LONDON - The UK HM Revenue and Customs has assembled a new team of investigators to catch the country’s wealthiest tax evaders. In a statement released on October 31st the HM Revenue and Customs (HMRC) announced that it has put together a new team of taxation experts in an effort to conduct an increasing number of investigations into tax evasion by the wealthiest British taxpayers. The new tax investigations team is called the “Affluent Unit”, and will be primarily concerned with uncovering evidence of ... Read More

TEL AVIV - The government of Israel is bowing to public pressure, and increasing tax rates on high earning individuals, while easing tax burdens for middle and low income earners. On October 30th the Israeli cabinet approved several changes to the national tax system. The alterations are aimed at lowering the cost of living for middle and low income taxpayers, and supplementing any government revenue drops by raising tax rates applicable to high income individuals. Under the proposed changes, individuals earning ... Read More

KARACHI - Pakistan is looking to narrow its extensive budget deficit, and the government is taking steps to implement new measure to improve tax collections and tax compliance across the country. While talking to the media on October 27th the Chairman of the Federal Board of Revenue (FBR) of Pakistan Salman Saddique said that Pakistan needs to overhaul its tax system and take proactive steps to cut down the occurrence of tax evasion across the country. Pakistan is currently examining the tax systems ... Read More

SHANGHAI - China is set to aid enterprises in the national service sector with a new program to replace current turnover tax systems with a value added tax system. On October 26th the State Council of China issued a statement revealing that it has approved a new pilot program to replace the national turnover tax with a simpler value added tax (VAT). The new tax will be instated from January 1st 2012 for transportation and service firms operating in the Shanghai region. ... Read More

LONDON - The tax deal between the UK and Switzerland is coming under fire as public campaigners claim that the agreement is rife with loopholes. On October 25th the international anti - tax evasion group the Tax Justice Network (TJN) published a new report condemning the recently signed tax agreement between Switzerland and the UK. According to the TJN, the new agreement will not lead to any significant reductions in tax evasion, and could even help some taxpayers to better hide their ... Read More

LAHORE – Pakistan needs to take immediate action to boost its tax revenues, or once again increase its levels of international borrowing to cover its budget deficit. While speaking at the Lahore Chamber of Commerce and Industry over the weekend, the Chairman of the Federal Board of Revenue of Pakistan Salman Saddique said that the government’s tax revenues are far below estimates, and the country will soon need to turn to international money lenders to cover its expenditures. The Chairman revealed that Pakistan’s ... Read More

BRATISLAVA - Slovakian banks will soon be charged a new tax based on the size of their outstanding liabilities. On October 20th Slovakian lawmakers approved a new tax measure to be imposed on banks, in the hopes of lowering the national budget deficit and shoring funds for future financial sector bailouts. The new tax will be levied at 0.4 percent of the banks’ outstanding liabilities, excluding any insured deposits, core capital and savings deposits. Commenting on the approval of ... Read More