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Tax owed on full sale price where taxpayer won’t provide cost basis information
May 6th, 2014
The Eleventh Circuit Court of Appeals upheld a deficiency notice of more than $5 million against a taxpayer who reported adjusted gross income of $22,921 and taxable income of $13,221 on his late-filed 2006 return (Hoang, No. 13-14398 (11th ...
D2MX Pty Ltd pays infringement notice penalty to ASIC
May 6th, 2014
The Australian Securities and Investments Commission (ASIC), has given D2MX Pty Ltd (D2MX) an infringement notice penalty and therefore has paid a total penalty of $110,000 to comply with an infringement notice given to it by the Markets Disciplinary Panel ...
Samsung to Fight Apple Smartphone Trial Verdict: Lawyer
May 6th, 2014
Samsung Electronics Co. will challenge a jury’s $120 million award to Apple Inc. in a patent-infringement verdict that was “unsupported by evidence,” a lawyer for the Suwon, South Korea-based company said. Samsung will ask the trial judge and an ...
Russia Knows Europe Sanctions Ineffective With Tax Havens
May 5th, 2014
Two years ago, a Dutch law firm prepared a pitch in Moscow to Russian businesses: come to the Netherlands and we can help you avoid taxes and keep your assets safe. “You can rely on our legal system!” the ...
Hong Kong Collected Record Tax Revenue In 2013-14
May 5th, 2014
Hong Kong’s Commissioner of Inland Revenue Wong Kuen-fai has announced that the Inland Revenue Department (IRD) set another annual record and collected HKD243.5bn (USD31.4bn) in tax revenue in 2013-14, showing an increase of HKD1.4bn, or 1 percent, over its ...
A Case of Piketty Fever at the OECD
May 2nd, 2014
The French economist Thomas Piketty has become something of a rock star with his recent book on inequality, and now the Organization of Economic Cooperation and Development has embraced his data and ideas in a freshly-issued report. The think ...
Futures trader convicted of false trading
April 30th, 2014
The Hong Kong Securities and Futures Commission (SFC), an independent statutory body set up to regulate the securities and futures markets in Hong Kong, has issued a press release informing that the Eastern Magistrates’ Court convicted a futures trader ...
Russia is preparing its response to additional sanctions by the EU, the U.S. but also Japan
April 29th, 2014
The Japanese government followed the lead of the U.S. and the European Union, or EU, Tuesday by imposing additional sanctions against Russia even as Moscow stated that it has prepared a response to the sanctions and is working on ...
Restrictive measures directed against certain persons, entities and bodies in view of the situation in Ukraine: CySec
April 29th, 2014
The Cyprus Securities and Exchange Commission (CySec) has issued a circular informing, the Cyprus Investment Firms, the Management Companies and the Administrative Services Companies (‘the Regulated Entities) about the publication in the Official Journal of the European Union of the ...
Energy Future Files for Bankruptcy Protection in Delaware
April 29th, 2014
Energy Future Holdings Corp., the Texas power company Henry Kravis and David Bonderman took private in 2007 with Goldman Sachs Group Inc. in the biggest-ever leveraged buyout, filed for bankruptcy after reaching a deal with stakeholders to cut billions ...
