Search Results for: tax evasion
Joe Hockey announces profit-shifting tax audit of 10 multinationals
December 9th, 2014
Australia will consider passing stronger laws against tax avoidance, the treasurer says, as tax office ‘embeds’ staff within companies The Australian Tax Office is auditing 10 multinational corporations and the government will consider introducing new laws aimed at targeting ...
HMRC letters warning of £1m fines hit tax firms
November 12th, 2014
The first batch of avoidance experts who could be both publicly denounced by HM Revenue & Customs and forced to reveal their clients’ names has been written to by the tax department. The advisers, who HMRC regards as potentially ...
HMRC recovers record £3.65bn in unpaid taxes
November 10th, 2014
A record amount of unpaid tax has been recovered from avoidance schemes, evasion and fraud by HMRC’s top team of specialist investigators – up by almost a quarter in the past year, says Pinsent Masons, the international law firm. ...
Jury acquits ex-Swiss banker in tax-dodging case
November 4th, 2014
Raoul Weil acquitted of charges he helped wealthy Americans to hide $20B from the IRS. A federal jury acquitted a former top Swiss banking executive of U.S. charges that he conspired with wealthy Americans to hide $20 billion in ...
ACCA: Tax offence penalises ‘simple ignorance’
November 3rd, 2014
The creation of a new, strict liability offence to tackle offshore tax evasion may have serious unintended consequences, the Association of Chartered Certified Accountants (ACCA) has warned. In its formal response to HMRC’s consultation on the proposed new offence, ...
IoM Signs Global Tax Information Sharing Agreement
November 3rd, 2014
The Isle of Man has signed an historic tax agreement for the automatic exchange of information with tax authorities worldwide. The Isle of Man was one of the countries that committed to being an “early adopter” of the new ...
EU Value-Added Tax Reforms Closing The VAT Gap
October 27th, 2014
The European Commission has published its latest VAT Gap study, which shows that an estimated EUR177bn (USD223.9bn) in value-added tax (VAT) revenues was lost due to non-collection or non-compliance in 2012 – a figure equal to 16 percent of ...
73 Swiss banks ask U.S. to revise proposed tax amnesty deals
October 24th, 2014
Lawyers representing 73 Swiss banks seeking to avoid a tax-evasion probe by U.S. authorities wrote a letter to the U.S. Department of Justice raising questions over a dozen demands, including the banks’ cooperation with other nations. In the letter ...
UK Tax Gap Widens
October 20th, 2014
The UK tax authority, HM Revenue and Customs (HMRC), has revealed that the UK tax gap grew to 6.8 percent in the fiscal year 2012-13, up 0.2 percent year-on-year. The tax gap, which measures the amount of tax that ...
Isle of Man removed from Colombian Tax ‘Blacklist’
October 20th, 2014
Colombia has removed the Isle of Man from its offshore blacklist, recognizing its commitment to the international exchange of tax information. The move recognizes that the Isle of Man and Colombia have both joined the OECD Convention on Mutual ...
