The Romanian police conducted on Friday morning (July 4) 76 searches in Bucharest and six counties, at dozens of clinics suspected of tax evasion and money laundering through illegal VAT refunds via ghost companies, reports local Mediafax. The damage in this case is estimated at EUR 68 million. The police… – 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
SURAT: A team of Anti-Corruption Bureau (ACB) from Ahmedabad trapped 12 persons at Songadh check-post on Gujarat-Maharashtra border for allowing trucks to enter the state without paying commercial tax at the sales tax check-post. A team of ACB led by police inspector K T Kamaria carried out checking at Songadh… – Continue reading
A White Plains federal grand jury has indicted state Sen. Thomas Libous, R-Binghamton, on a charge of lying to federal agents, and his son, Westchester County attorney Matthew Libous, on charges of tax evasion, it was announced Tuesday. Thomas Libous, who represents a district that includes Broome, Chenango, Delaware and… – Continue reading
AN information technology (IT) technician is now before the court while several others, including business operators, are said to be under investigation for allegedly defrauding Tax Administration Jamaica (TAJ) of more than $1 billion in revenue. TAJ said yesterday that it will ensure all involved in the massive billion-dollar revenue… – Continue reading
RAIPUR: Chhattisgarh commercial tax department, which recently unearthed the multi-crore rupee bogus billing scam, is all set to investigate the role of lawyers, who were responsible for registration of taxpayer identification number (TIN) of the phony companies involved in the racket. The department has also decided to impose heavy penalties,… – 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
Guernsey’s Income Tax Department is cracking down on tax evasion. Islanders who haven’t declared interest they’ve received from the bank in past tax forms they’ve handed in, are being given more time to come forward with the details. If they don’t come forward and correct any discrepancies before the 31st… – Continue reading
SURAT: Central excise arrested Nirav Pramod Desai for evasion of service tax to the tune of Rs 60 lakh on Monday. He was sent to jail for 11 days by a court. Desai is proprietor of High Tech Engineers, Surat. In the period from 2009-10 to 2012-13, he had collected… – Continue reading
Mining company Glencore has denied reports that it has evaded taxes in Australia for the last three years in spite of earning A$15bn. The company said that it has paid A$8bn in royalties and taxes in the country over the last seven years. An earlier report by the Sunday Morning… – 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
As directed by the RBI, the IT dept has put a watch on account holders in cooperative banks in Gujarat for tax evasion. The IT dept. claims it has already recovered Rs. 5 crore from defaulters under ”Project UCB ” a special drive started sometime ago. About 1500 defaulters have… – Continue reading
KARACHI: The customs authorities have registered a case against the Shaheen Air International (SAI) and seized 12 of its aircraft, directing the airline not to sell or scrap the planes without paying taxes said to be running into hundreds of millions of rupees to the government, it emerged here on… – Continue reading
Global mining giant Glencore Xstrata has rejected claims it has paid no tax on the $15 billion in income it has earned from coal mining in the last three years. The Swiss-based company, which is Australia’s largest coal producer, was accused of using a sophisticated profit shifting system that might… – Continue reading
According to sources privy to the development, the decision to serve these notices was taken in a high-level meeting, in which the Federal Investigation Agency (FIA) had shared the account details of the above institutions and Dr Qadri with the participants. The meeting was chaired by the former Punjab law… – Continue reading
RAIPUR: Chhattisgarh commercial tax department has registered a FIR against 10 firms on Friday for allegedly evading tax worth crores of rupees by using bogus bills. The FIR against the firms based in Raipur, Durg and Bilaspur comes a day after the registration of similar cases against three other firms…. – 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
Switzerland has denied preparing a list of tax dodgers for the Indian authorities amid mounting pressure on the alpine state. Even with a global standard on Automatic Information Exchange (AIE) in the works, repatriating money from offshore havens like Switzerland may not be easy. An investigatory body, recently set up… – 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
Channel 5 documentary The Hunt For Hitler’s Millions reveals tax evasion schemes dictator used to amass secret fortune. A new UK documentary has exposed the secrets of Adolf Hitler’s hidden fortune, which is estimated to be worth more than £3bn. Channel 5’s The Hunt For Hitler’s Millions reveals that the… – Continue reading
(Reuters) – German customs authorities in the Port of Hamburg have confiscated documents that may contain information about the accounts of suspected tax evaders, German media reported on Saturday. Two containers with around 14,000 documents inside were confiscated at the end of May, with some coming from a branch of… – Continue reading
In an era when many companies seek international solutions that in simpler times might have been openly labeled “tax evasion,” governments around the world are seeking to ensure they are not cheated of legally due taxes by what is now euphemistically called “profit shifting.” Apple Inc. (AAPL) has been keeping… – 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
Belgian investigators detained the head of UBS Belgium on Thursday for questioning in connection with an alleged multi-billion euro tax fraud by the Swiss bank’s Belgian unit. Belgian police carried out raids on Thursday morning at the bank and at the homes of a client and of UBS Belgium chief… – 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
The AFIP conducted 14 simultaneous raids in Mar del Plata, Buenos Aires and Misiones, to disrupt a complex organization that sold onions to Brazil, which evaded nearly 500 million pesos in taxes. Marketing was performed marginally for some 1,000 million pesos, which would mean an avoidance of 500 million pesos… – Continue reading
The European Commission has opened an investigation to examine whether the taxes paid by Starbucks in the Netherlands comply with the EU rules on state aid. The investigation is one of three, with Apple being investigated in Ireland and Fiat in Luxembourg. This comes after revelations that the Netherlands is… – Continue reading
Additional details on the allegedly impending investigation from the European Commission were not shared by the initial source, Ireland’s RTE, according to Reuters. A formal announcement of the investigation is expected to follow.It’s already been established through other investigations that Apple has not broken any laws in utilizing Ireland as a tax haven,… – Continue reading
Irish state broadcaster RTE reports that the European Commission had decided to launch a formal investigation into Apple (AAPL)’s tax arrangements in Ireland. An announcement is expected by EU’s Competition Commissioner to follow: “The European Commission is to open a formal investigation into Apple’s tax arrangements with Ireland. An announcement is expected to… – Continue reading
Kiev, Ukraine: On paper, the Ukrainian trading firm known as Mistral dealt in management consulting and research, doing millions of dollars’ worth of deals before going bust after Ukrainian President Viktor Yanukovych was chased out of office earlier this year.But when police recently tried to visit Mistral’s Kiev office at No…. – 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
In an article published by The Mirror on May 20th, it was claimed that an untaxed shadow economy now accounts for a tenth of all the money spent here in the UK. Undisclosed corporate takings annually equate to £100bn, meaning that HMRC annually fail to collect around £47bn in tax revenue. Tax… – Continue reading
Bank Leumi, Israel’s second largest bank, said on Sunday it was close to a deal to pay nearly 1 billion shekels ($289 million) to the U.S. Justice Department in relation to its investigation into possible tax evasion by the bank’s American clients. The settlement, likely to take weeks or months… – Continue reading
Bank Leumi, one of Israel’s largest financial institutions, will pay a billion-shekel fine to US authorities for suspected tax evasion, Channel 2 reported on Sunday. Related: Israel agrees to turn American’s bank accounts over to IRS According to a US-led investigation, the bank’s American branches made illegal transactions to clients’… – Continue reading
In the latest attempt elevating the long-standing issue, a United Nations report has called for a fight against cross-border tax evasion — as in the kind of “smart” accounting that has let high-profile multinationals such as Apple, Google and Starbucks save billions in taxes for years. A US Senate… – 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
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
Impala Platinum Holdings Limited has rejected claims that the platinum mining companies have been involved in tax evasion activities. Implats refutes these allegations in the strongest possible terms and views the inflammatory and unsubstantiated allegation of criminal behaviour in a very serious light,” spokesman Johan Theron said on Thursday. “We… – Continue reading
NEW YORK — A Russian businessman who emigrated to the U.S. and then became a citizen of his adopted homeland Tuesday became the latest suspect to plead guilty to charges he failed to disclose a secret offshore bank account to the IRS. Viktor Kordash, 64, potentially faces a maximum five-year… – Continue reading
Swiss banking giant Credit Suisse is set to plead guilty to helping thousands of Americans cheat Uncle Sam. At the same time, the federal government is chasing taxpayers who hid their money overseas. It seems a good time to ask what’s fair and just in tax-evasion cases. You can’t throw… – Continue reading
Chief Executive Officer Martin Scholl said in an interview in Zurich today that he is waiting to hear from U.S. authorities after the Justice Department last month extracted a guilty plea and an agreement to pay $2.6 billion from Credit Suisse Group AG (CSGN), the first global bank in a… – Continue reading
Hardcore tax avoiders are facing their last stand as one of the last tax safe havens sends HM Revenue & Customs (HMRC) a list of countries where they have stashed their secret cash. Swiss banks must supply the list by May 31 under a tax agreement between Britain and the… – Continue reading
Suisse Group AG (CSGN) set a new standard for punishment in the U.S. crackdown on offshore tax evasion. Julius Baer Group Ltd., Zuercher Kantonalbank and the Swiss unit of HSBC Holdings Plc (HSBA) are among those seeking to avoid pleading guilty to helping Americans cheat the Internal Revenue Service —… – Continue reading
A Cyprus court has frozen the assets of three offshore entities through which Mechel’s main shareholder and chairman Igor Zyuzin owns a 67.4 percent stake in the indebted steelmaker and coalminer, Interfax news agency reported Monday. Zyuzin is a controlling shareholder in Mechel, which has been hit by weak prices for its products, forcing it to sell loss-making assets and to negotiate delayed… – Continue reading
The internet retail giant Amazon is facing fresh claims of tax avoidance after its latest accounts showed it routed more than £11 billion through its Luxembourg-based subsidiary in 2013 – yet paid only £4 million in UK corporation tax last year. Amazon trades through the Luxembourg subsidiary, Amazon EU SARL,… – Continue reading
SLOVAK law-enforcement forces known as ‘tax cobra’ have uncovered a tax evasion case concerning the import of mineral oil from Poland, which cost the state at least €9.5 million, head of the Financial Directorate Frantisek Imrecze revealed at a press conference on June 2, as reported by the TASR newswire…. – Continue reading
Prosecutors Trace Accounts Across the Globe as Authorities Pressure Swiss Banks 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… – Continue reading
Cases like alleged involvement of 500 Indians in parking money in HSBC‘s Geneva Branch, 26 Indian account holders of LGT Bank may all be probed by SITThe special investigation team (SIT), announced on Tuesday by the Cabinet, will probe all cases of black money – be it related to the money allegedly stashed away by Indians abroad… – Continue reading
