Law Enforcement tagged posts

European Commission Refers Greece to Court

February 25, 2010 Taxation in EUTaxation in Greece

European flags flying in front of the BerlaymontGreece has been referred to the Court of Justice of the European Union, after the European Commission (EC) deemed a series of tax exemptions issued by the jurisdiction to be illegal.

On February 24th the EC released a statement referring Greece to the EU Court of Justice for breaking clauses within the Treaty on the Functioning of the European Union (TFEU). The EC claims that Greece broke EU legislations when it failed to comply with a decision passed by the Commission in July 2007, which ordered Greece to recover funds issued to businesses under the national tax exemptions.

The provision within the Greek national tax legislation, which was examined by the EC, allowed for businesses to deduct 35 percent from their taxable income, on the condition that the benefits would be used to fund n...

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NY Police Chief Jailed For Tax Fraud

February 19, 2010 Taxation in USA

Flat Stanley Has a Run in with the LawBernard Kerik, the former New York Police Commissioner, has been given a four year jail sentence after pleading guilty to eight separate felonies, including tax fraud and deceiving White House officials.

The US Prosecutor’s Office revealed on February 18th that Bernard Kerik has been given jail time after hiding USD255 000 he was gifted by a construction firm. It was alleged that in exchange for the gift Bernard Kerik contacted several government regulators to recommend the firm to receive government contracts; though he never disclosed the payments in his tax returns. He is currently confined to his residence, and the prosecution has recommended that the prison sentence begin immediately...

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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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Westpac NZ to Appeal Tax Decision

November 4, 2009 Taxation in New Zealand  No comments

The New Zealand branch of Westpac Banking Corp has revealed its intention to appeal the New Zealand High Court’s decision on the bank’s tax assessment.

Last month Westpac had challenged an amended assessment of their tax information by the Inland Revenue Department. The New Zealand High Court had decided to dismiss the challenge, leaving Westpac liable for NZ$586 million in unpaid taxes and a possible NZ$332 in interest. George Frazis, Westpac NZ Chief Executive, said, regarding the appeal decision “In our view there are sound arguments that warrant an appeal of the High Court’s decision. We consider those arguments are of sufficient merit to justify consideration by the NZ Court of Appeal”.

The IRD’s assessment amendment of Westpac revolves around a series of structured financing trans...

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UK Scrapping International Issuance Tax

October 5, 2009 Taxation in UK  No comments

Following a European Court of Justice (ECG) ruling, the UK Government has ceased levying 1.5% on all shares issued or transferred to a clearance service by British companies, internationally.

The 1st of October saw the ECG rule against the HM Revenue & Customs (HMRC), saying that the 1.5% Stamp Duty Reserve Tax (SDRT) is against European Community Law. The tax was levied on British companies which issued or transferred securities through a clearance service within the EU or the US. Typically such a situation would arise in merger or takeover situations. Estimates have placed the annual income figure from the SDRT to the British Government at over £10 million, though the HMRC have refused to confirm such figures.

The ECG ruling came as part of court action taken up by British-based HSBC, w...

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