Categories: tax evasion

Aussies caught up in tax probes

Hundreds of Australians have been caught up in an international tax evasion and money laundering investigation that has already triggered raids, arrests and the seizure of expensive property in Europe. The 346 Australians involved hold unnamed, numbered accounts with a Swiss bank. Minister for Revenue and Financial Services Kelly O’Dwyer said the Australians had links to […]

Madeira challenges tax haven claims

The Portuguese island refrains from ticking the other criteria of a tax haven, despite a five percent corporate tax rate in cintrast to a European average of 25 percent. “Madeira has never been considered an offshore centre by the Organisation for Economic Co-operation and Development,” claim Roy Garibaldi and Nuno Teixeira. The answer is as […]

Ecuador in tax haven initiative

The new chair of the United Nations G77, Ecuador, is lobbying for an independent UN body that will eliminate tax havens and illicit financial flows which affect the world’s poorer nation. Practicing what it preaches, Ecuador says it is the world’s first country to hold a nation-wide referendum on tax havens, scheduled to take place […]

Hidden accounts found by IRS

Two Orange County men pleaded guilty Wednesday to failing to disclose to the IRS foreign bank accounts that contained millions of dollars, federal prosecutors said. David Ramin Kalili, 52, and his brother-in-law David Shahrokh Azarian, 67, admitted that they didn’t file Reports of Foreign Bank and Financial Accounts with the Internal Revenue Service regarding secret […]

More teeth for HMRC

Advisers who help UK clients evade tax will face fines under rules that have come into force from 01 January this year. Accountants, bankers, lawyers and tax advisers who assist tax evasion will face fines of up to 100% of the total tax bill they helped evade or £3,000, whichever is the highest. The government […]

India encourages digital payments

India’s government will waive service tax on debit and credit card transactions of up to Rs 2,000 (28 euros) in a bid to promote digital transactions amid cash crunch following withdrawal of old Rs 500 and 1,000 banknotes. The government has decided to “exempt services by an acquiring bank to any person in relation to […]

Advisers one step ahead of HMRC

Tax inspectors targeting Britain’s wealthiest people have identified potential evasion and avoidance worth nearly £2bn, but have pursued only one successful criminal prosecution, a National Audit Office report reveals, the Guardian daily reminds us. It says the tax affairs of 6,500 super-rich individuals – each worth more than £20m – are being examined by a […]

Tax amnesty exceeds target

A government amnesty targeting tax evasion in India has prompted tens of thousands of suspected tax dodgers to disclose nearly $10 billion in undeclared income, the finance minister said on Saturday. The government of Prime Minister Narendra Modi sent out about 700,000 notices earlier this year to suspected evaders to coax them to declare hidden […]

France demands bank details

The French tax authorities have asked Switzerland to hand over client information for some 45,000 bank accounts as part of a probe into alleged tax fraud, according to Le Parisien. Swiss banking giant UBS said in July that the Swiss authorities had asked it to provide client information following a French request for international administrative […]