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Topic: tax evasion

New report claims more than $400B lost to tax havens each year

A new report by the Tax Justice Network places Cayman at the top of the list of countries responsible for global tax losses, estimated at $70 billion for the jurisdiction.
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International tax evasion by EU nationals amounts to US$50B per year

A new study by the European Commission estimates European Union member states lost US$50.7 billion (46 billion euros), about 0.3% of GDP, in tax revenue in 2016 to international tax evasion by individuals.

Cayman sidesteps European financial services blacklist

After weeks of media fanfare, coinciding with the release of the Paradise Papers, and political horse trading behind the scenes, the EU has released a list of 17 countries it considers uncooperative in tax matters.

Cayman commits to BEPS rules to counter EU blacklist

Cayman has committed in principle to a project reforming the application of tax rules in cross-border business to combat the erosion of tax bases and the artificial shifting of profits to low or no-tax jurisdictions.

Panama signs tax convention

Six months after the Panama Papers revelations, Panama signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters last week, making it the 105th jurisdiction to join the predominant instrument for transparency and combating cross-border tax evasion.

Human rights expert calls for ‘abolition of tax havens’

An independent human rights expert has urged the United Nations to convene a world conference on tax avoidance and tax evasion, the abolition of tax havens and the protection of whistleblowers. “I sincerely hope that the abolition of tax havens and the creation of a United Nations Tax Authority ... will be among Mr. Guterres’s priorities."

Canadian tax probe gets CNB accounts

Court orders issued last week sought to obtain seven years’ worth of Canadian account-holders’ Cayman Islands correspondent bank records in what Canadian authorities said was an ongoing investigation into tax evasion.

Butterfield Bank discloses possible US$4.8M payment

The Bank of N.T. Butterfield & Son Ltd. has made provision for the payment of US$4.8 million, recorded during its financial year which ended Dec. 31, 2015, against the possibility that it could be required to make a settlement payment as the result of an ongoing U.S. federal investigation into tax evasion.

Cayman National Corp. affiliates plead guilty in US tax evasion conspiracy

Two investment and trust management companies affiliated with Cayman National Corporation pleaded guilty Wednesday in U.S. federal court to conspiring with American taxpayers to hide about US$137 million in accounts managed by those companies from the U.S. federal tax authority, the Internal Revenue Service.

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