DoJ

Latest news

Non-Profits Receive Deadline Extension

Over 300 000 US charities are at risk of losing their tax exemption status, unless they make use of the Government’s new tax return filing deadline extension.

UK Consulting on Tax Issues

The UK Government is taking action to show national taxpayers and international investors that the country “is open for business”, by initiating an extensive round of public consultation of tax system legislation issues.

Tax Collection from Oil Exceed Industry Profit

The oil and gas industry is facing heavy criticism from the media, the public, and subsequently US Government politicians, under the assumption that the sector is under-taxed and action has to be taken to correct the situation. However, tax revenues arising from the sector in recent years have eclipsed the profits made by the entire oil extraction and exploration industry.

International Fight on Foreign Bribery Lagging

Countries representing an approximate 70 percent of world trade have been deemed as not having taken enough action to combat the occurrence of international bribery.

OECD Updates Several Tax Guidelines

In an effort to maintain a relevant and up-to-date set of instruments to facilitate international tax agreements and transactions, the Organization for Economic Cooperation and Development has published revised versions of its vital documents.

Nov 18, 20090

US Leniency Program Nets 14,700

Categories: Offshore Banking, Tax Havens, Taxation in USA

The US Internal Revenue Services (IRS) has announced that their voluntary tax disclosure program has resulted in over 14,700 submissions. It was revealed on November 17th by Doug Shulman, IRS Commissioner, that the US tax disclosure leniency program has been met with "unprecedented success". Describing the achievement he said, "To put it simply, this is a historic milestone for the nation's hardworking taxpayers". In the wake of the US Department of Justice's (DOJ) legal action against Swiss bank UBS, the leniency program has ... Read More

Aug 4, 20090

US and UBS Case Reaches Agreement

Categories: International Tax Cooperation, Offshore Banking, Taxation in Switzerland, Taxation in USA

An agreement has been reached in the negotiations between UBS and the US, tentatively resulting in the disclosure of 5,000 account holder names and no fines for UBS. The recent legal wrangle between the Swiss bank UBS and the US Department of Justice (DoJ), in a case filed on behalf of the Inland Revenue Service (IRS), looks like it could come to a relatively placid end. It was announced that the two parties have come to an agreement “in principal”. While the US originally ... Read More