Tax Evasion tagged posts

Tax Evasion a Major Problem in Italy

December 17, 2015 Taxation in Italy

ROME – Tax evasion is much bigger dilemma in Italy then previously thought, and reducing the problem by even 50 percent could create hundreds of thousand more jobs.

On December 16th the Italian employers’ organization Confindustria issued a new report claiming that the country loses as much as EUR 122 billion per year due to tax evasion.

It was claimed that tax evaders in Italy face a very low risk of being caught, with 99 percent of taxpayers facing no risk of undergoing a spot check on their tax affairs.

In its report the Confindustria claimed that if the rate of tax evasion could be cut by even half, the national economy could be boosted by approximately 3.1 percent while also generating an additional 335 000 jobs.

The largest portion of the tax evasion came from non-payment of valu...

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ATO Using School Data to Catch Tax Evaders

December 8, 2015 Taxation in Australia

CANBERRA – School rolls are the latest weapon employed by Australian tax authorities in their fight against tax evaders.

More than 100 households in Australia will be investigated by the Australian Tax Office in the near future, after authorities obtained information from several private schools about the payment of school fees from bank accounts situated in jurisdictions regarded to be offshore tax havens.

The information was collected by the ATO from 60 different schools across the country, all as part of the ongoing investigations into tax evasion.

The schools, some of which have annual fees in excess of AUD 100 000 per year, provided information on which families paid their school levies directly from offshore bank accounts.

According to the ATO, payment of such large amounts directly...

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Vietnam Shames Tax Evaders

July 24, 2015 Taxation in Vietnam

HANOI – The government is publicly naming businesses with overdue tax obligations, before resorting to taking the money directly from the offenders’ bank accounts.

The government of Vietnam is using name-and-shame tactics to coerce businesses with overdue tax obligations to pay up.

The national tax authority has issued a public list naming 600 companies with tax debts which were at least 121 days old at the end of June.

The total of the taxes owing by the delinquent businesses is approximately VND 12.658 trillion.

The new tactic has already seen moderate success with at least 10 percent of the businesses coming forward already to pay back all the overdue taxes, with even more coming forward to pay back a portion of the taxes owed.

The tax authorities are reputed to have leaked similar li...

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Greece Needs 30 Years to Audit All Tax Evaders

June 1, 2015 Taxation in Greece

ROME – Greek tax authorities do not have the capabilities do audit and investigate the sheer number of taxpayers potentially evading taxes.

Late last week the Financial Prosecutor of Greece Panayiotis Athanasiou claimed that it would take 30 years for the tax authorities of Greece to investigate and audit the all of the country’s suspected tax evaders.

Currently there is 1.38 million suspects for tax evasion in the country.

A significant portion of the suspects were named in various information releases over the last several years.

Panayiotis Athanasiou said currently tax authorities have investigated 478 of the individuals named in the infamous Lagarde List which names 2 062 taxpayers.

Further, of the 54 246 individuals who sent funds out of Greece between 2009 and 2012 only 588 have ...

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Greece Eyes ATM Tax

May 27, 2015 Taxation in Greece

ROME – Using cash may become more costly in Greece, as the government looks at measures aimed at reducing tax evasion in the country.

In a press conference held on May 26th the Minister of Finance of Greece Yanis Varoufakis confirmed that the government is now evaluating the feasibility of several measures aimed at reducing tax evasion, including a new tax on bank withdrawals made at an ATM.

The minister said that by instating a minuscule tax on cash withdrawals may encourage consumers to use credit and debit cards instead of paying with cash, a move which will significantly reduce the incidence of tax avoidance by businesses which conduct business in cash in order to keep profits off their records.

Yanis Varoufakis added that the government was also mulling the possibility of launching ...

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