The royal wedding was recently all over the news, with millions around the world celebrating the marriage of Prince Harry and Meghan Markle. This event was more than just a glimpse into the life of the British elite and royals; it was also a prominent example of the complexities of tax planning, particularly when dealing with international taxes.
In addition to all the headlines about the World Cup, football (or soccer, depending on where you live) fans around the world have also likely noticed the scandal involving Cristiano Ronaldo and his tax situation.
China has made headlines recently for the launch of a tax evasion probe that specifically targets the film and TV industry. According to early reports, tax authorities have expressed concern over the common “yin-yang” contracts signed by actors in the country.
Former French budget minister Jerome Cahuzac was sentenced to two years in prison in May on tax fraud charges. Cahuzac, a 65-year-old former cosmetic surgeon, served as the budget minister under former French president Francois Hollande between 2012 and 2013.
The Australian Treasury delivered tax cuts to the country’s lower- and middle-income earners in early May.
McDonald’s is stepping up its efforts to evade global taxes with its post-Brexit decision to move its headquarters to the UK, according to a new report released by a group of US and European trade unions.
In an attempt to address a mounting housing crisis and the skyrocketing cost of living, Seattle city leaders unveiled in May a plan to charge large employers for every employee they have in the city, known as “the head tax.”
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.