Tax Avoidance

Featured Tax Avoidance

EU Moves to Add Cayman Islands to Tax Haven Blacklist: FT

The European Union will add the Cayman Islands to a blacklist of foreign tax havens after the UK overseas territory failed to pass legislation that adequately addressed concerns about businesses seeking tax advantages in the jurisdiction, the Financial Times reported. EU27 ambassadors voted on Wednesday to include the Cayman… Read More

British Tax Havens to Share Data With Russian Authorities

British offshore tax havens will send information about Russian assets registered in their jurisdictions to the Russian tax authorities, despite London and Moscow having cancelled an international agreement which facilitates the sharing of such financial information. Jersey, Guernsey and the Isle of Man are set to share details on bank… Read More

Luxembourg’s financial crime watchdog bemoans lack of firepower

Five years after the LuxLeaks revelations, the fight against white collar crime is failing to take off, according to the magistrates in command. This is due to a lack of qualified staff and the increasing complexity of financial transactions. The two men in charge of the fight – Patrick Konsbruck, deputy… Read More

9th December 2019

EU to consider tougher tax haven listing

A group of European Union countries is calling for the bloc to cast a wider net when listing tax havens and to consider imposing stricter sanctions for countries facilitating tax avoidance, according to an EU document and an EU official. The document, prepared by the Danish government and seen by… Read More

5th December 2019

Formations House set up accounts at bank part-owned by Celtic boss Dermot Desmond

The firm at the heart of a company formation scheme opened accounts for high-risk customers at a bank part-owned by the Celtic boss Dermot Desmond, which had previously been implicated in a money-laundering scandal. Mr Desmond bought into Rietumu, one of the largest banks in Latvia, in 2005 for what… Read More

2nd December 2019

As Juncker bids farewell, new EU executive begins with scrutiny over Luxembourg tax

Officials from the new European Commission will discuss a report by International Monetary Fund researchers that lists Luxembourg as a world-leading tax haven just days after the former leader of the Grand Duchy departs the EU executive’s helm. Vice-President Margrethe Vestager and tax commissioner Paolo Gentiloni will on Monday meet… Read More

2nd December 2019

OECD Hails Global Anti-Tax Evasion Efforts as ‘Unprecedented Success’

Last week, the Global Forum on Transparency and Exchange of Information for Tax Purposes convened in Paris to discuss international efforts to advance tax transparency. Comprising 158 member jurisdictions, the Global Forum is an OECD initiative that works to address the risks to tax compliance posed by non-cooperative jurisdictions. “Ten… Read More

7th November 2019

How the Netherlands Built One of the World’s Worst Tax Havens

Dutch officials really don’t like it when someone calls their country a tax haven. In 2009, the Obama administration did just that, naming the Netherlands as one of a number of countries where scores of major American firms had established subsidiaries in order to avoid paying U.S. taxes. In a… Read More

4th November 2019

HMRC ‘doesn’t have time’ to investigate offshore account tip-offs

The tax office has been “swamped” with 5.7 million pieces of information about overseas bank accounts held by three million British citizens under the terms of a new international treaty, according to tax experts. However, HM Revenue & Customs (HMRC) does not have enough staff to investigate the information, according… Read More

14th October 2019

Cyprus, Malta lead EU ranking of $1.6 trillion assets held offshore

European Union taxpayers held assets worth at least $1.6 trillion offshore in 2016, equal to nearly 10% of the bloc’s output, the European Commission said on Friday, estimating tax revenue losses at around $50 billion a year. In a report, the Commission said taxpayers in the Mediterranean islands of Cyprus… Read More

12th September 2019

Commerzbank Frankfurt Offices Raided in Widening Tax Scandal

Commerzbank AG’s offices in Frankfurt were searched Tuesday as German authorities continued their investigations into a widening tax scandal involving multiple global lenders. The raids are tied to controversial trading practice across the industry known as Cum-Ex, according to a person with knowledge of the matter who asked not… Read More

15th August 2019

Court Rules Leaked Documents Are Fair Game in Tax Case Against Glencore

Australia’s top court has rejected a move by one of the world’s most profitable companies to stop government officials from using leaked documents to assess its tax bill. Australia’s High Court ruled unanimously on Wednesday that commodity giant Glencore could not rely on “legal privilege” to prevent the Australian Tax… Read More

7th August 2019

HSBC agrees to 300 mln euro settlement of Belgian tax fraud case: prosecutors

HSBC’s Swiss private banking arm has agreed to pay nearly 300 million euros ($336 million) to settle a tax fraud case in Belgium, Belgian prosecutors said on Tuesday, the latest blow for the Alpine state’s banking sector from the EU. The settlement comes after a French court in February ordered… Read More

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