In early May, the UK government announced new moves to crack down on offshore tax evasion. Specifically, the government will require its overseas territories, including the British Virgin Islands and the Cayman Islands, to make secretive company ownership information public within the next two years as part of the Sanctions and Anti-Money Laundering Bill.
Analysis conducted by Pinsent Masons released last month showed that prison sentences for tax fraud in the UK have risen significantly in recent years. Tax fraud refers to a variety of tax-related offenses, including evasion of tax, VAT and excise duty, as well as customs duty fraud.
The UK government is on the brink of striking an agreement with major online marketplaces eBay and Amazon that will give the British tax agency, HM Revenue & Customs (HMRC), access to their data.
A good chunk of the 9 million Americans living overseas could face a bigger tax bill as a result of a clause in Trump’s tax bill, passed late last year.
Trump’s tax cuts are anticipated to help the average American family put more money in the bank – but they come with a big price tag for the U.S. government.
The EU Parliament voted to launch a tax inquiry into financial crime, tax avoidance, and tax evasion in early February, reportedly in response to revelations in the Paradise Papers.
The United States Internal Revenue Service has honed in on a new tax evasion target: cryptocurrency users. The agency reportedly assigned several of its elite agents to investigate the use of Bitcoin and other cryptocurrencies as a means of tax evasion.
The IRS unveiled a new tax withholding tool several weeks ago, designed specifically to help Americans ensure that they are not significantly overpaying or underpaying on their tax obligations with the recent changes to tax law.
Thanks to the new Republican tax plan, tax rates in the US are set to decrease for many this year. But how do US tax rates compare to those of other countries?
Following a series of controversies surrounding the amount of tax major tech companies like Amazon, Apple, eBay, Facebook, and Google pay, the UK has announced that it will be reviewing how these companies are taxed.