In many countries across the world, governments use the Controlled Foreign Company designation to ensure that domestic tax bases are not eroded and to discourage their citizens from shifting their income to jurisdictions that either do not impose tax or that have very low tax rates.
Tax records are absolutely integral to the study of economic inequality, providing comprehensive information on income – and in some countries the wealth – of taxpayers in a given jurisdiction.
Philip Jepson Egglishaw, the mastermind of an elaborate tax evasion scam, was arrested in Italy early last month on charges related to fraud and money laundering.
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.