• Thu
  • Dec 18, 2014
  • Updated: 5:36pm

Tax Avoidance and Tax Evasion

Hong Kong and South Korea sign tentative deal to fight tax cheats

The tentative tax treaty between Hong Kong and South Korea allows the two sides to share tax information with each other. Photo: Bloomberg

Hong Kong and South Korea signed a tentative tax deal which allows Seoul to obtain information on suspected Korean tax evaders, South Korea’s finance ministry announced.

Tuesday, 17 September, 2013, 4:44pm

Swiss-US deal lifts cloak on tax cheats

A Swiss-American deal Swiss-US could expose Americans who have used Swiss banks to avoid paying taxes. Photo: Reuters

Switzerland and the US are close to announcing an agreement that could expose Americans who have used Swiss banks to avoid paying taxes. The deal will also end a long dispute over how to punish the banks involved, with penalties expected to run to more than US$1 billion.

30 Aug 2013 - 8:27am

Tax havens in spotlight as nine countries sign up to international tax protocols

Protesters target the offshore wealth of the Marcos family in Manila. Photo: AP

A wealth of information about companies and individuals registered in well-known tax havens is set to come to light now that nine more countries have signed up to international tax protocols.

30 May 2013 - 2:18am

Taxing technology

Apple's gleaming profile took a knock after a US congressional report said it uses a complex 'highly questionable' tax strategy. Photo: Reuters

For the giants of Silicon Valley, the fall from freedom's children to social pariah has been something of a Shakespearean reversal of fortunes. Google, Apple and Facebook might be Lear, Othello and Macbeth in the suddenness and completeness of their fall from a grace that was bequeathed to them by the generations that found their technologies liberating, empowering and even beautiful.

30 May 2013 - 4:33am

EU fails to adapt to borderless world

European Commission President Jose Manuel Barroso. Photo: AFP

I do not entirely follow the reasoning of this notable hot-air merchant. If the European Union truly has evidence that its citizens, personal or corporate, defraud it of €1 trillion a year, why do its law-enforcement agencies not take action?

26 May 2013 - 4:35am 6 comments

EU leaders face tough talks at tax-fraud summit

Luxembourg's PM Jean-Claude Juncker arrives at an EU leaders summit in Brussels on Wednesday. Austria and Luxembourg are both reluctant to share information on bank accounts for fear of undermining their financial services sectors. Photo: Reuters

EU leaders tackle tax fraud said to cost a trillion euros a year at a summit on Wednesday in the hope that tightening up the rules will help restore faith in European integration and raise revenue.

But Austria and Luxembourg are both reluctant to sign up and share information on bank accounts automatically for fear of undermining their important financial services sectors.

22 May 2013 - 6:06pm

Cameron urges overseas tax havens to help fight levy evasion

David Cameron. Photo: EPA

British Prime Minister David Cameron wrote to the leaders of overseas tax havens yesterday, urging them to help Britain's efforts to fight tax evasion and avoidance. Cameron sent a letter to 10 British crown dependencies and overseas territories regarding the "critical" issues of tax information exchange and beneficial ownership, a practice which uses a nominal third-party resident in a low-tax state to shield income from taxation.

21 May 2013 - 5:45am

French ministers forced to declare assets in 'great naming and shaming'

Michele Delaunay’s wealth is estimated at €5.4 million. Photo: AFP

The French press called it Le Grand Deballage, taken as the Great Revelation or the Great Naming and Shaming, depending on what side of the political fence you sat.  Yesterday was deadline day for French cabinet ministers to reveal their wealth and assets in an historic exercise following the shaming of a former minister who lied about having money in a secret Swiss bank account.

16 Apr 2013 - 3:25am

Obama's budget targets tax loopholes of rich

President Obama with acting budget director Jeffrey Zients. Photo: AP

Obama said his blueprint for fiscal year 2014 would shield the middle class by closing tax loopholes that help the rich, would grow the economy, cut the deficit, train future American workers and protect senior citizens.

11 Apr 2013 - 4:08am

Francois Hollande faces pressure over pal's Caymans investment

Augier yesterday

Francois Hollande faced more pressure after it emerged that a close friend and treasurer for his presidential election campaign invested in offshore businesses in the Cayman Islands.

5 Apr 2013 - 3:52am

Italian court fines Dolce & Gabbana for hiding millions in income

An Italian court has ordered the Dolce & Gabbana fashion house to pay a fine of €343 million (HK$3.4 billion) plus interest for failing to declare millions of euros in revenue to tax authorities, local media reported.

 

2 Apr 2013 - 2:34am

Google's US$2bn tax bill dodge sparks outrage

Google has legally put bags of cash in a shell company. Photo: AFP

Google avoided about US$2 billion in worldwide income taxes last year by shifting US$9.8 billion in revenues into a Bermuda shell company, filings show.

By legally funneling profits from overseas subsidiaries into Bermuda, which doesn't have a corporate income tax, Google cut its overall tax rate almost in half.

11 Dec 2012 - 2:55am

Bad form

For me and my fellow Americans, April 15 is the dreaded deadline for the annual rite that comes with citizenship - filing taxes.

26 Apr 2012 - 12:00am

Beijing bureau to review hefty tax fine on Ai's firm

The Beijing tax bureau agreed on Wednesday to review a 6.6 million yuan (HK$8.1 million) tax-evasion fine slapped on a firm related to artist Ai Weiwei - a penalty that many saw as an effort by authorities to stifle his activism.

6 Jan 2012 - 12:00am

Calls for government to cut wealth gap ignore reality

Most Hongkongers see the city's wealth gap as a serious problem and believe the government is doing little to tackle it, according to a Chinese University survey.

SCMP, December 2

But how can government tackle it?

4 Dec 2011 - 12:00am

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