Category: Tax evasion investigations
Swiss banks accounts: Indian details to be transferred
Pointing to volume, Swiss office says several dispatches may be needed. According to the two Swiss agencies, India is among 73 countries with whom information on bank accounts will be shared this year — AEOIs were implemented with 36 countries last year. The stage is set for the first exchange… – Continue reading
OECD Finds Tax Automatic Exchange has Increased Transparency, Agrees on Digital Economy Taxation Roadmap
6 July 2019: In the lead up to the Group of 20 (G20) Finance Ministers and Central Bank Governors’ Meeting, the Organisation for Economic Co-operation and Development (OECD) released data that show that automatic exchange of information on financial accounts is improving tax compliance and delivering concrete results for governments… – Continue reading
Recto backs DOF plan to tax Chinese POGO workers
The Senate is backing a government plan to run after tens of thousands of Chinese workers in the country who have not been paying income tax ... - Continue reading
POGOs promise to pay tax starting this month
Operators of offshore gaming companies vowed to comply with Finance Secretary Carlos G. Dominguez III’s directive to settle their income tax, seen to reach at least P24 billion in additional annual collections, beginning this month. This developed after the Philippine Offshore Gaming Operators (POGO) met with Dominguez where they agreed… – Continue reading
Vietnamese lawyer probed for abetting tax evasion
A Hanoi lawyer famous for taking on high-profile cases could find himself in the dock for abetting tax evasion. Police in the central province of Khanh Hoa on Tuesday launched an investigation and searched the residence and offices of Tran Vu Hai, 57, head of Tran Vu Hai Attorney Office,… – Continue reading
Experts convene in the City of London to call out ‘pin stripe mafia enablers of tax abuse’
Researchers and campaigners from around the world have been presenting radical solutions on tackling tax abuse and financial crime at the Tax Justice Network’s annual conference held in the heart of London’s finance centre, on 2 – 3 July 2019. With over 200 attendees including prominent politicians, whistleblowers and economists,… – Continue reading
MP in the Dock Over Sh487m Tax Evasion
The member of parliament for Lamu West constituency Mr Stanley Muthama has been charged in an Eldoret Court for tax evasion. Mr Muthama appeared before Eldoret Chief Magistrate Charles Obulutsa on Monday for allegedly failing to remit Sh487 million in taxes from businesses operated under Stansha Limited, a company linked to him…. – Continue reading
M. Venkaiah Naidu calls upon all nations to join hands for automatic exchange of information on black money
The Vice President of India, M. Venkaiah Naidu has called upon all nations to join hands in ensuring automatic exchange of information on black money and speedy extradition of economic fugitives. Shri Naidu asserted that all countries must speak with one voice to eliminate terror and economic frauds. “As we… – Continue reading
BIR files tax evasion charges against 15 Metro Manila business taxpayers
The Bureau of Internal Revenue filed Thursday separate criminal cases against 15 business taxpayers in Metro Manila for alleged refusal to pay tax debts totaling to more than P493 million. This brought to 482 the number of tax evasion charges lodged by the bureau under its Run-After-Tax-Evaders (RATE) program under… – Continue reading
Cargo pile-up at ICD depot linked to tax evasion scam
Unscrupulous agents based in Dubai and China are behind the pile-up of cargo at the Nairobi Inland Container Depot (ICD) even as it emerged that this is also a ploy to evade taxes. People Daily yesterday established that small-scale traders using these agents to consolidate their cargo in one container… – Continue reading
Israel seeks Swiss help in identifying undeclared accounts
Swiss authorities are considering a request from the Israeli finance ministry for assistance in identifying Israelis with undeclared assets at two Swiss private banks. ... - Continue reading
Banks bear the biggest cost of CRS
Last year, Malaysian financial institutions commenced their CRS obligations to the Inland Revenue Board (IRB). ... - Continue reading
Seven Countries Where Cryptocurrency Investments Are Not Taxed
Here are a few countries where cryptocurrencies are not taxed under some or all circumstances ... - Continue reading
Foreign Exchange Management Accounts: FBR for replicating Indian model
ISLAMABAD: Terming Indian model as good to replicate Foreign Exchange Management Accounts (FEMA) in case of Pakistan, Chairman FBR Shabbar Zaidi said that $40 billion was remitted out from Pakistan, so there was need to bring changes in existing Pakistani laws related to management of foreign exchange. He pointed out… – Continue reading
Dominica removed from EU tax haven blacklist
The European Union has removed the Caribbean island of Dominica from its list of uncooperative jurisdictions in tax matters. Dominica changed its tax rules to comply with EU requirements meant to reduce the risks of tax evasion, the EU said in a statement. Dominica implemented its commitments and addressed EU… – Continue reading
Switzerland is in process of sharing details of 50 Indians having bank accounts
BERNE/NEW DELHI: SWISS authorities are in process of sharing details of at least 50 Indian nationals having accounts in Switzerland-based banks, with regulatory and enforcement agencies in the two countries tightening their noose on individuals suspected to have amassed illicit wealth. These individuals largely include businessmen associated with companies, including… – Continue reading
HMRC defeated as Jersey companies deemed not UK-resident
The UK’s Upper Tribunal has decided that three special purpose vehicles (SPVs) incorporated in Jersey as part of a tax planning arrangement were not tax resident in the UK for tax purposes, overturning a 2017 decision from the First-tier Tax Tribunal. Development Securities, a property and investment group based in… – Continue reading
Govt tightens noose around offshore tax evaders
The federal government has decided to go after offshore tax evaders, laying out a number of propositions that would effectively criminalise the process and introduce heavy punishments for tax evasion. The proposed tightening of income tax laws would mean that anyone found guilty of evading taxation through foreign banks accounts… – Continue reading
Automatic Exchange of Information is Working, Says OECD
New data from the OECD indicates that Hong Kong and Singapore are adhering to tighter global standards on tax transparency. The OECD (Organisation for Economic Cooperation and Development) says IFCs (international financial centres) such as Hong Kong and Singapore are adhering to tighter global standards on tax transparency and are… – Continue reading
Oman to introduce Common Reporting Standards
Muscat: Oman, in line with its commitment to align itself with international best practices in tackling cross-border tax evasion and meeting the standards set by the European Union (EU) and the Organisation for Economic Co-operation and Development (OECD), is currently in the process of issuing regulations for automatic exchange of… – Continue reading
Australia: OECD releases beneficial ownership implementation toolkit to facilitate transparency
In brief – Beneficial ownership toolkit aims to help governments implement legal and supervisory frameworks to identify and collect beneficial ownership information Beneficial ownership is a critical issue in many areas of law, in particular tax and anti-money laundering. National authorities often struggle to keep up with private ingenuity in… – Continue reading
Pampanga trader wins tax evasion charges
The Court of Tax Appeals (CTA) has dismissed the more than P30 million tax evasion charges filed against a businesswoman for the failure of Bureau of Internal Revenue (BIR) to prove that the offense was willful. Acquitted of two counts of tax evasion was Analiza San Miguel David, operator of… – Continue reading
Tax scheme SPVs were not UK resident, says Upper Tribunal
HMRC loses case against tax planning arrangements ... - Continue reading
Pakistan: Imran Khan announces tax evasion amnesty scheme
The prime minister is seeking to end Pakistan’s rampant tax evasion as he secures a major IMF bailout. Only about 2 million tax returns are filed in Pakistan annually. Pakistani Prime Minister Imran Khan, who ran on a campaign of tackling corruption, gave a televised address on Monday calling on… – Continue reading
India calls out Britain for continuing to harbor its financial criminals
Britain reprimanded by India? ... - Continue reading
Tax disputes reach record length
The length of time taken to settle tax investigations into large businesses has increased by 10% to a record 43 months as of March 2019 ... - Continue reading
US to investigate Vietnam ‘shrimp king’ for anti-dumping tax evasion
Minh Phu Seafood JSC, one of Vietnam’s biggest shrimp processors, is suspected of selling imported Indian shrimp to evade anti-dumping tariffs. On May 12, Illinois representative Darin LaHood said he had received an email petition accusing Minh Phu of evading anti-dumping duties on Indian shrimp in the U.S. The email… – Continue reading
Shakira tells judge in tax fraud case that she was residing abroad
The Colombian singer, who used a side entrance to enter court this morning, is accused by the public prosecutor of creating a “web of companies” to defraud €14.5 million Colombian music star Shakira had a court date this morning at 10am in Esplugues de Llobregat, a municipality in Barcelona, to… – Continue reading
NBR building up profiles of MNCs
National Board of Revenue is building up profiles of the multinational companies operating in the country for the purpose of conducting audits on the MNCs’ accounts to prevent tax evasion through misuse of transfer pricing system. Transfer Pricing Cell (TPC) of NBR is also conducting risk assessment of the companies’… – Continue reading
Ex-TV newsreader accused of tax evasion
A former television newsreader has denied she deliberately withheld more than $1.8 million in GST payments during a lucrative career of property development in Melbourne. Simone Semmens, who is on bail, faced a County Court of Victoria trial on Monday after pleading not guilty to 10 charges of dishonestly withholding… – Continue reading
Cyprus: The True Impact Of BEPS On International Business Structures
In the last decade, OECD officials have recommended measures to combat tax avoidance, culminating first in the BEPS (Base Erosion and Profit Shifting) initiative in 2015 and then the MLI (Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS) effective from July 2018 – yet have all their… – Continue reading
Third-party info system to check tax evasion likely
The government is likely to introduce third-party information system from the next financial year to check tax evasion as part of the government aim to mobilise half of the total revenue from income tax by 2020-21. Officials said that of the introduction of the system is likely to be proposed… – Continue reading
India: Bombay High Court Quashes 197 Order Rejecting Mauritius Tax Treaty Benefits
High Court sets aside section 197 order due to absence of prima facie evidence of tax avoidance Rejects factors such as lack of business activities and administrative expenses as conclusive of sham transactions Holds that a detailed inquiry can be conducted during normal assessment Directs refund of withheld tax subject… – Continue reading
BIR files 454th tax evasion case
The Bureau of Internal Revenue (BIR) filed on Thursday tax evasion charges against five corporate taxpayers under the jurisdiction of the Quezon City revenue region for alleged refusal to pay tax debts totaling to more than P71 million.The criminal complaints filed before the Department of Justice (DOJ) brought to 454… – Continue reading
British overseas territories top corporate tax loophole index
Governments are stepping up efforts to recoup more tax from multinationals, with the European Commission forcing iPhone maker Apple to repay 13 billion euros after it used Ireland to cut its tax on European profits to almost zero. The Tax Justice Network, a group campaigning for transparency, said its study… – Continue reading
Bahamas’ Corporate Tax World’s Most ‘Corrosive’
The Bahamas yesterday received no credit for laws said to have raised compliance costs by 75-80 percent after its corporate tax policies were rated as the world’s most “corrosive”. This nation achieved a “perfect” 100 out of 100, a score matched only by the Isle of Man, Turks & Caicos… – Continue reading
Delving into Hong Kong’s New Transfer Pricing Landscape
On July 4, 2018, Hong Kong’s Inland Revenue Department passed the country’s final Inland Revenue (Amendment) (No. 6) Bill 2017, (the Amendment Bill). This Amendment Bill (which became law on July 13, 2018) specified the documentary requirements from a transfer pricing perspective and also introduced measures to address various recommendations… – Continue reading
Government Should Investigate BAT’s Tax Evasion
Kenya Tobacco Control Alliance KETCA has today called upon the government to prioritize regulations that enable the maximization of corporate tax revenue from British American Tobacco (BAT) Company. The KETCA Chairman, Joel Gitali said that BAT avoids paying full corporate taxes which would have been used for public services like… – Continue reading
Alleged Tax Evasion: Court renews Jay Jay Okocha’s arrest warrant
A Lagos State prosecutor, Y. A. Pitan, has told an Igbosere High Court in Lagos that former Super Eagles captain, Austin Okocha, has not liquidated the alleged tax debt he owed the state. Mrs Pitan told Justice Adebayo Akintoye on Tuesday that Mr Okocha had visited the Lagos Internal Revenue… – Continue reading
Revised tax treaties usher in a new era in investment, taxation
Policy tweaks curb evasion, show India can woo investments without sops Singapore, another major FDI contributor to India, too, enjoyed the same tax sops under a similar treaty with India NEW DELHI: For about a decade-and-a-half, revenue authorities examining foreign investment proposals received by the erstwhile Foreign Investment Promotion Board… – Continue reading
Anti-Money Laundering Software Market to Generate the Revenue of US$ 4,262.0 Mn by 2026
Companies, especially in the financial services industry are investing in the anti-money laundering software to effectively track the transactions and eliminate the risk of fraudulent. Companies offering anti-money laundering software are also focusing on providing effective and efficient software including currency transaction reporting software, transaction monitoring software, compliance management software,… – Continue reading
As part of AEOI agreement with India under Modi, Switzerland-based banks notifies 11 Indians to share bank account details
Under Modi government, the total funds held by Indians with Swiss banks in 2016 stood at a record low of 676 million CHF (Swiss francs), which was about Rs 4,500 crore In a significant move to share financial information with India, the Swiss authorities have shot notices to 11 Indians… – Continue reading
Evaders to remain out of net till tax machinery gets fixed
LAHORE: The failures in documentation have more to do with the attitude of the tax machinery than all other factors. The system has been designed in a way to loot some with double taxation and spare those who pay no taxes. Take for instance the withholding tax collected on electricity,… – Continue reading
Ex-soccer player among 9 held on suspicion of laundering millions
Also arrested is a former senior local council figure suspected of advancing interests in return for benefitsFour people were arrested and five detained for questioning in connection with the suspected international laundering of millions of shekels over a long period, police said Sunday. The four include a former senior elected… – Continue reading
Three Chinese businessmen arrested over Sh58 million tax evasion
Detectives on Wednesday night arrested three Chinese nationals for evading to pay tax to Kenya Revenue Authority (KRA) amounting to Sh58 million. The three, Pi Ning, Li Hua and Hu Bin, are directors of Electric Tools Kenya Limited. The suspects, who are being held at the Railway Police Station, will… – Continue reading
US IRS begins FATCA crackdown
After years of deliberation and debate spanning two administrations, the Tax Information Exchange (United States of America) Bill, 2016, also known as the Foreign Account Taxpayer Compliance (FATCA) Bill was passed in the Senate on March 7, 2017. This following its unanimous passage in the House of Representatives, two weeks… – Continue reading
Pakistan, Bulgaria sign double taxation treaty
ISLAMABAD: Pakistan and Bulgaria on Tuesday signed an agreement to get rid of double taxation and cooperate in preventing tax evasion as a state delegation from the European Union member country concluded its two days visit. The Federal Board of Revenue (FBR) Director General and Deputy Minister of Economy Bulgaria… – Continue reading
Delta Corp. sees shares sell-off over possible government action
India gaming giant Delta Corp. saw a substantial selloff if its shares last week after reports started surfacing that the country’s government could be investigating the company for possible tax evasion. Only on Friday, the amount of shares dropped 12% as shareholders became nervous and started looking at ways to… – Continue reading
BIR issues RMO on Amnesty for Tax Delinquents
In our April 21 article, we discussed Revenue Regulations (RR) 4-2019, the implementing rules and regulations covering the Tax Amnesty on Delinquencies (TAD) under Republic Act 11213, the “Tax Amnesty Act of 2019.” The regulations took effect on April 24, 2019. Under the TAD, any person may enjoy the benefits… – Continue reading
