SIGN IN SUBSCRIBE

News Update

US Presidential Poll: Tall promises by Hopefuls elbow economy closer to tax-doom-loop!Sourav Ganguly goes to Police against cyberbullyingYadav calls for development of sustainable, Inclusive low-carbon transport systemsFed lives up to global expectations; cuts interest rate by 0.5% - first cut in last 4 yearsMandaviya chairs meeting to provide Social Security to Gig and Platform WorkersCus - Import of Areca Nuts - Department did not follow procedure laid down by CBEC for verification or testing/re-testing, to establish true origin of goods; Nuts imported from Sri Lanka otherwise meet requirements for duty-free import under Notfn No 26/2000-Cus: CESTATCAQM announces revised GRAP schedule for Delhi-NCRChina to be on top of agenda at Quad meeting: White HouseCus - No proper evidence is found towards Customs Officer's involvement in fraud, the allegation that appellant has actively colluded with Customs officials cannot legally sustain, penalty imposed on appellant also cannot sustain: CESTATIndia's position is of a 'Vishwa Bandhu' in global world order: CDS Gen Anil ChauhanST - The contracts being composite in nature and demand having been raised under Construction of Residential Complex Services, demand of service tax cannot sustain for the period after 01.07.2010 also: CESTATGovt organises 'FAME's Success in Transforming India's EV Landscape: From Vision to Reality'Death toll rises to 21 in second wave of blasts in Lebanon - it was Walkie-Talkie after pagerI-T - Miscellaneous income such as commission, discount charges, sale of wastages and diesel sales are to be treated as income derived from industrial undertaking: HCGermany halts exports of weapons to IsraelI-T - If any statute has been enacted, there cannot be insertion of any word beyond the contents of the statute: HCI-T - Contributions to PF/ESI paid before the due date u/s 139(1) of the Act are allowable as deduction: ITATBaltimore Bridge collapse: US seeks USD 100 mn compensation from Singapore-based ship ownerI-T - No license is granted under Income tax Act to misuse presumptive scheme of taxation and camouflage undisclosed income from unexplained sources under guise of turnover/gross receipt: ITATI-T - If no return of income is filed by tax-payer, then appeal can only be admitted by CIT (A) only when tax-payer has paid advance tax which was payable by him: ITATFaux cybercrime platforms busted in global operations; 51 arrested by EuropolI-T - Dismissal of assessee's appeal in limine by CIT(A), without going into merits of issues, solely due to non-appearance of assessee, is unsustainable, being in direct contravention of Section 250(6): ITATI-T - CIT(A) has powers co-terminus with those of the AO and is permitted under law to make own inquiry or direct AO to inquire into the matter, in case of assessee's absence : ITATIMF pauses Mission to Moscow after Kyiv protestsCabinet okays National Centre of Excellence for Animation, Visual Effects & GamingCabinet accepts recommendations of High-Level Committee on Simultaneous ElectionsCabinet gave approval for CHANDRAYAAN-4 MissionIncome tax collections till Sept 15 up by 16%After Moon and Mars, India sights science goals on VenusCabinet approves Pradhan Mantri Janjatiya Unnat Gram AbhiyanISRO to develop launch reusable vehicle with high payloadJapan, France to ink military pact by year-endFM holds 2nd review meeting on Capex for Ministry of RailwaysCyber fraud - posing as CBI officer - Railway staffer loses Rs 9 lakhGlobal Renewable Energy Meet: Investment commitments of Rs 32.45 lakh Cr poured: JoshiProvisional Attachment - Precaution, Persecution, Penury?Dak Ghar Niryat Kendra expands export services with automated IGST Refund facilityThe Delay Dynamics
 
GFI latest leak of secret documents reveals massive tax abuses

By TIOL News Service

WASHINGTON DC, NOV 06, 2017: THE latest to join the 'distinguished' group of offshore law firms is the Bermuda-based Appleby. Huge amount of documents have been leaked by the International Consortium of Investigative Journalists (ICIJ), revealing the magnitude of the global shadow financial system for the rich and powerful of the world.

Appleby has shown on paper that it is aware of its requirements to conduct thorough and honest customer due diligence with potential and existing clients, but the leaked files seem to show that it’s rarely putting this into practice. Law firms and other Designated Non-Financial Businesses and Professions cannot continue to be left to police themselves—jurisdictions need to require and publish public beneficial ownership information, said GFI Legal Counsel & Director of Government Affairs Heather Lowe.

Doing legitimate business in offshore secrecy jurisdictions like Bermuda is not illegal, but the Paradise Papers investigation is yet another example of how individuals and businesses — thanks to offshore law firms like Appleby and Estera - are systematically abusing the secrecy they provide said GFI President Raymond Baker.

Allegations regarding Appleby’s relationship with Glencore demonstrates this insidious relationship perfectly, from purportedly helping handle Glencore’s moves in Congo with Katanga Mine and Dan Gertler, to maintaining a ‘Glencore Room’ to help shore up the company’s claim of a Bermuda office for tax purposes. Multinational companies ought to be required to publicly report their number of employees and facilities plus their revenue on a country-by-country basis to help reveal such tax abuses, states the GFI Press Release.

GFI research estimates that opacity in the global financial system, thanks to tax haven secrecy, anonymous companies, trade-based money laundering, and lax financial crime enforcement, churns illicit financial flows (IFFs) in and out of developing countries worth at least 14.1 to 24.0 percent of developing country trade, on average per year, based on measurable sources of IFFs. This global shadow financial system bleeds the world’s poorest economies and propels crime, corruption, and tax evasion.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
TIOL Tube brings you an interview with former US Secretary of Treasury, Mr. Larry Summers who was recently in Delhi.

TOP NEWS


AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST