tax compliance tagged posts

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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Audits Scare Businesses into Paying Tax

August 1, 2017 International Tax Cooperation

Tax auditWASHINGTON D.C. – Business can be scared into paying more tax, simply by being shown the likelihood of being audited.

Statistical information about the possibility and repercussions of audits can scare businesses into paying more tax, according to the results of new research published by the National Bureau of Economic Research.

The results were derived by a team of researchers who worked with the Internal Revenue Service of Uruguay to send letters to more than 20 000 companies across the country.

The companies received letters either providing generic information about taxes and audits, or a letter containing information about the statistical probability of being audited, and the likely penalties from the audit.

The researchers found that the letters presenting statistical information ...

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Panama Papers Scare Pakistan’s PMs into Compliance

July 28, 2017 Taxation in Pakistan

Pakistan taxISLAMABAD – MPs in Pakistan have started to report their full incomes and pay their full tax obligations, with some MPs reporting a 3 900 percent spike in payments.

Parliamentarians in Pakistan are owning up to the extent of their personal incomes and declaring levels which are closer to the truth in the new Parliamentarian Tax Directory released earlier this week.

The Parliamentarian Tax Directory is a recent initiative aimed at encouraging PMs to declare and pay their full tax obligations.

It is believed that the cause of the spike in tax payments is a combination of the efforts made by the government to encourage tax compliance and the after-effects of the infamous Panama Papers scandal.

It is thought the increasing likelihood of illicit tax behaviour coming to light has scared some p...

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Monitoring Devices to Ensure Tax Compliance in Zimbabwe

December 16, 2015 Taxation in Zimbabwe

HARARE – Zimbabwe will use new ever-watching technology to make sure that businesses comply with their tax obligations.

At a conference held earlier this week the Commissioner General of the Zimbabwe Revenue Authority Gershem Pasi said that at the start of next year the government will begin rolling out new electronic monitoring devices aimed at ensuring that businesses are paying all necessary taxes.

The new devices will be installed inside businesses, at points of sales, and inside mobile services such as taxis, and will provide real-time logging of all sales, transactions, product and service types, cash taken, and payments made.

The collected data will be remitted in real-time back to tax authorities for inspection and analysis.

The new monitoring system will help businesses to comp...

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French Budget Sees EUR2.4 Billion Boost

September 29, 2015 Taxation in France

PARIS – France’s fight against tax evaders is paying dividends, and will help the government cut taxes for households.

On September 28th the Minister of Finance of France Michael Sapin announced that the upcoming budget plan for the 2016 year has been boosted by approximately EUR 2.4 billion, following a series of success in stamping out tax evasion.

The extra money will come as a result of France’s ongoing push to convince taxpayers with offshore accounts to declare the previously hidden funds, incomes and capitals, and to pay any resulting tax obligations, but enjoy some reduction in penalties.

It is expected that the government will recover EUR 2.65 billion directly from taxpayers.

Over recent years the government has already cracked down on a number of tax evaders who were using o...

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