European Union lawmakers released a report on Wednesday (Feb. 27) recommending that the EU create a police unit dedicated to the investigation of tax and financial crimes, as well as a watchdog organization to fight money-laundering, according to a report by Reuters. The report, which is the result of a… – Continue reading
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
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
The US Internal Revenue Service (IRS) has issued guidance on the voluntary disclosure regime now in force, following the termination of its offshore predecessor on 28 September 2018. The new rules are effective for all disclosures after that date. And the possible penalties have gone up quite significantly. One of… – Continue reading
Russia most common place of origin for fraudsters using British overseas territories A NEW report has identified over £250 billion in fraudulent funds directed through UK tax havens, more than over 20 years of the UK Government’s foreign aid budget. The report, by Transparency International, examined the UK’s overseas territories,… – 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
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
Jersey has tabled new laws to address the EU’s concerns over ‘economic substance’, the degree of real business activity carried out by companies registered in the Island. The new proposed requirements for an economic substance test for Jersey tax-resident entities have been published and are set to come into force… – Continue reading
THE BUREAU of Internal Revenue (BIR) may now notify taxpayers that their information was sent to a requesting foreign tax authority as investigation reaches the final stages. Revenue Regulation No. 22-2018 states that the Commissioner of Internal Revenue can opt to notify the taxpayer in writing that a foreign tax… – Continue reading
The head of one of Denmark’s biggest pension funds has spoken out to condemn a wide-scale tax fraud uncovered by a media investigation. Danish national broadcaster DR, newspaper Politiken and other European media outlets in the last three months have published articles detailing a withholding tax scam – dubbed ‘Cum-Ex’… – 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
A recent report published by the New Zealand Law Foundation on regulating cryptocurrencies in New Zealand suggests the regulators of the country to start taking tax in crypto and trial a CBDC. The report, that is commissioned by the New Zealand Law Foundation and written by the University of Auckland… – Continue reading
One of the claims made by proponents of last year’s once-in-a-generation tax reform act was that it would limit the scope for taxpayers to cheat on their returns by lowering the complexity of the Tax Code — but so far, tax professionals seem pessimistic. “Tax reform failed to properly fund… – Continue reading
The newly revised threshold monetary limits for the department to file appeals at various levels — appellate tribunals, High Courts and the Supreme Court will not be applied in cases where foreign black money is involved, said the tax department recently. As per a CBDT missive, cases involving undisclosed foreign… – Continue reading
The Internal Revenue Service said Wednesday it will provide a new format for transcripts of individual tax returns that will safeguard taxpayer data by redacting personally identifiable information from Form 1040 series returns. The new transcript format will replace the old format and will be the default format available through… – Continue reading
China offers a number of preferential corporate income tax (CIT) policies for businesses operating in the country. Businesses that qualify for these preferential policies can benefit from incentives like CIT rates lower than the standard 25 percent rate and other CIT exemptions and deductions. These preferential tax treatments, however, do… – Continue reading
In July, the 33-year-old football superstar accepted an 18.8 million euro fine and a suspended two-year prison sentence as he pleaded guilty to tax fraud in a Spanish court. According to the documents seen by El Mundo daily, football ace Cristiano Ronaldo, 33, who had to pay 18.7 million euros… – Continue reading
ISLAMABAD: The Chief Justice of Pakistan (CJP), Mian Saqib Nisar, on Monday suggested formation of a Panama-style joint investigation team (JIT) to investigate the allegations against former president Asif Zardari and his sister Faryal Talpur of laundering over Rs35 billion through fake bank accounts. A three-member bench of the apex… – Continue reading
Value Added Tax (IVA) will replace the Consumer Tax in Angola in 2019, the coordinator of the Technical Group for the Implementation of IVA, Adilson Sequeira, said according to a report published on the website of the Angolan Ministry of Finance. “The introduction of IVA is the result of a… – Continue reading
HMRC has formed an alliance with tax enforcement bodies in 4 countries to share intelligence and expertise in the battle against international tax crime. The UK has joined forces with Canada, the Netherlands, the United States and Australia to launch the Joint Chiefs of Global Tax Enforcement (J5) – a… – Continue reading
If all countries have access to info about final beneficiaries, MNCs will not be able to fraudulently assign profits to tax havens Can you imagine how much governments all over the world could improve public services like education, healthcare and access to publicly provided clean drinking water and sanitation with… – Continue reading
Australian tax experts have confirmed that the Australian Taxation Office (ATO) is cracking down on cryptocurrency investors this year, local news outlet The New Daily reports Friday, June 15. The ATO had said in early March that they would be using a combination of data matching and “100-point identification checks”… – Continue reading
Experts’ reactions to the Ministry of Finance’s (MoF) tax adjustment draft have been mixed, while the business community struggles to keep up with the variety of proposed tax hikes. Most recently, the MoF’s proposal to impose auxiliary property tax rate of 0.3-0.4 per cent per property value for houses worth… – Continue reading
Officials say fraudulent claims fell off quickly after new technologies took the state off attackers’ easy-target list. With tax season comes attempted fraud, as crooks use false identities to try to trick all levels of government into sending them refund checks. There are ways to fight back, though, and Indiana… – Continue reading
Kosovo Tax Administration inspectors have discovered a tax evasion scheme involving multiple businesses in northern and southern Kosovo. The Kosovo Tax Administration, ATK, has uncovered a network of Albanian and Serb businesses collaborating in a tax evasion scheme, suspected to have emptied the public purse of millions of euros. Raiding… – Continue reading
In what appears to be an attempt to test their ability to distribute Bitcoin Gold (BTG), a Coinsecure weakness was apparently exposed, and over 3 million dollars worth of bitcoin were stolen as a result. The large crypto exchange based in India filed a First Information Report (FIR) with police,… – Continue reading
Guwahati The CBI has arrested Swetabh Suman, Commissioner of Income Tax (Audit), Guwahati, Assam from Delhi in connection with a case of tax evasion and criminal conspiracy. The central agency has registered a case against the arrested Commissioner of Income Tax. Similar procedures have been initiated against Income Tax Officer… – Continue reading
Assets seized by Polish police are reportedly linked to the cryptocurrency exchange’s account in the country. Following a couple of days of rumours, Bitfinex – currently the fifth largest cryptocurrency exchange based on volume, according to Coinmarketcap – has been moved to deny it is embroiled in an investigation regarding… – Continue reading
A former Gold Coast property developer has been jailed for more than a decade in the largest prosecuted tax fraud case in Australia’s history. Glitter Strip businessman Michael Issakidis was sentenced to 10 years and three months in prison by the Supreme Court of New South Wales for his involvement… – Continue reading
ULAN BATOR, March 5 (Xinhua) — Mongolia has formulated a draft law on tax reform in a bid to attract more investment and optimize the business environment, Prime Minister Ukhnaa Hurelsukh said on Monday. “We aim to encourage the fair businessmen and good taxpayers by reducing their taxes,” Hurelsukh said… – Continue reading
According to regional reports, China’s police agency is allegedly monitoring cryptocurrency exchanges based outside of the country. An informant details that China’s Public Information Network Security Supervision task-force is closely watching both domestic and foreign trading platforms involved with cryptocurrencies to prevent fraud, pyramid schemes, and money laundering. China’s Regulators… – Continue reading
The OECD has recently launched a consultation on tackling the circumvention of its latest international tax transparency standard, the Common Reporting Standard, through the use by individuals of residency by investment (RBI), or citizenship by investment (CBI) schemes. These schemes typically entitle individuals to reside or gain citizenship through making… – Continue reading
MOSCOW (Sputnik) – Pierre Moscovici said Monday that bank secrecy was no longer a reality in Europe since EU tax authorities automatically exchanged information about bank accounts opened within the bloc. “Bank secrecy no longer exists in Europe. If anyone has a bank account in Switzerland we are immediately being… – Continue reading
The Spanish tax authority has published its annual tax and customs control plan for 2018, which details the tax compliance and enforcement measures that it intends to undertake in the coming year. The plan, published by the tax authority on January 23, features four key pillars: preventative measures, including a… – Continue reading
The head of the revenue agencies of Bulgaria and Greece have held talks on continuing and deepening co-operation on exchanging information and countering tax evasion, the National Revenue Agency in Sofia said on January 22. Bulgaria’s National Revenue Agency head, Galya Dimitrova, and her Greek counterpart Georgios Pitsilis discussed issues… – Continue reading
Ordinary taxpayers on the streets of Berlin and elsewhere may be confused if you ask them about the “cum-ex” share switch scandal. However, this shady tax avoidance practice has cost them and the treasury a lot of money. Several German banks, exploiting a now-closed loophole relating to the excessive claiming… – Continue reading
Prosecutors and investigators from tax authorities have raided the offices of several senior officials from German carmaker Volkswagen. The move was part of an effort to scrutinize the firm in a tax evasion probe. Investigators on Tuesday night searched the offices of VW finance chief Frank Witter and human resources… – Continue reading
HMRC has warned convenience retailers to “play by the tax rules” or face the consequences as new stats show a disproportionate amount of tax evasion is committed by convenience stores. While accounting for less than 1% of businesses, convenience stores and newsagents now account more than 6% of all incidents… – Continue reading
BRATISLAVA, Oct.18 (Xinhua) — International information exchange system could help fight tax evasion, said President of Slovak Financial Administration Frantisek Imrecze at a press conference here on Wednesday. According to Imrecze, the information exchange system has been available to the Slovak Financial Administration since Sept. 30, the Slovak tax office… – Continue reading
According to the SFIO report, IQ Bridge Limited, Mauritius, and its Indian subsidiary, IQ Bridge Limited, Bangalore, controlled by Mallya and the UB Group, held 15 lakh and 52 lakh equity shares respectively in Kingfisher Airlines before its merger with Deccan Aviation. A PROBE by the Serious Fraud Investigation Office… – Continue reading
Newcastle United are facing a major investigation into possible tax fraud which is suspected to have taken place during some of their transfer dealings, according to The Daily Mirror. Transfer deals between 2011 and 2013 adding up to around £500m are said to be under scrutiny, which include deals for… – Continue reading
A Federal Court judge has approved at least one court order that will require a British Columbia developer to turn over information to tax officials about people who bought and flipped condo units before or during construction. And several similar applications are under way, reflecting the federal government’s efforts to… – Continue reading
French judges issue non-public ruling on UBS France bid UBS France sought to become plaintiff in exec’s plea process UBS Group AG suffered a setback in a long-running French tax probe as a court rejected its bid to stop a former executive from striking a plea deal in the case…. – Continue reading
The 30 September 2017 is an important date for HMRC and its “relentless” clampdown on global tax evasion. First, it marks the coming into force of the landmark corporate offence of failure to prevent tax evasion under Part 3 of the Criminal Finances Act 2017. Secondly, it is the commencement… – Continue reading
Quick Guide Part Three of The Criminal Finances Act 2017 (CFA 2017) introduces two new corporate criminal offences: The failure to prevent facilitation of UK tax evasion offences The failure to prevent facilitation of foreign tax evasion offences Both “failure to prevent” offences can be committed by a body corporate… – Continue reading
The French Government has warned taxpayers that they have until the end of this year to disclose undeclared assets under its tax amnesty scheme, which as been running for more than four years. The Processing of Corrective Declarations (STDR) scheme was introduced by a circular dated June 21, 2013, and… – Continue reading
two executives had contributed to denounce practices of bank which are worth to parent company UBS AG to be continued, ” selling bank illegal” and ” money laundering aggravated tax fraud “. The bank UBS France has been referred to criminal court for moral harassment of two whistleblowers, to origin… – Continue reading
