An eyebrow-raising disclosure in the U.S. indictment of FIFA officials is that a representative of a Caribbean bank made it easy for one allegedly illegal transaction to be done by flying to New York to personally collect a check and then returned to deposit it in an account in the… – Continue reading
Latvia has become the second European state to remove Bermuda from its blacklist of uncooperative tax jurisdictions In June, the European Commission (EC) published a list of 30 uncooperative tax jurisdictions, with a so-called master blacklist comprising of countries that were targeted by 10 or more EU member states. Bermuda… – Continue reading
Latvia has become the second European state to remove Bermuda from its blacklist of uncooperative tax jurisdictions In June, the European Commission (EC) published a list of 30 uncooperative tax jurisdictions, with a so-called master blacklist comprising of countries that were targeted by 10 or more EU member states. Bermuda… – Continue reading
The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 in the wake of the revelations of the use of Swiss bank accounts for US tax evasion and out of a congressional desire to pursue what were supposed to be those most cunning US tax evaders. While FATCA is… – Continue reading
The legality and effectiveness of waiving the £100 fine for a late tax return is being queried, despite the move receiving a warm welcome from taxpayers. Nearly 900,000 people who missed the 31 January deadline for submitting their tax returns could be let off paying the fine. HM Revenue and… – Continue reading
1. Permanent Establishment 1.1. Subjects and activities that generate a PE Article 64 of the LISH provides that a PE is created whenever ever a resident abroad for tax purposes carries on with activities under the LH in Mexican territory or the exclusive economic zone over which Mexico has jurisdiction…. – Continue reading
A new HMRC taskforce has been launched to go after wealthy tax cheats in Northern Ireland. Investigators from HM Revenue and Customs will use Land Registry and Merchant Acquirer data to identify those with “badges of wealth” such as large houses, aeroplanes, boats and undeclared offshore bank accounts, which are… – Continue reading
NEW YORK and SHORT HILLS, N.J., June 30, 2015 /PRNewswire/ — Marking the one-year deadline for foreign financial institutions (FFIs) to identify their preexisting entity account base for purposes of the Foreign Account Tax Compliance Act (FATCA), KPMG LLP, the U.S. audit, tax and advisory firm, and Dun & Bradstreet… – Continue reading
PIA FORUM with DOREEN KAMBANGANJI Effects of money laundering and terrorist financing Min Zhu, deputy managing director of the International Monetary Fund (IMF), made the following expression on the effects of money laundering and terrorist financing: “Money laundering and the financing of terrorism are financial crimes with economic effects. They… – Continue reading
Switzerland’s private banks are close to ridding themselves of undeclared European accounts, a salutary process but one which has undermined efforts to grow their businesses. Following the financial crisis, cash-strapped governments chased accounts hidden at banks in Zurich, Geneva and Ticino where wealthy Europeans had taken advantage of Switzerland’s famous… – Continue reading
Protection from further scrutiny to be limited to foreign income disclosed during compliance window The income tax (I-T) department will take for granted the disclosures of hidden overseas wealth during the limited compliance period to be announced early this week under the new black money law. The persons using the… – Continue reading
By ESTHER MSETEKA, Mazabuka LUSAKA Stock Exchange (LuSE) chief executive officer Brian Tembo says there is need for Government to formulate a capital market policy that links foreign direct investment to listing. Mr Tembo said the country needs to find ways which can help create linkages between companies that invest… – Continue reading
The Policy and Advocacy Manager of Tax Justice Network – Africa (TJN-A) has urged African governments to review tax incentives for free zone companies. “Tax incentives must apply to companies that have something to show. These companies must be able to create massive employment and other services to benefit the… – Continue reading
Romania’s Directorate for Investigation of Organized Crime and Terrorism (DIICOT) prosecutors carried out searches at the Red Dragon, China Town, Sam Expo and Smart Expo shopping centers on Friday last week, following notifications from the Tax Authority ANAF. They found 70 companies that have damaged the state budget by over… – Continue reading
To check laundering of black money through stock market platform, regulator has enhanced its vigil for the entities engaged in such illicit trades and has suggested further probe by other agencies in this regard. The Securities and Exchange Board of India (Sebi) has found hundreds of entities to have devised… – Continue reading
NEW DELHI: Anecdotes about the first Income Tax searches in the T-20 IPL cricket tournament and a letter by former Finance Minister P Chidambaram seeking information about alleged illegal accounts by Indians in Switzerland find place in a new book on black money. The recently launched book “It’s Raining Black!… – Continue reading
KAMPALA, Uganda – Between July 2014 and June 2015, Uganda Revenue Authority (URA) has recovered over Ush 26 billion (about $8.1million) of the Ush36 billion ($11.2 million) from people trying to avoid paying taxes on goods The money is from 5236 seizures. This represents a 21.9% increase in overall enforcement… – Continue reading
NEW DELHI: Anecdotes about the first Income Tax searches in the T-20 IPL cricket tournament and a letter by former Finance Minister P Chidambaram seeking information about alleged illegal accounts by Indians in Switzerland find place in a new book on black money. The recently launched book “It’s Raining Black!… – Continue reading
TEHRAN, Jun. 27 (MNA) – President Rouhani ordered to implement a law signed between Iran and Vietnam to avoid reception of double taxation and tax evasion. The bill was passed by the Parliament on May 13 and then reviewed and approved by the Guardian Council on May 27 to become… – Continue reading
The Federal Board of Revenue (FBR) has attached the bank account of supermodel Ayyan Ali and recovered an amount of Rs 3.5 million after cross matching of records and third party information on business/property transactions. Sources told Business Recorder here on Friday that the bank account of the model was… – Continue reading
ATHENS, June 25 (Reuters) – When Greece’s tax police squad raided a busy cafe-restaurant in an upscale central Athens district earlier this year, it discovered two cash registers and an elaborate system of issuing fake receipts — at least 15,000 of them, over four years. Four months later, the cafe… – Continue reading
A new campaign to stop Africa from ‘bleeding’ was launched on Thursday in Nairobi by the Tax Justice Network-Africa (TJN-A), a coalition of researchers and activists focused on the harmful impacts of tax avoidance, tax competition and tax havens. “If we can stop Africa from losing resources in illicit outflows,… – Continue reading
HMRC will not face a judicial review over its handling of HSBC-backed tax evasion after a campaign group dropped its fight to take the tax office to court. Online campaign group Avaaz initiated judicial review proceedings in May, but has ended its efforts after deciding it had little prospect of… – Continue reading
The bad news: Big corporations are becoming even better at cheating the system. There is no good news. “Only the little people pay taxes,” the billionaire hotelier, and serial tax cheat, Leona Helmsley said in the ’80s. And that’s perhaps a truer statement now than it was then. While the… – Continue reading
Ansbacher whistleblower Gerry Ryan has made fresh allegations about the tax affairs of a number of former senior politicians, the Irish Independent understands. The allegations have been made in correspondence with the Public Accounts Committee (PAC). But members of the PAC have been precluded from accessing the correspondence following legal… – Continue reading
As America’s highly controversial global tax law reaches its first birthday, almost half of Americans who live overseas would support a presidential candidate who vowed to move to repeal it, reveals a new survey by one of the world’s largest independent financial advisory organizations. In a global poll, deVere Group… – Continue reading
DeVere poll finds large percentage of expats want a president who’d repeal the tax law; ACAGF, University of Nevada studying FATCA’s impact The five-year-old Foreign Account Tax Compliance Act is coming under fire, with a number of Americans living abroad calling for its repeal. Signed into U.S. law on July… – Continue reading
Rand Paul is poised to become the first major presidential candidate in memory to sue the government he seeks to lead as president. The Kentucky senator will take legal action against the U.S. Treasury and the Internal Revenue Service for what he says is the denial of his constitutional right… – Continue reading
A man accused of helping orchestrate a stock-fraud scheme involving Belize-based Cynk Technology Corp., which surged briefly to a market value of $6 billion last year, was charged by U.S. officials with conspiracy. Gregg Mulholland, also known as “Stamps,” and “Charlie Wolf,” was arrested Tuesday as part of a probe… – Continue reading
Indonesia hopes to bring billions of dollars in financial assets parked overseas back home – by pardoning past financial crimes. A Bill on tax amnesty is expected to be discussed in Parliament this year, said Finance Minister Bambang Brodjonegoro. “A tax amnesty should not be seen simply as pardoning those… – Continue reading
Greek Finance Minister Yanis Varoufakis has taken a swipe at Switzerland for providing only limited information about wealthy tax evaders from cash-strapped Greece who are believed to have stashed billions of euros in Swiss banks. In an interview on Wednesday with Rundschau, a current affairs programme from state broadcaster SRF,… – Continue reading
Romania loses EUR 502 every second, EUR 30,000 every minute, and some EUR 16 billion every year because of tax evasion, said Mihai Daraban, President of Romania’s Chamber of Commerce and Industry. “This represents about 70% of the tax evasion which state institutions, NGOs or the Fiscal Council calculated. In… – Continue reading
The number of raids on premises carried out by HM Revenue & Customs during investigations into tax evasion has increased by nearly 20% from 500 in 2013/14 to 593 last year. According to international law firm Pinsent Masons, the number of such raids has trebled in the last four years,… – Continue reading
NEW DELHI: A month after Parliament passed the black money bill – which targets those curb the stashing of illegal wealth abroad — a new law is in the pipeline to control tax evasion, sources said. The Special Investigation Team, which is handling the investigation into black money stashed abroad,… – Continue reading
Two more Swiss banks, Bank Linth LLB AG and Bank Sparhafen Zurich AG, have entered deferred prosecution agreements with the U.S. government. The subject is tax evasion involving American account holders. Today, banks everywhere want to know if you are compliant with the IRS. Under FATCA, the entire world is… – Continue reading
The Leeds United owner, Massimo Cellino, has been found guilty of tax evasion and fined €40,000 (£28,400) in an Italian court, according to reports in Sardinia. Cellino has been convicted for failing to pay VAT on an imported Range Rover in a court in Cagliari, according to Italian news website… – Continue reading
Hong Kong’s Government has expressed its regret that the European Union included the territory in its list of non-cooperative tax jurisdictions, saying that criticism of its transparency in tax matters is “totally unfounded.”, reports Tax News. The EU tax blacklist was included in the European Commission’s new Corporate Tax Reform… – Continue reading
The UK tax system is about to experience one of its biggest ever upheavals. From April 2016, there could be two tax jurisdictions for income tax for the first time. We can’t definitively say what will happen yet, because the current Scotland Bill is still subject to negotiation – and… – Continue reading
Last week Belize was blacklisted by the European Union, along with thirty other countries. The European Union claims that Belize is a tax haven for companies which are seeking to avoid paying taxes. It’s just another in a series of hits from the international community against the offshore sector, and… – Continue reading
U.K. tax authorities raided nearly 19 percent more premises in the last year as a number of high-profile global tax cases sparked a crackdown on evasion. Her Majesty’s Revenue & Customs carried out 593 property raids in the year through March, up from 500 in 2013-14, according to data compiled… – Continue reading
CONNIE Smith, President of the Barbados International Business Association (BIBA), said BIBA is very disappointed that Barbados’ name has appeared on this list of allegedly non co-operative countries indulging on tax avoidance. News broke about the development last week. However, the EU has withdrawn the blacklist. But at a news… – Continue reading
NEW DELHI: Seeking to send a stern message to chronic evaders, the Income Tax department plans to take stringent action against them to ensure that they are prosecuted. This follows a strategy evolved at a recently-concluded national conference of I-T brass here where it was decided to go after the… – Continue reading
Switzerland remained the leading offshore asset booking centre in 2014, but with the rising new wealth generation in the Asia-Pacific region and its proximity to booking centres such as Hong Kong and Singapore, the country is expected to face increasing competition, reports Gulf News. Switzerland booked US$2.4 trillion (Dh8.8 trillion)… – Continue reading
Amid a swirl of allegations involving Lalit Modi’s business interests, the government is examining evidence of tax evasion and unlawful foreign exchange transactions between the ousted IPL commissioner and BJP MP Dushyant Singh. Sources told HT the Enforcement Directorate (ED), which tracks overseas transactions and money laundering deals, is scrutinising… – Continue reading
Dubai: Switzerland remained the leading offshore asset booking centre in 2014, but with the rising new wealth generation in the Asia-Pacific region and its proximity to booking centres such as Hong Kong and Singapore, the country is expected to face increasing competition. Switzerland booked $2.4 trillion (Dh8.8 trillion) in wealth… – Continue reading
ROME (AP) — Italian prosecutors are seeking to indict 297 people and the Bank of China in connection with a massive money-laundering investigation reported by The Associated Press earlier this month. The suspects, mostly Chinese migrants living in Italy, include four senior managers of the Chinese state bank’s branch in… – Continue reading
REASI, June 20: A major tax evasion bid has been detected with the seizure of illicit liquor which was being sold in open market without paying ‘Excise Duty’ at Katra while Excise department initiated enquiry into the matter. Police spokesman said that FIR number 96 of 2015 under section 48-A… – Continue reading
NASHVILLE, Tenn. (AP) – State Rep. Joe Armstrong of Knoxville has pleaded not guilty to federal fraud and tax evasion charges connected to an increase in the state’s cigarette tax. The Knoxville Democrat was restrained by handcuffs and leg shackles when he appeared before U.S. Magistrate C. Clifford Shirley Jr…. – Continue reading
The Yomiuri Shimbun It is highly significant that police have investigated the money collected by a crime syndicate from subordinate groups as funds for its management. We hope this will help bring an end to a heinous criminal network. Fukuoka prefectural police have arrested the top boss of Kudo-kai, an… – Continue reading
St. Kitts and Nevis is one of 30 countries placed on the European Union’s black list for not doing enough to fight tax evasion. The EU’s executive Commission published the list Wednesday (June 17). The blacklisted countries figure on at least ten of the EU’s 28 member nations’ lists of… – Continue reading
