Facilitating Tax Evasion

Tax-News.com: Panama Takes Further Action On Fiscal Transparency

Panama's Cabinet On September 6, 2016, endorsed legislation to ensure the nation complies with the latest international tax transparency initiatives. The legislation would improve fiscal transparency in both the private and public sector and ensure that information is made available by the territory's financial institutions. Among other things, the legislation would empower the Ministry of Economy and Finance to better collect information required to be exchanged with other countries and compel it to improve its oversight of company reporting.
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Tax-News.com: UK Launches World Disclosure Facility

he UK Government has launched a new Worldwide Disclosure Facility (WDF), which will offer a "final chance" to those with undeclared offshore income and assets ahead of the adoption of the Common Reporting Standard (CRS). The WDF was launched on September 5 and is available to anyone who wishes to disclose a UK tax liability that relates wholly or partly to an "offshore issue."
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Tax-News.com: Experts Urge Clarity On UK Rules On 'Enabling' Tax Avoidance

The introduction of new UK penalties for "enablers" of defeated Tax Avoidance schemes must not prevent taxpayers from accessing "honest, impartial advice on the law," John Cullinane, Tax Policy Director of the Chartered Institute of Taxation (CIOT), has said.

Tax-News.com: Egypt Joins Global Forum On Transparency

Egypt has joined the Global Forum on Transparency and Exchange of Information for Tax Purposes, the OECD has announced. By joining the Global Forum, Egypt has committed to the implementation of the international standard of exchange of information on request.
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Tax-News.com: EU Says New Zealand Not In 'Tax Haven Probe'

Media reports that the European Union is targeting New Zealand for investigation as a tax haven are incorrect and misleading, The EU said in a statement on August 3, 2016.
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Tax-News.com: CIOT: New UK Anti-Evasion Criminal Offenses May Not Work

The Chartered Institute of Taxation (CIOT) has warned that the UK Government's proposed criminal offense for corporations that fail to prevent their staff from facilitating Tax Evasion may lead to a string of prosecutions in relatively small cases where civil penalties can already provide sufficient punishment.
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Panama Papers reveal secret offshore deals deprive Africa of billions in natural resource dollars

New evidence shows oil, gas; mining firms use loopholes and avoid tax depriving communities of much-needed resource income

Tax-News.com: Panama To Join Automatic Tax Info Exchange Deal

Panama announced on July 15, 2016, that it intends to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

Tax-News.com: EC Begins Panama Papers Inquiry

The European Parliament's Committee of Inquiry into Money Laundering, Tax Avoidance, and Tax Evasion (PANA) has announced the appointment of its chair and four vice chairs. The constitutive meeting of PANA took place on July 12, 2016.

Tax-News.com: European Commission Announces New Anti-Avoidance Measures

In response to the publication of the Panama Papers, the European commission has proposed new measures to improve transparency and better facilitate the exchange of information between tax authorities.

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