tax compliance tagged posts

OECD Says Tax Audits Not Enough

February 3, 2011 International Tax CooperationTaxation in EU

TaxThe Organization of Economic Cooperation and Development is urging its member nations to take greater action against aggressive tax planning schemes, stating that traditional tax audits may not be enough to curb lost revenues and that greater amounts of information are needed to stop overall tax collection loses.

On February 1st the Organization of Economic Cooperation and Development (OECD) released Tackling Aggressive Tax Planning Through Improved Transparency and Disclosure, a new report that urges countries to instate higher levels of taxpayer disclosure initiatives, in order to deal with the practice of aggressive tax planning.

Aggressive tax planning falls within a gray area of interpretation and abuses loopholes in national legislations, which may cut heavily into national tax reven...

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UK Makes Move Against Offshore Tax Evasion

February 1, 2011 International Tax CooperationOffshore BankingOffshore TaxationTax HavensTaxation in UK

HM Revenue & CustomsThe UK is set to impose harsher penalties on tax offenses committed by UK taxpayers through the use of entities incorporated offshore jurisdictions, in some cases even doubling the fines. However, questions have arisen regarding the potential effectiveness and ultimate motivation behind the revised rules.

On January 31st the the UK HM Revenue and Customs (HMRC) released a statement stating that from the April 6th 2011 is scheduled to impose a steep hike in the penalties imposed on taxpayers for non-compliance with tax legislation arising from activities involving companies incorporated in offshore jurisdictions...

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US to Distribute Info On Foreign Accounts

January 18, 2011 International Tax CooperationOffshore BankingOffshore TaxationTax HavensTaxation in EUTaxation in USA

Please Insert CoinAs countless international investors and individuals strive to establish a non-resident bank account in the USA, the Internal Revenue Service and the US Government are proposing a series of legislative changes which could make the US based deposits significantly less appealing.

On January 7th the Internal Revenue Service (IRS) published a new set of proposed rules regarding the treatment of bank accounts in the US held by non-residents. Under the potential changes, all US-based commercial and private banks, credit unions, brokerage institutions, and other financial service providers, must inform the IRS of the identity and details of non-residents holding an account which receive over USD 10.0 in interest throughout the year.

The new proposal could be seen as an effort by the US to show...

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Treasury Explores New Tax Refund Mechanism

January 14, 2011 Taxation in USA

Blue cardThe US Treasury is encouraging taxpayers to sign up for a new project which will see tax refunds deposited directly onto new debit cards issued by the Government.

On January 13th the US Department of the Treasury announced its new program, offering low- and middle-income taxpayers an opportunity to receive their tax refunds directly on prepaid debit cards which are provided by the Government.

According to the Treasury, the program will begin with 600 000 selected taxpayers receiving letters urging them to consider activating a MyAccountCard Visa® Prepaid Debit Card. Timing of the project has been choreographed to ensure that taxpayers will receive their 2010 tax refunds on the new card. Additionally, any of the 1...

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New Fight Against Tax Evasion and Smuggling in Philippines

January 10, 2011 Taxation in Philippines

Day 153 - PesosTwo revenue-raising departments of the Government of the Philippines are expected to begin operating with higher levels of cooperation in an effort to combat smuggling and tax evasion in the country.

On January 9th the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) of the Philippines announced that the two departments would soon begin cooperative efforts to eradicate tax evasion and smuggling in the country. The bureaus are expected to start a new tax compliance project in the near future to compare the tax records of the top 5 000 importers and the top 5 000 corporate taxpayers in the country...

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