ELKTON — A bill to decrease the amount county property tax assessments could rise in any one year was introduced last week during a county council meeting. The policy, known as the Maryland Homestead Tax Credit, was designed to help homeowners deal with large assessment increases on their principal residence… – Continue reading
INSURANCE Commissioner Emmanuel F. Dooc has ordered insurance companies to participate in the government’s information gathering to determine the country’s risks of involvement in money laundering and terrorism financing activities. Dooc issued Circular Letter 2014-33 requiring insurance companies, preneed companies and mutual benefit associations to submit information that will help determine… – Continue reading
InterAksyon.com means BUSINESS Majority of the local stock brokerages have remained outside the US-mandated reportorial compliance among foreign financial institutions, a worldwide campaign designed to flush out hidden overseas wealth and minimize tax abuse among Americans and green card holders through offshore accounts. A total of 178 Philippine-based financial firms,… – 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
An overseas assignment is definitely exciting, but it pays to understand the double taxation issues that might arise Even with a lucrative compensation package, an assignment overseas could be taxing if there are unplanned outflows, particularly on account of double taxation. Here’s a couple of commonplace situations you might find… – Continue reading
Government plans to establish a tax haven that will encourage wealthy corporations to move their operations to Macedonia have won a mixed response.Financial experts have broadly welcomed plans by Prime Minister Nikola Gruevski to set up tax havens on the ground that they will boost employment in the financial and… – Continue reading
MANILA (Mabuhay) – Twelve businessmen in Metro Manila are facing tax evasion charges filed by the Bureau of Internal Revenue (BIR) before the Department of Justice. One businessman, Carlos Adraque Ching of Etheria Trading, was sued by the BIR, for an aggregate tax liability covering taxable years 2009 and 2010… – Continue reading
Two important dates have now passed in relation to Foreign Account Tax Compliance Act (“FATCA“) – 30 June 2014 when Financial Institutions were required to capture details of their existing customers for remediation purposes and 1 July 2014 when Financial Institutions were required to have procedures in place which would… – Continue reading
Canada Revenue Agency says Metlege collected $110,077 in HST from tenants, but didn’t report it One of the most prominent commercial developers in Halifax has been fined $82,544 for income tax evasion. Anthony Joseph Metlege, also known as Tony Metlege Jr., was issued the fine Thursday in Halifax Provincial Court… – Continue reading
TAOS – An alleged cocaine distribution ring leader in the Southwest and his family have been indicted on several tax evasion, tax fraud, conspiracy and money laundering charges. A Taos County Grand Jury on Thursday returned indictments against alleged drug kingpin Ismael Adame, 56; his wife, Angela Adame, 56; and… – 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
MANILA, Philippines–The Bureau of Internal Revenue (BIR) on Thursday filed a complaint with the Department of Justice against the distributor of a popular coffee product and its retailer for failing to pay taxes amounting to almost P10 billion. The BIR claimed that the Pasig City-based TriDharma Marketing Corp., the distributor… – Continue reading
Federal authorities said Friday they have obtained a grand jury indictment accusing three men of conspiring to avoid more than $1 million in federal taxes. The U.S. Attorney’s Office for the Middle District of Pennsylvania announced the charges against Vanny Son, 33, Son Thach, 55, and Hung Danh, 54, all… – Continue reading
CHARLESTON, S.C. (AP) — Charleston County has hired an outside company to help it track down tax dodgers. The Post and Courier of Charleston reports (http://bit.ly/1nNzgzG ) that officials think hundreds of millions of dollars of property in the county may be undertaxed. That’s because some people may be claiming… – Continue reading
ISLAMABAD: The FBR is seeking extraordinary powers to access private bank accounts of citizens, apparently to catch tax dodgers, locate assets beyond means, sources of funds, detect foreign travels and raise revenue for the government. For the purpose, the FBR has recommended that its intelligence wing be allowed to perform… – 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
THE BUREAU of Internal Revenue (BIR) yesterday sued the country’s exclusive distributor of Kopiko products, and several other businesses, for allegedly evading billions of pesos worth of taxes. The BIR, in a press release, said Tridharma Marketing Corp. (TMC) was sued for tax liability amounting to P4.47 billion in 2010,… – Continue reading
FTSE 100 companies have had to increase the amount of money they set aside to cover the cost of tax disputes and litigation by an additional £139m taking provisions for tax disputes to £2.39bn in the last year – up from £2.25bn in the previous year, reveals Thomson Reuters legal… – 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
Notwithstanding (read: Because of) certain free-airfare offers on the part of the Department of Justice! A former Swiss banker and top UBS AG executive slated to go on trial for allegedly aiding U.S. tax evasion has asked that witnesses too spooked to step foot in America be able to testify… – Continue reading
YEREVAN, July 17. /ARKA/. Russia’s government has approved the package of legislative changes which make offshore companies’ access to the state’s money more complicated. They no longer will be provided by guarantees and they will be obliged to reveal beneficial owners in government procurement auctions. The demands turned out to… – Continue reading
HM Revenue & Customs has recovered £135m from 24,000 clients named on a list of HSBC’s Swiss private banking operation, which were revealed in a leak by a former employee. Lin Homer, chief executive of HMRC, told a hearing at the House of Commons Public Accounts Committee last night that… – Continue reading
Switzerland and Iceland have signed a new double taxation agreement (DTA) which lowers withholding tax rates and provides for the exchange of information in line with international standards. It will replace the existing DTA, signed in 1998. The treaty sets a withholding tax exemption for dividend payments from significant holdings… – 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
WASHINGTON — From abortion to electronic privacy to background checks for gun purchases, a strange thing has been happening on the floor of the House as it debates its spending bills for the coming fiscal year: the stirrings of liberalism. The House on Thursday voted 221 to 200 to approve… – 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
The BVI Government has signed a Model 1B (non-reciprocal) Intergovernmental Agreement (IGA) in relation to the US Foreign Account Tax Compliance Act (FATCA), it was announced on 30 June 2014. The IGA can be accessed here. As expected the final IGA is in substantially the same form as the model agreement. There… – Continue reading
As per the estimates, in last six months Rs.150 crore of value added tax was evaded by giving wrong declaration in imports only on JNPT port Trade circles have alleged a surge in tax evasion by importers of vegetable oils. According to an official from the Solvent Extractors’ Association (SEA),… – Continue reading
U.S. Treasury Secretary Jack Lew is urging Congress to act to prevent U.S. companies shifting their headquarters abroad to benefit from a lower tax rate. “Congress should enact legislation immediately — and make it retroactive to May 2014 — to shut down this abuse of our tax system,” Lew wrote… – Continue reading
Investors in India are nervous as it looks like the government aims to go ahead with plans to close more tax loopholes through a new set of General Anti-Avoidance Rules, or GAAR. While the new rules were slated to come into effect in April, many investors and executives had expected the… – Continue reading
New Delhi: India on Tuesday said negotiations are going on for signing new Double Taxation Avoidance Agreements (DTAAs) with Hong Kong, Iran, Nigeria and three other nations. The three other countries are Azerbaijan, Chile and Venezuela, Finance Minister Arun Jaitley informed Rajya Sabha in in a written reply . Besides,… – Continue reading
The Obama administration called for immediate congressional action to stop U.S. companies from using cross-border mergers to escape the country’s tax system, the latest trend in corporate deal-making. In a letter calling for a “new sense of economic patriotism,” Treasury Secretary Jacob J. Lew said Congress should pass tax changes… – Continue reading
Net-A-Porter have apparently been a little naughty with their tax returns. Uh oh, have Net-A-Porter taking a naughty book-keeping tip or two from Dolce & Gabbana? After the famous designer duo got done for tax evasion, the online designer handbag retailer has been accused of the same thing. According to… – Continue reading
The owner of an office supply business in Tralee, Co Kerry, and a “generous” charity worker, was found to have almost €800,000 in Swiss and other foreign bank accounts uncovered on foot of a revenue investigation and a European tip-off. John Cashell, aged 59, of Stacks Mountain, Kilflynn, Co Kerry,… – Continue reading
Prime Minister Narendra Modi’s government has yet to adopt a view on proposed rules to tighten policy on tax avoidance by foreign investors, a senior finance ministry official said on Monday. The general anti-avoidance rules (GAAR) announced by the previous government had sparked alarm among foreign investors because of provisions… – Continue reading
Following last week’s announcement about HMRC’s plans to impose £1m fines on promoters of tax avoidance schemes and revelations about the Liberty tax strategy, the PCG has issued a warning to all independent professionals in the UK’s contracting community to steer clear of such tax planning schemes. A secret database… – 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
British expats living in Spain will have to be on their toes to keep up with the new Spanish tax rules There are a number of changes afoot which could trip you up faster than a flamenco dance. These include: · A new double tax treaty · New disclosure rules… – Continue reading
28 suspects of evading taxes on fruit and vegetable products are under questioning by prosecutors of the DIICOT. These include two officials from the National Agency for Fiscal Administration (NAFA). Prosecutors of the DIICOT Bucharest, along with officers from the Bucharest Organised Crime Squad, conducted 46 searches on Wednesday in… – Continue reading
The UK and India are determined to lead international efforts to tackle tax evasion, according to a joint press statement issued by UK Chancellor George Osborne and India’s new Finance Minister Arun Jaitley. On July 8, 2014, the two governments met in New Delhi at the seventh round of the… – Continue reading
MOSCOW, July 14 (RAPSI) – An Uzbek court has handed down prison sentences to Rustam Madumarov and Gayane Avakyan, close acquaintances of the Uzbek president’s daughter, Gulnara Karimova, the Uzbek language service of Radio Free Europe/Radio Liberty announced on Monday. Radio Ozodlik cited sources as saying that Madumarov and Avakyan were… – Continue reading
GUWAHATI, July 14 – Evasion of tax and forest royalty has become a major cause of concern for Assam. Though the Bureau of Investigation of Economic Offences (BIEO) of the Assam Police managed to detect some such evasions, those were tips of the iceberg and it is up to the concerned departments to be more vigilant… – Continue reading
The Guardian explains why opposition to Juncker as EU President is somewhat misguided. The Grand Duchy of Luxembourg’s Ruritanian title carries a whiff of archaic glamour. But it is nothing more than a piratical state. The only difference between pirates old and new is that instead of using muskets and… – Continue reading
India’s government challenged the merger of Vedanta Resources Plc (VED)’s local units in court on the grounds the deal by the flagship company of billionaire Anil Agarwal was aimed at avoiding taxes. The merger is a “device” for tax evasion, according to the petition filed today by the Ministry of… – 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
Millionaire investors in a £5billion alleged tax avoidance scheme run by financier Patrick McKenna’s investment firm Ingenious are preparing to settle with the taxman rather than face a court battle with the authorities. The Ingenious scheme, revealed by The Mail on Sunday four years ago, is one of the biggest… – 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
Taipei, July 11 (CNA) An agreement signed by Taiwan and Luxembourg on avoiding double taxation and preventing tax evasion was approved by Luxembourg’s parliament Wednesday and will take effect on Jan. 1, 2015, the Ministry of Foreign Affairs said in a statement Friday.The agreement was signed by the Taxation Agency… – Continue reading
Houston: Preparer Diane Caldwell Larry has pleaded guilty to falsifying client returns. During her plea hearing, she admitted that while operating Paradise South Tax Services she prepared 33 materially false client returns for tax years 2007 through 2010. Those returns generated excessive refunds and cost the IRS some $168,792. Larry… – Continue reading
Another day. Another inversion. This one, though, with a twist. On Tuesday evening, U.S.-based Salix Pharmaceuticals Ltd.SLXP -1.52% announced plans to merge with a unit of Cosmo Technologies Ltd.’s and take up residence in Ireland for tax purposes. What makes this different from a typical inversion deal is the fact… – Continue reading
