In Canada, taxes are levied at the federal, provincial and municipal levels of government. At the federal level, the government generates most of its revenue by way of income taxes and excise taxes imposed on the distribution and consumption of goods and services in Canada. The provinces and territories also… – Continue reading
A senior Indian Revenue Services (IRS) officer attached to the investigation wing of the Income Tax department here is under the scanner of the Central Bureau of Investigation (CBI) which is probing a multi-city income tax evasion scam involving senior Income Tax (I-T) officials, chartered accountants and businessmen, The Hindu… – Continue reading
Bradley Birkenfeld, the former UBS AG banker who won a $104 million whistle-blower award after serving time in U.S. prison for tax conspiracy, lost a bid to move back to Europe before his probation term ends. U.S. District Judge William Zloch yesterday denied Birkenfeld’s request to let him leave the… – Continue reading
A Swiss banking executive accused of helping U.S. clients cheat on their taxes lost his bid for bail because he didn’t come to court to answer the charges against him. Stefan Buck, who was Bank Frey & Co.’s head of private banking in Switzerland and an executive board member, was… – Continue reading
Argentinean Authorities Allege Bank Aided in Providing Secret Swiss Accounts A group of federal tax bureau agents and 100 police officers raided the downtown Buenos Aires offices of British bank HSBC on Wednesday, January 7. The Argentinean government is investigating the bank over alleged tax evasion and money laundering. In… – Continue reading
Other bodies announce similar probes; bank agreed to pay $400 million to US he Attorney General’s Office will open an investigation into the Bank Leumi Group, it revealed Thursday, weeks after the bank agreed to pay $400 million to United States and New York authorities for helping American taxpayers hide… – Continue reading
The Attorney General will examine the civil and criminal implications of the bank’s conduct in helping US citizens evade US taxes. Attorney General Yehuda Weinstein is to examine the Bank Leumi (TASE: LUMI) tax evasion affair, in which the Israeli bank helped American customers evade US taxes. Weinstein is consulting… – Continue reading
Outlook PwC’s request the Luxembourg authorities prosecute the whistleblower who lifted the lid on the vast extent of tax avoidance there is ill-judged and unpalatable. Antoine Deltour did the world a service in leaking the details of thousands of PWC-arranged tax deals in the tiny country. The result is likely… – Continue reading
(CS/vb) A former PwC employee could face up to 10 years in prison for leaking thousands of documents in what has become known as the LuxLeaks scandal, his lawyer has said. Informant Antoine Deltour spoke on French television station Canal+ on Tuesday, saying that among experts, tax avoidance schemes via… – Continue reading
HSBC Holdings and the city of Hong Kong, which were last month linked to an international tax evasion network, are currently under scrutiny as part of efforts by U.S. authorities to hunt down American tax evaders, the South China Morning Post (SCMP) reported Monday, citing lawyers. Official with the U.S…. – Continue reading
There’s an interesting letter in The Guardian arguing that the LuxLeaks leaker should not be prosecuted for what they did is of such public interest that, well, they shouldn’t be prosecuted. The letter is, of course, from the usual suspects and manages, quite heroically, to miss the basic point about… – Continue reading
The courtroom victory of the only Swiss banker to beat the U.S. in a trial over offshore tax evasion may embolden other indicted financial workers to leave a legal limbo some have endured more than five years. Twenty-five offshore bankers, lawyers and advisers have yet to answer U.S. Justice Department… – Continue reading
A mixed success record has been notched up by the US Justice Department when it comes to prosecuting offshore bankers, advisers and lawyers accused of assisting American taxpayers cheat their taxes. The United States Government, from 2008, has charged 38 individuals, including Swiss bankers like the top three managers of… – Continue reading
Bank Leumi Le-Israel Ltd. (LUMI) agreed to pay $400 million and admit it helped American clients evade taxes for a decade, in a case showing that U.S. prosecutors and New York regulators are extending their probes of offshore tax evasion beyond Switzerland. The Justice Department filed a conspiracy charge today… – Continue reading
Bradley Birkenfeld, the former UBS AG banker who won a $104 million whistle-blower award after serving time in U.S. prison for tax conspiracy, now wants to move back to Europe before his term of probation is set to end. Birkenfeld asked a judge to end his probation with less than… – Continue reading
A father and son who ran a tax-preparation business were convicted in Los Angeles of conspiring to help clients cheat the Internal Revenue Service by setting up undeclared offshore bank accounts. David Kalai, the founder and former chief executive officer of United Revenue Service, and his son Nadav, who was… – Continue reading
Bank Leumi Le-Israel Ltd. (LUMI) expects to reach an accord with the U.S. government by next month over accusations Israel’s second-largest bank helped Americans evade taxes. “The management believes it is right to reach an agreement with authorities, just as global banks have done,” Leumi’s legal adviser Hanan Friedman said… – Continue reading
A senior figure is suspected of secretly keeping accounts in a Swiss bank that were not reported to the tax authorities in Israel, in an affair called the “Swiss Bank Affair,” sources inform “Globes.” Israel Tax Authority investigators conducted a search of the senior figure’s home. As in the information… – Continue reading
The EU’s most powerful official is under mounting pressure as dozens more multinational corporate names are dragged into the Luxembourg tax scandal following a new leak of confidential documents on Tuesday. Jean-Claude Juncker, president of the European commission, has been battling to distance himself from the growing furore over the… – Continue reading
The lesson from the ongoing trial of former UBS wealth management chief executive Raoul Weil really shouldn’t be a surprise, but we’ll say it anyway: Do not fail to declare income from offshore investments to avoid taxes. Unless, that is, you and your clients would prefer a really close relationship… – Continue reading
The factbox devoted to two years of the so-called Magnitsky Act passed by US Senate. This act allows Washington to deny visas and freeze assets of Russian officials allegedly involved in the death of Russian lawyer Sergei Magnitsky. Five years ago, on November 16, 2009, Sergei Magnitsky, a tax and… – Continue reading
A Swiss banker accused of helping American clients cheat on their taxes is a fugitive who must show up in a New York courtroom if he wants bail, U.S. prosecutors argued in a legal filing. Stefan Buck, who was Bank Frey & Co.’s head of private banking in Switzerland and… – Continue reading
Argentina and Belgium have separately accused HSBC bank’s Geneva branch of setting up a network of offshore accounts to help their citizens avoid paying billions of dollars in taxes. The Belgian charges were filed Monday and the Argentine charges were announced Friday. HSBC, formerly known as Hong Kong & Shanghai… – Continue reading
A Swiss banker accused of helping U.S. clients cheat on their taxes wants a judge to grant him bail without his having to appear first in a New York courtroom. Stefan Buck, who was Bank Frey & Co.’s head of private banking in Switzerland and an executive board member, was… – Continue reading
Tax Authority considering criminal charges against bank on suspicion of assisting Israeli clients evade taxes. It has been disclosed that Roni Elias is the high-ranking Israeli at the Swiss-based bank UBS who was arrested this summer on a visit to Israel on suspicion of helping Israeli clients evade taxes. The… – Continue reading
UPDATE 1-Argentina charges HSBC with aiding tax evasion via Swiss accounts AFIP said it received the information on the secret accounts from France, which last week placed HSBC’s Swiss private banking arm under formal investigation for possibly aiding tax evasion. “We denounce the existence of an illegal platform created by… – Continue reading
Bank Leumi Le Israel (LUMI) BM is close to a $400 million settlement of federal and state investigations into whether it helped Americans evade taxes, according to a person with knowledge of the matter. Under the proposed accord, Bank Leumi would pay about $270 million to the Justice Department and… – Continue reading
Reuters) – Only a handful of staff at Swiss banks have drawn on a $2.6 million (2 million pound) fund set up to help bankers and other employees who have fallen on hard times because of a U.S. crackdown on tax evasion through hidden offshore accounts. At least 25 people,… – Continue reading
Nov. 26 (Bloomberg) — Bank Leumi Le Israel BM is close to a $400 million settlement of federal and state investigations into whether it helped Americans evade taxes, according to a person with knowledge of the matter. Under the proposed accord, Bank Leumi would pay about $270 million to the… – Continue reading
HSBC Holdings Plc (HSBA) will pay $12.5 million to settle claims that its Swiss private-banking unit solicited U.S. investors without being registered. HSBC Private Bank Suisse SA improperly amassed as many as 368 U.S. client accounts after starting to provide cross-border services more than 10 years ago, the SEC said… – Continue reading
The Future of the Department of Justice’s High Visibility Offshore Tax Evasion Initiative. On August 29, 2013, the U.S. Department of Justice (“DOJ”) Tax Division announced the Program for Non-Prosecution Agreements and Non-Target Letters for Swiss Banks (the “Program”). The announcement of this unprecedented program was the culmination of the… – Continue reading
Credit Suisse AG (CSGN)’s $2.6 billion plea bargain resolving allegations it helped wealthy Americans avoid paying taxes faces a final hurdle from a federal judge who will decide whether to accept it or throw it out. The first global banking unit in more than a decade to plead guilty to… – Continue reading
French magistrates examining whether the bank helped wealthy clients avoid a new tax, the European Union Savings Directive French judges have put the Swiss branch of HSBC under official investigation over allegations that Britain’s biggest bank helped wealthy clients avoid taxes. It was revealed on Friday that the unit had… – Continue reading
Washington, DC – Credit Suisse AG was sentenced today for conspiracy to aid and assist U.S. taxpayers in filing false income tax returns and other documents with the Internal Revenue Service (IRS). Credit Suisse pleaded guilty to conspiracy on May 19. The sentencing of the Swiss corporation is the result… – Continue reading
(Reuters) – A Swiss banker charged in the United States last year with helping wealthy Americans avoid taxes said in a court filing on Tuesday that he wanted to fight the charges and asked a federal judge to consider his application for bail before he travelled to the United States…. – Continue reading
Preet Bharara, the United States Attorney for the Southern District of New York, and Shantelle P. Kitchen, Acting Special Agent in Charge of the New York Field Office of the Internal Revenue Service, Criminal Investigation (“IRS-CI”), announced today the indictment of MARTIN DUNKI, a former client advisor and Senior Vice… – Continue reading
Civil servant alleges ‘interference with administration of justice’ Minister for Jobs and Enterprise Richard Bruton has been accused of “interference with the administration of justice” by the civil servant in his department who sent a highly controversial dossier on tax evasion to the Dáil Public Accounts Committee. The civil servant,… – Continue reading
A source revealed that in order to settle the investigation into whether Bank Leumi Le-Israel (LUMI) BM helped Americans evade taxes, New York’s banking regulator will ask for over $300 million. The head of the state’s Department of Financial Services, Benjamin Lawsky, is looking for an amount that surpasses what… – Continue reading
For more than a decade, tax gurus at PricewaterhouseCoopers helped Caterpillar Inc., the U.S. heavy equipment maker, move profits produced by its lucrative spare-parts business from the U.S. to a tiny subsidiary in Switzerland. Little changed except the bookkeeping. Parts were still shipped from suppliers to a warehouse in Morton,… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights.http://www.ft.com/cms/s/0/4cff6b02-650f-11e4-ab2d-00144feabdc0.html#ixzz3IHz72Wk5 HM Revenue & Customs is ramping up the pressure on tax avoidance by warning… – Continue reading
In a big setback to the IRS’s juggernaut against tax evasion and offshore accounts, a former top UBS banker has been acquitted of tax evasion. The U.S. charged Raoul Weil with conspiracy to defraud the U.S. government. The former exec was facing five years in prison and a $250,000 fine,… – Continue reading
FORT LAUDERDALE, Fla./ZURICH — From bundles of cash inside scraps of newspaper to setting up shell companies, the trial in Florida of a former UBS executive is a reminder of the extreme methods some Swiss bankers used to hide clients’ cash. Raoul Weil, 54, is the highest ranking Swiss banker… – Continue reading
A retired senior vice president at Israeli-based Mizrahi Tefahot Bank Ltd. (MZTF) was acquitted in Los Angeles federal court on charges he helped U.S. customers conceal their assets from the Internal Revenue Service. Jurors deliberated four hours yesterday before clearing Shokrollah Baravarian, 82, of conspiring to defraud the U.S. and… – Continue reading
FORT LAUDERDALE Fla./ZURICH (Reuters) – From bundles of cash inside scraps of newspaper to setting up shell companies, the trial in Florida of a former UBS executive is a reminder of the extreme methods some Swiss bankers used to hide clients’ cash. Raoul Weil, 54, is the highest… – Continue reading
NEW YORK, Oct. 27, 2014 /PRNewswire/ — Bloomberg BNA’s International Tax Monitor and Tax Analysts interviewed Caplin & Drysdale’s Elan P. Keller concerning a pledge made at the 2014 OECD Forum on Tax Administration (FTA) by tax chiefs from 38 countries to invest in resources to implement a new standard… – Continue reading
(Reuters) – A key witness in the federal tax evasion trial of a top Swiss bank executive took the stand on Thursday to testify against his former boss, Raoul Weil, who is accused of conspiring to conceal up to $20 billion in U.S. taxpayers’ assets in secret offshore accounts. The… – Continue reading
A banker from the Swiss private bank Vontobel has been detained in Poland in connection with German football manager Uli Hoeness’s tax evasion activities. Vontobel has confirmed knowledge of the arrest. The Swiss citizen was arrested by police in Warsaw on Wednesday and released on bail a day later. A… – Continue reading
DALLAS (CN) – Former Texas billionaire Sam Wyly filed for bankruptcy protection after a federal jury ordered him to pay as much as $400 million for using offshore trusts to hide stock trades. A noted philanthropist and contributor to Republican causes, Wyly, 77, of Dallas, made his fortune… – Continue reading
A plastic surgeon with a practice in the Basking Ridge section of Bernards has been accused of evading federal income taxes on more than $10 million of income. By ripping off the federal government, authorities said, David Evdokimow, 54, of Harding, led a lavish lifestyle. Now he is facing prison… – Continue reading
(Reuters) – Former UBS bank executive Raoul Weil was the mastermind of the Swiss bank’s illegal offshore operations that helped thousands of Americans evade taxes, prosecutors said at the start of his federal trial on Tuesday. Weil, 54, was the third-highest ranked executive at the Zurich-based wealth management firm and… – Continue reading
