HMRC CLAMPING DOWN ON TAX AVOIDANCE

HM Revenue & Customs looks set to clamp down on tax avoiders with its new powers under the Police and Criminal Evidence Act 1984 to reclaim unpaid taxes, says Grant Thornton. The new legislation, which the adviser says came quietly into effect last year, means HMRC will have new powers of search, seizure and arrest in relation to unpaid tax.

INTERNET LAW - OECD AND THE REGULATION OF OFFSHORE E-COMMERCE

The Organization for Economic Co-operation and Development (“OECD”) is striving to establish a favorable environment for the development of e-commerce. In this perspective, offshore e-commerce is sometimes perceived as a threat, mainly because offshore jurisdictions offer plenty of opportunities for tax evasion.

CYPRUS PLACED ON RUSSIAN TAX ‘BLACKLIST’

The Finance Ministry in Moscow has placed Cyprus on a black list of jurisdictions deterring Russian companies from registering here and then repatriating their dividends tax-free back home. Despite this negative development, experts told the Financial Mirror that the impact is not that great, since foreign companies investing in Russia through Cyprus subsidiaries are exempt from the rule, leaving many loopholes to be utilised.

BILLIONAIRE USED BAHAMAS TO AVOID TAXES

The Bahamas has once again been cited as a domicile used for “improper” financial transactions, this time by a US billionaire who pleaded guilty to hiding millions in Bahamian bank accounts.

TREASURY GAMBLES WITH PLAN TO MAKE NON-DOMS PAY

In response to the pressure and the lead of the Tories, the Government has turned on the non-doms, many of whom it counts among its friends. From April, following the proposed changes in last year’s Pre-Budget Report, those who have lived in Britain for seven years will have to pay a £30,000 charge in order to remain here.

WEF WARNS UK MOST EXPOSED TO CRUNCH FALLOUT

Britain’s reliance on the financial sector as an engine for the economy has left it more exposed than most other leading economies to fallout from money market turmoil and the global credit squeeze, the World Economic Forum said today.

FEARFUL FOREIGNERS TURN AWAY – JAPANESE DEREGULATION

When two thirds of his market is traded by foreigners and they are becoming increasingly negative about prospects, a wise manager gets worried: Tokyo Stock Exchange president Atsushi Saito is worried. Over the past month, Saito has been sending out blunt messages to his constituents and to the Government about the urgent need for deregulation. Noting that only Italy’s stock market among the 30 OECD economies performed worst last year, he told the Nikkei Financial Daily last weekend: “Japan at the moment is not a place where overseas investors are willing to invest.

WORLD‘S TAX EVASION EXPERTS MEET IN SA

International tax dodgers and their latest scams will come under the scrutiny of experts from up to 100 countries in Cape Town this week. The experts will be attending the fourth meeting of the Forum on Tax Administrators (FTA), set up by the Organisation for Economic Co- operation and Development.

HALF OF DUTCH WILLING TO BREAK TIES WITH ANTILLES

The appeal from Freedom Party PVV for the Netherlands to sever all political ties with the Netherlands Antilles has the support of 49 per cent of the Dutch population. This emerged from an opinion poll carried out by Maurice de Hond on Monday among 1,500 people, commissioned by free daily newspaper DAG.

$48M IN TAX MONEY FROZEN

Frustrated and angry city officials blame the county tax collector because some of their property tax revenues have been frozen. Municipalities aren’t the only ones affected. None of Pinellas’ 47 taxing districts are able to tap some money they are supposed to get from property taxes. And they face the possibility of forever losing some of that funding.

U.S. ARRESTS 8 IN ONLINE SPORTS BETTING OPERATION

U.S. authorities arrested eight people on Monday in connection with a Costa Rica-based online sports gambling operation they said made millions of dollars in profits annually. Twelve men face charges including conspiracy and illegal gambling in an indictment unsealed on Monday in Manhattan federal court for their role in operating a gambling Web site and call center that serviced U.S.-based sports bookies.

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