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Offshore Accounts/International Tax Disputes Archives

More Penalties to Come to British Citizens Who Evade Taxes

The British government unveiled its new plan to crackdown on people who have been evading taxes by imposing larger penalties and criminally prosecuting more frequently. Under current regulations prosecutors must prove that an accused is using an offshore account with the intention of evading taxes. Officials are encouraging the passing of a new standard that would allow prosecutors to pursue someone just because they have the money in an offshore account and they haven't confirmed the payment of taxes on it.

Caterpillar Inc. Gets Caught Evading Taxes

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.

Indian Tax Authorities Pursue Nokia with New Tax Claim

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 its phone factory in Chennai. The state is seeking roughly €300 million.

Personal ATM, Banker's Plea Outlines Tax Evasion Plan

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. Bachmann acted as a "personal ATM" for these Americans, often taking deposits of one client and using them to fund a withdrawal for a different client. Bachmann testified that it was all to help his customers avoid U.S. taxes, however, he agreed to cooperate fully with the U.S. government as they investigate the banks and their employees for aiding tax evasion. 

FATCA Expected to Face Political Backlash

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.

Standard Chartered Seeks Buyer for Swiss Private Bank

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.

Switzerland Looks to Finalize Tax Evasion Process

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.

Time is Running out to Report Assets Held in Swiss Banks

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 required to provide the DOJ with information pertaining to US account holders and advisors affiliated with US-related accounts and will be required to pay penalties tied to the balance of the US-related accounts no later than April 30, 2014 (unless a 60-day extension is granted).

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