Tax Evasion tagged posts

Germany to Bring Tax Talk to the Swiss

August 7, 2009 International Tax CooperationOffshore BankingTaxation in GermanyTaxation in Switzerland  No comments

Germany will start tax agreement negotiations with Switzerland later this month in an effort to combat the ever more prominent problem of tax evasion.

Germany is looking to make some headway with the problem of German nationals utilizing Swiss banking to avoid their full tax liabilities. According to Peer Steinbrueck, German Finance minister, Germans have a “triple-digit billion-euro amount” hidden away in offshore accounts throughout the world, and Swiss bank accounts make up a significant portion of this.

Germany and Switzerland will engage in rounds of tax agreement negotiations later in August. Most likely these will work towards the signing of an OECD created Tax Information Exchange Agreement (TIEA)...

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Australian Tax Office Gets Tough

August 6, 2009 Taxation in Australia  No comments

The Australian Tax Office launched their new program on the 6th of August aimed at ensuring compliance from Australian executives and wealthy.

The Australian Tax Office (ATO) has stated that they will be targeting the wealthy of Australia in a bid to increase tax compliance and tax revenues. The corresponding 2008-2009 program netted an extra A$44 million from 440 executive and director reviews and audits and over A$1 billion from 260 large business “comprehensive risk reviews”.

This year the search for compliance dodgers has expanded in its data-matching technologies and even has the ATO scouring news sources for information on company mergers, and reminding the involved directors to declare any benefits that they garner from such activity...

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US and UBS Case Reaches Agreement

August 4, 2009 International Tax CooperationOffshore BankingTaxation in SwitzerlandTaxation in USA  No comments

An agreement has been reached in the negotiations between UBS and the US, tentatively resulting in the disclosure of 5,000 account holder names and no fines for UBS.

The recent legal wrangle between the Swiss bank UBS and the US Department of Justice (DoJ), in a case filed on behalf of the Inland Revenue Service (IRS), looks like it could come to a relatively placid end. It was announced that the two parties have come to an agreement “in principal”.

While the US originally sought the names of 52,000 American UBS account holders, it now seems willing to settle for the 5,000 largest accounts. The sought after names are all under suspicion of evasion of US taxes through their Swiss offshore accounts...

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