Prosecutors investigating a list of 2,602 Greeks with 1.5 billion euros ($1.95 billion) in secret Swiss bank accounts have reportedly found that 90 percent of them are tax cheats. – See more at: The ongoing probe by financial prosecutors, Panagiotis Athanasiou and Galinos Mpris in cooperation with the Deputy Prosecutor… – Continue reading
The Special Investigation Team (SIT) constituted by the government to “bring back black money” is likely to help India plug its wealth draining to offshore tax havens with Swiss global tax activists saying that the government can put pressure on Switzerland by blacklisting it as a non-cooperative jurisdiction and complaining… – Continue reading
Bank of America tops the list of Charlotte-based companies avoiding big tax bills by keeping profits offshore, according to a new report by a nonprofit tax research and advocacy group. Citizens for Tax Justice found that 301 U.S. Fortune 500 companies disclosed holding nearly $2 trillion in profits offshore. By… – 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
Credit Suisse is pleading guilty to criminal charges and paying a $2.6 billion fine for helping American clients cheat on their taxes over the past decade. The firm helped tens of thousands of Americans hide their wealth, kept lists of companies and accountants who could facilitate tax evasion for clients, and actively recruited U.S…. – 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
In a landmark settlement, Credit Suisse Group has agreed to pay $2.6 billion and pleaded guilty to criminal charges that it helped U.S. taxpayers to hide money abroad in the decades leading up to 2009. The outcome of the long-running case has many implications for Credit Suisse account holders. As… – Continue reading
Alliance Boots has challenged claims of tax avoidance regarding its diminutive £2m corporation tax bill, as boss Stefano Pessina stated the group was fully tax compliant and should not have to justify its tax affairs. The pharmacy giant had reported a 31% surge in net profits to £971m. However, it… – Continue reading
GlaxoSmithKline Plc (GSK)’s China unit was accused by a government-run legal newspaper of failing to pay more than 100 million yuan ($16 million) in import duties and taxes for its HIV treatment. The company evaded the taxes from 2005 to 2008, China’s Legal Daily newspaper reported May 16 on its… – Continue reading
A criminal case has been opened in Portugal against Brazil’s football coach Luiz Felipe Scolari weeks before Brazil hosts the World Cup. He has been named as a formal suspect in a tax fraud investigation but he has not been arrested or charged. Mr Scolari, 65, was Portugal’s head coach… – Continue reading
First Minister Alex Salmond has refused to back calls for a boycott of Amazon after reports the company is engaging in large-scale tax avoidance. During First Minister’s Questions on Thursday afternoon, Scottish Green MSP Patrick Harvie cited concern over “further revelations about the scale of the scandal of tax avoidance… – Continue reading
Caterpillar, industrial and construction equipment manufacturing Goliath, has been avoiding or deferring paying U.S. taxes for at least 13 years to the tune of approximately $2.4 billion, according to a report from the Homeland Security & Government Affairs Permanent Subcommittee on Investigations. “Tax evasion schemes rob the system of billions of… – Continue reading
World Cup presenter Gabby Logan invested in the tax avoidance scheme used by Gary Barlow and two Take That bandmates. Gabby, who is on the BBC’s frontline team for Brazil, ploughed cash into part of a £12.3million partnership which aimed to shelter earnings from the taxman. The TV star, who… – Continue reading
The tax probe causing grief to Credit Suisse is demonstrating a break from legal precedent. Despite the case being compared to the UBS scandal, it seems to be courting a more costly and punitive outcome. UBS eventually resolved claims that it systematically helped clients evade taxes in a $780m deferred… – Continue reading
Luiz Felipe Scolari is the subject of a criminal investigation in Portugal, authorities said Wednesday, bringing an unwelcome distraction for the Brazil coach as his country prepares to host the World Cup. Officials wouldn’t say what the investigation is about. In Portugal, ongoing investigations fall under the country’s judicial secrecy… – Continue reading
Tax avoidance and money laundering charges against former CVC Limited chairman Vanda Gould, former Sunland chairman John Leaver and Swiss resident Peter Borgas have been dropped. The trio were arrested by Federal Police in October on allegations they used a complex network of companies in tax havens to avoid millions… – Continue reading
Samuel and Charles Wyly used a web of offshore trusts to illegally hide their stock holdings and evade trading limits, a jury found, leaving Samuel Wyly and his brother’s estate potentially liable for as much as $550 million. The panel of eight women and four men today delivered the verdict… – Continue reading
Three members of Take That are reported to have invested in a tax avoidance scheme – so will they join our festival line-up of stars who, through schemes or leaving the country, have avoided tax? Whether by moving country or through schemes and accountants, celebrities finding ways to avoid tax… – Continue reading
African countries are losing up to 12.7% of their national GDP due to shady practices in international trade. Global Financial Integrity, a Washington DC-based think-tank, reports that $542bn (£321bn) worth of capital was lost from Africa in illicit capital flows and estimates that almost 80% of this coming through “trade… – Continue reading
Swisspartners Group, a Zurich-based money-manager, resolved a U.S. criminal tax probe by paying $4.4 million for helping American clients use secret accounts to evade taxes. In return, the government agreed not to prosecute the firm, citing its “extraordinary cooperation.” The agreement resulted from Swisspartners’ voluntary production of the files for… – Continue reading
Oil major Cairn India and its former British parent Cairn Energy Plc have moved the Delhi High Court challenging the validity of New Delhi’s controversial 2012 retrospective amendment to law that imposed tax liabilities on several high-profile offshore transactions of Indian assets including Cairn’s. The court will take up the… – Continue reading
The tax evasion trial and conviction of former Bayern Munich president Uli Hoeness triggered a wave of self-disclosures resulting in 16,926 tax dodgers turning themselves in during the first four months of the year, a newspaper reported on Sunday. The Welt am Sonntag newspaper said it had surveyed finance authorities in Germany’s… – Continue reading
Calls for crackdown as investigation finds huge Indonesian corporations evading tax through network of secret shell companies in British Virgin Islands and other tax havens Giant Asian logging companies that make billions from destroying rainforests use a labyrinth of secret shell companies based in a UK overseas territory, the British Virgin… – Continue reading
Yesterday, headlines in the majority of the press focussed on allegations that Gary Barlow and his Take That band mates had used a “shady investment scheme” in order to avoid paying taxes on their whopping incomes… The Sun reported that following a tribunal, Gary and band mates Mark Owen and… – 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
BASSETERRE, St. Kitts – NEWS reaching this publication states that a businessman from Wyoming, United States of America was on Wednesday (May 7) sentenced to serve 36 months in jail for tax evasion. According to a US Department of Justice press release, the businessman, Robert C. Sathre, appeared before US District… – Continue reading
Margaret Hodge, the chair of the public accounts committee, has called on shoppers to boycott Amazon after it was revealed that the online store paid just 0.1% tax last year. Drawing on the indignation provoked earlier by Starbucks, Hodge advised shoppers to shun Amazon, noting that it paid just £4.2m… – Continue reading
Swiss asset management firm, Swisspartners Group, agreed to pay $4.4 million to the United States to settle a probe over whether it helped U.S. taxpayers evade their federal income taxes, the U.S. Department of Justice announced on Friday. From about 2001 to about 2011, according to a Justice Department statement,… – Continue reading
According to The Times Gary, Mark Owen and Howard Donald now face having to pay back tens of millions of pounds after a court found that they were part of a tax avoidance scheme. The newspaper reported that the trio and their manager Jonathan Wild “poured £66 million into two… – Continue reading
Credit Suisse may be pressed for a guilty plea as it attempts to settle a US tax evasion probe The US is pressing for guilty pleas from the parent companies of banks under investigation, including Credit Suisse Group AG, in a marked departure from the past, according to a person familiar… – Continue reading
Large subsidiaries of multinationals, such as Apple and Google, which are based in Ireland are able to escape paying corporation tax due to an “exceptional” interpretation of tax laws by the Revenue Commissioners, a new study claims. A research paper by James Stewart, associate professor in finance at Trinity College… – Continue reading
Credit Suisse is expected to face criminal charges, according to an American official, as US Attorney General Eric Holder warned on Monday that no financial institution should consider itself “above the law”. “There is no such thing as ‘too big to jail’,” Holder said while investigations continue into alleged tax… – Continue reading
NEW DELHI: After resisting for more than three years, the Centre on Tuesday revealed names of 18 people in the Supreme Court who allegedly stashed black money with LST bank in Liechtenstein and against whom prosecution have been launched by the income tax department. Centre also placed in a sealed… – Continue reading
MILAN: Fashion designers Domenico Dolce and Stefano Gabbana were each given a reduced, suspended sentence of 18 months in jail on Wednesday for a conviction on charges of hiding hundreds of millions of euros from Italian tax authorities. Italy’s appeals court upheld a verdict issued last June against the pair,… – Continue reading
In tax evasion sentencing, a question of character SARASOTA – Before sentencing a Sarasota psychiatrist in a $15 million tax fraud case today, a federal judge will consider attorneys’ contrasting depictions of her character. Facts Court documents Click here to read court documents in the Hough case. Patricia Lynn Hough’s… – Continue reading
Starbucks, which has been the focus of some criticism in the UK in recent years for not paying what some argued was its fair share of corporate tax – thanks to its use oftax mitigation techniques – is to move its European, Middle East and Africa head offices to London…. – 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
BERLIN — The high-profile tax evasion trial against former Bayern Munich president Uli Hoeness has prompted a surge in the number of Germans turning themselves in to authorities for failing to properly declare their taxes. Munich daily Sueddeutsche Zeitung reported Wednesday that some 13,000 sought to escape prosecution by submitting… – Continue reading
The UK Chancellor George Osborne is tightening the screws on the tax dodging UK super-rich, as he’s proposing to increase fines for those who hide their money in offshore tax havens and send them to jail even if they didn’t intend to evade tax. “We are changing the balance of… – Continue reading
New York’s top financial regulator has sought numerous documents from Credit Suisse Group AG as it ramps up a continuing tax-evasion probe of the Swiss bank, according to a person familiar with the matter. The New York Department of Financial Services sent a subpoena last week to Credit Suisse demanding… – Continue reading
There was a time when Beanie Babies were the hottest thing since Dutch tulip bulbs. But, like all fads, the market eventually collapsed and these strangely obsession-inducing toys were packed away into attics across America. But what of Ty Warner, Beanie Baby tycoon? Well, he got filthy stinking rich, but… – Continue reading
You pay your fair share of taxes. Small businesses do too. It’s the price we pay to educate our kids, protect our communities and have some security in retirement. Why shouldn’t some of America’s largest corporations pay their fair share too? Corporations are making record profits. But 111 profitable Fortune 500… – Continue reading
HMRC ‘Must Change Approach’ To Successfully Tackle Tax Evasion April 14th, 2014 Legal Expert Reacts To Offshore Evasion Strategy Document HM Revenue and Customs (HMRC) needs a change in approach rather than more powers if it is to improve its efforts to tackle tax evasion, according to a legal expert… – Continue reading
Twitter is no longer banned in Turkey, but the country’s prime minister Recep Tayyip Erdogan today pledged to “go after” the social network for evading taxes, Yahoo reports. We were unable to find any proof that tax evasion has or has not occurred, but it’s certainly a serious charge from… – Continue reading
Britons hiding income in tax havens overseas to be made criminal offence Tough new measure was announced by George Osbourne at U.S. meeting It could help recoup some of £15billion in tax that goes missing each year HMRC estimates that outright tax evasion costs the Exchequer £5billion Britain is… – Continue reading
A tax fraudster who hid his true wealth in the UK has been jailed for four years after police discovered he was building a £2.3 million ‘PALACE’ abroad. Mohammed Suleman Khan, 42, lived a luxury life in Birmingham despite no obvious income. But he was handling huge amounts of undeclared… – Continue reading
Potato king Paul Rennie has told a court he is unable to explain why he sent millions of dollars to tax havens in transactions revealed by a Project Wickenby investigation. The Federal Court heard Mr Rennie had been raided by federal police, who seized documents related to his Griffith-area potato… – Continue reading
We are a tax avoidance nation. Almost everyone employs some strategies to avoid paying more taxes than they should. So it’s hardly news to anyone, except Sen. Carl Levin, D-Michigan, that Caterpillar Inc. may have employed some strategies to reduce the amount of federal taxes it pays. Levin, chairman of… – Continue reading
ZURICH (Reuters) – Credit Suisse faces the threat of a new investigation into its role in helping wealthy Americans avoid paying taxes after New York state’s top financial regulator requested documents from the Swiss bank. Switzerland’s second-largest lender had raised expectations it was putting the long-running American tax controversy behind it when it… – Continue reading
