American-formed manufacturing organization, Caterpillar Incorporated, has been charged with evading taxes by giving revenue to an associated corporation located in Switzerland. Caterpillar invested $55 million and executed a plan that allowed income to be transferred into an offshore account in Switzerland. Caterpillar avoided $8 billion in taxes by violating the […]
Category: Offshore Accounts/International Tax Disputes
As part of the United States’ operation to fight U.S. tax evasion, Hong Kong came to an arrangement with the U.S. to cooperatively exchange information on all Americans who live, work, or have assets in the Chinese city. The terms are fairly simple in the fact that exchanging of information […]
The southern state of Tamil Nadu filed a lawsuit seeking what it claims are unpaid taxes for phone sales from Nokia Corp. The new court filing, separate from an earlier Indian tax claim against the Finland-based company, alleges that Nokia failed to pay appropriate sales taxes for devices made at […]
Andreas Bachmann, former banker at Credit Suisse Group, pleaded guilty on Wednesday, March 10th, of helping Americans conceal their money in offshore Swiss accounts. Offering his services to dozens of Americans with Swiss bank accounts, Bachmann carried around large sums of cash on flights between the United States and Switzerland. […]
Political tension could rise if it becomes widely known that under diplomatic agreements instigated by the U.S. targeting tax evasion, U.S. financial firms will be required to share information on foreign-born U.S. residents with foreign governments. According to the 2010 Foreign Account Tax Compliance Act, foreign financial institutions will be […]
Switzerland’s finance minister told a Swiss newspaper that the country planned to adopt a much more friendly position in regards to sharing bank client data with foreign tax authorities much more quickly than originally thought and cannot hold back until all other countries have introduced the practice. Forty-two countries have […]
With the recent global crackdown on tax evasion in full swing, Standard Chartered PLC is seeking a buyer for its Swiss private bank put on the block by Italian insurance giant Assicrazioni Generali SpA. While Standard Chartered still has plans to grow its private banking in other financial hubs including […]
Swiss banks seeking non-prosecution agreements ran out of time to apply for the US Department of Justice’s (DOJ) amnesty program on December 31, 2013. Before the amnesty program closed, the DOJ announced that 106 banks sent letters of intent to participate. Banks that made it into the program will be […]
More than 100 Swiss banks and other financial institutions are expected to seek non-prosecution agreements and provide U.S. authorities with information regarding clients suspected of offshore tax evasion. The announcement, given by Assistant Attorney General Kathryn Keneally, gave insight as to exactly how many Swiss banks are expected reveal how […]
McDonald’s came under fire on Tuesday after allegations from the French magazine L’Express claimed the food chain was under investigation by tax authorities for failing to pay taxes on 2.2 billion euros ($3 billion) of income from its 314 French locations. The restaurant denied the allegations found in the magazine’s […]