Jul 23, 2010
The negative effect of international financial centers on the UK economy and tax revenues is dramatically overstated, and overall treatment of international financial centers in the UK has been “remarkably one-sided.” Allegations of unfairness have been laid against the OECD and the Governments of advanced economies, in regards to their treatment of international financial centers [...]
The negative effect of international financial centers on the UK economy and tax revenues is dramatically overstated, and overall treatment of international financial centers in the UK has been “remarkably one-sided.”
Allegations of unfairness have been laid against the OECD and the Governments of advanced economies, in regards to their treatment of international financial centers (IFC). While holding a debate in the UK Parliament on the topic of offshore financial centers on July 21st, Mark Field, Conservative MP, said that IFCs were not ... Read More
Jun 2, 2010
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 [...]
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
Apr 20, 2010
Governments across the world are reporting higher occurrence of transfer pricing, and are subsequently increasing efforts to curb tax evasion through the method. Governments worldwide are becoming increasingly aware and focused on transfer pricing regulations. Several nations have recently announced that greater attention will be paid to the matter throughout tax audits conducted on multinational [...]
Governments across the world are reporting higher occurrence of transfer pricing, and are subsequently increasing efforts to curb tax evasion through the method.
Governments worldwide are becoming increasingly aware and focused on transfer pricing regulations. Several nations have recently announced that greater attention will be paid to the matter throughout tax audits conducted on multinational corporations throughout the 2010 and 2011 fiscal years.
In a recent press release, the Ho Chi Minh City Taxation Department revealed heavy tax revenue losses due to illicit transfer ... Read More
Apr 9, 2010
The US Department of Justice (DOJ) has revealed its results and successes for the 2009 year in fighting tax fraud, scams and offshore tax evasion. On March 7th the US DOJ issued a press release detailing the “highlights” of its tax enforcement efforts for the 2009 financial year. Throughout the year the DOJ successfully defended [...]
The US Department of Justice (DOJ) has revealed its results and successes for the 2009 year in fighting tax fraud, scams and offshore tax evasion.
On March 7th the US DOJ issued a press release detailing the "highlights" of its tax enforcement efforts for the 2009 financial year. Throughout the year the DOJ successfully defended the Inland Revenue Service (IRS) from USD 665 million in tax refund claims; collected in excess of USD 260 million from affirmative litigation actions; obtained 135 guilty ... Read More
