Tax evasion

latest news headlines

Macquarie Group says a $66 million bank tax bill might drive it offshore.

Despite reaffirming its full year profit of $2.2 billion, the investment bank told its shareholders it may relocate overseas to avoid the new bank tax.

- ABC News - AU

Lawyers fail to produce required documents in Jahangir Tareen disqualification case.

Progress in Pakistan Tehreek-i-Insaaf General Secretary Jahangir Tareen's disqualification case remained sluggish as lawyers of both sides were called out by the Supreme Court on their lack of preparation.A three-member bench was hearing a petition filed by PML-N's Hanif Abbasi, seeking disqualification of Tareen for ...

- DAWN - PK

U.S. Treasury's Mnuchin urges Congress to lift debt limit before recess.

WASHINGTON - U.S. Treasury Secretary Steven Mnuchin urged Congress on Wednesday to raise the federal debt limit before lawmakers start their August recess, to avoid higher interest costs to taxpayers and market uncertainty about a potential default.

- Reuters - US

Try a Checklist to Avoid FAFSA Mistakes.

When Evelyn Lee was applying to colleges as a high school senior, she knew that she would need financial aid to be able to afford to go. At 108 questions, the FAFSA is longer than a 1040 tax form, with questions about student and parent income, savings, family make up, number of students in college and more. "It can seem ...

- Yahoo! News - US

Lift Debt Limit Before Recess, Mnuchin Urges Congress.

U.S. Treasury Secretary Steven Mnuchin on Wednesday urged federal lawmakers to raise the federal debt limit before they leave Washington for their August recess to avoid increased interest costs to taxpayers and market uncertainty about a potential default. Mnuchin told a Senate Appropriations subcommittee that maintaining ...

- Voice of America - US

Britain and the Netherlands revealed as biggest channels for tax avoidance.

Report shows UK and the Netherlands channel a combined 37% of funds directed to tax havens.

- IBTimes.co.uk - UK

Nevada Declares Marijuana State of Emergency to Avoid $100 Million Tax Shortfall.

Marijuana, until recently illegal in Nevada, is now a major source of revenue the state can't afford to lose.

- Entrepreneur.com - US

Family trusts often cause more harm than good.

There is very little, if anything, to commend discretionary trusts. The benefits they bring, and it's hard to see many, are dwarfed by their destructive and damaging features. Trusts are usually used to allocate money to members of a group, usually a family. Under a discretionary trust, the only way a beneficiary will get ...

- The Conversation - UK

Imee Marcos finally testifies, escapes contempt.

Ilocos Norte Gov. Imee Marcos on Tuesday apologized to lawmakers for claiming that they were offered P100 million to detain her in connection with their inquiry into the province's alleged misuse of tobacco tax proceeds, avoiding being cited for contempt. The post Imee Marcos finally testifies, escapes contempt appeared ...

- Philippine Daily Inquirer - PH

Sindh Assembly passes resolution demanding PM's resignation.

The Sindh Assembly passed a resolution on Tuesday demanding that Prime Minister Nawaz Sharif should step down from his post for 'producing fake documents before the Honourable Supreme Court and its JIT and evading taxes.'According to the resolution tabled by PPP lawmaker Khairunisa Mughal, a copy of which is available with ...

- DAWN - PK

Padding up for GST.

Businesses that are engaged in both taxable and non-GST supply have re-structured themselves into separate entities to avoid elaborate compliance, says Sudipto Dey.

- Rediff.com - IN

What Is a Chapter 7 Bankruptcy Audit?

Like our annual tax filings, the majority of us want to avoid a bankruptcy filing like the plague. But, just like the tax system, there are those among us that try to game the bankruptcy system to their advantage. And bankruptcy courts, just like the IRS, will occasionally audit filings......

- FindLaw - US

These 5 countries are channels for the world's biggest tax havens

First came the Panama Papers, then the BahamasLeaks. Journalists continue to shed light on and raise a public outcry over the offshore financial centres that corporations use to reduce their tax bill – something that is still being challenged in court. A new study has now uncovered all the world’s corporate tax ...

- Business Insider - US

The Netherlands is world's biggest conduit to offshore tax havens: research

The Netherlands is the biggest conduit to offshore tax havens in the world, with almost a quarter of fiscal constructions...

- DutchNews.nl - NL

Privacy cannot be excuse for evading tax obligations: Jaitley

New Delhi, July 24 In the backdrop of the debate generated by the appeals on Aadhaar being currently heard by the Supreme Court on whether privacy is a fundamental right, Finance Minister Arun Jaitley on Monday said privacy cannot be touted as an excuse not to comply with one's legal obligation on tax matters. In India, the ...

- Yahoo! News - US

These five countries are conduits for the world's biggest tax havens

Tax sheltering is not just the domain of exotic Caribbean isles. Major world powers, including the United Kingdom, play a critical and previously undisclosed role in global tax avoidance. CORPNET, CC BY-NC-SAFirst came the Panama Papers, then the BahamasLeaks. Journalists continue to shed light on and raise a public outcry ...

- The Conversation - UK

Common tax mistakes for small businesses

A lot of the pain would be avoidable if entrepreneurs went through their books monthly or quarterly, experts say

- The Globe and Mail - CA

Jeff Sessions is losing the war on weed in Nevada

Thousands lined up to purchase recreational marijuana legally at 12:01 a.m. on July 1. At Euphoria Wellness, with a location in southwest Las Vegas, a crowd of 400 to 500 people were lined up at midnight. Other locations had just as many. Among the first to purchase was state senator Tick Segerblom, who has a strain of weed ...

- Business Insider - US

Aadhaar rebels find ways to avoid PAN linkage

In a quiet display of dissent, numerous taxpayers across the country have opted to file their tax returns manually, via snail-mail, rather than get an Aadhaar card.

- Times Of India - IN

OAG withdraws one tax evader case, ACC to return two seized trucks

The Office of the Attorney General has withdrawn a case from the 18 importers who were charged at the Phuentsholing drungkhag court for alleged tax evasion.

- Kuensel Newspaper - BT

Adopt GST and become part of history: Irani to biz community

Calling the Goods and Services Tax a "great step towards transparency," Union minister Smriti Irani today urged the business community to become a part of this historic tax reform."GST is not only a good and simple tax, but also a great step towards transformation. Let us make history and be a part of it, so that we can ...

- Deccan Herald - IN

Govt shies away from 'draconian' penalty to stop multinational tax dodgers

Tax avoidance by multinationals is better dealt with by an international treaty than harsher measures brought in by Australia and the United Kingdom, Revenue Minister Judith Collins says. In an interview with TV3's The Nation, the minister said she had not ruled out the idea of diverted profit tax, which comes into ...

- Stuff - NZ

Govt detects Rs 19,447 cr in undisclosed foreign accounts: Jaitley

The Income Tax department has detected Rs 19,447 crore of credit in undisclosed foreign accounts including HSBC, Finance Minister Arun Jaitley informed the Lok Sabha on Friday.He said information on 628 Indian persons holding bank accounts in HSBC bank in Switzerland was received from the Government of France under Double ...

- Deccan Herald - IN

Indian Businessman asked to pay over Nu 14m for tax evasion

Phuentsholing Drungkhag Court ordered the owner of JPLP, a departmental store in Phuentshogling, to pay over Nu 14 M as penalty for evading tax from 2011-14. The post Indian Businessman asked to pay over Nu 14m for tax evasion appeared first on BBS.

- BBS - BT

I-T dept detects Rs 19,000 crore black money

Finance minister Arun Jaitley said information on 628 Indians holding bank accounts in HSBC bank in Switzerland was received from the government of France under the Double Taxation Avoidance Convention between India and France.

- Times Of India - IN

HSBC, ICIJ list: I-T dept detects Rs 19,000 crore black money

Finance minister Arun Jaitley said information on 628 Indians holding bank accounts in HSBC bank in Switzerland was received from the government of France under the Double Taxation Avoidance Convention between India and France.

- Times Of India - IN

Court orders Lalchand Prasad of JPLP to pay Nu 22.36M

Phuentsholing drungkhag court yesterday ruled that Lal Chand of Jatan Prasad Lalchand Prasad departmental store has to pay Nu 14.487M against the evaded tax worth Nu 184M in four years from 2011 to 2014.

- Kuensel Newspaper - BT

Manafort owed $17 million to 'pro-Russia interests' before joining Trump campaign for free

Earlier, the Wall Street Journal discovered that a small Chicago bank had loaned former campaign manager Paul Manafort and his companies about $16 million soon after Donald Trump had won the presidency—a number that aroused prosecutor suspicion because it represented about a quarter of the bank's available capital, ...

- Daily Kos - US

Manafort Was in Debt to Pro-Russia Interests, Cyprus Records Show

Business records from the secretive tax haven of Cyprus suggest that Paul J. Manafort owed millions to pro-Russia interests before joining Donald J. Trump’s campaign.

- New York Times - US

Inside the Code of Conduct, the EU's most secretive group

The informal group of national officials that is in charge of checking EU countries' tax laws is now working on the first EU blacklist of tax havens, amid critiques over its lack of transparency and accountability.

- EU Observer - EU

Inside the Code of Conduct, EU's most secretive group

The informal group of national officials that is in charge of checking EU countries' tax laws in now working on the first EU blacklist of tax havens, amid critiques over its lack of transparency and accountability.

- EU Observer - EU

Making Tax Vanish

Making Tax Vanish13 July 2017This report examines the failings of the global tax system that facilitate mass tax avoidance. It looks at one example of a multinational company that Oxfam thinks is not paying its fair share. Moreover, it calls on governments and business to implement the reforms that are needed to stop MNCs ...

- Oxfam International - UK

Feed