Category: Tax Avoidance

Reporters looked into who imported millions of euros of Ukrainian “black grain” into the European Union. They found liquidated companies, proxies — and multinational agribusiness giants. Key FindingsUkraine is investigating hundreds of firms, many created since Russia’s full-scale invasion scrambled the grain market, for allegedly failing to properly document their trading in Ukrainian grain or to pay taxes on it.Some of the EU companies that imported this grain from Ukraine raise serious questions themselves.Several had been ordered shut down by Hungarian authorities but continued trading. Some of the men listed as their owners and directors were patients in psychiatric hospitals;…

(Bloomberg) — Former Credit Suisse Group AG bankers have told criminal investigators that the bank is still helping U.S. clients hide accounts from the Internal Revenue Service, even after the firm paid $2.6 billion in penalties in 2014 and promised to stop the practice. Those bankers “have come forward with credible information that Credit Suisse continued to assist additional Americans with concealing assets from the United States after 2014,” according to a Nov. 18 filing in a civil lawsuit. “In some instances, the concealment is ongoing today.” The latest allegations of wrongdoing come during a tumultuous year for the Zurich-based…

The head of the IRS believes more rigorous disclosures from the nation’s banks could help fix a yawning tax gap and recoup billions in owed revenues. In a letter viewed by CNBC, IRS Commissioner Charles Rettig told Sen. Elizabeth Warren, D-Mass., that relying on banks to report basic information about their customers’ deposits and withdrawals could put a big dent in annual tax evasion. A source provided CNBC access to the letter, which is expected to be released Thursday. The source disclosed its contents on condition of anonymity. The IRS chief told Warren in Friday’s letter that years of budget…

Tax Justice Network ranks OECD members and British overseas territories highest in its 2021 corporate tax haven index, advocating for the UN to set standards instead. The world’s wealthiest countries that help set global tax standards are actually responsible for the majority of corporate tax abuses around the world, a new report has found. The Tax Justice Network’s 2021 Corporate Tax Haven Index, which ranks the countries “most complicit in helping multinational corporations pay less tax than they are expected to,” pegs six jurisdictions that are part of the Organisation for Economic Cooperation and Development — the British Virgin Islands,…