Category: Offshore Accounts
8 Best Tax Haven Countries to Open an Offshore Bank Account
When it comes to the greatest offshore bank accounts, people will give you a lot of different recommendations. This isn't to say that some of them are incorrect. There are simply a plethora of possibilities available. ... - Continue reading
Cayman Islands: Recovering Illicit Assets Offshore Might Become A Bit Easier
New legislations on assets disclosure are now paving a way towards more tax transparency. ... - Continue reading
Tax authorities accessed 84 million offshore accounts in 2019: OECD
OECD confirms the efficiency of the Automatic Exchange of Information after its implementation in 100 countries. ... - Continue reading
Tax data sharing sparks arrests among Israelis with unreported foreign bank accounts
The Common Reporting Standard (CRS) continues to unveil more offshore revenue. ... - Continue reading
No hidden property through offshore companies: Justice Qazi Faez Isa
Justice Qazi Faez Isa pleads non-guilty in tax evasion attempt. ... - Continue reading
World Bank aid ‘leakage’ may flow to tax havens: study
“Our estimates suggest a leakage rate of around 7.5 percent for the average highly aid-dependent country,” the study concluded. ... - Continue reading
Switzerland refuses to share five-year-old tax info with Pakistan
Pakistan's request for taxpayers' information turned down by Switzerland. ... - Continue reading
Details of 1.89 mil. overseas bank accounts received
The Common Reporting Standard (CRS) allows the tax authority of Japan to detect 1.89 hidden bank accounts overseas. ... - Continue reading
HMRC lacks staff to investigate over 5.7 million offshore tip-offs
HMRC under an overload of information. ... - Continue reading
Canada: Frozen Bank Accounts Of US Citizens In Europe – What Does It Mean For Canada
Why are French and British banks threatening to freeze or close the bank accounts of US citizens?
... - Continue readingCRS reveals Australians holding $100bn in offshore accounts: reports
Australians are holding more than $100bn in undisclosed offshore accounts, according to new taxation office data collected under the Common Reporting Standard (CRS), British newspaper the Guardian has reported. ... - Continue reading
Tax from non-doms falls by £2bn as wealthy flee the UK
The number of wealthy residents who pay no UK tax on their offshore accounts has fallen to its lowest level ever, Treasury figures reveal. Last year, there were 78,300 non-domiciled taxpayers, or “non-doms”, in the UK compared with 98,500 in 2016-17. And the £9.5bn they paid to the taxman in… – Continue reading
IRB can track undeclared offshore accounts for taxation
Malaysia aims to track offshore tax revenue ... - Continue reading
Uzbekistan: Karimova says she returned $1.2Bln to state coffers
The fate of funds in foreign accounts remain in the balance, however.The imprisoned daughter of Uzbekistan’s late president has reportedly published a statement tentatively admitting responsibility for years of larceny and said that she has paid $1.2 billion into the state coffers. Gulnara Karimova’s statement was posted on an Instagram… – Continue reading
Nigeria Signs Off On Common Reporting Standard With OECD
As we await official communication, information reaching us have it that Nigeria has signed off on the Common Reporting Standard (CRS) with the Organisation for Economic Co-operation and Development (OECD). As publicly stated on Wikipedia, ‘The Common Reporting Standard (CRS) is an information standard for the Automatic Exchange Of Information… – 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
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
Israeli bank to pay $195M for US tax-avoidance scheme
Mizrahi-Tefahot Bank and two subsidiaries acknowledge that from 2002 until 2012 they conspired with U.S. clients to avoid taxes on assets and securities by opening and maintaining offshore accounts under false or code names or through foreign entities. One of Israel’s largest banks has agreed to pay $195 million for… – Continue reading
Manafort caught sentencing break for tax and bank fraud, but soon faces tougher judge
Paul Manafort won leniency Thursday from a federal judge who sent him to prison for less than four years, but next week he’ll be sentenced in a second case by a less forgiving judge who could add another 10 years to his term. Manafort, 69, faced as long as 24… – Continue reading
FBR probes undeclared offshore assets of resident Pakistanis
KARACHI: The Federal Board of Revenue (FBR) has sought explanations from the resident Pakistanis regarding their undeclared foreign assets, sources said on Tuesday. These assets were identified under the Automatic Exchange of Information (AEoI), they added. Large Taxpayers Unit (LTU) Karachi summoned around 100 people from Sindh Region to appear… – Continue reading
Government Breaking Down ‘Offshore’ Banking Divide
The Government yesterday broke down the divide between Bahamian domestic and international financial institutions to meet European Union (EU) demands. KP Turnquest, the Deputy Prime Minister, in unveiling a radical regulatory shift said the Government will “make the playing field level for all financial institutions in The Bahamas” by enabling… – Continue reading
India to get info on account holders in Swiss banks from 2019: Govt
India will start receiving from Switzerland this year information relating to financial accounts held by Indians in Swiss banks, government said Wednesday. Minister of State for External Affairs V K Singh, replying to a question in the Lok Sabha, said such information may include details about persons allegedly involved in… – Continue reading
Cryptocurrencies Could Emerge As Top Save Haven For Chinese Investors Amidst Govt Crackdown
The Chinese government has decided to tight policies that target investors in the country and that hold their wealth overseas with the intention to avoid paying taxes. However, these investors that are now threatened by the government might move to cryptocurrencies and avoid being investigated by Chinese authorities. Most of… – Continue reading
Japan obtains 400,000 overseas account details
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
UK court refuses to extradite former Trust Bank owner to Russia
Magistrates’ Court ruled that Ilya Yurov persecution was politically motivated because of his connections with Khodorkovsky. Westminster Magistrates’ Court refused to extradite Ilya Yurov, the former part owner of Trust Bank, who is on the international wanted list, RBC reported. The court believes that the extradition would violate human rights…. – Continue reading
Australia’s fugitive Chinese accounts frozen
The top story in the finance section on Tuesday morning is about the Chinese government’s hunt for hidden assets (and unpaid taxes) overseas. The article mentions Australia and New Zealand freezing accounts from customers who don’t identify if they are foreign taxpayers. It goes on to say many of the… – Continue reading
Tax DG Ready to Swap Information with Other Nations by September
TEMPO.CO, Jakarta – The Finance Ministry`s Tax Directorate General ensures all preparations have been completed before the implementation the automatic exchange of information (AEoI). The program is set to kick off in September this year. “It’s ready; we can now just wait for the data. It will be done through… – Continue reading
Finance ministry task force given 15 days to figure out dirty money repatriation
ISLAMABAD: Prime Minister Imran Khan has ordered the finance ministry task force established to pursue laundered Pakistani cash parked overseas to submit its recommendations within two weeks, Minister for Finance Asad Umar said on Monday. He said the government would first move against the Pakistani owners of $8 billion worth… – Continue reading
Warning to declare foreign income before September deadline
UK taxpayers who receive any foreign income or profits from offshore assets have been urged to contact HMRC and disclose this income before 30th September 2018 to avoid being hit by higher penalties. David Redfern, tax preparation specialist and director of DSR Tax Claims, warned those affected to contact HMRC… – Continue reading
UK Adopts EU Anti-Money Laundering Legislation
The UK is upgrading its national security by adopting a recently implemented European Union fifth anti-money laundering directive, the Department for Business, Energy and Industrial Strategy (BEIS) announced in a statement on Tuesday. The fifth directive is aimed at combating corruption and money laundering and came into effect in the… – Continue reading
Behind the amnesty
The extension of the deadline of the tax amnesty scheme has not borne the results it was expected to. The FBR is said to have taken the advice of accounting firms to extend the deadline, but the results have not matched the early optimism. Despite this, though, the amnesty scheme… – Continue reading
Pakistan to start receiving information on offshore accounts in September
ISLAMABAD: Pakistan is poised to receive information about offshore financial accounts in September 2018. This was stated by the spokesperson and member policy Dr Muhammad Iqbal while addressing a press conference on the ongoing Tax Amnesty Scheme on Friday. Due to the initiatives by the Organisation for Economic Co-operation and… – Continue reading
Wealthy Kenyans With Billions Hidden in Offshore Accounts Rush to File Returns Ahead of Amnesty Deadline
As June 30th deadline to file returns with Kenya Revenue Authority (KRA) fast closes in, a section of rich Kenyans who have hidden assets overseas are rushing to return the assets to avoid paying taxes. Tax consultants told Business Daily that the wealthy lot is repatriating the cash to avoid… – Continue reading
15 banks in Malaysia with offshore transactions under IRB audit
CYBERJAYA: The Inland Revenue Board (IRB) is in the midst of auditing 15 banks with offshore transactions in an effort to collect hundreds of millions of ringgit worth of taxes. IRB deputy chief executive officer (compliance) Abdul Manaf Dim said the auditing processes of the banks nationwide were among the… – Continue reading
Republicans launch worldwide campaign in bid for territorial taxation
Letters calling for the elimination of FATCA, among other tax issues, will be presented to the White House in about two weeks’ time. A global political organisation with affiliation to the Republican Party has recently launched a petition and letter writing campaign in protest of “citizenship-based” taxation – partly in… – Continue reading
US firms’ untaxed cash more than India’s GDP
Over $2.6 trillion is held as untaxed cash in offshore accounts by top US companies like Apple, Google, IBM, Pfizer, Pepsi and Coke, McDonald’s etc. according to a report by the Washington-based Institute for Tax and Economic Policy (ITEP). This is the highest-ever hoard held offshore by American companies and… – Continue reading
Dubai no longer a tax haven! Indians rush to hide undeclared wealth
Dubai,, till now considered a tax haven , has decided to share information of the bank accounts in the UAE with the Indian government starting next year. This has sent jitters among several Indians, who are rushing to hide their undeclared wealth stashed abroad. From January 2018, the UAE will… – Continue reading
Parliament makes publication of offshore transfer totals mandatory
The Portuguese parliament voted unanimously to pass a draft law by the Left Bloc that makes it mandatory to publish the annual total and destinations of transfers to offshore accounts, regardless of any ministerial decisions. Tax office statistics with the amounts transferred to offshore accounts were not published between 2011… – Continue reading
Bank transparency, data matching for tax purposes
The government’s plan to issue a regulation in lieu of law (Perppu) concerning banking transparency, which includes allowing the tax authority to access taxpayers’ bank data, has sparked hot public debate. The proponents argue that such an initiative is critical, outlining the fact that the government has to comply with… – Continue reading
Pakistan, Switzerland to sign agreement for bank account information exchange: Dar
Finance Minister Ishaq Dar on Wednesday told the National Assembly that Pakistan will sign an agreement with Switzerland on exchange of information regarding bank accounts on March 21. “The Swiss government offered to sign such an agreement with Pakistan in the third quarter of the current month that will enable… – Continue reading
India, Belgium sign protocol to amend double taxation avoidance agreement
New Delhi, March 9 (IANS) India and Belgium have signed a Protocol to amend the double taxation avoidance agreement to curb tax evasion, an official statement said on Thursday. “India and Belgium have signed a protocol amending the existing agreement and protocol between the two countries for avoidance of double… – Continue reading
Offshore tax evasion: compliance and penalties – part 1
Sometimes it can be hard to keep up with the avalanche of government announcements on tax avoidance and evasion. In the first of a two part series, Jason Collins, a member of the CIOT’s management of taxes sub-committee and partner at Pinsent Mason, provides an overview of the rapidly changing… – Continue reading
Ecuador Referendum Blazes Trail in Fight Against Tax Havens
If the referendum passes, all public servants and elected officials in Ecuador will be barred from holding wealth in offshore accounts. As Ecuador heads to the polls Sunday to elect a new president and National Assembly, deciding the fate of President Rafael Correa’s 10-year Citizens’ Revolution, the small South American… – Continue reading
