Government threatens to disclose identities in official gazette after Switzerland pledges to help tax officials in India HSBC customers in India suspected of tax evasion have been given 30 days to nominate a legal representative in Switzerland or face seeing their names published in the country’s official gazette. The bank… – Continue reading
Riga, 2015-03-31 08:32 CEST (GLOBE NEWSWIRE) — In the audited financial report of AS “TRASTA KOMERCBANKA” has been made some changes in the design of the document. These changes do not affect the important financial information about the Bank. In 2014, Latvia’s GDP grew by 2.4%, and this growth was… – Continue reading
TOKYO: Japan companies have pressure to use their near-record cash stockpiles to help drive growth, with Finance Minister Taro Aso saying Thursday the government should consider a tax to prod businesses into action. “Japan should carefully consider issues like this,” Aso said in Parliament in response to a question from… – Continue reading
Sukankan Roy’s Sound of Joy has won the best Animation Film at the 62nd National Film Festival. The movie is based on Swami Vivekananda’s childhood stories. Sukankan Roy and the entire team of Aura Cinematics along with animator Rishi Sahay won a cash prize of Rs 50,000 from the President… – Continue reading
(Bloomberg) — Kaisa Group Holdings Ltd., the Chinese developer in talks to restructure its debt after being tied to a graft probe, postponed its results announcement for 2014 because auditors need more time to verify its accounts. There may be a “significant adjustment” to its unaudited accounts, Shenzhen-based Kaisa said… – Continue reading
U.S. multinationals represent the healthiest segment of the economy, with higher profits and more than $1 trillion of cash on hand. This has kept corporate tax reform alive as a political issue. ON Semiconductor had a solid 2014, boosting net income by 36 percent to $196 million on revenue of… – Continue reading
London: Customers of HSBC in India, suspected of tax evasion, have been given a 30-day timeframe to get a lawyer in Switzerland to manage or challenge the disclosure of their names in the official gazette. The UK-based banking group at the heart of a series of tax-related revelations over the… – Continue reading
The tax man is coming for Guy Wildenstein, and may file charges against a wealth management company in the Bahamas in connection to the case against the billionaire art dealer. As reported by the Globe and Mail, the French agency that investigates tax evasion has recommended that a judge charge… – Continue reading
BENGALURU: The Karnataka government will examine all allegations of tax evasion by e-commerce companies, which reportedly caused the state exchequer an alleged loss of Rs 2,000 crore. “We won’t exempt any ecommerce company or online marketplace from payment of value added tax.We’re not under pressure to leave out any e-commerce… – Continue reading
A 1,000-page report by the US Department of Justice to force HSBC to operate to higher standards says bank is not improving the way it does business fast enough HSBC is expected to be told this week that its attempts to clean up the way it does business are falling… – Continue reading
(Reuters) – European Union antitrust regulators have asked Luxembourg for more information on its tax rulings on McDonald’s after labour unions and a charity accused the U.S. fast food chain of avoiding taxes, a person involved in the issue said on Tuesday. Umbrella organisations for unions representing millions of workers… – Continue reading
ACCOUNTING and professional services institutes require a better definition of ‘public interest’ if they are going to take a greater lead in tackling tax avoidance as the government hopes. That’s the view of advisers following increasing pressure on professionals and institutes to stamp out the practice. The Tackling tax evasion… – Continue reading
LEGISLATION is needed to make multinationals pay their fair share if we are to help more people out of poverty, writes Jamie Livingstone. In the run-up to the General Election, Oxfam is urging politicians from all parties to commit to the introduction of a new Tax Dodging Bill within the… – Continue reading
As growth slows, the government toughens its stance on the tax practices of foreign businesses. China’s slowing economy and fiscal readjustment have led central and local governments to begin a crackdown on foreign corporate tax breaks in a search of higher revenue. The central government has become increasingly vigilant against… – Continue reading
Rory McIlroy, the world’s number one golfer has set up home in Dubai, according to a report in the Sunday Times. The Northern Irishman, who has a long association with Dubai throughout his professional career, has filed documents in Ireland that state his primary residence is now in Dubai. During… – Continue reading
European trade unionists have called for the split-up of the Big Four accountancy firms, PWC, Ernst & Young, Deloitte and KPMG, who they say are using their dominant position to help multi-national companies avoid trillions of Euros in tax. The European Trade Union Confederation (ETUC) has called for the break-up… – Continue reading
City’s share of global yuan payments at 72pc last month from 85pc in 2012 Hong Kong’s market share in the global yuan business has been shrinking rapidly over the past two years, with other offshore yuan centres turning up the heat on the city as Beijing allows foreign financial centres… – Continue reading
After 2008, BSI has more than 3,000 US accounts on its books The Lugano-based BSI bank has been fined $211 million (CHF203 million) by the United States for aiding and abetting tax cheats. It is the first Swiss-based bank to complete the non-prosecution programme set up in 2013 to clear… – Continue reading
Summary:A new discussion paper released by the Australian government suggests that the emergence of new financial transaction technology such as bitcoin is making it tough for the country’s authorities to clamp down on tax avoidance. The emergence of new technology is proving to be problematic for Australia’s tax system, according… – Continue reading
BENGALURU: The Karnataka government will examine all allegations of tax evasion by e-commerce companies which reportedly caused the state exchequer an alleged loss of Rs 2,000 crore. “We won’t exempt any e-commerce company or online marketplace from payment of value added tax. We’re not under pressure to leave out any… – Continue reading
In a deal with U.S. prosecutors, Swiss private bank BSI SA agreed today to pay a $211 million penalty and hand over leads on more than 3,000 accounts with U.S. ties, as well as the actual names of an undisclosed, but presumably much smaller group of U.S. account owners. The… – Continue reading
Goldman Sachs is expected to earn up to $15 million for trading Chevron’s $4.73 billion Caltex Australia stake. Sources said Goldman had done the deal at the lower end of the block trade fee spectrum, charging the global oil giant an estimated 25 basis points for underwriting and selling the… – Continue reading
The government may be going all out to promote Gujarat International Finance Tec-city (GIFT) as a financial services hub on the lines of Singapore, Hong Kong, Dubai and London, but an immediate migration of business — initially estimated to be $50 billion annually — away from these established centres would… – Continue reading
In Washington, they haul the bigwigs up to Capitol Hill for congressional hearings. Nobody is immune from scrutiny, whether the bosses at Goldman Sachs and JP Morgan or Apple chief Tim Cook, compelled to defend his company’s “tax gimmickry” before a sardonic Carl Levin. In Westminster, the head of Google… – Continue reading
Infosys, the country’s second largest IT services exporter, has announced a salary hike of 6.5 per cent for its offshore employees and two per cent for its onsite employees, effective April 1. High performing offshore employees will receive up to 9 per cent hike. This year’s salary hike is almost… – Continue reading
Armenian National Committee of America Government Affairs Director Kate Nahapetian testified yesterday before a key Congressional panel in support of increased U.S. assistance to Nagorno Karabakh, Armenia, at-risk Middle Eastern Armenian communities, and the Javakhk region of Georgia. In her opening remarks, Nahapetian thanked House Appropriations Subcommittee on Foreign Operations… – Continue reading
AT a focus group discussion in Padibe, Lamwo district, a young male participant rises up and says, “Why should we pay taxes when results are not seen at community level? Services are poor; our roads and health services are appalling.” Though the young man did not receive an apt response… – Continue reading
(Bloomberg) — Royal Bank of Scotland Group Plc agreed to sell its Coutts International private banking business to Switzerland’s Union Bancaire Privee, as the bailed-out British lender retreats from the Swiss wealth market. RBS is expected to sell Coutts for 350 million francs ($360 million) to 400 million francs, depending… – Continue reading
When American companies take advantage of loopholes to keep their earnings overseas and away from the American tax man, they typically justify the legal-but-embarrassing move by appealing to their responsibility to shareholders—anything to get them another buck. But a March 17 Credit Suisse report on the $2.1 trillion in cash… – Continue reading
A vote in favor of repealing FATCA sends a message: a message to foreign banks that they can get back to helping wealthy Americans hide their assets and use offshore accounts to evade tax. In anticipation of yesterday’s Senate’s budget resolution “vote-o-rama,” Sen. Roger Wicker (R-Miss.) has introduced an amendment… – Continue reading
A former senior tax official has announced there should have been more criminal prosecutions for tax avoidance in the wake of the HSBC tax avoidance scandal. Giving evidence to the MPs in the Public Accounts Committee, Dave Hartnett, formerly head of tax at HM Inland Revenue & Customs (HMRC), said… – Continue reading
Australian companies are taxed too highly, and politicians need to realise it’s harming the economy, according to Rio Tinto chief executive Sam Walsh. Australia’s corporate tax rate had been stuck at 30 per cent for a decade while New Zealand, South Africa, the UK and Canada had cut their rates… – Continue reading
Dividend payment by an overseas company with related assets in India will not be taxable in India, the govt says New Delhi: The income tax department on Thursday clarified that dividend payment by an overseas company with related assets in India will not be taxable in India, as part of… – Continue reading
Chose not to prosecute HSBC despite money-laundering documentation NEW YORK – President Obama’s attorney-general nominee, Loretta Lynch, admitted to the Senate Judiciary Committee that her investigators in the money-laundering probe of HSBC were aware of evidence compiled by whistleblower John Cruz but she chose, nevertheless, not to bring criminal charges…. – Continue reading
THE ICAEW has yet to discipline any members for advising clients on aggressive tax avoidance schemes, despite setting a strong stance against such behaviour three years ago, the institute has confirmed to Accountancy Age. In 2012, the ICAEW announced members advising on schemes that could be interpreted as aggressive could… – Continue reading
WASHINGTON: A US judge on Friday decided not to require prison time for two former Credit Suisse Group AG bankers who pleaded guilty to helping US customers evade taxes by using Swiss accounts. US District Court Judge Gerald Lee sentenced Andreas Bachmann and Josef Dorig to serve five years of… – Continue reading
Irish economy set to receive financial boost by world number one golfer’s decision to pay tax on earnings. World number one Rory McIlroy is moving his vast business interests to Ireland’s capital city Dublin, according to a report in the Irish Independent. The newspaper says that McIlroy’s decision will boost… – Continue reading
Margaret Hodge and the Public Accounts Committee (PAC) today urged HMRC to further its efforts to crack down on big businesses that evade tax In a new report issued by the PAC, Hodge criticised the disparity in ways that SMEs and big businesses are treated by the Revenue. “HMRC needs… – Continue reading
All too often, changes to tax legislation happen at a glacial pace. As a nation, we can’t afford to let that happen with the GST changes required to modernise the law and processes to capture GST from overseas online purchases. Budget 2015 provides a suitable time for the government to… – Continue reading
Public accounts committee advocates legislation making promotion of aggressive tax avoidance illegal and review of government tax relief schemes The next government should introduce new laws to prosecute financial advisers who help wealthy individuals and firms in aggressive tax avoidance, a comprehensive parliamentary report has found. The public accounts committee,… – Continue reading
Modi’s government is focused on expanding manufacturing, lightening the regulatory burden on companies NEW DELHI—Indian Finance Minister Arun Jaitley has a simple message for critics pushing for deeper change in the economic policies of the world’s largest democracy: It’s coming, be patient. In an interview Thursday, Mr. Jaitley, a corporate… – Continue reading
(Bloomberg) — Japan is stepping up pressure on companies to use their near-record cash stockpiles to help drive growth, with Finance Minister Taro Aso saying Thursday the government should consider a tax to prod businesses into action. “Japan should carefully consider issues like this,” Aso said in Parliament in response… – Continue reading
Virgin Care has won a £280m contract to run NHS healthcare for frail and chronically ill people in the Midlands, it was revealed today. Virgin Care have won a £280 million contract to run NHS healthcare in East Staffordshire, it was revealed today. Virgin will now provide (or sub-contract to… – Continue reading
Greece and Switzerland were to hold a new round of talks Thursday on a deal designed to help the cash-strapped Mediterranean country recover billions of euros in unpaid taxes, reports Europe Online. The visit to Athens by Jacques de Watteville, who heads the international financial and tax affairs unit in… – Continue reading
It has been said taxes are the price we pay for a civilized society. So what happens when some of the wealthiest companies in the world don’t pay toward the upkeep of the societies they operate in? No one likes paying taxes. In my opinion taxes should be as low… – Continue reading
SINGAPORE, March 27 (IFR) – China’s Bank of Communications said it would raise up to Rmb60bn (US$9.7bn) in Additional Tier 1 capital through onshore and offshore offerings. It will sell preference shares of up to Rmb45bn onshore to not more than 200 investors and up to Rmb15bn offshore. The bank… – Continue reading
Attorney General Eric Holder will leave office with a perfect record of not having busted a single senior banker The bank, HSBC, has been involved in criminal enterprises from dealing with terrorists and drug dealers to advising clients how to escape paying taxes. Yet no HSBC banker has gone to… – Continue reading
Irish firm featured in Luxleaks coverage has set up a new company: Glanbia Cheesip Ltd In the wake of the Luxleaks controversy last year, then chair of the Revenue Commissioners Josephine Feehily said that a company’s tax policies contained the potential for reputational risk if the strategies they were implementing,… – Continue reading
HMRC’s reporting of tax reliefs does not enable Parliament to scrutinise them effectively to determine whether they are providing value for money and the complexity of tax law and the constraints on HMRC’s resources mean that it is fighting an uphill battle against those who are determined to cheat the… – Continue reading
Michael Wilson rants that a long-cherished distinction between avoidance (OK) and evasion (not OK) is being eroded by political doublespeak. And that the demise of the 1936 ‘Duke of Westminster’ legal principle has gone sadly unnoticed. Where will it end? You hardly need telling that there’s an election on the… – Continue reading
