Tax Havens

“ExxonMobil paid no tax on $18 billion revenue, unions allege”

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Source: 3 December 2017

“Exxon is more aggressive in minimising its tax than Chevron, which agreed to a settlement believed to be worth more than $1 billion this year, after being taken to court by the Australian Taxation Office”

“Energy giant ExxonMobil​ has not paid a cent in corporate income tax in Australia in at least two years, despite reaping more than $18 billion from the nation’s natural resources, according to three ofd the company’s workplace unions.

Tax campaigners accuse the company of cashing in on Australia’s soaring gas prices, but avoiding paying tax on its profits by sending much of its money to a network of offshore companies, some based in notorious tax havens.”

Source article here


Jean-Claude Juncker blocked EU curbs on tax avoidance

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Source: 1 January 2017

The president of the European commission, Jean-Claude Juncker, spent years in his previous role as Luxembourg’s prime minister secretly blocking EU efforts to tackle tax avoidance by multinational corporations, leaked documents reveal.

Proposals opposed by Junker’s Luxembourg included; plans for tax authorities in each member state to subject their dealings with multinational businesses to peer review; an investigation into cross-border tax avoidance strategies, known as “hybrid mismatches”, often used by multinationals to conjure up artificial tax savings; improved information sharing between member states on tax deals granted to multinationals in private.

Source article here


Temp agencies’ tax avoidance scheme costs ‘hundreds of millions’.

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Source: The Guardian 15.11.2016

An aggressive tax avoidance scheme used by temp recruitment agencies is depriving the taxpayer of “hundreds of millions” of pounds a year, a Guardian investigation has found.

A number of agencies have been making large windfalls by using “contrived” financial arrangements to slash their employer’s national insurance bills.

The schemes also generate millions more pounds for participants by exploiting VAT rules that were originally designed to benefit very small businesses.

Source article here



Bahamas: ICIJ Uncovers Names Behind Thousands of Offshore Companies

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Source OCCRP: Thursday, 22 September 2016 15:58

Organized Crime and Corruption Reporting Project (OCCRP) partner, the International Consortium of Investigative Journalists (ICIJ), has released a new leak revealing the owners and directors of tens of thousands of offshore companies in the Bahamas. The names include a former top European official.

The Bahamas documents also include the names of 539 agents that acted as middlemen between Bahamian authorities and people wishing to set up companies.

Among these agents is Mossack Fonseca, the law firm at the heart of the Panama Papers, which helped set up some 15,915 entities in the Bahamas.

Source article here


Irish MPs back Apple in appeal against EU tax ruling

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Source: The Telegraph, 8 SEPTEMBER 2016 • 12:38AM

Ireland’s parliament battled through an ill-tempered debate on Wednesday to vote in favour of appealing a European Commission ruling ordering the country to collect billions of euros in unpaid taxes from Apple.

Opinion polls reflected the divisive nature of the ruling with many citizens arguing in favour of Apple paying the back taxes.

However, the government claims Apple has paid the full amount due to the Irish state from 2004 to 2014 and denies it gave it “selective treatment”.

Source story here


Taxman brings in billions of tax upfront from tax avoiders

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Source: HMRC Press Release • Sep 05, 2016 09:58 BST

HM Revenue and Customs (HMRC) has collected £3 billion by forcing those under investigation for tax avoidance to pay up disputed tax immediately, the Financial Secretary to the Treasury, Jane Ellison announced today. The move continues the government clampdown on tax avoidance following last month’s announcement that enablers of tax avoidance will face tough new sanctions.

The 60,000 accelerated payment notices (APNs) issued since the new rules were introduced in 2014, have forced tax avoidance scheme users to pay up £3 billion of disputed tax upfront while their tax affairs are investigated by HMRC.

HMRC has successfully defended the accelerated payment rules in five out of five Judicial Review challenges.

With HMRC winning almost 90% of avoidance litigation cases brought against it, the vast majority of individuals choose to settle their tax bill rather than entering into lengthy and costly litigation.

Source article here


Last chance for UK offshore tax evaders to declare all

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Source: HMRC Press Release • Sep 05, 2016 09:50 BST

A new online disclosure facility has been launched giving UK offshore evaders a last chance to come forward and settle tax on their ill gotten gains hidden offshore, ahead of new data sharing arrangements and tougher penalties being introduced.

The Worldwide Disclosure Facility (WDF) is the final chance for those few still dragging their feet to put things right with any outstanding tax on undeclared offshore money or assets.

Jennie Granger, HMRC, Director General of Enforcement and Compliance, said: “HMRC is getting even tougher on tax evasion. We relentlessly pursue tax evaders to ensure they pay every penny of the taxes and fines they owe, pushing for the toughest possible sanctions where appropriate.”

Source article here



UK tax deductibility of corporate interest expense: second consultation

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Sources: HMRC Consultation Document, 12 May 2106, KPMG response dated 13 May 2016

Following the first consultation the UK government announced at Budget 2016 that new rules for addressing BEPS through interest expenses will be introduced from 1 April 2017 in line with the OECD recommendations.

This is a demonstration of the UK’s commitment to aligning the location of taxable profits with the location of economic activity, and is in line with the UK’s more territorial approach to corporate taxation.

Due to the importance of this issue,   Read the rest of this entry »

Mossack Fonseca to close offices in Jersey, Gibraltar and Isle of Man

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Source: The Guardian (from Agence France-Presse, Saturday 28 May 2016 04.30 BST)

The announcement came nearly eight weeks after the first reports about the Panama Papers emerged, divulging details taken from nearly four decades of records from Mossack Fonseca’s computer archives.

They revealed that many prominent leaders, politicians, celebrities and wealthy individuals around the world used Mossack Fonseca to start up or run offshore entities to hold their assets.

The leak has led to the resignation of the Icelandic prime minister and political scandals in Argentina, the UK, Malta and Pakistan.

Source article here


ICIJ to Release Searchable Database of Panama Papers

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Source: OCCRP news item 28 April 2016

In what will be likely the largest release in history of secret offshore companies and the people connected to them, the International Consortium of Investigative Journalists (ICIJ) is planning to release more information as part of the Panama Papers investigation, according to the ICIJ website.

Forbes reported that the ICIJ database would show people the right places to start if they are looking to investigate. They also said that the government of Panama may share information on request, as they are believed to have a copy of the information.

Click image for the OCCRP news item