Various reporters, editorialists and politicians are clamoring for Bruce Rauner, the Republican candidate for governor of Illinois, to release more of his tax returns — specifically, the detailed schedules that accompany the “top sheets” that he already has released. They probably will be disappointed, even if Mr. Rauner complies with… – Continue reading
TAX avoidance is always a hot topic, never more so than with the recent stream of famous individuals involved in the Liberty scheme. The fact that some of these 1,600 stars risk bankruptcy highlights just how serious these cases can be, and the financial and reputational value at stake. The media… – Continue reading
Manila (AFP) – Philippine world boxing champion Manny Pacquiao has won a Supreme Court reprieve in his battle to avoid paying tens of millions of dollars in extra taxes, authorities said Thursday. Pacquiao will not have to post a cash bond of 3.3 billion pesos ($75.2 million) and the government… – Continue reading
Aug 21 (Reuters) – Leumi, Israel’s second-largest bank, reported a smaller-than-expected decline in quarterly net profit, as the lender’s bottom line was hit by a provision to settle a U.S. tax probe. Leumi said on Thursday it earned 290 million shekels ($82 million) in the second quarter, compared with 474… – Continue reading
A tax avoidance scheme that routed a film financing venture’s profits via Employee Benefit Trusts at the behest of the venture’s owner, an ex-accountant, has been blocked by a tribunal. Operated by John Dryburgh, a former partner with Deloitte & Touche, the scheme involved extracting profits from a series of companies named… – Continue reading
Switzerland is cooperating with French tax authorities over an investigation of alleged tax fraud involving former French footballer Marcel Desailly. The notice of Swiss cooperation was published on Tuesday in the Federal Gazette. Desailly, captain of the French football team from 2000 to 2004, allegedly holds or has held assets… – Continue reading
For years, chief executives have complained bitterly about the United States corporate tax code, arguing that it is too complicated and that rates are too high. The issue has reached a near boiling point this summer as many large American companies have sought to buy smaller foreign rivals so they… – Continue reading
SRINGFIELD — Republican Bruce Rauner not only has personal investments in the Cayman Islands, but he presided over his former private equity firm as it set up other investment vehicles in the Caribbean tax haven known for its secrecy. The Chicago Sun-Times verified through the Cayman Islands’ government-run online business… – 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
KUALA LUMPUR: All local financial institutions will be required to declare their American customers to the United States Internal Revenue Service (IRS) under a new agreement to catch its tax evaders who hide their money overseas. Malaysia will be entering into an inter-governmental agreement with the US in line with… – Continue reading
A lawsuit has been filed by several Canadian citizens against the Canadian Attorney General in Federal Court in Canada. The legal claim challenges the constitutionality of the agreement the Canadian government struck with the United States. The controversial deal between nations was inked under FATCA—the Foreign Account Tax Compliance Act…. – Continue reading
Gibraltar’s financial community must immediately prepare itself for FATCA or it risks getting caught up in the legislation’s strict international net, says an authority from the jurisdiction. Helvetic, a fund adminstrator based in the British overseas territory, says many financial institutions in the area are underestimating the compliance costs of… – Continue reading
As one of the nation’s most competitive governor’s races picks up, voters in Illinois are hearing a whole lot about a British territory thousands of miles away in the Caribbean. Democratic Gov. Pat Quinn hammered his wealthy Republican rival for days after reports that Bruce Rauner put some investments in… – 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 number of Americans renouncing U.S. citizenship stayed near an all-time high in the first half of the year before rules that make it harder to hide assets from tax authorities came into force. Some 1,577 people gave up their nationality at U.S. embassies in the six months through June,… – Continue reading
A new Spanish game for mobile phones and tablets is giving Spaniards the chance to poke fun at a formerly revered Catalan politician who has had a rapid fall from grace. Just days after the former president of Spain’s Catalonia region Jordi Pujol shocked Spain with news that he and… – Continue reading
The son of a congressman, who could face time in prison following his federal indictment on theft and tax-fraud charges, was released on bail Tuesday afternoon. Chaka Fattah Jr., 31, is accused of everything from tax fraud to stealing from the Philadelphia School District as part of the wide-ranging indictment… – Continue reading
In a desperate bid to build pressure on firebrand cleric Tahirul Qadri, the government has issued final demand notices of Rs 1.71 billion in outstanding taxes to 16 office-bearers of the Tehreek Minhajul Quran (TMQ), including four persons of the Qadri family and two people who died several years ago,… – 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
The Internal Revenue Service is offering tax relief to U.S. citizens and resident aliens living or working in war-torn South Sudan. The IRS issued Announcement 2014-28 last week, which provides guidance to U.S. citizens or resident aliens living and working abroad whose tax home is in a foreign country and… – Continue reading
Illinois gubernatorial candidate Bruce Rauner (R) made part of his fortune from investments in a Caribbean tax haven, the Chicago Sun-Times reports. But because Rauner won’t release details on his tax filings it is impossible to tell just how much of his wealth comes from those offshore accounts. The newspaper… – Continue reading
This June the IRS modified its offshore disclosure programs to encourage U.S. citizens to come forward and report their assets and mitigate risk of penalty or prosecution. To help your clients avoid running afoul of FATCA, a bulletin from PwC advises them to: Determine citizenship. In some cases, non-resident Americans are… – Continue reading
Ex-Catalan premier Jordi Pujol is to be stripped of his honorary privileges after admitting to 34-years’ worth of tax evasion. He ruled the region for 23 years and as such earns an annual pension of over 86,000 euro; has an official car; and is honorary president of the CDC pro-independence… – Continue reading
A former Croatian deputy tourism minister Vinka Cetinski and her husband Mirko Cetinski, a one-time famous singer, were arrested on Tuesday night on suspicion of tax evasion and are to be transferred to custody in Rijeka on Wednesday, the national broadcaster (HTV) reported on Tuesday night. The Cetinski couple is… – 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
With FATCA and its grave burdens and consequences for Americans living in Canada now a reality, the more than 1 million individuals affected now have the benefit of a useful guide self-published by Altro Levy, a multi-jurisdictional law firm with nine offices in Canada and the U.S. The guide is… – Continue reading
If you are from the US then you’ve probably heard of the Foreign Account Tax Compliance Act (Fatca), but are you aware of how it could affect you? The legislation came into full effect on July 1, 2014 and has many implications, particularly for US expatriates. Fatca is a US… – Continue reading
U.S. tax law intended to nab billionaires who hide money in tax shelters is terrorizing middle-class dual citizens with no income south of the border Like many people in Canada who still have American citizenship, Pat is both scared and angry. The semi-retired suburban Vancouver woman is trying to relinquish… – 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
On June 30, the United States and Israel signed an intergovernmental agreement (IGA) regarding FAT CA. FAT CA became effective in the US and other countries on July 1 and will officially take effect in Israel once the Knesset passes enabling legislation. But the Bank of Israel has already instructed… – Continue reading
Pakistan Awami Tehreek Dr Tahirul Qadri and office-bearers of his Tehreek Minhajul Quran are staring at legal trouble as the Federal Board of Revenue (FBR) has finalised all the paperwork to implicate the reformist cleric and his aides in a Rs770 million tax evasion case against them, a local media… – Continue reading
Sean Hannity, the Fox News prime-time host, threatened last month to leave New York for a tax haven down south. Tiger Woods transplanted himself from California to Florida for the same reason. The actor Gerard Depardieu decamped from France and sought citizenship in Russia after complaining that 85 percent of… – 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
Tax authorities in South Korea and the United States will conduct a joint investigation into the allegation that the fugitive Yoo Byung-eun’s family engaged in offshore tax evasion.After the April 16 Sewol ferry disaster, the National Tax Service asked its U.S. counterpart to share intelligence on Yoo, the de facto… – Continue reading
Fallout from the Foreign Account Tax Compliance Act Almost 80 percent of Americans living abroad are considering relinquishing their U.S. citizenship to escape the consequences of the Foreign Account Tax Compliance Act, according to deVere Group. That represents an increase of 11 points since last year. The Foreign Account Tax… – Continue reading
For those living in America who have pensions saved from their time in the UK, the complexity surrounding the tax viability of transferring into a potentially highly beneficial QROPS can be slightly off-putting. Many will search the HMRC QROPS list and see 14 schemes listed in the USA. Schemes such as Kraft… – Continue reading
According to recent Home Office statistics, 10,000 British pensioners a year wave goodbye to the UK and set off to take retirement abroad. Yet the vast majority of retired expats find that they are still paying tax as they draw their UK pension. The exception comes when the pensioner resides… – Continue reading
Back in 2012, the Puerto Rican government signed a law that created a nice tax haven of U.S. citizens. Tax attorney Rob Wood comments on the Puerto Rican option, which was also the subject of his Forbes article “Hate Taxes? Move To Tax-Free Puerto Rico, Stay American, Avoid IRS.” Wood… – Continue reading
BEIJING: China and the United States of America have recently signed the Federal Account Tax Compliant Act (FATCA), which requires the Internal Revenues Service (IRS) to disclose to China, the bank account information of Chinese-born pro-democracy activists, who fled their homeland to live in America. According to Forbes, “One of the most insidious… – Continue reading
Andrea Leadsom, a high-flying Treasury minister, received more than £70,000 from a family business, the parent company of which is controlled out of the Virgin Islands tax haven. The payments, which appear to be within the letter of the rules for political donations, have been criticised because of the contrast… – Continue reading
The bank accounts of retired Egyptian football player Mohamed Abu Trika were frozen due to failure to pay dues to the Egyptian Tax Authority (ETA), an official at the Ministry of Finance’s fight against tax evasion department confirmed to the Daily News Egypt. The official said that the “this is… – Continue reading
ISLAMABAD: The US authorities have made direct contacts with Pakistani commercial banks to seek data of account holders of their nationals in a bid to comply with their law known as the Foreign Account Tax Compliance Act (Fatca), The News has learnt. However, the Nawaz Sharif government has taken a… – Continue reading
Popular restaurant chain’s Channel Islands tax haven trust at top of elaborate web of companies is worth £750m A secretive £750m trust located in a Channel Islands tax haven sits at the top of an elaborate offshore web of companies belonging to the family behind the Nando’s chicken chain. The… – 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
QCs doctors, pop stars and others have been caught up in a major tax avoidance plan in the UK, which have included former UK-based and now Wellington City CEO Kevin Lavery. Mr Lavery formerly worked as chief executiv e of the Cornwall Council and invested £1.2m according to the documents… – Continue reading
A lot of Americans are moving out of the homeland, getting rid of their American citizenship and with it a whole lot of tax. The American system of Worldwide tax and FATCA levied on the citizens is one of the driving forces for this shift. The IRS collects taxes from… – 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 recently enacted FATCA makes it mandatory for Indian tax authorities to share information about earnings of NRIs in US. However both India and US have a treaty signed to avoid double taxation. NRIs living in US can certainly benefit from this treaty The US government has recently enacted Foreign… – Continue reading
