ATM Tax Fraud Case Opens in Australia

January 20, 2010 Offshore BankingTax HavensTaxation in AustraliaTaxation in Switzerland

Step 3: Select account type and enter the amount you wish to withdrawalThree Australian men are under trial for allegedly evading AUD3.7 million in taxes, which was brought back into Australia through ATM withdrawals and orchestrated through a Swiss-based accountant.

On January 18th a court case was opened concerning Daniel Aran Stoten, Adam John Hargraves and Glenn Luke Hargraves, who are alleged to have evaded nearly AUD4 million in taxes over the period of four years. The three men, who ran a phonebook publishing company, are accused of grossly overstating their business expenses and funneling off funds to offshore accounts...

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Germany Refuses EU Tax

January 19, 2010 Taxation in EUTaxation in Germany

DSC_2462The Finance Ministry of Germany has stated that it is opposed to the imposition of an EU-wide tax, in response to a suggestion by the Finance Ministry of Luxembourg.

Ahead of the EU and Euro-zone Finance Minister Summit held on January 18th and 19th, Luc Frieden, Finance Minister of Luxembourg, called for a new tax to be instated across the whole of the EU. German officials quickly denounced the idea, claiming that the EU already has sufficient funds. The German Ministry also claimed that any created taxes would also serve to further complicate the standing fiscal contribution system.

The current EU fiscal contribution system is based on revenues gathered from customs and import duties, along with a levy on the Gross National Income of each member state...

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China’s Tax Revenue Grows 9%

January 18, 2010 Taxation in China

Chinese Embassy SealTax revenues collected in the People’s Republic of China rose by 9.1 percent in 2009 compared to the previous year.

In a statement published by the Chinese State Administration of Taxation on January 15th the department declared that the country’s tax revenues had risen by CNY524.1 billion in 2009, bringing the collections to CNY6.31 trillion (approx. USD928). The tax revenues growth exceeded Chinese Government set targets by 1.1 percent after an unexpected economic resurgence in June.

Domestic retail sales revenue showed the largest percentage rise in 2009, reaching CNY476.1 billion, 85.4 percent higher than 2008. The increase came as a result of government policies aimed at encouraging domestic consumption...

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Obama Proposes New Tax on Banks

January 15, 2010 Taxation in USA

DiplomatUS President Barack Obama has proposed a new tax on financial institutions that could raise USD117 billion to repay the financial crisis bailout payouts.

In a speech on January 14th Barack Obama announced his intention to instate the Financial Crisis Responsibility Fee (FCRF), a tax which would be levied on financial institutions with over USD50 billion in consolidated assets. Under the new tax applicable organizations would be taxed at a rate equal to 0.15 percent of their total assets less high-quality capital and Federal Deposit Insurance Corp assessed deposits. If approved, the new tax would come into effect on June 30th and be instated for ten years or until the full repayment of the Troubled Asset Relief Program (TARP)...

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Tax Returns Too Complex for IRS Commissioner

January 14, 2010 Taxation in USA

Flat Tax ProposalDoug Shulman, US Internal Revenue Services (IRS) Commissioner, has admitted that he uses a tax consultant to prepare his annual tax returns, as he finds the tax system too complicated.

In a television interview on January 10th Doug Shulman stated that he has used a tax consultant to prepare his tax returns for the last ten years. The Commissioner continued on to say that both he and President Obama are large proponents of simplifying the US tax code. Although when pressed further regarding how he would hope to achieve this, Doug Shulman simply said that this was not his job and that the US Congress designs the country’s tax laws.

In an initial step to clarify tax communication and simplify the tax system, on January 11th the IRS unveiled nine new correspondence letter templates that it w...

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