Tax Evasion tagged posts

Brazil Loosing Billions in Illicit Financial Flows

September 8, 2014 Taxation in Brazil

BRASILIA – Illicit financial flows are on the rise in Brazil, as the country loses more and more every capital year to trade mis-pricing and hidden wire transfers.

On September 8th the independent think-tank Global Financial Integrity issued a new report, showing that in the years between 1960 and 2012 Brazil has seen more than USD 400 billion dollars in illicit financial flows.

The size of the illicit financial flows coming out of Brazil has increased progressively with time, rising from an average of USD 310 million per year in the 1960s, to USD 14.7 billion over the first decade following the turn of the century, finally jumping up to more than USD 33 billion in the last three years of the study.

According to the experts of the Global Financial Integrity, approximately 92...

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Tax Raids Held in Israel

November 19, 2013 Taxation In AsiaTaxation in Israel

Jerusalem propertyJERUSALEM – Several hundred homes have been raided by tax authorities across Israel, in an effort to find tax evading property owners who don’t declare rental incomes.

Over the weekend the Tax Authority of Israel revealed that several raids and investigations were conducted by tax inspectors last week on affluent homes across the country in an effort to uncover evidence of tax evasion, especially instances of overseas-based landlords not reporting the rental incomes received from high-end properties.

Two separate raids were initially carried out on pre-selected homes in Tel Aviv and Herzliya Pituach, and several days later a further raid occurred in Ashdod.

According to the Tax Authority, over the course of the last raid, 200 homes were visited with specific requests for the occupier to ...

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Slovakia Boosts Revenues and GDP

September 27, 2013 Taxation In EuropeTaxation in Slovakia

Tax revenues in SlovakiaBRATISLAVA – Slovakia will see an additional EUR 132 million in tax revenues this year, with a significant portion of the new-found windfall coming from a crack down on tax evasion.

In a statement issued on September 26th the Ministry of Finance of Slovakia confirmed that tax revenues for the year are likely to exceed previous expectation due to the combined effects of higher-than-expected economic growth, and due to the government’s efforts to clamp down on the occurrence of tax evasion.

Tax revenues for the current year are now expected to exceed budgetary forecasts by EUR 132 million, or equivalent to nearly 0.2 percent of the national GDP.

The increase has been partially attributed to a pickup in the economy of Slovakia, which was foretasted in June to grow by 0...

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Tax Dodgers Cost EUR 895 Bil

September 20, 2013 International Tax CooperationTaxation In AfricaTaxation in EU

Woman Trader In Accra's Makola Market, GhanaBRUSSELS – Tax policies in the EU are allowing multinational businesses to dodge their tax obligations while raising a profit in developing countries.

On September 18th the European NGO Confederation for Relief and Development (CONCORD) released a new report which called on EU policy makers to “… prevent, detect and correct some harmful policies” which result in the loss of billions in revenues and financial flows in developing countries.

According to CONCORD, every year more than EUR 100 billion in potential tax revenues is lost in developing countries, as lax tax policies in the EU allow multinational firms to evade their tax obligations around the world, despite raising a portion of their profits in the developing countries.

In 2010 developing nations missed out on further a cumula...

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Israel Moves Towards Cashless Society

September 18, 2013 Taxation in Israel

These won't get you far in Israel.JERUSALEM – Reducing the use of cash for everyday transactions will directly help Israel to fight tax evasion, and to eliminate money laundering.

On September 17th the Cabinet of Israel launched a new committee charged with the task of finding new means and measures of encouraging taxpayers to use of electronic payment methods instead of cash, as, it is believed, that the shift will help reduce the occurrence of tax evasion and unreported incomes.

Explaining the benefit of a “cashless” society, the appointed head of the committee Harel Locker said that a significant number of everyday transactions currently remain unreported and untaxed, however, expanding the uptake of electronic payment methods will increase tax authorities’ abilities to investigate tax evasion and to uncover activity on...

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