There seems an increased use of undercover agents by the IRS and other tax authorities in offshore jurisdictions. US v. Robert Bandfield, et al. The indictment in September 2014 of a Belize corporate service provider (CSP) and investment management company in the US is evidence of this trend. In the case US v. Robert Bandfield, […]

There is nothing illegal about tax planning. Yet some things are legal while others are not, and the lines can sometimes get fuzzy. Add to that the fact that some people go to extraordinary lengths to avoid paying taxes, and it can be a recipe for disaster. Increasingly, if you appear to be hiding something, […]

Swiss banking secrecy and the birth of a new tax law It started with the Swiss banking scandals of 2009, when the US government aggressively went after banks that aided tax evaders. This effectively ended the reign of the famous, secretive “Swiss bank accounts” enshrined in thrillers like the Bourne Identity and James Bond films. […]

Thousands of Americans abroad are giving up their citizenship as the implementation of a complex new tax law causes banks to shut down accounts for US expatriates The US government’s new tax regulation, FATCA, has pushed many American abroad to comply with complex tax requirements or give up their citizenship. The US government’s new tax […]

In a move tied to budgets, Canada’s Revenue Agency is cutting its top staff focused on international tax evasion. Cuts to experienced personnel who ferret out aggressive tax planning appear to be deepest, despite comments by MP Gerald Keddy that “the CRA is not reducing the number of auditors, nor the number of tax evasion […]

Tax professionals have warned that a proposed “strict liability” criminal offence of failing to declare offshore income and gains could result in taxpayers who have no criminal intent being sent to jail. James Bullock, head of litigation and compliance at the law firm Pinsent Masons, said the detailed proposals are “more moderate than many had […]

1.  The traditional attitude to tax avoidance is encapsulated in the judgement of Lord Tomlin in the English case of IRC v Duke of Westminster (1936): “Every man is entitled if he can to arrange his affairs so that the tax attaching under the appropriate Acts is less than it otherwise would be. If he […]

The Mauritius Financial Services Commission has recently held a Foreign Account Tax Compliance Act workshop ahead of automatic exchange of tax information with the US by the territory’s financial institutions. In her opening comments, FSC Chief Executive Clairette Ah-Hen said the territory’s involvement in FATCA will enhance the reputation of Mauritius as a “clean and […]