Swiss banks are moving as quickly as possible to inspect account data with masses of lawyers and auditors at their sides in an attempt to meet a 31 December deadline set by the US Justice Department on an amnesty for institutions who admit to breaking America’s tax laws. Under this […]
Category: Offshore Accounts/International Tax Disputes
Earlier this month, Deputy Consul General Devyani Khobragade was arrested, detained, strip-searched, and had her passport confiscated because of charges that she had lied on a visa application and was paying a house worker below minimum wage. What was a cordial and improving relationship between the United States and India […]
France has always been very fond of its culture. So fond, in fact, that it is contemplating taxing Facebook and YouTube for propelling services that affect the cultural fabric of L’hexagone. Under the country’s “cultural exception,” French cinema and music industries are protected against outside-especially American-companies that could harm the […]
Brazil was a model for financial discipline during the global financial crises. While much of the world economy was slowing down or contracting, Brazil will was chugging along quite serenely. Unfortunately, as with all things-good or bad-, it came to an end. Now Brazil is preparing to face some tax […]
Here in the United States, the federal government is concerned about private individuals evading taxes by putting their funds in offshore accounts. Occasionally, the tax evasion tactics of a politician come to light. But apparently in Pakistan, at least half of all lawmakers don’t even bother to register with tax […]
The Organization for Economic Cooperation and Development (OECD) has indicated that 30 of its developed-country members have seen their tax revenues continue to recover in 2013 after the 2008-2009 global financial crisis. While pre-crisis revenues accounted for roughly 35% of GDP, in 2013 it is at 34.6%, which indicates that […]
Since UBS agreed to a $780 million penalty by U.S. authorities, the United States has been attempting to convince other Swiss banks to voluntarily aid the American government in finding its tax evaders. By using UBS as an example, the help of an agreement with the Swiss government, and a […]
In a motion of compliance, Valiant Bank has become the first Swiss lender to confirm its enrollment in a US program intended to put a stop to the country’s banking secrecy. The US has relentlessly pursued Swiss lenders since forcing UBS, Switzerland’s largest bank, to pay a $780m fine for […]
In spite of an $8.6 million spending spree and nearly 19 months to rally its troops in an effort to enforce a new law against offshore tax evasion that takes effect next year, the IRS remains unprepared. According to the Treasury Inspector General for Tax Administration, more IRS computer and […]
In what appears to be an attempt to shed its image as a haven for tax evaders, the Swiss government has cleared the first batch of banks to cooperate with U.S. authorities under a deal to stem tax evasion. The country once known for its misuse of famous banking secrecy […]