The Angolan parliament unanimously approved proposals for the resolution of agreements for the elimination of double taxation and prevention of tax evasion on income tax with Portugal, China and the United Arab Emirates (UAE), according to official information. The Secretary of State for Cooperation, Domingos Vieira Lopes, said that the… – Continue reading
The Court of Tax Appeals (CTA) has sentenced a gold trader of up to 10 years in jail for filing false income tax returns (ITR) for the years 2005 to 2009. The Court’s Third Division also ordered Rex Chua Co Ho to pay the Bureau of Internal Revenue (BIR) deficiency… – Continue reading
The Director-General Intelligence and Investigation-Inland Revenue department has unearthed tax evasion worth Rs170 billion throughout Pakistan last year ISLAMABAD: Around 20% of the overall tax evasion and fraud cases involving billions of rupees have been resolved by the tax department during 2018. The Director-General Intelligence and Investigation-Inland Revenue department has… – Continue reading
The Portuguese Parliament voted in favour of a proposed government resolution approving the agreement to eliminate double taxation with Angola, the Portuguese press reported on Friday. The parliament unanimously approved an agreement between Portugal and Angola on mutual administrative assistance and co-operation in fiscal matters signed in Luanda on 18… – Continue reading
The Ministry of Finance will scrutinize amendments to tax law policy in 2019, centred on some measures aimed at preventing base erosion and profit shifting (BEPS) and restructure tax revenue sources. The information was released at a conference reviewing the finance sector’s performance throughout 2018 and setting forth targets for… – Continue reading
KUWAIT CITY, Jan 13: The Fatwa and Legislation Department has submitted to the Council of Ministers a draft law that allows banks to declassify the data of their customers, as provided by the CRS Convention on Join Reporting, reports Al-Rai daily quoting sources. The Common Reporting Standard (CRS) is an… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) has detected tax evasion of around Rs2 billion by sugar mills through suppressing sales, sources said on Wednesday. In its ongoing drive against tax concealment by sugar mills, the revenue authority recovered around Rs500 million from one sugar mill and issued another five… – Continue reading
In recent weeks, major anti-money-laundering enforcement actions have highlighted the critical role of whistleblowers in government efforts to curb illegal movement of funds. The German raids of Deutsche Bank, U.S. indictments of three employees and a client of Panamanian law firm Mossack Fonseca, and an earlier Danske Bank money-laundering investigation… – Continue reading
Double taxation agreements with China, Brunei and Vietnam came into effect Tuesday with the New Year, with experts saying they will bolster trade and attract investment. The agreement with China on the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed… – Continue reading
The Dutch finance ministry is expanding its official list of places it considers to be involved in tax evasion by a further 16 low tax jurisdictions, including the islands of Guernsey and Jersey, the Isle of Man, and Belize. The list contains five jurisdictions currently blacklisted by the EU: American… – Continue reading
The United States Department of Justice has charged four people with crimes allegedly brought to light by the International Consortium of Investigative Journalism’s Panama Papers expose, according to a DOJ announcement published earlier this month. They are the first US criminal charges stemming from the ICIJ’s 2016 investigation, which reported… – Continue reading
The governments of Argentina, Panama, Paraguay and Uruguay have joined forces to create a Latin American initiative to tackle tax evasion and corruption by making sharing and making better use of the information exchanged under international tax transparency standards. The countries have agreed to “consider the possibility” of making a… – Continue reading
The governments of Argentina, Panama, Paraguay and Uruguay have joined forces to create a Latin American initiative to tackle tax evasion and corruption by making sharing and making better use of the information exchanged under international tax transparency standards. The countries have agreed to “consider the possibility” of making a… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) is dragging its feet over actions against Pakistanis who couldn’t declare offshore investments to evade taxes despite that the tax authority has stumbled upon critical financial data under an international treaty, people familiar with the matter said on Tuesday. Insiders said the apex… – Continue reading
The US government announced charges on Tuesday against four men it said laundered money and arranged tax avoidance schemes through the Panama firm at the centre of the “Panama Papers” scandal. The four were affiliated with Mossack Fonseca, the law firm that helped thousands of clients around the world move… – Continue reading
OTTAWA, Dec. 03, 2018 (GLOBE NEWSWIRE) — A large majority of Canadians (77%) agree “It would be a good investment for the Government of Canada to allocate more resources towards preventing tax evasion and avoidance,” according to a recent Environics Research poll. The poll was commissioned by the Professional Institute… – Continue reading
KARACHI/ISLAMABAD: The Federal Board of Revenue (FBR) stepped up efforts to net undisclosed property investments as the newly-constituted authority to curb real estate tax evasion brought the amnesty for the sector to an end, sources said Saturday. They said the amnesty to whiten undocumented money used for transactions of immovable… – Continue reading
A double taxation avoidance agreement between India and Hong Kong has come into effect from Friday, which officials say would stimulate more the two-way flow of investments and help curb fiscal evasion with respect to taxes on income. The agreement between India and the Hong Kong Special Administrative Region (HKSAR)… – Continue reading
The Income-Tax Appellate Tribunal (ITAT) has said NRIs do not need to reveal details of their foreign bank accounts and assets to Indian authorities. The tribunal has also ruled that the onus is on the I-T Department to prove an assessee has parked undeclared income arising from India in foreign… – Continue reading
THE Caribbean Association of Banks (CAB) has joined the growing list of advocates for the expedited passage of urgent legislation to strengthen this country’s international tax compliance. “Non-compliance with Global Forum Standards and Financial Action Task Force (FATF) recommendations increases the sovereign risk profile of not only the jurisdiction (TT)… – Continue reading
New Delhi, Nov 26 India and China have amended the bilateral tax treaty which will help prevent tax evasion by allowing exchange of information, the Finance Ministry said Monday. The Government of India and the People’s Republic of China have signed a protocol on November 26, 2018, to amend the… – Continue reading
The German government is reportedly considering using blockchain in combating tax evasion This comes following the reveal of the CumEx files, which cost the government $63 Billion in lost tax revenue A while ago, it was reported that Bangkok would be making use of blockchain technology to combat tax evasion…. – Continue reading
GST hacking software to evade tax available in market. Informants to get 20% as reward Thrissur: Despite the implementation of GST, tax evasion remains a major problem. The Directorate General of GST Intelligence has registered cases against 1835 organisations for evading tax using software. The officials have found indirect tax… – Continue reading
The Spanish Ministry of Finance is to inspect some 15,000 individuals who have engaged in cryptocurrency transactions over the last year, Spanish-language news outlet El Pais reported. The announcement follows on from the introduction of compulsory reporting of cryptocurrency transactions for Spanish taxpayers, and will investigate whether there is any… – Continue reading
During a courtesy call on November 12 in Tokyo, Japan the Government of The Bahamas and the Government of Japan exchanged diplomatic notes relating to the Protocol to amend the Tax Information Exchange Agreement between the Government of The Bahamas and the Government of Japan for the Exchange of Information… – Continue reading
Trusts still remain under public scrutiny, but can their reputation be safeguarded, asks Stuart Price A recent government consultation on the law of trusts brought out some interesting issues concerning how the status quo aligns with the principles of transparency, fairness and simplicity (the principles that, at least in the… – Continue reading
Kenya Revenue Authority (KRA) has revealed six tricks that multinational firms use to dodge paying tax. One of the schemes involves the firms exporting very cheaply and importing good very expensively. The authority reports that most firms also under-declare they pay to expatriates a move that reduces their profits and… – Continue reading
Convention signed on Monday will facilitate investments, can reduce tax evasion Brazil and the United Arab Emirates signed an agreement to eliminate double taxation on income and prevent tax evasion and tax avoidance. The document was signed on Monday (12 November) by Brazilian Foreign Minister Aloysio Nunes Ferreira and UAE… – Continue reading
The misconceptions about transfer pricing being a tax avoidance or violation in Vietnam are creating challenges for multinational enterprises, said Adam Sitkoff, executive director of the American Chamber of Commerce in Vietnam (Amcham). In his opening speech at a workshop held to gain clarity on the changing world of transfer pricing,… – Continue reading
US multinational corporations are plundering the populations of the United States and the world to the tune of trillions of dollars by driving down and evading taxes on profits booked overseas. This is the conclusion that emerges from a recent study by University of California at Berkeley economist Gabriel Zucman… – Continue reading
The Swiss bank is on trial in France for its role in a tax evasion scandal Swiss bank UBS Group could be forced to pay up to €5.3bn in fines over allegations that it helped wealthy French clients conceal money from tax authorities. The double-pronged lawsuit has been brought against… – Continue reading
Companies avoid paying income tax by creating suppliers that don’t exist The Federal Tax Administration (SAT) has uncovered a new and “aggressive” tax fraud scheme involving more than 13,000 partners and shareholders of 600,000 companies, many of which are bogus. Unidentified media organizations and professional soccer teams are among the… – Continue reading
Bahamas-based developers have blasted the OECD’s “cynical” attempt to “”de-legitimise” this nation’s key investment product by suggesting it threatens the global fight against tax evasion. The newly-formed Bahamas Developers Association (BDA), in a recent statement, argued that the Organisation for Economic Co-Operation and Development (OECD) was wrong to list this… – Continue reading
Japan’s National Tax Agency has obtained information on more than half a million accounts held by Japanese citizens and companies at overseas financial institutions. The move comes amid heightened public interest in how the wealthy use offshore havens to evade paying taxes at home. The Japanese agency will analyze the… – Continue reading
A range of measures designed to crackdown on tax avoidance and evasion with a view to raise £2bn over the next five years have been announced by the government. HMRC will be made a preferred creditor in insolvencies, Chancellor Philip Hammond announced today. The government will end the practice of… – Continue reading
The probe follows an investigation by the Securities and Exchange Board of India (Sebi) on 14,720 entities in a case related to alleged trading irregularities in that segment. THE INCOME-TAX (I-T) Department is probing at least 21,900 entities that have traded through 193 brokers and allegedly evaded taxes of about… – Continue reading
ZAMBIA last year lost US$145.5 million through tax evasion by unregistered and registered low-cost spirits producers and smuggling of ethanol and beverages, a report has revealed. And Vice-President Inonge Wina has backed Zambian Breweries’ Youth Mentorship Programme aimed at curbing alcohol abuse among youth and promoting positive and responsible decision-making… – Continue reading
Internal Revenue Commission is now in partnership with an international auditing organisation to help tackle multinationals that are avoiding paying taxes, Deputy Prime Minister and Treasurer Charles Abel, pictured, says. He said that Organisation for Economic Cooperation and Development (OECD), under its ‘tax inspectors without borders’ programme, would help IRC… – Continue reading
The Antigua and Barbuda government is willing to amend the necessary laws to ensure that local financial institutions are able to share banking information of dual citizenship holders with the relevant authorities in their original country of birth, if this becomes necessary. Prime Minister Gaston Browne made the disclosure following… – Continue reading
Tax avoidance is one of the most common tax “mistakes” made by medical professionals, according to IRAS. High-earning doctors, insurance agents, and lawyers who avoided paying their due taxes have been dealt a heavy blow by the Inland Revenue Authority of Singapore (IRAS). According to the Straits Times (ST), IRAS… – Continue reading
The National Tax Agency of Japan has gathered details on 400,000 overseas bank accounts held by Japanese nationals in about 50 countries in a bid to fight fiscal evasion as only 9,000 citizens declared having an offshore account in 2016. The tax agency will compare the two sets of information… – Continue reading
The Federal Government is seeking assistance from the International Monetary Fund (IMF) on modalities for improving tax collection, especially from the International Oil Companies (IOCs), Finance Minister Zainab Ahmed, has said. She told reporters on the sidelines of the ongoing 2018 International Monetary Fund (IMF)/World Bank Group Meetings, in Bali,… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) re-opened audit cases related to non-filing of tax returns after legal changes were introduced under the latest mini-budget, officials said on Friday. The officials said the cases were automatically selected before the budget for the current fiscal year of 2018/19 as the taxpayers… – Continue reading
President Muhammadu Buhari on Monday in Abuja signed executive order eight, tagged Voluntary Offshore Assets Regularization Scheme (VOARS) to make money laundering and tax evasion difficult. Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, in a statement last night, said Executive Order 008, which was… – Continue reading
By the order, Nigerian taxpayers who hold offshore assets and incomes are expected to, within a period of 12 months, declare voluntary those assets and pay taxes on them. When they do this, they should expect to derive certain specified benefits. The administration of President Muhammadu Buhari has stepped up… – Continue reading
The General Department of Taxation has been reviewing press information about foreign firms continuously reporting loss to have inspection plan in the upcoming time. The general department has required tax agencies to focus on inspection over these companies. According to articles published on Sai Gon Giai Phong Newspaper in May… – Continue reading
The Swiss Data Protection Commissioner has issued a legal complaint against the Finance Ministry for sending the names of bank employees, lawyers, accountants and other third parties to the United States to assist with tax evasion investigations. The Swiss Supreme Court has already issued a ruling that bans the indiscriminate… – Continue reading
KARACHI: The Federal Board of Revenue (FBR) has launched investigation against 42 textile units for rendering an estimated seven billion rupees in tax revenue losses through misuse of zero-rating facility of sales tax, officials said on Friday. The officials said the FBR identified 42 textile companies which made sales of… – Continue reading
Switzerland has begun sharing financial record data with tax authorities in many countries as a method for battling tax evasion, however, Africa, which loses about $60 billion in unlawful flows every year, generally into European banks, is prominent by its nonappearance from the arrangement. Swiss bank accounts have for quite… – Continue reading
Chinese superstar Fan Bingbing has been ordered to pay more than US$129 million in overdue taxes and fines. Tax evasion cases involving celebrities are seldom heard of in Hong Kong, thanks to our simple tax regime and low tax rate. Hong Kong’s income tax rate is capped at 15 percent,… – Continue reading
