A first-of-its-kind tax case filed by New York’s Attorney General last week is a warning signal to US companies that whistleblowers will make them pay for tax evasion.
Multinationals operating in Europe would be foolish not to consider the treasury and tax implications of a country exiting the single currency, and conduct some impact assessments to help ensure the best outcomes for the business if such a situation does arise.
The Bank of New York Mellon (BNY) is fighting the IRS in the US Tax Court this week, and the ruling could have implications for other US banks including BB&T, Sovereign, Wells Fargo and Wachovia which are all involved in similar disputes.
The Canadian Supreme Court’s (SCC) decision in the St Michael Trust Corp (St Michael) case will impact taxpayers with existing trust structures both in Canada and abroad.
The Global Forum on Transparency and Exchange of Information released peer reviews of 11 jurisdictions this month, assessing their progress on transparency and exchange of information, but the Tax Justice Network (TJN) and International Chamber of Commerce (ICC) are calling for improvements to the process.
A leak from the Hungarian government’s convergence programme last week raised the prospect of the country adopting a financial transaction tax (FTT), and such a tax would have a broader scope than the European Commission’s model, according to advisers.
