Category: Law Firm
HMRC ‘plea bargain’ tax evader deals collect extra £120m
Plea bargain deals give taxpayers immunity from criminal investigations as HMRC steps up investigations to help pay for coronavirus economic assistance ... - Continue reading
Cegereal : KPMG Signs Fresh Lease at Europlaza, Confirming the Property’s Continued Appeal
Cegereal (Paris:CGR) today announced the signature of a new lease with KPMG France, bringing the company’s total space in the Europlaza tower to 12,600 sq.m. The lease will run until 2031 with no break option. ... - Continue reading
Tax evasion arrests down 11 per cent
The number of arrests made in the UK for suspected tax evasion has dropped to the lowest level in five years ... - Continue reading
Australia’s tax office can use Paradise Papers data to pursue multinationals: Court
Australia’s High Court ruled unanimously that giant Glencore could not rely on “legal privilege” to prevent the Australian Tax Office (ATO) from accessing emails, bank records, PowerPoint presentations and other files from the 2017 Paradise Papers investigation. Typically, documents marked “privileged” do not have to be disclosed in court. Companies… – Continue reading
Canadians for Tax Fairness concerned about inaction on Panama Papers
It is estimated that the use of tax havens is costing federal and provincial governments at least $7.8 billion in lost tax revenue. Low and middle income Canadians are the ones paying for that missing $7.8 billion in tax revenue. Ottawa (11 Aug. 2016) — The leak of the Panama… – Continue reading
High Court confirms ATO can use information from data leaks
Today the High Court confirmed that the ATO may use information obtained from data leaks, even if leaked from a law firm. Second Commissioner Jeremy Hirschhorn said today’s decision in Glencore International v. Commissioner of Taxation means the ATO can continue to use the ‘Paradise Papers’ and other similar data… – Continue reading
Mauritius leaks latest reminder of how much we lose to tax havens
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
Cyprus: Permanent Residence Permit
The Law Firm of G. Vrikis & Associates LLC has been representing numerous clients in their application for Permanent Residence Permits in Cyprus. The below is a brief outline of the key provisions and documentation required for such an application to proceed further. ... - Continue reading
Journalists publish details of 200+ companies using offshore law firm, conclude Mauritius promotes tax avoidance
Data on more than 200 companies that engaged the Mauritius office of Conyers Dill & Pearman were published on the internet today by the International Consortium of Investigative Journalists (ICIJ) as a result of leak of confidential information. ... - Continue reading
Canada: TP Minds Holds Its First Canadian Transfer Pricing Conference
Hot topics for discussion at the conference included taxation of the digital economy, approaches for "hard to value intangibles", the adoption of technology within the tax department, and lessons learned from country-by-country reporting. ... - Continue reading
A Huge Tax Break Went to a Politically Connected Company in New Jersey Despite Red Flags
Holtec International told New Jersey regulators that Ohio was competing for its new headquarters. But officials there stripped the firm of past tax awards for failing to create the jobs it promised.n January 2014, as Holtec International explored sites for a new national headquarters and high-tech manufacturing center, the New… – 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
Court rules John Doe summons to identify law firm clients isn’t barred by attorney-client privilege
Section 7609(f) of the tax code allows the Internal Revenue Service to use a “John Doe” summons when the target is unknown. It has been used successfully by the IRS against banks and other financial institutions to find offshore accounts. Now, a district court in the Western District of Texas… – Continue reading
HMRC targets accountants over tax evading clients
HMRC sent 1,414 requests to professional services firms demanding confidential information on clients suspected of tax evasion in the 12 months to 31 March 2018, according to law firm RPC. The production orders are issued by HMRC’s Criminal Investigation Directorate to force third parties, such as accountants, lawyers and other… – Continue reading
Investment banker extradited for helping clients defraud tax authorities
For facilitators in Malta, it’s business as usual. A former employee of Mossack Fonesca has been extradited to Germany on charges relating to revelations from the Panama Papers, an unprecedented leak of over 11 million files from the database of the world’s fourth biggest offshore law firm at the time…. – Continue reading
US DOJ charges four in ‘Panama Papers’ case
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
US indicts four tied to money laundering at ‘Panama Papers’ firm
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
Corporate America flees zero-tax Caribbean havens after crackdown
Many U.S. multinational corporations have packed up or are choosing to open subsidiaries in low-tax, rather than no-tax, countries that are seen as more legitimate than the formerly popular island destinations of the Cayman Islands and the Bahamas. They’re fleeing in response to regulations from the European Union that require… – Continue reading
Britain to start taxing big internet companies
LONDON — Britain’s Treasury chief unveiled Monday a new tax on big internet companies’ revenues, insisting it is time that the global tech giants with profitable business in the United Kingdom pay their fair share for public services. Philip Hammond made the announcement as he outlined his budget, explaining that… – Continue reading
IRS regs on Sec. 199A look ‘taxpayer-favorable’
Long-awaited and highly anticipated proposed regulations for Code Section 199A, the new 20 percent deduction on “qualified business income” of pass-through entities, were released August 8 by the Treasury Department and the Internal Revenue Service, and experts are saying they’re broadly taxpayer-friendly. “The government did a good job of responding… – Continue reading
Introduction of exit capital tax will attract attention of tax authorities to export-import companies – Expert
The introduction of an exit capital tax, envisaged by the draft law on amendments to the Tax Code of Ukraine regarding the tax on exit capital (No. 8557), will draw the attention of tax authorities to companies carrying out foreign economic operations, expert for transfer pricing at Evris law firm… – Continue reading
Who owns most of offshore companies
ISLAMABAD: If Panama Papers documents are any guide, Saifullahs of Lakki Marwat has the highest number of offshore companies owned by any Pakistani family and majority of them are in British Virgin Islands. Seychelles and Panama are two other jurisdictions where they have set up companies. While source of wealth… – Continue reading
ACC sets June 30 deadline to complete probes into Panama, Paradise Paper leaks
Anti-Corruption Commission chairman Iqbal Mahmood on Wednesday ordered all ACC officials to complete enquiries by June 30 against individuals or entities whose names have been appeared in Panama Paper and Paradise Paper leaks. He made the order in an urgent meeting with the secretary, all director generals, and directors of… – Continue reading
UM Foundation invests tens of millions in offshore tax havens
The Paradise Papers leak exposes how university foundations across the country hide money in the Cayman Islands and Bermuda The University of Montana Foundation has invested more than $30 million in offshore hedge funds and private equity firms in Caribbean and Central American tax havens, including an investment in a… – Continue reading
Opportunity Zone Program turns blight sites into tax havens for asset-rich investors
The rich are getting richer in America but that prosperity is not trickling down the economic food chain, with investment capital pooling up in thriving portions of big cities. One reason for this, experts believe, is the amount of wealth tied up in assets—real estate holdings and stock portfolios, primarily—that… – Continue reading
‘Irreversible damage’: Panama Papers law firm Mossack Fonseca to close
The firm says it will shut down operations, but a smaller group will continue working to address requests from authorities, and other public and private groups. The law firm at the centre of the Panama Papers leak is to close down. Mossack Fonseca and Company was established in Panama City… – Continue reading
Belgian Authorities Raid Bank Linked To Offshore Companies Found In Panama Papers
Belgian police raided the offices of state bank Belfius as part of a probe into possible tax avoidance by companies exposed in the Panama Papers. Belgian police raided the offices of state bank Belfius on Tuesday as part of a probe into possible tax avoidance by companies exposed in the… – Continue reading
Not for the weather, but the tax-climate!
“The ceiling on taxation of capital gains reflects the national belief that speculation is a more worthwhile way to make a living than work.” – Calvin Trillin, Uncivil Liberties, 1982. Time was when both death and taxes were considered unavoidable. But in the light of the latest revelations contained in… – Continue reading
Budget 2017: Extended investigation time limit for offshore non-compliance
The UK government is planning to extend the time limit to 12 years for HM Revenue & Customs (HMRC) to investigate all offshore tax non-compliance, according to documents released as part of the Budget. A Treasury document entitled ‘Tackling tax avoidance, evasion and non-compliance’ states that the government will consult… – Continue reading
These Universities Benefit From an Offshore Tax Loophole
Universities are always looking for new ways to increase returns on their endowments. The hunt for lucrative investments has reportedly led several institutions offshore. College endowments are typically exempt from federal taxes. However, when income is earned on an endowment outside of the core educational mission, it can be subject… – Continue reading
Appleby Says Only Demonstrable Crime Is Of Data Theft
Appleby, the offshore law firm, has spoken out against recent media coverage, which implies but does not allege that there is wrongdoing in the papers recently exposed that include information on its clients’ tax affairs – the so-called Paradise Papers. In its latest statement, the firm said: “Recent media coverage,… – Continue reading
Many UK companies unprepared for new tax-dodging rules, law firm warns
Fresh tax evasion laws come into force this Saturday. New tax evasion laws coming into force this week could catch UK companies unaware and put them at risk of unlimited fines, a British law firm has warned. Blake Morgan said it fears that “many” commercial and non-profit firms alike may… – Continue reading
Panama papers: India discusses tax info exchange with global joint task force to plug evasion
India has participated in the global joint task force meet to discuss with countries information exchange as it looks to pursue work on the Panama Papers, the finance ministry said on Tuesday. The Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC) meeting was reconvened in Paris in the last… – Continue reading
Declare Offshore Wealth? Russia Tycoons Would Rather Ship Themselves Off Shore
MOSCOW — Some of Russia’s super-rich have given up residency to escape a 2014 law requiring them to disclose offshore assets, wealthy businessmen told Reuters, a practice that could keep billions of dollars hidden from Moscow’s tax authorities. Interviews with more than a dozen people familiar with the practice —… – Continue reading
Disputed U.K. Tax From Transfer Pricing Up by 60 Percent
The amount of disputed tax relating to the transfer pricing of the U.K.’s largest businesses has risen 60 percent in the past year, according to law firm Pinsent Masons. Her Majesty’s Revenue and Customs, the U.K.’s tax authority, is reviewing as much as 3.8 billion pounds ($4.9 billion) of large… – Continue reading
Germany Combats Use of Letterbox Companies to Avoid Tax
The German upper house of Parliament, the Bundesrat, passed a bill June 2 to stymie tax evasion through letterbox companies as part of a wider crackdown on illegal tax practices in light of last year’s Panama Papers scandal. The bill, which will become law after being signed by the German… – Continue reading
Survey finds low levels of awareness of new ‘failure to prevent’ tax evasion offences
A high percentage of UK executives are unaware of the impending introduction of new laws which could make a business’s failure to prevent tax evasion by its employees and agents a criminal offence, according to research by Pinsent Masons, the law firm behind Out-Law.com. In a YouGov poll of more… – Continue reading
Trump Plans to Seek 10% Tax on Offshore Earnings, Official Says
President said to call for taxing pass-throughs at 15% Pass-throughs are currently taxed at higher individual rates President Donald Trump plans to propose a 10 percent tax on more than $2.6 trillion in earnings that U.S. companies have stockpiled offshore, said a White House official familiar with the president’s tax… – Continue reading
Law Society reaches understanding with IRD on FATCA
The New Zealand Law Society says that following discussions with Inland Revenue and the New Zealand Bankers’ Association it has now reached an understanding with Inland Revenue about application of FATCA to lawyers’ trusts accounts. FATCA is the United States’ Foreign Account Tax Compliance Act. Its objective is to reduce… – Continue reading
Russian Federation: Confirmation Of Direct Investment In Capital To Apply A Reduced Tax Rate On Payment Of Dividends
On 30 December 2016 the Commercial Court of Voronezh Oblast delivered a judgement in case No. А14-10190/2014 (the “Decision”) under the claim of Ilyushin Finance Co. Open Joint Stock Company (the “Company”). The case is an example of a broad interpretation of the list of documents confirming entitlement to a… – Continue reading
Panama not cooperating with Malta tax authorities
Authorities unable to access leaked e-mails from Mossack Fonseca Panama is not cooperating with the Maltese tax authorities in their investigations into the Panama Papers leak, according to Finance Minister Edward Scicluna. Prof. Scicluna made his comments to Malta Today. Inland Revenue Commissioner Marvin Gaerty told this paper last year… – Continue reading
Putting an end to corporate tax controversy
Controversy over giant corporations paying dwarfed tax bills has put finance chiefs in the media and public spotlight When giant companies with devilishly complex tax arrangements are accused of unethical behaviour, the stock response is “we act within the rules”. If the public and politicians don’t like it, the argument… – Continue reading
Bermuda dodges EU tax-haven blacklist bullet
Bermuda has reportedly avoided being placed on an European Union blacklist after Britain blocked a French-led proposal that would have automatically branded the island a tax haven. Territories with a zero per cent corporate tax rate, such as Bermuda and the Cayman Islands, would have been denounced as potentially “non-co-operative”… – Continue reading
Anti-terrorism tactics should be applied to tax havens, report says
The same aggressive and uncompromising international effort used to combat terrorism must be employed to eliminate tax havens, says Nobel Prize-winning economist Joseph Stiglitz in a report being released Tuesday. In a copy of the report, obtained by the International Consortium of Investigative Journalists and shared with the Star, Stiglitz… – Continue reading
CRA investigating 85 Canadians for tax evasion tied to Panama Papers
Eighty-five Canadians identified in the Panama Papers leak are now being investigated for tax evasion, the Canada Revenue Agency has revealed. Details of Canada’s enforcement effort were provided to the Star the same week the U.K., which is a major hub of the offshore finance world, said it has launched… – Continue reading
Australian Practitioners Urge Zero Withholding for Pooled Funds
Practitioners in the managed funds industry are calling for a zero-rate for withholding tax in Australia amid the government’s proposals for new tax concessions to boost it, saying the proposed measures don’t go far enough. The government released a consultation paper Nov. 3 on non-resident withholding taxes for pooled funds—or… – Continue reading
Panama Papers’ taskforce launches tax evasion investigations
A government taskforce created to analyse the Panama Papers data leak has identified a number of leads that are relevant to a major insider-trading operation, led by the Financial Conduct Authority (FCA) and supported by the National Crime Agency. After acquiring data on offshore activity in Panama, the taskforce has… – Continue reading
Global fight against tax-evaders sets eyes on UAE
The United Arab Emirates’ tax-free perks could soon come to an end as the OECD group of wealthy nations lays down the pressure to tackle global tax-evaders. The Gulf state’s hesitation to sign up to a world treaty to assist in the exchange of information on tax evaders is a… – Continue reading
