Reuters) – The European Commission raised pressure on Ireland, the Netherlands and Luxembourg over their corporate tax practices, saying it was investigating deals the countries have cut with Apple, Starbucks and Fiat. The EU is looking at whether the countries’ tax treatment of multinationals, which help to attract investment and… – 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
The probe, announced on Wednesday by Europe’s competition commissioner Joaquín Almunia, will look into whether the low rate of tax Apple pays in Ireland breaks European state aid rules. Apple pays less than two percent tax in the country — far less than the standard 12.5 percent corporation 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
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
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
Vodafone is increasingly using the tax haven of Luxembourg as a base to manage its global spending, in a move that will reignite the controversy about its tax practices. The company’s annual report, which showed the mobile giant is managing spending of €10.2bn (£8.6bn) through Luxembourg, also revealed Vodafone paid… – 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
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
NEW YORK – According to a report from Bloomberg, Google (NASDAQ:GOOG) is keeping an ever growing share of its cash reserves outside of the U.S. to use for acquisitions. In a letter to the Securities and Exchange Commission (SEC), Google revealed that it currently has more than $ 30 billion… – Continue reading
Introduction Successive surveys of tax executives and senior finance professionals at multinational companies show that risks associated with transfer pricing have become the number one tax-related concern for businesses operating across several jurisdictions. Ernst and Young’s (EY’s) latest Global Transfer Pricing Survey shows that businesses are taking increasing heed of… – Continue reading
India’s tax dispute with Vodafone Plc regarding its purchase of Hutch Essar seven years ago is likely to reach the International Court of Justice (ICJ) in the Hague, Netherlands a few weeks from now, sources privy to the matter said, adding this would be an unprecedented development in the history… – Continue reading
Bank of America tops the list of Charlotte-based companies avoiding big tax bills by keeping profits offshore, according to a new report by a nonprofit tax research and advocacy group. Citizens for Tax Justice found that 301 U.S. Fortune 500 companies disclosed holding nearly $2 trillion in profits offshore. By… – Continue reading
WASHINGTON — European bank Credit Suisse AG pleaded guilty Monday to helping wealthy Americans avoid paying taxes through secret offshore accounts and agreed to pay about $2.6 billion. The Justice Department said it was the largest penalty imposed in any criminal tax case. It is also the largest bank to… – Continue reading
Swiss bank helped wealthy Americans avoid taxes using off-shore accounts for decades, authorities say Credit Suisse AG’s guilty plea and $2.6 billion payment in a high-profile case brought by the Justice Department are being held out as a warning to foreign banks believed to be helping U.S. taxpayers conceal assets…. – Continue reading
Google has revealed that it has a $20bn to $30bn war chest outside the US to fund future acquisitions of overseas companies, such as a $5bn deal it scrapped last year. The company revealed the size of its foreign-held coffers in a letter responding to questions by the US Securities… – Continue reading
Credit Suisse is pleading guilty to criminal charges and paying a $2.6 billion fine for helping American clients cheat on their taxes over the past decade. The firm helped tens of thousands of Americans hide their wealth, kept lists of companies and accountants who could facilitate tax evasion for clients, and actively recruited U.S…. – Continue reading
While U.S. Attorney General Eric Holder has become synonymous with the belief that some banks are simply “too big to jail”, he can now hang his hat on the fact that under his watch a bank has been found guilty of criminal practices during his watch. A Virginia federal court… – Continue reading
Swiss banking firm Credit Suisse this week pleaded guilty to U.S. tax evasion charges. According to the U.S. Department of Justice, Credit Suisse is the largest bank to plead guilty to such charges in over two decades. The case surrounds a years-long investigation by the U.S. government into a conspiracy to aid… – Continue reading
In a landmark settlement, Credit Suisse Group has agreed to pay $2.6 billion and pleaded guilty to criminal charges that it helped U.S. taxpayers to hide money abroad in the decades leading up to 2009. The outcome of the long-running case has many implications for Credit Suisse account holders. As… – Continue reading
BASSETERRE, St. Kitts, May 21st 2014 (CUOPM) – The St. Kitts and Nevis Federal Cabinet has paved the way for the signing of Tax Information Exchange Agreements (TIEAs) with Ireland and South Africa. Cabinet has approved the draft agreements between officials of the respective countries. “Those negotiation exercises have since… – Continue reading
MUMBAI: Swiss bank account holders who have been quietly celebrating the exit of P Chidambaram now have another reason to rejoice. Almost three-fourths of the 600 or so named in the list of clients of HSBC Geneva are beneficiaries of ” discretionary trusts”. These individuals are confident that a Supreme… – Continue reading
Alliance Boots has challenged claims of tax avoidance regarding its diminutive £2m corporation tax bill, as boss Stefano Pessina stated the group was fully tax compliant and should not have to justify its tax affairs. The pharmacy giant had reported a 31% surge in net profits to £971m. However, it… – Continue reading
Credit Suisse Group is close to reaching an agreement to plead guilty and pay about US$2.5 billion to the US Department of Justice and regulators to resolve investigations into whether it helped Americans evade taxes. The Zurich-based bank would pay about US$1.7 billion to the justice department, at least US$600… – Continue reading
First Minister Alex Salmond has refused to back calls for a boycott of Amazon after reports the company is engaging in large-scale tax avoidance. During First Minister’s Questions on Thursday afternoon, Scottish Green MSP Patrick Harvie cited concern over “further revelations about the scale of the scandal of tax avoidance… – Continue reading
NEW DELHI, MAY 14: With tax authorities pressing with over Rs 21,000 crore in unpaid dues, Finnish telecom major Nokia has invoked the Bilateral Investment Promotion and Protection Agreement (BIPA) India has with Finland to resolve the dispute. Nokia late last month wrote to Prime Minister invoking dispute settlement clause… – Continue reading
Corporate Tax Avoidance: Last week the news that Apple is considering buying Beats Electronics, a maker of expensive headphones that was founded by record mogul Jimmy Iovine and rap artist Dr Dre, for $3.2bn, got a lot of media attention. Dr Dre must have pissed-off Apple when he bragged on… – Continue reading
Caterpillar, industrial and construction equipment manufacturing Goliath, has been avoiding or deferring paying U.S. taxes for at least 13 years to the tune of approximately $2.4 billion, according to a report from the Homeland Security & Government Affairs Permanent Subcommittee on Investigations. “Tax evasion schemes rob the system of billions of… – Continue reading
The head of US bank Goldman Sachs has warned that guilty pleas from rivals BNP Paribas and Credit Suisse, under legal proceedings in the United States, could hurt the financial system. The two European banks, under probes for violating US sanctions and abetting tax evasion, are potentially facing very heavy… – Continue reading
Credit Suisse Group AG (CS – Snapshot Report) may shell out around $2.5 billion as settlement charges and is expected to plead guilty related to an ongoing tax probe by the United States Department of Justice (:DOJ). The Swiss banking giant is alleged to have deliberately helped its clients in… – Continue reading
NEW YORK/ WASHINGTON New York state’s banking regulator is seeking hundreds of millions of dollars from Credit Suisse in its probe of potential tax evasion involving the Swiss bank, according to sources close to the matter, which could push an eventual settlement with US authorities over $2 billion.The New York… – Continue reading
The tax probe causing grief to Credit Suisse is demonstrating a break from legal precedent. Despite the case being compared to the UBS scandal, it seems to be courting a more costly and punitive outcome. UBS eventually resolved claims that it systematically helped clients evade taxes in a $780m deferred… – Continue reading
Luiz Felipe Scolari is the subject of a criminal investigation in Portugal, authorities said Wednesday, bringing an unwelcome distraction for the Brazil coach as his country prepares to host the World Cup. Officials wouldn’t say what the investigation is about. In Portugal, ongoing investigations fall under the country’s judicial secrecy… – Continue reading
Finmin says it decided to propose withdrawal of conciliation offer after Vodafone said it could be resolved only through international arbitration The finance ministry on Monday said it had decided to propose withdrawal of its conciliation offer to Vodafone after the British telecom company said the transfer-pricing issue could be… – 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
Oil major Cairn India and its former British parent Cairn Energy Plc have moved the Delhi High Court challenging the validity of New Delhi’s controversial 2012 retrospective amendment to law that imposed tax liabilities on several high-profile offshore transactions of Indian assets including Cairn’s. The court will take up the… – Continue reading
BASSETERRE, St. Kitts – NEWS reaching this publication states that a businessman from Wyoming, United States of America was on Wednesday (May 7) sentenced to serve 36 months in jail for tax evasion. According to a US Department of Justice press release, the businessman, Robert C. Sathre, appeared before US District… – Continue reading
Margaret Hodge, the chair of the public accounts committee, has called on shoppers to boycott Amazon after it was revealed that the online store paid just 0.1% tax last year. Drawing on the indignation provoked earlier by Starbucks, Hodge advised shoppers to shun Amazon, noting that it paid just £4.2m… – Continue reading
Telecom major Vodafone‘s international arbitration notice in its Rs 24,000-crore tax dispute with the government came after the income tax department decided to withdraw its conciliation offer in the matter without waiting for a tribunal’s decision in the transfer pricing case. Officials said the tax department had prepared a Cabinet note to withdraw conciliation on… – Continue reading
Global telecom carrier Vodafone Group plc of the U.K. on 17 April filed an international arbitration against the Indian government to solve the more than $2 billion tax case. Nokia, the Finnish networks vendor, is also facing tax cases in India. Vodafone took the new step after initiating several rounds… – Continue reading
Credit Suisse may be pressed for a guilty plea as it attempts to settle a US tax evasion probe The US is pressing for guilty pleas from the parent companies of banks under investigation, including Credit Suisse Group AG, in a marked departure from the past, according to a person familiar… – Continue reading
Large subsidiaries of multinationals, such as Apple and Google, which are based in Ireland are able to escape paying corporation tax due to an “exceptional” interpretation of tax laws by the Revenue Commissioners, a new study claims. A research paper by James Stewart, associate professor in finance at Trinity College… – Continue reading
Credit Suisse is expected to face criminal charges, according to an American official, as US Attorney General Eric Holder warned on Monday that no financial institution should consider itself “above the law”. “There is no such thing as ‘too big to jail’,” Holder said while investigations continue into alleged tax… – Continue reading
MILAN: Fashion designers Domenico Dolce and Stefano Gabbana were each given a reduced, suspended sentence of 18 months in jail on Wednesday for a conviction on charges of hiding hundreds of millions of euros from Italian tax authorities. Italy’s appeals court upheld a verdict issued last June against the pair,… – Continue reading
Starbucks, which has been the focus of some criticism in the UK in recent years for not paying what some argued was its fair share of corporate tax – thanks to its use oftax mitigation techniques – is to move its European, Middle East and Africa head offices to London…. – Continue reading
New York’s top financial regulator has sought numerous documents from Credit Suisse Group AG as it ramps up a continuing tax-evasion probe of the Swiss bank, according to a person familiar with the matter. The New York Department of Financial Services sent a subpoena last week to Credit Suisse demanding… – Continue reading
When it comes to tax, things are not always what they seem to be, as the recent news of Starbucks and Amazon shows. In a world where multinational corporations shift taxable profits to favourable jurisdictions, and sovereign nations use tax rates to improve their global competitiveness, things are not always… – Continue reading
You pay your fair share of taxes. Small businesses do too. It’s the price we pay to educate our kids, protect our communities and have some security in retirement. Why shouldn’t some of America’s largest corporations pay their fair share too? Corporations are making record profits. But 111 profitable Fortune 500… – Continue reading
