Category: Tax evasion investigations

Citizenship / Common Reporting Standard / FATCA / Foreign Financial Institutions / Individuals / Interest / Privacy / Tax Evasion / Withholding Tax

Worldwide: Financial Institutions And Personal Data

Published by: Mondaq - October 7, 2019

Combating Tax EvasionIn recent years, there have been several high-profile prosecutions for the crime of tax evasion (for example the actor, Wesley Snipes, and the footballer, Lionel Messi). Governments around the world have been making a concerted effort in an attempt to tackle this problem. Their objective is for their respective tax administrations to work together so that taxpayers pay the correct amount of tax in the correct jurisdiction. ... - Continue reading

Double Taxation Agreement / East Africa / Framework / Tax Evasion / Tax treaties

East Africa bloc mulls regional tax treaty framework to boost integration

Posted On: October 1, 2019

NAIROBI, Oct. 1 (Xinhua) — The East Africa Community (EAC) bloc plans to develop a regional tax treaty framework to boost regional integration, an official said on Tuesday. Doris Akol, commissioner general, Uganda Revenue Authority told Xinhua in Nairobi that once the treaty is in place the trading bloc will… – Continue reading

Business / Income Tax / Tax Avoidance / Tax Evasion / Tax Planning / Tax Reform / Uganda / VAT / Withholding Tax

Uganda: Don’t Make Up Losses To Avoid Tax

Published by: Mondaq - October 1, 2019

Conflicting interests arise for many businesses where decisions have to be made to determine how they consistently achieve profitability, while on the other hand minimise payment of tax. The temptation to minimise profits or even make a loss then becomes a tax risk management strategy. ... - Continue reading

Armenia / Business / Double Tax Treaty / Framework / Malta / Tax Evasion

Armenia, Malta sign double tax treaty

Posted On: September 25, 2019

YEREVAN, SEPTEMBER 25, ARMENPRESS. Armenian Foreign Minister Zohrab Mnatsakanyan on September 24 met with Malta’s Minister for Foreign Affairs and Trade Promotion Carmelo Abela on the sidelines of the 74th session of the UN General Assembly in New York, the Armenian ministry told Armenpress. The officials praised the current dynamic… – Continue reading

Business / High Networth Individuals / Jurisdiction / Offshore / Tax Avoidance / Tax Evasion

Wealth managers not ready for rise in HNWI demand for offshore investments: GlobalData

Posted On: September 24, 2019

Wealth managers will have to review their offshore service propositions in lieu of an expected rise in high net worth (HNW) demand, according to GlobalData, a data and analytics company. GlobalData’s 2019 Global Wealth Managers Survey noted that 50.2% of industry participants expect HNW demand for offshore investments to rise… – Continue reading

Americans / Banking Secrecy / Citizenship / Compliant / Expats / FATCA / Internal Revenue Service (IRS) / Tax Avoidance / Tax Break / USA

IRS offers tax break to some American expats

Posted On: September 13, 2019

The Internal Revenue Service (IRS) has outlined new procedures for some “accidental Americans,”, giving them the chance to comply with their US tax and filing obligations and in turn qualify for relief from back taxes, penalties and interest. The changes would allow people with less than $2m in net worth… – Continue reading

Citizenship / FATCA / General Data Protection Regulation (GDPR) / HMRC / Residence / Tax Dodging / United Kingdom / USA

US-born British citizen launches crowdfunding campaign to stop FATCA

Posted On: September 12, 2019

A US-born British citizen has started a crowdfunding campaign to stop HMRC sharing her personal information with the US Internal Revenue Service (IRS) under the US Foreign Account Tax Compliance Act (FATCA). Law firm Mishcon de Reya has taken on the UK case for a client who alleges HMRC is… – Continue reading

Automatic Exchange of Information / Double Taxation / G20 / Multilateral Competent Authority Agreement / Switzerland / Tax Evasion / Tax Fraud / Tax Laws / Voluntary Disclosure Program

Switzerland: Italian Tax Authorities Request Information From Switzerland On UBS Bank Customers

Published by: mondaq - September 10, 2019

In the past ten years, Switzerland has undertaken significant efforts to combat international tax fraud and tax evasion and to fight for the strict observance of foreign tax laws. In order to do so, a number of tax laws were enacted, allowing Switzerland to comply with international standards issued by the OECD (acting on behalf of the G20). In this respect, Switzerland ratified the Multilateral Convention on Administrative Assistance originally issued by the CoE and the OECD in 1988 and amended in 2011 ("OECD MC"), and it renegotiated numerous Double Taxation Conventions ("DTC"), amongst them also the DTC with Italy, in order to comply with the international standard introduced by the OECD MC in the version of July 2010. ... - Continue reading

Income Tax / Pakistan / Tax Evasion / Tax Exempt / Tax Laws / Transfer pricing / Withholding Tax

FBR demands Rs992m from TV channel in alleged tax evasion case

Posted On: September 2, 2019

ISLAMABAD: The Federal Board of Revenue (FBR) has served a notice on ARY Communications Limited (ARY) and raised a tax demand of Rs992 million – alleging that the entity had evaded tens of millions in taxes through misrepresentation, concealment and misuse of exemptions, thereby causing a substantial loss to the… – Continue reading

Amazon / Business / Internal Revenue Service (IRS) / Luxembourg / Revenue / Tax Dispute / Tax evasion investigations / Transfer pricing / USA

US appeals court sides with Amazon in $1.5 billion transfer pricing dispute

Published by: MNE Tax - August 17, 2019

A US federal appeals court on Friday affirmed the Tax Court’s decision in Amazon, ruling that cost sharing buy-in payments made by Amazon’s Luxembourg subsidiary in exchange for Amazon’s transfer of intangible property should not include compensation for transferred residual business assets such as workforce in place, goodwill, and going concern value. ... - Continue reading

Australia / Australian Taxation Office / Common Reporting Standard / Individuals / Jurisdiction / Offshore Accounts / Tax Evasion / Tax Haven

CRS reveals Australians holding $100bn in offshore accounts: reports

Published by: International Investment - August 15, 2019

Australians are holding more than $100bn in undisclosed offshore accounts, according to new taxation office data collected under the Common Reporting Standard (CRS), British newspaper the Guardian has reported. ... - Continue reading

Corruption / Framework / Philippines / Tax Amnesty / Tax Authority / Tax Break / Tax Evasion / Trust

What happened to the proposed amendments to Bank Secrecy Act?

Posted On: August 15, 2019

The news is replete with discussions on the refiling of the proposed bills for the other TRAIN Packages with the 18th Congress. However, there seems to be no discussion yet on any proposed amendment to the Bank Secrecy Act, Republic Act (RA) 1405, as amended, particularly the proposed amendments to… – Continue reading

Base Erosion & Profit Shifting / Double Taxation Agreement / Multinationals / New Zealand / OECD / Switzerland / Tax Avoidance / Tax Dodging / Tax treaties / Withholding Tax

New Zealand-Swiss tax agreement tightens net on avoidance

Posted On: August 8, 2019

WELLINGTON, Aug. 8 (Xinhua) — Opportunities to dodge tax are shrinking with the completion of a new tax agreement between New Zealand and Switzerland, New Zealand’s Revenue Minister Stuart Nash said on Thursday. Nash and Swiss Ambassador to New Zealand David Vogelsanger signed documents to update the Double Tax Agreement… – Continue reading

Corruption / Individuals / Investments / Jurisdiction / Law Firm / Mauritius / Profit Shifting / Revenue / Tax Avoidance / Tax Dodging / Tax Haven

Mauritius leaks latest reminder of how much we lose to tax havens

Posted On: August 6, 2019

Mauritius leaks latest reminder of how much we lose to tax havensA report by Canadians for Tax Fairness Bay Street and Tax Havens revealed how over 90% of Canada’s largest corporations have subsidiaries in tax havens. Ottawa (06 Aug. 2019) — Last month Canadians for Tax Fairness reported that, while… – Continue reading

Anti money laundering / Citizenship / Tanzania / Tax Evasion / Tax evasion investigations

Tanzanian freelance journalist in court over money laundering, tax evasion

Posted On: August 5, 2019

DAR ES SALAAM, Aug. 5 (Xinhua) — Tanzanian freelance journalist Eric Kabendera on Monday appeared in court charged with money laundering, tax evasion and leading organized crime. The state prosecution told the Kisutu Resident Magistrate’s Court in the commercial capital Dar es Salaam that on diverse dates between January 2015… – Continue reading

Banking Secrecy / Philippines / Regulatory / Tax Authority / Tax Fraud / Tax Reform

First 18 months crucial for tax reforms — Dominguez

Posted On: August 4, 2019

On the sidelines of the Bureau of Internal Revenue’s anniversary celebration, Finance Secretary Carlos G. Dominguez III emphasized that the first 18 months of the current Congress is crucial for the Duterte administration’s comprehensive tax reform program (CTRP). According to Dominguez, lawmakers traditionally have the tendency to focus “on something… – Continue reading

Anti money laundering / Business / Compliant / Cyprus / Framework / Legislation / Tax Evasion

Cyprus: Country Update-Cyprus: AML

Published by: Mondaq - July 30, 2019

The financial services and international business sector in Cyprus is one of the vital pillars of the Cyprus economy. That said, Cyprus aims to be in full compliance with the AML European framework, and in this respect constantly implements changes in its local laws to align with EU Directives and Regulations. ... - Continue reading

Business / Compliant / Individuals / Jurisdiction / Tax Authority / Tax Collection / Tax Laws / Vietnam

Vietnam’s Tax Administration Law Reform to Take Effect in July 2020

Published by: Vietnam Briefing - July 25, 2019

In June, Vietnam’s National Assembly approved a new Law on Tax Administration 38/2019/QH14. Under the new law, tax authorities have been granted additional enforcement powers. At the same time, the new law has made it a little bit easier for both individuals and entities to file taxes. ... - Continue reading

Denmark / Legislation / Microsoft / Tax Dispute / Transfer pricing

Taxpayers given six months to challenge Denmark transfer pricing assessments based on insufficient documentation

Published by: MNE Tax - July 23, 2019

A Danish tax administration decree, published 12 July in response to the Supreme Court’s decision in the Microsoft case, establishes a new practice for determining whether transfer pricing documentation must be available at the time the taxpayer is required to file its tax return. ... - Continue reading

Australia / British Virgin Islands / Common Reporting Standard / EU / Financial Institutions / Japan / Jurisdiction / OECD / Revenue / Taiwan / Tax Evasion

Taiwan to join anti-tax evasion program CRS

Posted On: July 12, 2019

Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading

Australia / British Virgin Islands / Common Reporting Standard / EU / Financial Institutions / Japan / Jurisdiction / OECD / Revenue / Taiwan / Tax Evasion / Tax Fraud / Tax Haven

Taiwan to join anti-tax evasion program CRS

Posted On: July 12, 2019

Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading

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