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Latest Finance News related to Tax Fraud

UK's super rich appear to get special deal from HMRC, says watchdog image
Source : Guardian [Read Article] Friday 27th of January 2017 12:01:11 AM
....9bn currently under investigation. However, the report found HMRC had a “dismal record” when it came to prosecuting the very wealthy for tax fraud in the criminal courts. ...
Fears that EU measures against financial crime will be weakened image
Source : Guardian [Read Article] Tuesday 20th of December 2016 06:34:58 PM
.... The new text would allow individual countries to decide on their own definition of “legitimate interest”, potentially excluding the general public. There has been growing pressure for EU member states to publish their own registers of company beneficial owners after the publication of the Panama Papers earlier this year revealed how companies in tax havens can facilitate crime and tax fraud. ...
Christine Lagarde in court over €400m payout to French tycoon image
Source : Guardian [Read Article] Monday 12th of December 2016 02:26:44 PM
.... Sarkozy has been friends with tycoon Bernard Tapie since the 1980s. Bernard Tapie, 73, is a businessman, former government minister, one-time actor, singer, TV host and football club owner, who spent eight months in jail for match-fixing and tax fraud. ...
MP calls for inquiry into José Mourinho tax avoidance allegations image
Source : Guardian [Read Article] Sunday 4th of December 2016 10:03:39 AM
....”. Lopez Milla of the Spanish parliament’s tax committee had called for the case to be reopened to “investigate whether Mourinho has committed the criminal offence of tax fraud”. ...
HSBC calls for Theresa May to clarify status of EU nationals image
Source : Guardian [Read Article] Monday 7th of November 2016 12:01:55 PM
....Gulliver has embarked on a strategy to clean up the bank following a series of scandals and the revelations last year about how HSBC’s Swiss banking arm helped wealthy customers dodge taxes. It emerged last week that the bank could face trial for alleged tax fraud in France over the activities of its Swiss subsidiary. ...
UK must retaliate against cyber-attacks says chancellor image
Source : BBC [Read Article] Tuesday 1st of November 2016 12:09:41 AM
....With the aid of industry, the government has already set up automated systems that screen out malware and spam before it reaches UK citizens. Other projects have helped the government verify where emails come from to thwart specific tax fraud campaigns aimed at the UK. ...
Prize catch image
Source : BBC [Read Article] Saturday 24th of September 2016 11:20:46 PM
.... . In 2015 it emerged that he was being investigated for tax fraud after taking advantage of a fiscal amnesty three years earlier, repatriating money he had been keeping abroad. ...
Tax credits firm Concentrix will not have contract renewed image
Source : BBC [Read Article] Tuesday 13th of September 2016 08:13:31 PM
....The spokesperson added: "In-fact [we] would be penalised heavily for failure to adhere to HMRC policies and procedures. Through the term of the contract we are pleased to have saved the taxpayer nearly £300m in authentic confirmed tax fraud and error which otherwise would have cost the taxpayer money". ...

Donald Trump may go before court over tax deal that deprived US Treasury of millions of dollars
 image
.... The court case is in part based on a complaint that was filed in 2010 by Mr Oberlander on behalf of Jody Kriss, his then client, who is the former finance director of Bayrock. As well as alleging massive tax fraud committed through various deals, the complaint details how Felix Sater, a Russian former business associate of Mr Trump who helped source the FL deal, had previously been convicted of a mob-organised stock fraud heist of Wall Street. ...
Berlusconi: AC Milan sold to Chinese consortium image
Source : BBC [Read Article] Wednesday 6th of July 2016 12:31:30 AM
....However other media outlets, citing their own sources, said the terms of the deal are still being finalised. Berlusconi, 79, has served as prime minister four times but was convicted of tax fraud and bribery. ...
France 'to go all the way' to make multinationals pay their taxes image
Source : Guardian [Read Article] Sunday 29th of May 2016 12:48:25 PM
.... This is possible thanks to a loophole in international tax law, but it hinges on staff in Dublin concluding all sales contracts. The police raid was part of a separate judicial investigation into aggravated tax fraud and the organised laundering of the proceeds of tax fraud. ...
French minister urges UK to stamp out tax secrecy in its territories image
Source : Guardian [Read Article] Wednesday 11th of May 2016 05:38:18 PM
....He added: “There are always obstacles, but the principle obstacle is egotism, the feeling that we can get by on our own. “The particularity of every battle against tax optimisation, tax fraud or international corruption is that no one can fight it alone. ...
One rule for the rich: Britain being robbed of £16BILLION every YEAR by fatcat tax dodgers image
....Now HMRC has been given until November to reveal exactly how it is going to change its dismal track record. The report said there had been scant progress in reducing losses from tax fraud over the past five years. ...
HMRC 'not doing enough' to tackle fraud image
Source : BBC [Read Article] Thursday 14th of April 2016 11:03:30 PM
Stop worrying, self-starters – the £1,000 tax allowance isn't just for internet sellers image
.... But these allowances are about making it easier for people with low levels of property and trading income. HMRC will continue to take tax fraud and evasion seriously,” the spokesman said. ...
Osborne targets overseas sellers on Amazon and eBay in VAT clampdown image
Source : Guardian [Read Article] Wednesday 16th of March 2016 07:51:22 PM
.... If, after those warnings, sellers did not collect VAT correctly within 30 days, then eBay and Amazon could be held liable for the missing tax. The Treasury estimates this measure will recoup £875m in lost VAT receipts over the next four years – although it is not expected to halt tax fraud altogether. ...
Amazon and eBay to be held liable for VAT fraud by sellers image
Source : Guardian [Read Article] Wednesday 16th of March 2016 04:32:34 PM
.... If, after those warnings, sellers do not correctly collect VAT within 30 days, eBay and Amazon can be held liable for the missing tax. The Treasury estimates this measure will recoup £875m in lost VAT receipts over the next four years – though it is not expected to halt tax fraud altogether. ...
Belgium investigates UBS for tax fraud image
Source : BBC [Read Article] Friday 26th of February 2016 11:28:44 AM
. Swiss bank giant UBS is being investigated over money laundering and serious organised tax fraud in Belgium. ...
Kanye West could pay off his $53m debt by seeking donations on a smaller scale image
....Marvin Gaye reportedly ended up living in Europe for a brief period to avoid having to deal with the IRS, before striking a deal with the tax agency with the help of CBS, shortly before his murder. Tax issues have been problematic for other entertainment figures, including Jersey Shore reality TV show personality Mike “The Situation” Sorrentino: the IRS indicted him on charges of tax fraud in 2014. ...
French ex-minister in tax fraud trial image
Source : BBC [Read Article] Monday 8th of February 2016 10:05:38 AM
. A former French budget minister, who was appointed by President Francois Hollande to tackle tax evasion, has gone on trial charged with tax fraud. ...
Tories lobbying to protect Google’s £30bn island tax haven image
Source : Guardian [Read Article] Saturday 30th of January 2016 11:37:00 PM
....And Tory MEPs voted in July against giving assistance to tax administrations in developing countries to tackle tax evasion. In March and January, Conservative and Ukip MEPs voted against a report calling for action to tackle tax avoidance, tax evasion and aggressive tax planning and a motion calling for the commission to commit to clamping down on tax fraud through legislation. ...
How blockchain tech could change the way we do business image
Source : BBC [Read Article] Friday 22nd of January 2016 12:07:55 AM
....Having access to an open, transparent ledger of bank transactions would also be useful for regulators, he adds. And it could help governments tackle tax fraud. ...
HMRC chief Lin Homer to step down image
Source : Guardian [Read Article] Monday 11th of January 2016 12:22:52 PM
.... While Homer is understood to be free from any contractual obligations limiting where she can work next, she said she would take a break over the summer before seeking a new job. Related: UK tax fraud costs government £16bn a year, audit report says. ...
Wildenstein art heir stands trial for half-billion euro tax fraud in Paris image
.... Judges accuse them of siphoning back offshore funds to Guy via false loans and bills. If found guilty of tax fraud and “aggravated” money laundering, he faces up to 10 years in prison. ...
Apple fined in Italy tax case image
Source : BBC [Read Article] Wednesday 30th of December 2015 09:38:21 AM
. Apple's Italian subsidiary has agreed to pay €318m (£235m; $348m) following an investigation into tax fraud allegations, Italy's tax office says. ...
IMF head Christine Lagarde ordered to face trial over Bernard Tapie scandal image
Source : Telegraph [Read Article] Thursday 17th of December 2015 07:30:39 PM
.... Mr Tapie is a controversial figure in French public life. The former president of the Marseille football club has spent a spell in prison for match fixing, and has been convicted for tax fraud. ...
HMRC loses £16bn a year through tax evasion and fraud image
Source : Daily Express [Read Article] Thursday 17th of December 2015 05:07:00 AM
. HM Revenue & Customs (HMRC) has an annual tax collection shortfall of £34bn - with almost half the missing cash lost through evasion, hidden economies and criminal attacks - collectively termed tax fraud. ...
A year after LuxLeaks, it is high time for EU action on corporate tax-dodging | Letter from John McDonnell MP, Thomas Piketty and others image
.... The European Union should ensure that multinationals pay their taxes where they make their profits. We strongly advocate for ambitious reforms to clamp down on tax fraud, close legal loopholes, effectively sanction tax havens, fight corruption and money-laundering, and improve transparency and cross-border cooperation. ...
Denmark reveals €800m tax fraud – the country's biggest image
Source : Guardian [Read Article] Thursday 27th of August 2015 02:44:08 AM
. Denmark’s tax authority said on Wednesday that it had alerted police after foreign companies appeared to have drained more than 800m euros from the system in what would be the country’s biggest tax fraud. ...
Budget 2015: George Osborne's speech in full image
Source : Telegraph [Read Article] Wednesday 8th of July 2015 12:45:59 PM
.... . We’re boosting HMRC’s capacity with three quarters of a billion pounds of investment to go after tax fraud, offshore trusts and the businesses of the hidden economy, tripling the number of wealthy evaders they pursue for prosecution – raising £7. ...
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Summer Budget 2015: Everything you need to know image
Source : Daily Express [Read Article] Wednesday 8th of July 2015 12:33:00 PM
....University funding*Student maintenance grants have been replaced with loans for new students from 2016/17 academic year to be paid back once they earn more than 21,000. *Maximum loan increased to 8,200Tax evasion*Boost to HMRC's budget to £750,000 to help it go after tax fraud and evasion with the aim of raising 7. ...
Budget 2015: George Osborne's new 'living wage' hailed as 'a masterstroke' - as it happened image
.... . Mr Osborne says: We’re boosting HMRC’s capacity to go after tax fraud by £750m It will raise £7. ...
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UK tax authorities pay record £605,000 to informants image
Source : Guardian [Read Article] Sunday 14th of June 2015 11:01:15 PM
....The amount of money paid to informants by HMRC in its attempts to crack down on tax evasion has leapt by more than 50% in a year to a record high of £605,000. The tax authorities are increasingly rewarding tip-offs in an attempt to recoup the tens of billions lost annually to tax fraud. ...
Italian tax clampdown dims the sparkle at Bulgari image
Source : Guardian [Read Article] Friday 29th of May 2015 12:38:35 PM
.... In the same year, the Marzotto family made a €56m tax payment in the wake of selling the Hugo Boss and Valentino labels. The inquiries reflect an attempt by authorities to crack down on alleged tax cheats as Italy tries to claw back some of the estimated €120bn lost every year through tax fraud. ...
Take a look at what Silvio Berlusconi is posting on his new Instagram account image
....A photo posted by Silvio Berlusconi (@silvioberlusconi2015) on May 19, 2015 at 5:04pm PDT. Mr Berlusconi, three times prime minister of Italy between 1994 and 2011, was convicted of tax fraud in 2013. ...
Spain corruption case another blow for Rajoy image
Source : BBC [Read Article] Tuesday 28th of April 2015 03:12:54 AM
. It was a sight most Spaniards never imagined they would ever see: former economy minister and IMF chief Rodrigo Rato gingerly stepping into a police car following his arrest as part of a money laundering and tax fraud investigation. ...
Nina Ricci heir convicted of tax evasion in France with help of HSBC image
Source : Guardian [Read Article] Monday 13th of April 2015 02:12:58 PM
....A Paris court also fined Arlette Ricci €1m (£722,000) after declaring she had shown a “particularly determined willingness for more than 20 years” to hide money left to her by her father in Swiss bank accounts. “The seriousness of the facts are an exceptional threat to public order and the republican pact,” read the judgment, seen as an important precedent for as many as 50 other cases of alleged tax fraud involving HSBC in France. ...
Source : BBC [Read Article] Monday 13th of April 2015 01:12:26 PM
. The heir to the Nina Ricci perfume and fashion fortune has been convicted of tax fraud by a Paris court after hiding millions in an offshore HSBC account. ...
France widens HSBC Swiss bank inquiry to global holding company image
Source : Guardian [Read Article] Thursday 9th of April 2015 03:47:41 PM
....Ricci, 73, a psychoanalyst and writer, was on trial alongside her daughter and accountant. They all denied charges of tax fraud and money laundering. ...
Merkel warns Greek reform plans need to 'add up' image
Source : Telegraph [Read Article] Monday 30th of March 2015 08:10:53 AM
.... Here's some of the revnue-raising measures it includes: . • €875m of revenues from “intensification of audits on lists of bank transfers and offshore entities”• €400m from streamlining income-tax rules • €350m from auctions of television-broadcast licenses • Between €250m - €400m from “combating illegal trade on oil, tobacco and alcohol • €420m euro is projected from the fight against sales-tax fraud• Plans aim to hit a primary budget surplus of 1. ...
European Commission's new plan to expose 'sweetheart' tax deals for multinational companies in EU countries image
.... Companies including Starbucks caused public outrage when their tax dealings were revealed (Getty) While governments defend the deals as technically legal, transparency campaigners question whether they are fair, especially as taxes for ordinary European citizens soar as part of punishing austerity drives. The EU estimates that one trillion euros a year are lost to tax evasion, tax fraud and aggressive tax planning. ...
French demand tax trial in fresh blow for HSBC image
Source : Independent [Read Article] Friday 13th of March 2015 11:31:26 PM
....4bn (£1bn) – appear to have collapsed. Prosecutors are said to want the Swiss operation tried on suspicion of money laundering related to tax fraud and unlawful soliciting of clients. ...
HSBC should face criminal trial says French prosecutor image
Source : BBC [Read Article] Friday 13th of March 2015 03:16:49 PM
....The French financial prosecutor's office has demanded that HSBC's Swiss private bank face a criminal trial for tax evasion. The request follows an investigation by local magistrates into alleged tax fraud involving 3,000 French taxpayers. ...
Woman jailed for trying to dodge £500,000 inheritance tax bill image
Source : Telegraph [Read Article] Tuesday 10th of March 2015 04:46:06 PM
.... . He added: "The vast majority of us pay what is due, when it is due, but HMRC will not tolerate tax fraud and will investigate those we suspect of operating outside the law. ...
Swiss police raid HSBC's Geneva office image
Source : BBC [Read Article] Wednesday 18th of February 2015 09:14:58 AM
....HSBC said it was "co-operating with relevant authorities". Geneva's attorney general, Olivier Jornot, told reporters the investigation could be extended to individuals suspected of money laundering or tax fraud. ...
HSBC leaks: Email from whistleblower to HMRC 'proves' authorities were told of tax evasion image
....HSBC says it has already reformed its practices and now complies with international banking standards. Tax evasion is not considered legally serious in Switzerland and authorities will only assist inquiries over offences classed as "tax fraud". ...
Taxpayers face havoc from HMRC computer changes image
Source : Telegraph [Read Article] Tuesday 27th of January 2015 06:00:34 AM
.... . "The rapid development of new digital services will improve the experience of customers when they need to deal with us, making it easier for them to meet their tax and entitlements obligations, while ensuring that HMRC can fully exploit advances in digital technology to tackle tax fraud, error, evasion and avoidance. ...
Just how low will the oil price go? Not low enough to kill the frackers image
Source : Independent [Read Article] Friday 28th of November 2014 11:54:34 PM
....Since then, of course, the country has become hungrier, having defaulted on its debts in July due to the legal actions of hedge funds demanding a better deal for their slice of the bonds that crashed in the 2001 financial crisis. Procter & Gamble had its operations in the country suspended earlier this month amid allegations from the authorities that it too had been conducting tax frauds. ...
Nina Ricci perfume heir charged with tax fraud image
Source : Guardian [Read Article] Tuesday 25th of November 2014 08:19:36 PM
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HSBC tax fears deepen with French inquiry image
Source : Independent [Read Article] Friday 21st of November 2014 07:42:32 PM
....HSBC’s tax troubles have intensified after French magistrates formally placed its Swiss private banking arm under investigation amid allegations that it helped French citizens to dodge tax. The move comes just days after charges of tax fraud and money laundering were filed against the same unit in Belgium. ...
HSBC's private banking arm under investigation in France image
Source : BBC [Read Article] Friday 21st of November 2014 06:07:59 PM
. HSBC's private banking arm, which is based in Switzerland, is under formal investigation in France, days after being accused of tax fraud by the Belgium authorities. ...
MPs slam the taxman amid £2bn blunder and catalogue of failures image
Source : Independent [Read Article] Tuesday 18th of November 2014 12:00:00 AM
....Belgium has charged HSBC with allegedly helping Antwerp diamond tycoons avoid taxes. Belgian prosecutors charged the bank with tax fraud, criminal behaviour and money laundering on behalf of wealthy customers. ...
Dashwood: Vodafone boss Vittorio Colao smells a rat at company results image
Source : Telegraph [Read Article] Saturday 15th of November 2014 02:30:06 PM
.... The malodorous meeting was unfortunately timed, since tax authorities have also smelled a rat at Vodafone. Two days after its H1 results, Vodafone appointed law firm DLA Piper to look into alleged tax fraud at its Spanish cable subsidiary, Ono. ...
Argentina raids banks and financial houses image
Source : BBC [Read Article] Tuesday 11th of November 2014 10:49:05 PM
....Officials accused them of tax avoidance and of facilitating capital flight out of the country. Earlier this month, Argentina temporarily suspended the operations of Procter and Gamble, alleging tax fraud. ...
Former UBS banker Raoul Weil cleared over $20bn tax fraud image
Source : Telegraph [Read Article] Tuesday 4th of November 2014 12:21:52 AM
. A US jury has cleared former UBS banker Raoul Weil of tax fraud after prosecutors failed to show he had conspired to help Americans hide billions of dollars from authorities. ...
Argentina suspends Procter & Gamble operations in 'tax fraud probe' image
Source : Independent [Read Article] Monday 3rd of November 2014 11:36:08 AM
. Argentina has suspended Procter & Gamble operations in the country, accusing the American consumer products giant of tax fraud. ...
Argentina suspends P&G over tax claims image
Source : BBC [Read Article] Monday 3rd of November 2014 02:13:26 AM
. Argentina has banned the consumer products giant Procter & Gamble (P&G) from doing business in the country, accusing the firm of tax fraud. ...
Vodafone accused of illegally witholding report on £6bn German takeover image
Source : Telegraph [Read Article] Tuesday 28th of October 2014 05:44:59 PM
.... The €7. 2bn takeover of Ono, the Spanish Cable operator, has been tarnished by allegations that its profits may have been inflated by tax fraud. ...
Russian oligarch's arrest a warning from Putin, says hedge fund boss image
Source : Guardian [Read Article] Sunday 21st of September 2014 04:43:08 PM
....Russia's main stock market, Micex, has lost 6% of its value since the west tightened economic sanctions against Russia in July over its threat to the sovereignty of Ukraine, and the value of the rouble has fallen to all-time lows against the dollar. Browder is seeking to hold to account low-level Russian officials whom he believes are responsible for the death of his lawyer, Sergei Magnitsky, who died in a Moscow jail in 2009 a year after reporting a massive tax fraud to the authorities. ...
Anti-Putin campaigner Bill Browder fights court appearance image
Source : Independent [Read Article] Monday 15th of September 2014 10:56:06 PM
....Bill Browder, the hedge-fund manager who reinvented himself as a strident anti-Putin human rights and corruption campaigner after his accountant, Sergei Magnitsky, died awaiting trial in a Russian jail cell, is fighting demands to appear in a New York courtroom to face cross-examination from one of his targets. Russian real estate investor Denys Katsyv had his US assets frozen after an FBI investigation which alleged he bought them with the proceeds of a $230m tax fraud against Mr Browder’s Hermitage Capital Management hedge fund in Russia. ...
Russia ordered to pay $51bn over Yukos 'destruction' image
Source : Telegraph [Read Article] Monday 28th of July 2014 07:51:56 PM
.... The court heard powerful testimony of methods used to ensnare Mr Khodorkovsky – once Russia’s richest man – after he entered opposition politics. He was arrested at gunpoint in 2003 and later sentenced to prison in Siberia for tax fraud, before his release last year. ...
Prosecutions against tax evaders to rise as taxman tightens fraud rules  image
Source : Telegraph [Read Article] Thursday 3rd of July 2014 04:13:09 PM
. A rule change quietly introduced by HM Revenue & Customs has blocked people accused of tax fraud from trying to clear their names before a criminal or civil investigation is launched. ...
Source : Independent [Read Article] Tuesday 15th of April 2014 11:00:00 PM
.... He was sentenced to six years in prison. However, in 2011, the charges relating to the Angola affair were dropped and his jail term reduced to three years for money laundering and tax fraud. ...

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