Search Results for: tax
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 ...
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 ...
Tax Is the New Black for Foreign Takeovers
May 2nd, 2014
U.S. pharmaceuticals company Pfizer has augmented its attempt to buy AstraZeneca, the U.K.’s second-biggest drug maker, with a letter to Prime Minister David Cameron. The missive, as well as reminding us that meddling politicians still view takeovers as being ...
U.K.’s Transaction Tax Plan on hold by the European court
April 30th, 2014
The U.K. lost a bid to counter plans by 11 European Union nations for a common financial-transactions tax, after the bloc’s top court said it was too soon to rule on the legality of the move. The European Court ...
Tax inspections in Greece are increasing
April 30th, 2014
It’s Saturday night going on Sunday morning at a club near the gated homes of the Greek elite in northern Athens as two men and a woman in business suits push through the crowd and demand to see the ...
IRS Expects Millions of Amended Tax Returns
April 28th, 2014
The Internal Revenue Service anticipates that nearly 5 million taxpayers will amend their returns by filing Form 1040X this year. Nearly 46 million returns were electronically filed from home computers as of April 18, more than the total from ...
Japanese Panel Looks For Gradual Corporate Tax Cuts
April 24th, 2014
An early cut in the country’s high corporate tax rate is to be recommended by the study group that was established by the Japanese Government’s Tax Commission to look at corporate tax reform. The study group has recommended that ...
Puerto Rico woos rich with hefty tax breaks
April 23rd, 2014
John Paulson is expected to expand his investment in Puerto Rico to $1 billion by the end of next year, as the hedge fund titan leads a growing brigade of wealthy U.S. business owners who are taking advantage of ...
ACB Founder Pleads Not Guilty to Vietnam Fraud, Tax Dodge
April 16th, 2014
Nguyen Duc Kien, a founder of Asia Commercial Bank, pleaded not guilty to fraudulently taking assets, tax evasion and other crimes that partly caused losses the Vietnamese lender estimates at 8.67 trillion dong ($411 million). The People’s Court of ...
