tax compliance tagged posts

Offshore Centers Told To Make Central Register

March 30, 2015 Taxation in British Virgin IslandsTaxation in Cayman IslandsTaxation in UK

LONDON – Offshore companies may soon have to reveal the identities of their ultimate beneficial owners, with the information to be recorded on a central register.

Late last week the UK government instructed the British Virgin Islands and the Cayman Islands to set out a timetable for the implementation of a central register of companies.
As part of the proposed central register, information about the ultimate beneficial owner of each company will be made available in the register.

The central register is intended to help combat international tax evasion, as it will become more difficult to use offshore shell companies to unfairly dodge taxes.

However, authorities in both the British Virgin Island and in the Cayman Islands have already objected to the proposed register, saying that it will ...

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Tax Compliance Improves in South Africa

December 5, 2014 Taxation in South Africa

PRETORIA – A rising number of taxpayers in South Africa are filing their tax returns on time, and are increasingly relying on electronic filing methods.

On December 4th the South Africa Revenue Service (SARS) issued a new statement detailing the preliminary results of the 2014 tax season, showing that tax compliance in the country has shown a significant improvement over the previous year.

According to the SARS, by November 21st a total of 4.05 million individuals had submitted their tax returns for the year, a level equivalent to 94.49 percent of all taxpayers who were required to submit their returns.

The level of on-time compliance is a 10.14 percent improvement over the previous year, when only 3.69 million taxpayers submitted their returns on time.

It was noted that the total number ...

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Tax Policies in EU Promote Tax Evasion in Developing Countries

November 14, 2014 International Tax Cooperation

Tax Evasion in the EUNew research has shown that most EU countries are either not doing enough to fight international tax evasion, or are, in fact, supporting measures which make it easier for large firms to unfairly minimize their taxes in developing countries.

In its latest report, released on November 12th, the non-government organization European Network on Debt and Development (EURODAD) has claimed that the tax policies implemented by the governments of EU countries are actively hindering developing countries by depriving them of much needed tax revenues.

In the report it was suggested that a lack of legislation to enforce transparency and to prevent companies from dodging their tax obligations in other countries are allowing large multinational firms to unfairly reduce their tax obligations in developing...

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Tax Gap Drops in the UK

October 17, 2014 Taxation in UK

LONDON – Tax compliance is improving in the UK, although a significant portion of taxes are still outstanding due to tobacco smuggling and evasion of VAT.

The difference in the amount of tax revenues collected in the UK and the amount of taxes actually collected in the UK between 2012 and 2013 is approximately GBP 34 billion, an amount equivalent to 6.8 percent of total tax liabilities, according to new information released by the HM Revenue and Customs on October 16th.

According to Financial Secretary to the Treasury David Gauke said that at the current levels, the UK has one of the lowest tax gaps in the world, and the government’s active measures to lower tax evasion and to raise tax compliance has proven to be effective.

The current level of the gap of 6...

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Pakistan to Conduct 77 500 Audits

September 26, 2014 Taxation in Pakistan

Tax Audit in PakistanISLAMABAD – Tax authorities in Pakistan are attempting to stamp out tax evasion by conducting a significant number of tax audits on businesses and individuals around the country.

More than 77 500 taxpayers in Pakistan have been randomly selected to have their tax returns audited as part of the government’s annual random audit selection process, which took place on September 25th.

The 75 000 taxpayers were selected across six different categories, with 1 876 audits of corporate income tax filings, 63 050 audits of individual income tax filers, 1 410 audits for sales tax by corporate entities, 11 095 audits of sales tax from individuals, 45 audits of corporate filers of federal excise duties, and 24 audits of federal excise tax by individuals.

The number of audits to be conducted this y...

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