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UN panel: Tax abuse, corruption plague global finance

A United Nations panel on financial accountability, transparency and integrity is urging governments to do more to tackle tax abuse and corruption in global finance, following the publication of an interim report.

UK government tackles tax avoidance involving profit fragmentation

The U.K. government has launched a public consultation on plans to tackle tax avoidance arrangements that designate earnings of U.K. residents to trusts and companies in low or no tax jurisdictions.

More than 60 countries sign multilateral tax convention

Ministers and high-level officials from more than 60 countries and jurisdictions on Wednesday are to sign a multilateral convention to reduce the opportunity for tax avoidance by multinational enterprises.

German draft bill targets offshore tax avoidance

The German government has initiated draft legislation to prevent the use of “letter box companies in tax havens” to avoid tax. The draft bill was prompted by the Panama Papers revelations last year and approved by Cabinet on Dec. 21.

Cayman Finance CEO promotes financial industry in Europe

Cayman Finance CEO Jude Scott has completed a two-week visit to Europe to promote the Cayman Islands financial services industry and its role in Europe, the United Kingdom and the global financial economy.

Multilateral convention closes tax treaty loopholes

More than 100 jurisdictions have concluded negotiations on a multilateral instrument that will implement a series of tax treaty measures to update international tax rules and lessen the opportunity for tax avoidance by multinational enterprises.

UK gov’t proposes heavy fines for tax avoidance enablers

The U.K. government is planning to impose large fines for service providers and consultants who advise clients on how to avoid tax with schemes that are found to be unlawful.

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