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Pharmaceutical and 'high risk' industries targeted in China’s crackdown on tax evasion

An October article in China’s government-run People’s Daily newspaper condemned multinational corporations for evading taxes. The article urged the government to prosecute those who moved money out of China through offshore structures and investments. Tax professionals say the article is a telling sign of China’s crusade to retain its fair share of tax income.

November 05 2014

India's FATCA future unclear after names of alleged tax evaders are made public

On October 27, the Indian government disclosed names of alleged tax evaders to the Indian Supreme Court in an affidavit signed by the Department of Revenue. The affidavit accused some of the country's top business owners of tax evasion through foreign held bank accounts. This development raises questions over confidentiality clauses in FATCA agreements and other information exchange provisions.

November 05 2014

HMRC defends staff cuts despite PAC tax evasion concerns

Attendees at the Public Accounts Committee (PAC) conference last week expressed concern about HM Revenue & Customs’ (HMRC) plans to decrease staff numbers against its aim to curb tax evasion.

Sophie Harding, November 04 2014

Why Panama is playing a risky game in snubbing OECD’s Automatic Exchange of Information

Panama’s absence in the list of signatures on the OECD Automatic Exchange of Information (AEoI) agreement is a worrying sign.

Sophie Harding, November 04 2014

China levies 6% tariff on coal imports, but only on 30% of the market

China's Ministry of Finance has announced it will introduce a 6% tax on coal imports starting from December 1 this year. Coking coal, which is used for steel production, and anthracite will be taxed at 3%. China had a similar import tax on coal until it was removed in 1997.

November 04 2014

How the PAC should decide next step in fight against tax evasion

Nick Smith, UK MP and member of the Public Accounts Committee (PAC) tasked with investigating tax evasion and avoidance in the country, has asked business and non-government organisations (NGO) what the next step should be for the group’s fight against companies that are not paying their fair share of taxes.

Sophie Ashley, November 03 2014

UK to introduce tax payment summaries

In a possible sign of increasing transparency from the UK government and tax authorities, the country will become only the second in the world to supply individual taxpayers with a breakdown of where their taxes are being spent, starting next week.

Joe Stanley-Smith, November 03 2014

Deals of the week - November 3 2014

To add your firm's deals to our deals table, email Joe Stanley-Smith at joseph.stanley-smith@euromoneyplc.com.

Joe Stanley-Smith, November 03 2014

Garrigues appoints three new tax partners

Garrigues has strengthened its tax department in Spain, with the appointment of three new partners. Francisco Lavandera (pictured left), in Barcelona, is an international tax specialist who advises multinational groups on setting up or investing in Spain, and Spanish family-run businesses, particularly on M&A. He also advises foreign financial institutions and funds on the tax aspects of their products or investment schemes.

November 01 2014

OECD agreement in Berlin marks beginning of the end for bank secrecy

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes met in Berlin to form an agreement that marks the end for bank secrecy and shows that many jurisdictions referred to as tax havens are willing to cooperate to help end profit shifting.

Sophie Ashley, October 31 2014

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