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
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
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
Automobile equipment maker Denso Corp. filed a suit Monday seeking nullification of tax authorities’ 2012 order for the payment of around 6.1 billion yen in back taxes on the income of its Singapore unit in a tax haven countermeasure. Denso brought the case to the Nagoya District Court after paying… – Continue reading
Former Bayern Munich president Uli Hoeness began a 3-1/2-year jail sentence on Monday after being convicted in March of evading $40 million in taxes, German media reported on Monday. The state prosecutor in Munich declined to comment on the report and said there would be no official confirmation. Daily Bild… – 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
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
Macquarie Group has acknowledged that a revised tax bill following a full-scale audit by Tax Office investigators may be market sensitive and could move its share price. The information, which relates to three years of additional tax, has never been disclosed by the homegrown investment bank to the sharemarket. Macquarie’s… – 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
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
A £100m charity tax avoidance scheme similar to the Cup Trust has been defeated at a tax tribunal by HM Revenue & Customs.According to the judgment handed down this week by the first tier of the tax tribunal, the Bluebox scheme used a method where government bonds were given to… – Continue reading
A decision to drop tax and money laundering charges against three high-profile Sydney businessmen is ”another humiliating defeat for the Project Wickenby Keystone Cops”, according to a lawyer close to the trio. Charges attracting jail of up to 25 years, laid against former CVC Limited chairman Vanda Gould, former Sunland… – Continue reading
Beanie Baby creator Ty Warner might be headed to prison after all. The billionaire was originally sentenced to probation after hiding $25 million in Swiss banksto avoid US taxes, but federal prosecutors are now asking for re-sentencing. Their appeal argued that Warner appears to be getting a different standard of justice than the… – Continue reading
Beanie Baby creator H. Ty Warner’s sentencing for tax evasion left him on probation, but the recent appeal filing seeks to change his fate. In September 2013 H. Ty Warner, creator of the mid-’90s craze of animal-shaped Beanie Babies, was charged with federal tax evasion stemming from an illegal offshore… – Continue reading
Washington, DC – With the annual tax filing deadline approaching on April 15, today the Justice Department announced highlights of its work during the past year to enforce the nation’s tax laws. The Tax Division has worked with the Internal Revenue Service (IRS) to carry out their combined tax enforcement… – Continue reading
Harben Barker is breathing a huge sigh of relief – along with the accountancy profession in general – after the Court of Appeal threw out a High Court finding that the firm had a duty to advise wealthy clients to avoid tax The five-director firm based in the West Midlands… – Continue reading
The U.S. and Indian competent authorities are famously at loggerheads over the principles to be applied in transfer-pricing double-tax cases. Some of the important issues involved are: the appropriate markup on costs for services; when and how to reward location savings; and whether marketing intangibles exist. Virtually all of these… – Continue reading
Washington, DC – California attorney Christopher M. Rusch was sentenced to serve 10 months in prison for helping his clients Stephen M. Kerr and Michael Quiel, both businessmen from Phoenix, hide millions of dollars in secret offshore bank accounts at UBS AG and Pictet & Cie in Switzerland, the Justice… – Continue reading
The rich are not like the rest of us, and neither are their offshore bankers. Court documents filed in a big tax evasion case in Northern Virginia provide just a glimpse of the extra services available if you have the means and will to maintain secret accounts with large banks in Switzerland… – Continue reading
The Bermuda Court of Appeal has ruled that the target of an intergovernmental request for information under a Tax Information Exchange Agreement (TIEA) may require the Attorney General to produce the terms of the request in order to confirm that the request meets the statutory requirements under the International Co-operation… – Continue reading
This was an appeal to the Court of Appeal from the decision of the Royal Court of Jersey, by which the Royal Court dismissed an appeal brought under Article 14(1)(c) of the Taxation (Exchange of Information with Third Countries) (Jersey) Regulations 2008 (the “Regulations”) and upheld the decision of the… – Continue reading
Feb 26 (Reuters) – A former UBS AG banker pleaded guilty on Wednesday to conspiring to defraud the United States by helping wealthy Americans evade taxes. Martin Lack, a 51-year-old Swiss resident, pleaded guilty in federal court in Fort Lauderdale, Florida to a single conspiracy count in a 2011 indictment… – Continue reading
Vodafone, stung by the decision of a cash-hungry Indian government to apply new rules on retrospective taxation and press its demand for as much as Rs20,000 crore ($3.2 billion) in back taxes and penalties, has countered by saying gains from the overseas transaction in which it bought out Hutchinson’s Indian… – Continue reading
British telecom major Vodafone said on Wednesday that the government is looking to tax it twice over. The company was referring to its total tax liability of Rs 20,000 crore in terms ofcapital gains tax of a 2007 deal to buy into Hutch Essar as well as a transfer pricing case. Vodafone had… – Continue reading
India’s finance ministry is preparing to seek the cabinet’s approval to withdraw conciliation proceedings with the UK telecoms firm. Vodafone, the world’s second-largest mobile operator by subscribers, entered India in 2007 by acquiring Hutchison Whampoa’s mobile phone assets. It is contesting a tax bill of about 112bn rupees (£1.1bn) relating… – Continue reading
