Stories that are tagged 'penalties'

	UK E-Seller Amnesty Deadline Looms 5/14/2012 HM Revenue and Customs has warned people trading on the internet and who may have tax irregularities that they now have just one month to take part in the e-sellers tax amnesty and avail of lower penalty rates.
	IRS Whistleblower Programme Still Needs Improvement 5/14/2012 The whistleblower programme operated by the United States Internal Revenue Service has still not fully and adequately addressed internal problems that were identified several years ago, according to a report issued by the Treasury Inspector General for Tax Administration.
	HMRC Issues Electrician Amnesty Reminder 5/7/2012 HM Revenue and Customs has issued a reminder warning electricians that they have only a limited time left to register for a tax amnesty scheme that would allow them to pay any undisclosed tax owed.
	Spain Told To Amend Excise Duty Regime 5/4/2012 The European Commission has formally requested Spain to modify its rules on excise duties to bring them into line with European Union legislation.
	Irish Tax Debt Falls, Shadow Economy Targeted 5/4/2012 The latest annual report of the Irish tax authority, the Revenue Commissioners, shows 'solid performance in challenging circumstances', with enforcement efforts yielding an increase in tax receipts and a reduction in outstanding tax debt.
	Vodafone Challenges Indian Tax Law 4/23/2012 The ongoing tax dispute between India and Vodafone has erupted again, with the telecoms company now serving a Notice of Dispute against the government's controversial new retrospective tax legislation.
	South Africa Pushing For Tax Compliance By HNWIs 4/20/2012 In reply to a question in the National Assembly, South Africa’s Finance Minister Pravin Gordhan confirmed that the South African Revenue Service has taken steps to improve income tax compliance among high net worth individuals (HNWIs).
	Australia To Enforce Companies' Workforce Obligations 4/20/2012 Draft legislation has been released by the Australian government which will enforce companies' compliance with tax and superannuation guarantee obligations.
	Spain Unveils Anti-Tax Fraud Plan 4/17/2012 Spain’s Council of Ministers has recently examined the government’s anti-fraud plan, aimed at combating the hidden economy and tax fraud, by setting limits on cash payments, and by obliging taxpayers to declare their accounts and assets located overseas.
	AICPA Reinforces IRS Tips for Last Minute US Tax Filers 4/11/2012 As the deadline for filing 2011 individual income tax returns approaches, the American Institute of Certified Public Accountants has provided a list of tips to help taxpayers with any last-minute uncertainties, while the United States Internal Revenue Service has explained the means by which tax payments can be made or delayed.
	Jersey Regulator Seeks Civil Penalty Capabilities 4/5/2012 The Jersey Financial Services Commission has launched a new consultation paper proposing that the Commission be empowered to impose civil penalties on specified registered persons for serious, uncorrected or recurring breaches of its Codes of Practice.
	IRS Advises Late Filers 4/6/2012 The United States Internal Revenue Service has reminded taxpayers that solutions are available if they are unable to file their returns on time, and that they can even request relief online.
	IoM Reminds Companies Of Tax Return Deadline 4/3/2012 The Isle of Man government has warned companies of the late return penalties they face if they fail to meet the imminent corporate tax return deadline.
	New Zealand Revenue Adjusts Interest Rates 3/29/2012 New Zealand has amended its use-of-money interest rates on underpaid and overpaid tax.
	Guernsey Reports Strong Tax Amnesty Take-Up 3/29/2012 The Guernsey government has reported a significant uptake from taxpayers of its income tax irregularities amnesty launched in 2011.
	Australia Releases Tax Prosecution Figures 3/20/2012 Almost 1,200 people were prosecuted and convicted for tax and superannuation offences in Australia last year, new figures show.
	UK Launches E-Sellers Tax Amnesty 3/19/2012 The UK tax authority, HM Revenue and Customs, has launched another tax amnesty scheme, this time targeting online marketplace sellers.
	Irish Revenue Issues Corporate Tax Filing Reminder 3/15/2012 The Irish Revenue has issued compliance reminder letters to those who have failed to file their corporate tax returns.
	NZ Extends Filing Deadline For Earthquake Victims 3/13/2012 New Zealand's government has further extended relief measures for earthquake victims, providing extra time to prepare and file tax returns.
	HMRC Issues UK Amnesty Deadline Reminder 3/12/2012 HM Revenue and Customs has issued a reminder to tutors and coaches that they have less than a month left to take advantage of a tax amnesty scheme.
	Vale Posts Brazilian Back Tax Case Collateral 3/12/2012 Vale, the world's second largest mining company, has clarified that despite being required to pay USD915m in judicial deposits, it remains confident of a favourable ruling in the tax case with Brazilian authorities over back taxes, worth BRL25bn (USD13.9bn) as it continues to pursue all legal avenues.
	European Commission Acts On Securities Settlement 3/8/2012 In an attempt to bring more safety and efficiency to the financial system in Europe, the European Commission has proposed the establishment of a European common regulatory framework for Central Securities Depositories, the institutions responsible for securities settlement.
	IRS Offers New Payment Relief Under Expanded Fresh Start Initiative 3/9/2012 The United States Internal Revenue Service has announced a major expansion of its ‘Fresh Start’ initiative to help struggling taxpayers, by taking steps to provide new penalty relief to the unemployed and making instalment agreements available to more people.
	Europe Stands Firm On Emissions Trading Scheme, For Now 3/7/2012 The Vice-President of the European Commission told the Aviation Leadership Summit at the Singapore Airshow that the European Union will stand firm on its decision to impose a tax on airlines' emissions, but said the Union is open to constructive negotiations on multilateral alternatives.
	UK Launches More Tax Taskforces 2/27/2012 The UK's HM Revenue and Customs will launch thirty new taskforces as it sets its sights on generating GBP50m from tax evasion crack-downs this year alone.
	UK Late Filing Penalty Regime Kicks In 2/21/2012 850,000 UK taxpayers will feel the force of HM Revenue and Customs's new penalty regime in the coming weeks, as the first penalties are issued.
	VAT Risk Warning Issued By Accountants 2/20/2012 A new approach from HM Revenue and Customs raises value added tax risks for employee benefits, accountancy firm James Cowper has warned.
	UK Tax Amnesty Targets Electricians 2/15/2012 HM Revenue and Customs has unveiled its newest tax amnesty scheme, offering electricians the opportunity to pay the taxes they owe with lower penalties.
	HMRC Revamps UK Business Record Checks 2/9/2012 The UK tax authority HM Revenue and Customs is to take a fresh approach to its business records checks programme in the coming financial year. The move comes following a review of the programme, and the revamped approach will be launched early in the 2012/13 financial year.
	France Intensifies Clamp Down On Tax Evasion 2/9/2012 The French budget ministry has recently announced that its legal arsenal to combat tax fraud has been strengthened over the course of the past two years, and has confirmed that measures designed to further toughen sanctions will be included in the country’s next supplementary finance bill.
	E-Filing Record Set By UK's Self-Assessors 2/9/2012 HM Revenue and Customs saw a record 7.65m Self Assessment tax returns filed online this year, with a total 9.45m returns sent on time.
	US To Cooperate With EU Countries On FATCA 2/10/2012 The United States Treasury Department and the Internal Revenue Service have issued proposed regulations for the next major phase of implementing the Foreign Account Tax Compliance Act, which also includes a joint statement with France, Germany, Italy, Spain and the United Kingdom on a possible government-to-government framework for information exchange.
	China 'Bans' Airlines From EU Carbon Tax Scheme 2/8/2012 The Chinese government has effectively banned Chinese airlines from participating in the European Union's Emissions Trading Scheme, which was extended on January 1, 2012 to flights using EU airspace.
	IRS Upbraided Over Restitution Payments 2/7/2012 The United States Internal Revenue Service does not have effective internal controls to ensure defendants convicted of tax-related crimes comply with conditions imposing probation and requiring restitution, according to a report released by the Treasury Inspector General for Tax Administration.
	Osborne Urged To Slash UK Corporate Tax 2/3/2012 High corporation tax rates penalise the only organisations capable of driving economic recovery in the UK, according to the Centre for Policy Studies.
	HMRC 'Extends' Tax Deadline 1/31/2012 The UK tax authority HM Revenue and Customs will show leniency to taxpayers who file their self-assessment returns after the January 31 deadline, after fears that taxpayers would be unable to get through to call centres on the day, thus placing them at a disadvantage.
	US Treasury Aims To Lower FATCA Burdens 1/30/2012 During her remarks at the New York State Bar Association Annual Meeting, Acting Assistant Secretary for Tax Policy, Emily McMahon, indicated that regulations for the implementation of the provisions of the Foreign Account Tax Compliance Act are in the final stages of clearance at the United States Treasury and the Internal Revenue Service.
	Taiwan Eases Expat Worker Rules 1/25/2012 A revision to the Employment Services Act passed by Taiwan’s parliament has not only extended the maximum number of years that foreigners may work in Taiwan from nine to twelve years, but also lowered the fine for late payment of their employment stabilization fees.
	Vodafone Wins Indian Tax Dispute 1/25/2012 India’s Supreme Court has ruled that Vodafone Group Plc is not liable for a USD2.2bn bill in back taxes and penalties after the USD11.2bn acquisition of Indian mobile phone company Hutchinson Essar in 2007.
	Monti Seeks To Squash Italian Tax Evasion Culture 1/12/2012 The Italian tax authority has very publicly embarked on a raid of Cortina d'Ampezzo, one of Italy's most exclusive ski resorts, to demonstrate that Mario Monti's new government is taking a hard-line approach to tax evasion by actively challenging individuals and service sector companies that historically have significantly under-declared earned income.
	UK Launches Tax Fraud Disclosure Facility 1/12/2012 The UK's revenue agency is set to launch a new disclosure facility as it extends its tax fraud crackdown.
	US Reopens Offshore Disclosure Scheme 1/11/2012 The United States Internal Revenue Service has reopened the offshore voluntary disclosure program after reporting continued strong interest in the scheme from taxpayers and tax practitioners following the closure of two previous initiatives.
	HMRC To Review Business Checks Programme 1/6/2012 The UK tax authority HM Revenue and Customs has announced a review of its controversial Business Records Checks (BRCs) project following reports that the compliance scheme was unfairly burdening small businesses.
	Chinese Airlines Boycott EU Carbon Tax 1/6/2012 The association that represents Chinese airlines, including Air China, China Southern Airlines, China Eastern Airlines and Hainan Airlines, has said its members will not abide by the European Union Emissions Trading Scheme, which on January 1, 2012, was extended to international airlines that use European airports.
	US Busts Extensive Panamanian Money-Laundering Racket 1/3/2012 The US Department of the Treasury's Office of Foreign Assets Control has announced a major crackdown on an extensive money laundering network based primarily in Panama, which includes several money exchange businesses based in the nation.
	Swedes Flock To Declare Untaxed Assets 1/2/2012 The Swedish tax authority, the Skatteverket, has reported a four-fold increase in the uptake of its tax amnesty programme with a total of 1,577 entities coming forward during 2011, settling tax liabilities worth around a billion Swedish Kronor (USD144m).
	UK Tax Institute Warns Of Tough New HMRC Penalties 1/2/2012 The UK's Self Assessment filers have been warned that HM Revenue and Customs is to impose a tough new penalty system from next year.
	IoM Amends AML/CTF Handbook 12/30/2011 The Isle of Man's Financial Supervision Commission has announced amendments to the territory's Anti-Money Laundering and Countering the Financing of Terrorism handbook.
	IRD Warns On Consequences Of Delaying Hong Kong Tax Payments 12/29/2011 Hong Kong’s Inland Revenue Department has advised taxpayers to pay promptly their tax assessed for the 2010/11 fiscal year, which is generally falling due in the coming January.
	Six Jailed In EU Carbon Trading Carousel Fraud Probe 12/28/2011 A Frankfurt court has sentenced six individuals to as long as seven years' imprisonment for tax fraud as part of a larger European Union probe to bring those who profited from manipulating the trade bloc's carbon emission permit trading platform to justice.
	US 'Near To Deal' With Swiss Banks 12/22/2011 Eleven Swiss banks are reportedly being offered a deal by the United States government, under which they would not be prosecuted if they were to disclose full details of their offshore business with US taxpayers.
	HMRC Accused Of Letting Big Firms Off The Hook 12/21/2011 The UK tax authority, HM Revenue and Customs, has been accused in a report published by the parliamentary Public Accounts Committee of being too lenient on large companies with outstanding tax liabilities.
	IRS Extends Deadline For Tax-Exempt Organizations 12/21/2011 The US Internal Revenue Service has announced that certain tax-exempt organizations will have extra time in which to file their annual returns while the agency's electronic filing system undergoes an update.
	CAI Slams Boycott Of Irish Household Tax 12/20/2011 Ireland's taxpayers should not boycott the new Household Charge, regardless of any legitimate concerns they may have about it, Chartered Accountants Ireland has said.
	IRS Promises Guidance On Foreign Financial Asset Reporting 12/19/2011 The United States Internal Revenue Service has disclosed that it will shortly release a new information reporting form that taxpayers will use to report specified foreign financial assets to comply with the provisions of the Foreign Account Tax Compliance Act.
	Irish Lawmakers To Boycott Household Tax 12/19/2011 Nine rebel members of the Irish parliament have said that they will not pay the controversial household tax when it is introduced in January.
	IRS Clarifies FBAR For US Citizens Abroad 12/12/2011 Following the recent disclosure by the American Embassy in Ottawa that an easing of reporting rules would shortly be announced for United States citizens living in Canada, the Internal Revenue Service has issued a fact sheet summarizing information about federal income tax returns and Foreign Bank Account Report filing requirements, and the potential penalties.
	Malta Extends Tax Amnesty Again 12/8/2011 The Maltese government announced on December 5 an extension to its Reduction in Tax Penalties Scheme, which allows taxpayers with outstanding tax balances for previous tax years to regularize their tax positions and benefit from reduced penalties.
	IRS To Ease FBAR Rules For Americans In Canada 12/6/2011 It has been disclosed by the American Embassy in Ottawa that the United States Internal Revenue Service will shortly announce an easing of its foreign account reporting rules for US citizens living in Canada.
	France Strengthens Fight Against Tax Fraud 11/30/2011 French Budget Minister Valérie Pécresse has recently unveiled details of action taken by the French government to combat tax fraud and tax evasion, in the presence of general rapporteur of the National Assembly finance committee Gilles Carrez.
	NetJets Sues IRS Over Ticket Tax Assessments 11/22/2011 Four subsidiaries in the NetJets group - NetJets Large Aircraft, NetJets International, NetJets Aviation and Executive Jet Management – have introduced an action in the Ohio Southern District Court, Columbus Office, to retrieve almost USD643m in back taxes from the Internal Revenue Service.
	Costa Rica Targets Corporate Tax Irregularities 11/10/2011 Over the past two months the Costa Rican tax authority has closed more than 50 businesses around the country for various tax irregularities including late payment of tax and failure to provide receipts to customers.
	UK Unveils New Tax Avoidance Taskforces 5/1/2012 The creation of five taskforces, targeting, among others, scrap metal dealers, construction traders and fast food outlets, has been unveiled by the UK tax authority, HM Revenue and Customs.
	New Zealand Tax Man Targeting Overseas Accounts 10/19/2011 New Zealand Inland Revenue has issued a revenue alert advising people that they are required to declare all income from foreign sources.
	Tax Breaks Announced In Trinidad And Tobago Budget 10/17/2011 The government of Trinidad and Tobago has proposed to introduce a five-year temporary corporate tax rate of 10% for companies that have sought capital-market funding through an Initial Public Offering on the Trinidad and Tobago SME Market.
	New Zealand To Tighten Company Rules 10/17/2011 A bill that tightens rules around company directors and company registration has been introduced to the New Zealand Parliament by Commerce Minister Simon Power.
	Barbados Alerts Taxpayers To VAT Amnesty 10/12/2011 The Barbados Ministry of Finance has reminded taxpayers with outstanding value-added tax balances that they can still normalize their tax affairs and gain 100% exemption from the payment of interest and penalties.
	New UK Tax Crackdown Targets Tutors 10/12/2011 The UK tax authority, HM Revenue and Customs, has turned its attention to private tutors and coaches with undeclared tax liabilities, as part of its ongoing clampdown on tax evasion.
	Economy-Boosting Bill Introduced In Canada 10/7/2011 As part of the ongoing Budget implementation process, the Canadian Finance Minister has introduced legislation designed to generate job creation and stimulate economic growth, with measures including a series of key new tax credits.
	Malta Extends Tax Amnesty 10/3/2011 Inland Revenue Malta has announced that is to extend the Reduction in Penalties and Interest Scheme for one last time, to allow any remaining taxpayers with outstanding tax debts or unfiled returns to avail themselves of significantly reduced penalties and interest when regularizing their tax affairs.
	IRS Announces Payroll Tax Settlement Programme 9/26/2011 The United States Internal Revenue Service has launched a new programme that will enable many employers to resolve past employee classification issues and achieve certainty under the tax law at a low cost by voluntarily reclassifying their workers.
	UK To Step Up Business Record Checks 9/26/2011 Following on from a pilot scheme, the UK's revenue agency is to extend its Business Records Checks programme, with plans to complete 12,000 such checks by the end of the current financial year.
	ECB Praises Irish Central Bank Reform Plans 9/20/2011 The Central Bank of Ireland will see its supervisory and enforcement abilities enhanced under new legislation, the European Central Bank has said, welcoming this latest stage in the government’s overhaul of the banking system.
	Preliminary Results From US 2011 Offshore Disclosure Initiative 9/19/2011 The United States Internal Revenue Service has disclosed that the recently-completed offshore voluntary offshore initiative has pushed the total number of voluntary disclosures up to 30,000 since 2009.
	IRS Offers Filing and Penalty Relief for 2010 Estates 9/15/2011 The United States Internal Revenue Service has announced that large estates of people who died in 2010 will have until early next year to file various required returns and pay any estate taxes due, and that it is providing penalty relief to certain beneficiaries of these estates on their 2010 federal income tax returns.
	HMRC Outlines UK Self Assessment Penalty Changes 9/13/2011 HM Revenue and Customs's tough stance on tax avoidance has been reiterated with the agency issuing a reminder to taxpayers detailing new self assessment penalties for late returns and payments.
	ATO Criticized In Large Business Risk Review 9/12/2011 Large Australian businesses will welcome increased certainty around the Australian Taxation Office's risk reviews and audits of their financial practices, following the release of the Inspector-General of Taxation's Report into the Australian Taxation Office's large business risk review and audit policies, procedures and practices.
	UK VAT Amnesty Deadline Approaches 9/8/2011 VAT rule-breakers have until September 30 to register to pay what they owe under an HM Revenue and Customs amnesty campaign.
	Hurricane Causes IRS To Extend Offshore Disclosure Deadline 8/31/2011 After reminding United States taxpayers earlier this month of its impending deadline, the possible impact of Hurricane Irene has forced the Internal Revenue Service to give United States taxpayers a further period of time to participate in the 2011 Offshore Voluntary Disclosure Initiative.
	James Hardie Wins Large Back Tax Appeal 8/24/2011 James Hardie Industries has successfully appealed against a huge tax bill handed out by the Australian Tax Office in relation to a corporate restructuring which took place over a decade ago.
	Barbados Budget Unveiled 8/23/2011 'Uncertain economic times' have led the Barbadian Finance Minister to introduce a Budget full of new tax measures, as part of a plan to drive down the deficit and stimulate economic growth.
	UK Consults On Customs Law Overhaul 8/19/2011 The UK has launched a consultation on proposals to update existing customs and excise legislation, much of which dates back to the nineteenth century.
	Italy Debates More Budgetary Options 8/19/2011 With the Italian parliament being called back from holiday to consider the draft decree containing the 'anti-crisis' budget measures which the government has put forward to accelerate the balancing of the country’s budget, other policies are already being touted to replace its more contentious elements.
	UK Tax Raids Target 'Ghost' Plumbers 8/17/2011 The UK's clampdown on tax evasion continues to target the plumbing trade, with HM Revenue and Customs announcing the arrest of five individuals and the civil investigation of 600 others.
	UK Offers Concessions To Riot-Hit Businesses 8/12/2011 In an effort to help those businesses affected by the recent riots, the UK's government and revenue agency have unveiled a series of support measures, including government funding of business rates and the negotiation of tax payment schedules.
	UK Consults On Mandatory Online VAT Returns 8/11/2011 The UK is pressing forward with the digitization of its tax system, with HM Revenue and Customs announcing plans to make online value-added tax filing, payment and registration mandatory in the coming year.
	Too Much Confusion Over Canadian Tax Free Savings Accounts 8/10/2011 Canadian taxpayers have fallen foul of the rules surrounding Tax Free Savings Accounts, with the Canadian Revenue Agency failing to actively inform the public of the tax consequences involved, according to a new report.
	IRS Reminds Taxpayers Of Offshore Disclosure Deadline 8/11/2011 The Internal Revenue Service Commissioner Doug Shulman has reminded United States taxpayers with undisclosed offshore accounts that they are running out of time to take advantage of the 2011 Offshore Voluntary Disclosure Initiative.
	South Africa Consults On Microinsurance 7/29/2011 The government has published a policy document summarising a regulatory framework for microinsurance in South Africa, either by amending the existing long- and short-term insurance legislation, or through a stand-alone Microinsurance Act, together with the introduction of relevant tax provisions.
	Ireland Introduces New Household Tax 7/29/2011 The Irish government has introduced a levy on the majority of households in order to pay for local services and meet commitments made to its bailout creditors.
	CIOT Welcomes UK Tax Fraud Amnesty Proposals 7/25/2011 The Chartered Institute of Taxation has welcomed a government consultation paper containing proposals for tackling suspected tax evasion in the UK more effectively.
	IRS Gives Guidance On 'Economic Substance' 7/21/2011 The Large Business and International Division of the Internal Revenue Service has issued guidance for its examiners and managers on the ‘economic substance’ doctrine, and related penalties, within the United States tax code.
	Australia To Modify Charity Tax Law 7/20/2011 Australian Assistant Treasurer Bill Shorten has released for consultation an exposure draft of legislation and draft guidelines for a new regulatory framework for public ancillary funds.
	HMRC Consults On Tax Agents Crackdown 7/18/2011 The UK's revenue agency has announced plans to clamp down on dishonest tax agents, and has launched a discussion document detailing the proposals.
	US Issues Plans To Phase In FATCA 7/18/2011 The United States Treasury Department and the Internal Revenue Service have issued a notice announcing plans to phase in the requirements of the Foreign Account Tax Compliance Act.
	South Korea To Investigate Offshore Bank Accounts 7/15/2011 South Korea’s National Tax Service has announced that it will investigate offshore bank accounts held by taxpayers with balances of more than KRW1bn.
	HMRC's VAT Taskforce Turns Attention To Fast Food Shops 7/14/2011 HM Revenue and Customs' crack down on tax evaders continues, with the government now using a taskforce to tackle alleged VAT abuse in London's fast food outlets.
	Hong Kong, Citibank Reach Agreement On Lehman Notes 7/11/2011 The Securities and Futures Commission and the Hong Kong Monetary Authority have announced that an agreement has been reached with Citibank (Hong Kong) Limited in relation to its distribution in Hong Kong of market-linked notes and equity-linked notes issued by Lehman Brothers between March 2007 and June 2008.
	UK Launches VAT Amnesty 7/7/2011 The UK continues its crackdown on tax evasion, launching a new campaign focusing on those trading above the current value-added tax threshold, but who have not registered for the tax.
	Monaco Reforms Property Tax Law 7/7/2011 Determined to ensure greater equity in its property tax provisions, to boost the attractiveness of the country as a location, and to encourage property investment, Monaco has passed a new law amending the taxation on the transfer and purchase of real estate.

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