to six months in prison. At a court hearing in New York, U.S…. – Continue reading
Nova Scotia’s offshore regulator is asking the Federal Court to strip the copyright from a Calgary company’s images of the ocean floor. It’s the latest move in an ongoing legal battle between Geophysical Service Inc. and the Canada-Nova Scotia Offshore Petroleum Board over millions of dollars’ worth of seismic maps… – Continue reading
Swiss banking giant UBS has agreed to pay Germany a hefty fine for its involvement in helping German clients hide money from tax authorities. It’s the biggest fine ever paid to the country by a Swiss lender. Zurich-based UBS confirmed Tuesday it had settled investigation charges of aiding German clients… – Continue reading
(Reuters) – A Spanish court will push ahead with the process of prosecuting Argentina and Barcelona forward Lionel Messi for alleged tax evasion despite a recommendation from the public prosecutor the charges be dismissed. The prosecutor argued in June that Messi’s father Jorge was responsible for the family’s finances and… – Continue reading
The Bureau of Internal Revenue (BIR) has filed a tax evasion case against Tri Dharma Marketing, the exclusive local distributor of Indonesia-based coffee brand Kopiko. Filed this Thursday with the Department of Justice, the BIR said that the company has under declared its income and exagereated its expenses for 2010…. – Continue reading
Green Power CEO and founder Michael Spitzauer pleaded innocent Wednesday to tax evasion. The case has been reassigned to U.S. District Court Judge Sal Mendoza Jr., who was recently appointed to the federal bench. A trial has been tentatively scheduled for this fall. In all, Spitzauer of Kennewick has been… – Continue reading
EFG International AG (EFGN), the Swiss bank controlled by billionaire Spiro Latsis and his family, said it set aside 21.4 million Swiss francs ($24 million) to pay a penalty to U.S. authorities probing tax evasion. That amount represents EFG’s “best estimate of the final cost of the penalty,” the Zurich-based… – Continue reading
Canada Revenue Agency says Metlege collected $110,077 in HST from tenants, but didn’t report it One of the most prominent commercial developers in Halifax has been fined $82,544 for income tax evasion. Anthony Joseph Metlege, also known as Tony Metlege Jr., was issued the fine Thursday in Halifax Provincial Court… – Continue reading
TAOS – An alleged cocaine distribution ring leader in the Southwest and his family have been indicted on several tax evasion, tax fraud, conspiracy and money laundering charges. A Taos County Grand Jury on Thursday returned indictments against alleged drug kingpin Ismael Adame, 56; his wife, Angela Adame, 56; and… – Continue reading
Federal prosecutors continue to add to the multitude of charges filed against Green Power CEO and founder Michael Spitzauer. Spitzauer of Kennewick was indicted this week in connection with tax evasion. In all, he has been indicted on 30 charges, including 16 counts of wire fraud, six counts of money… – Continue reading
Federal authorities said Friday they have obtained a grand jury indictment accusing three men of conspiring to avoid more than $1 million in federal taxes. The U.S. Attorney’s Office for the Middle District of Pennsylvania announced the charges against Vanny Son, 33, Son Thach, 55, and Hung Danh, 54, all… – Continue reading
THE BUREAU of Internal Revenue (BIR) yesterday sued the country’s exclusive distributor of Kopiko products, and several other businesses, for allegedly evading billions of pesos worth of taxes. The BIR, in a press release, said Tridharma Marketing Corp. (TMC) was sued for tax liability amounting to P4.47 billion in 2010,… – Continue reading
The owner of an office supply business in Tralee, Co Kerry, and a “generous” charity worker, was found to have almost €800,000 in Swiss and other foreign bank accounts uncovered on foot of a revenue investigation and a European tip-off. John Cashell, aged 59, of Stacks Mountain, Kilflynn, Co Kerry,… – Continue reading
MOSCOW, July 14 (RAPSI) – An Uzbek court has handed down prison sentences to Rustam Madumarov and Gayane Avakyan, close acquaintances of the Uzbek president’s daughter, Gulnara Karimova, the Uzbek language service of Radio Free Europe/Radio Liberty announced on Monday. Radio Ozodlik cited sources as saying that Madumarov and Avakyan were… – Continue reading
Houston: Preparer Diane Caldwell Larry has pleaded guilty to falsifying client returns. During her plea hearing, she admitted that while operating Paradise South Tax Services she prepared 33 materially false client returns for tax years 2007 through 2010. Those returns generated excessive refunds and cost the IRS some $168,792. Larry… – Continue reading
Lawyers for convicted tax evader Ty Warner said his sentence of two years’ probation was reasonable, pointing out that the punishment of the Beanie Babies billionaire was consistent with more than half of the offshore banking cases that the government has prosecuted, according to a court filing Thursday. Last October,… – Continue reading
A Winnipeg auto-financing company has been slapped with a large fine for years of tax evasion. Barbara Reimer Auto Financing Ltd. was fined $152,000 in provincial court this morning. Barbara Reimer, as director of the company, entered guilty pleas on its behalf to Income Tax Act violations for evading paying… – Continue reading
A rights group is suing Nigeria’s president and attorney general for dropping corruption charges against the son of the former military dictator accused of helping to launder millions in stolen funds. The government last month withdrew charges against Mohammad Abacha in a deal that saw $227 million looted by Gen…. – Continue reading
Finland’s Tax Administration has lost a landmark court case on transfer pricing. The Supreme Administrative Court’s ruling means the taxman could now lose out on hundreds of millions of euros in tax. The Finnish Tax Administration could lose out on millions of euros in tax from multinationals after a decision… – Continue reading
THE BUREAU OF INTERNAL Revenue (BIR) yesterday filed seven criminal complaints against traders and companies suspected of dodging taxes due to the government with a combined liability of P389.59 million. In a press release, the BIR said DG Cold Chain, Inc., a distributor of Nestlé products, was sued for underdeclaring… – Continue reading
Having resolved his tax fraud with an $11.5 million payment, local businessman John Gizzi almost landed himself in prison last month by attending a Republican Party barbecue. “You’re seen as the millionaire who walked away with a probation sentence and bought himself out of federal prison,” U.S. District Judge Frank… – Continue reading
Sentenced in absentia, Nassef Sawiris is also fined LE50 million for refraining from paying due checks to Egypt’s tax authority Egypt’s wealthiest man, Nassef Sawiris, has been sentenced in absentia to three years in prison and fines worth LE50 million on charges of refraining from paying due checks to Egypt’s… – Continue reading
A federal appeals court has upheld the tax-evasion conviction of a once-influential Chicago Democrat. Monday’s 26-page ruling from a three-judge panel is at least partly academic. Last month, former Cook County Commissioner William Beavers completed his six-month prison term for failing to declare campaign cash he used to gamble. His… – Continue reading
SAN DIEGO (CNS) – A San Diego tax attorney and certified public accountant was convicted Monday in a complex tax-evasion scheme involving the creation of bank accounts in the names of dead children and fake churches. A federal jury deliberated for 30 minutes before finding Lloyd Irving Taylor, 71, guilty… – Continue reading
ATLANTA (AP) – Federal prosecutors say a metro Atlanta business owner has been sentenced for trying to block the IRS from collecting millions in employment taxes. Authorities said Monday that 68-year-old Paulette Bryant of Stockbridge has been sentenced to three years in prison for obstructing the IRS from collecting nearly… – Continue reading
NEW YORK (AP) — A Chicago-area lawyer and accountant labeled by the government as history’s most prolific and unrepentant tax cheat was sentenced Wednesday to 15 years in prison, and the judge bemoaned the “incredible greed” of some of America’s wealthiest people for taking advantage of the tax shelters he… – Continue reading
Former attorney and CPA Paul M. Daugerdas, 63, has been sentenced to 15 years in prison for orchestrating a massive scheme in which he and co-conspirators hawked fake tax shelters for wealthy individuals to evade more than $1.6 billion in federal taxes. Last October, he was convicted following a seven-week… – Continue reading
The judges who found Domenico Dolce and Stefano Gabbana guilty of tax evasion in April have spoken up, saying that they believe the designers were aware of the dealings. “It is not at all believable that the designers, once made aware of the project [to avoid Italian taxes], could feel… – Continue reading
Marcel Bruehwiler, chief executive officer of UBS AG (UBSN)’s Belgium unit, was charged in Brussels as part of a probe into a multibillion-euro tax fraud, accelerating the latest tax-evasion inquiry facing the Swiss bank. Bruehwiler was charged with criminal organization, money laundering, illegal practice of the profession of financial intermediary… – Continue reading
Shiseido Co., Japan’s top cosmetics brand, was alleged by tax authorities to have failed to report 3.8 billion yen in income in Japan for five years through March 2012 by pooling profits at a U.S. subsidiary, sources familiar with the matter said Thursday. The company is planning to dispute the… – Continue reading
Barcelona forward Lionel Messi is to set to have tax fraud charges against him dropped, but the Spanish judicial system will continue to push for a conviction for his father.The 26-year-old had been hit with allegations in the past year which suggested he was guilty of tax avoidance to the sum of €4.1… – Continue reading
A Spanish prosecutor recommended that Lionel Messi, the captain of Argentina’s national soccer team, be cleared of tax evasion while keeping his father an official suspect. “Messi didn’t participate in the decision making of the management and use of his earnings,” prosecutor Raquel Amado said in a presentation, a copy… – Continue reading
A Moscow City Hall official confronted with allegations of illegal business activity has sued his accuser, whistle-blowing blogger and opposition activist Alexei Navalny. Deputy Mayor Maxim Liksutov, who oversees transportation in Moscow, announced via Facebook on Thursday that he had sued Navalny for an unspecified sum. Data made publicly available… – Continue reading
On June 5, 2014, the Court of Justice of the European Union handed down a joint ruling concerning two Dutch companies’ objections to the imposition of withholding tax on dividends paid to their respective holding companies based in the former Netherlands Antilles. In X BV, TBG Limited vs Staatssecretaris van Financien (C-24/12… – Continue reading
The U.S. Internal Revenue Service and manufacturer Illinois Tool Works Inc. are battling in U.S. Tax Court over a $356.8 million dispute that highlights a type of cross-border tax avoidance strategy facing increased scrutiny worldwide. As governments crack down on tax-driven profit-shifting, the IRS is asserting that a loan used… – Continue reading
Vietnamese tycoon and former banker Nguyen Duc Kien, a co-founder of Asia Commercial Bank (ACB), was sentenced to 30 years in prison for fraud and tax evasion and two other charges at a high-profile trial that wrapped up Monday in Hanoi. Kien, 50, who was once listed as one of the… – Continue reading
NEW DELHI: UK-based telecom major Vodafone is facing tax claims and interest totalling more than Rs 27,000 crore in India, which includes Rs 14,200 crore for acquiring Hutchison’s stake in 2007, the company said in its annual report. Vodafone said that its Indian subsidiary had received a letter in January… – Continue reading
A millionaire could owe penalties of $2.2 million on a secret $1.5 million Swiss bank account. By LAURA SAUNDERS CONNECT June 6, 2014 5:46 p.m. ET Offshore account holders take note: In what experts call a big win for the Internal Revenue Service, a Miami jury has found that a… – Continue reading
A Woody Creek couple agreed to pay the IRS more than $800,000 in restitution after creating tax-avoidance schemes including naming their dog and cat as directors of a company called “Hyperpanel University.” Hyperpanel, a Nevada business, was listed as the owner of a $1.2 million Woody Creek home actually owned… – Continue reading
