Links Jan 10
Jan 10 - "Brazil's tax authority is pursuing another two of the nation's largest companies for back taxes and penalties worth around USD2.15bn."
French budget minister Jérôme Cahuzac faces tax fraud allegations Guardian
Jan 8 - "Inquiry will seek to establish whether the minister in charge of French tax policy had a secret bank account in Switzerland." This follows a report by the investigative website Mediapart linked previously.
Experts in opposition for Accountancy Age tax avoidance debate - Accountancy Age
TJN's Richard Murphy vs. BDO tax partner Stephen Herring
Oldest Swiss bank Wegelin to close after admitting aiding US tax evasion Guardian
Jan 4 - "Founded in 1741, Wegelin pleaded guilty in court to helping wealthy Americans hide their income in secret offshore accounts... Although Wegelin will cease to exist, the bank's partners sold its non-American client accounts to the Austrian bank Raiffeisen just before its indictment last January."
Former UBS client in Florida pleads guilty to tax evasion Reuters
Jan 9 - The former client's "UBS accounts used foundations in Liechtenstein and Panama, two tax havens, to conceal money. ... At their peak, in 2007, the accounts held more than $42 million." UBS had disclosed the client's name to the US authorities.
Financial Institutions Struggle With FATCA fenergo / Tax-News
Jan 9 - "In new research published by Fenergo, it was revealed that 65% of foreign financial institutions (FFIs) are struggling to complete the client identification process efficiently with regard to the Foreign Account Tax Compliance Act (FATCA)." Poor them.
Guernsey Begins Offering Foundations Tax-News
Jan 10 - "As well as clients looking to set up a foundation, much interest has come from clients who have foundations currently domiciled in other jurisdictions and are looking to migrate these to Guernsey." More tax abuse and crime likely on the way.