Each and every year, millions of Americans living abroad have to file their tax returns and pay what they owe to Uncle Sam. Believe it or not, the US is one of just two countries in the world to tax citizens living abroad.
On paper, the US has what is often said to be the highest corporate income tax rates in the developed world. At 35 percent, the US’s corporate income tax is the highest rate compared to all of the OECD industrialized nations.
The Australian state of New South Wales is moving to crack down on foreign home ownership in an attempt to address the intensifying housing crisis in Sydney.
The United Arab Emirates has officially signed up to fight offshore tax evasion and avoidance, becoming the 109th country to formally sign the Operation for Economic Cooperation and Development multilateral convention on mutual administrative assistance in tax matters.
According to Dutch officials, a British national and her Dutch husband were recently arrested following a tax evasion probe, with millions of euros recovered in the process.
Late last month, President Trump announced a new tax plan that would radically reorder the entire American tax code. A skeleton outline of the plan was unveiled at the White House in a single-page statement.
The UK has been attracting quite a bit of scrutiny of tax havens lately, particularly in regards to its overseas territories. The British Virgin Islands was actually the most frequently exploited tax haven in the now-infamous Panama Papers, with well over half of all corporate entities named in the papers registered there.
Numbers released by Statistics Canada reveal that Canadian businesses are increasingly moving to pull their funds from tax havens. The move marks the end of a five-year period in which Canadian businesses had billions stashed in the 10 most popular tax havens, which are defined as low-tax or no-tax countries.
Documents released last year reveal that former Trump aide Paul Manafort from the party of Ukraine’s Kremlin-backed former President, the Party of Regions, reportedly worked for Russian-leaning political organizations in the Ukraine for well over ten years before taking the help of Trump’s presidential campaign in the summer of 2016.
One year ago this month, a staggering 11.5 million documents known as the Panama Papers were leaked, igniting a global debate around tax havens.