The UK Government is now expecting to make a GBP 10 billion windfall over the next five years from a series of new tax information exchange agreements, greatly exceeding the previous estimate of GBP 1 billion. Three countries have recently approached the UK Government with the intention of initiating negotiations for new tax information exchange agreements. In a media statement the HM Treasury explained the significance of the potential agreements, saying, "These agreements, by allowing us to get information from tax havens, means ... Read More

The Canadian tax authority’s latest investigation into undeclared offshore bank accounts has already resulted in 19 individuals coming forward with details of their unreported bank holding at the Swiss division of HSBC. As we reported earlier, on September 30th 2010 the Canadian Revenue Agency (CRA) announced that they had received banking and personal information on 1800 Canadians with potentially undeclared accounts at the HSBC bank in Switzerland. The CRA has already initiated investigations into the information, hoping to uncover evidence of tax evasion ... Read More

Worldwide tax changes and transparency measures need to be implemented soon in order to fight capital flight from poverty-stricken nations and worldwide tax evasion. Approximately USD 1 trillion worth of illicit capital outflows is experienced by developing nations every year, two thirds of which is attributed to tax evasion by multinationals companies. Curbing these outflows is essential for poorer countries, in order to mobilize the national economy and resources and eradicate local poverty. The information was provided at the recent annual conference of ... Read More

Canadian and French tax authorities are cooperating in an investigation into potentially undeclared offshore accounts held by Canadians in the Swiss division of the HSBC bank. On September 30th Keith Ashfield, Canadian Minister of National Revenue, revealed that the Canada Revenue Agency (CRA) has received extensive information regarding national taxpayers with offshore accounts held with the Swiss division of the Hong Kong and Shanghai Banking Corporation (HSBC). This data contains details regarding approximately 1 800 accounts linked to Canadian taxpayers. The CRA has ... Read More

The amount of transactions between Denmark and tax havens over the last five years has totaled DKK 1 trillion (approx. USD 182 billion). The Tax Ministry of Denmark has released new data and launched an investigation into the vast amounts of transactions between Danish entities and tax havens. The investigation is part of the Ministry's Project Money Transfer, which began with request to national banks to provide extensive information on customers' money transfers to countries considered to be tax havens by the Tax ... Read More

The UK HM Revenue and Customs has begun a using a list of stolen Swiss bank information in their campaign against tax evasion by clients holding undeclared Swiss banks accounts. Some UK taxpayers have reportedly received letters from the HM Revenue and Customs (HMRC) advising them that they are suspected of holding undeclared bank accounts in the Swiss division of the Hong Kong and Shanghai Banking Corporation (HSBC) bank and that an investigation will soon begin into their tax affairs. The letters explain ... Read More

The Australian Government is reminding tax payers of its current offshore income declaration initiative, which offers greatly reduced penalties in exchange for voluntary sharing of information. On June 1st the Government of Australia issued a media release urging tax payers with undeclared offshore incomes to utilize the current Voluntary Disclosure Initiative. Michael D’Ascenzo, Tax Commissioner of Australia, stated that the program will end on June 30th and concessional penalty arrangements will no longer be offered upon the initiative's completion. No indication was given ... Read More