Tax Evasion tagged posts

Chinese Firms Evading Ugandan Taxes, Says URA

May 28, 2018 Taxation in Uganda

Ugandan ShillingsKAMPALA – The Ugandan tax authorities are drawing attention to the scale of the tax evasion committed by Chinese businesses operating in the country.

The Uganda Revenue Authority (URA) recently published a list of companies which are understood to be engaged in VAT fraud, noting that a significant portion of the companies is made up of Chinese firms.

The URA has estimated that between 2015 and 2017 the actions of VAT evaders resulted in a loss of UGX 200 billion in tax revenues.

So far the government has recovered UGX 60 billion in lost tax revenues from the tax evading companies on its list.

The URA’s list contained 148 companies, with 93 being operated by foreign interests, and at least 90 of those being from China.

The listed businesses are accused of issuing fake invoices for tra...

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Cuba Worries About Tax Evasion

August 7, 2017 Taxation in Cuba

CubaHAVANA – Tax evasion and smuggling have forced the government of Cuba to stop issuing new licenses for some businesses.

The government of Cuba is ceasing the issuance of business licenses until the problems associated with self-employment have been perfected.

Previously, Cubans who wanted to strike out and be self-employed could be issued a license by the government to run their own business.

However, the growing prosperity of some business owners displeased government officials.

Of particular ire to lawmakers were bed and breakfast owners who, in one night, could see incomes equivalent to the average weekly wage of a state-employed worker.

The government also noted that the self-employed may be neglecting to pay their full tax obligations, or even evading their taxes entirely.

In order t...

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Wealthy Danes Dodge a Third of Their Taxes

June 2, 2017 Taxation in DenmarkTaxation in Norway

Tax Evasion in ScandanaviaCOPENHAGEN – Wealthy taxpayers are much more likely to avoid significant portions of their tax obligations, with the wealthiest people in Scandanvian countries skipping out on nearly a third of the taxes they owe.

Late last month researches from Norway and Denmark published an academic article showing that the propensity to evade personal tax obligations rises steeply with wealth.

The researchers used data made available in the Panama Papers and cross-referenced them with information made publically available by local tax authorities about individual taxpayers, in order to estimate how much tax was evaded by wealthy individuals.

It was found that in Norway, Sweden, and Denmark the richest 0...

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Inactive Shell Companies Getting the Boot in India

May 1, 2017 Taxation in India

Indian National FlagNEW DELHI – Dormant companies in India are being told to registered, as authorities believe they may be being used for money laundering.

Over the weekend the Ministry of Corporate Affairs of India sent out approximately 200 000 notices to companies which claim to be inoperative, instructing the entities to close down.

The notices come as a result of the recent moves by the government to demonetise selected bank notes, as they were thought to lead to money laundering and black market activity.

The companies which received notices have not filled annual returns for several years, indicating that they did not undertake any business activity.

However, during the demonetisation process it was evident that a number of “inactive” companies were actually participating in money laundering activ...

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India Removes High-Value Notes from Circulation

November 9, 2016 Taxation in India

High value notes in IndiaNEW DELHI – India is hoping that removing certain high-value bank notes from circulation will help eradicate tax evasion and funding of terrorism.

At midnight on November the 8th India will drop INR 500 and INR 1 000 banknotes from circulation.

The move to withdraw the large denomination notes from circulation is intended to bring in significant levels of hidden wealth back into the formal economy.

The withdrawal is also aimed at hampering the capabilities of militant groups to fund their activities, and to undermine the capability of small businesses to evade their tax obligations.

It is believed that as much as 40 percent of the national economy of India is comprised of small- and medium-sized businesses which predominantly operate in cash, and, often, without reporting their profits to...

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