tax compliance tagged posts

Major Pharmaceuticals Dodging NZ Taxes

September 18, 2018 Taxation in New Zealand

drug companiesWELLINGTON – Oxfam is claiming that pharmaceuticals are “cheating” New Zealanders out of millions in taxes.

On September 18th the New Zealand wing of Oxfam International issued a press release claiming that major drug and pharmaceutical companies are underpaying their taxes by millions each year.

Oxfam claims that drug companies are “cheating New Zealand out of millions in tax revenue” by shifting their profits to low-tax jurisdictions.

By moving their profits out of New Zealand, the companies are able to bypass paying income tax on their actual earnings made from New Zealand activity.

According to the Oxfam New Zealand, over the years between 2013 and 2015, the total amount of approximately NZD 21 million of potential tax revenue was unfairly unpaid by the Pfizer, Merck, Johnson & ...

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Self-Employed Kiwis Hide a Fifth of Their Income

August 7, 2018 Taxation in New Zealand

Tax compliance in New ZealandWELLINGTON – Self-employed New Zealanders are hiding 20 per cent of their income, and the modern “gig economy” is not making the situation better.

Self-employed taxpayers in New Zealand are underreporting their incomes by an average of 20 per cent in order to reduce their tax payments, according to the results of new research made public by the government appointed Tax Working Group.

The research looked only at individuals who are self-employed and not working through a corporate structure such as a company or trust.

Typically in New Zealand, such taxpayers are sole traders or working as part of a partnership.

These taxpayers represent approximately 55 per cent of the self-employed income generated in New Zealand, with the remainder being represented by those who are working through thei...

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UK Launches 9 Major Taxes in 10 Years

July 10, 2018 Taxation in UK

Taxes in the UKLONDON – Over the last decade, the UK has decreased its appeal as an investment destination by enacting a series of new taxes.

Earlier this week the UK accounting firm, UHY Hacker Young, issued a new statement which detailed the taxes enacted by the national government over the last 10 years.

Since the 2008 Global Financial Crisis, the government of the UK enacted 9 new taxes, consisting of the apprenticeship levy, the bank levy, the bank surcharge, diverted profits tax, bank payroll tax, enveloped dwellings tax, Swiss capital tax, and the tax on sugar-sweetened beverages.

Cumulatively, the new taxes raised an extra GBP 27.9 billion in tax revenues, over and above what the government already collected from previously enacted taxes.

Commenting on the new taxes, Darren Grimes, Partner at ...

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New Group Formed to Fight Modern Tax Dodging

July 5, 2018 International Tax Cooperation

J5 tax evasionWASHINGTON D.C. – The IRS, along with 6 other tax agencies, are forming a new multinational investigative group aimed at fighting modern international tax evasion.

Earlier this week the US Internal Revenue Service announced the formation of a new collaborative international team aimed at stamping out tax evasion, money laundering and tax crime.

The new group, called the J5, will be made up of the Australian Criminal Intelligence Commission (ACIC) and Australian Taxation Office (ATO), the Canada Revenue Agency (CRA), the Fiscale Inlichtingen- en Opsporingsdienst (FIOD), HM Revenue & Customs (HMRC), and Internal Revenue Service Criminal Investigation (IRS-CI).

The J5 will aim to conduct investigations on the methodologies and perpetrators of on transnational tax offenses around the world.

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Mossack Fonseca Closing Down

March 15, 2018 Taxation in Panama

Mossack FonsecaPANAMA CITY – The scandal behind the Panama Papers has now brought down the firm at the centre of the controversy.

On March 14th the infamous law firm at the centre of the Panama Papers scandal, Mossack Fonseca, announced that they are ceasing their operations.

The Panama Papers scandal revolved around a large collection of documents which were stolen and leaked to media and investigative journalists, which detailed the clients of the firm, and how they used offshore structures to hide their wealth and assets.

In a statement, the firm said: “The reputational deterioration, the media campaign, the financial circus and the unusual actions by certain Panamanian authorities, have occasioned an irreversible damage that necessitates the obligatory ceasing of public operations at the end of the...

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