Diabytes
Tax havens News
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India's revised tax treaty with Singapore, aimed at checking round-tripping of funds, has come into force. While most clauses of the amended treaty signed on December 30 took effect from February 27, the principal clause allowing levy of capital gains tax on investments routed through Singapore will come into force from April 1.
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Global banking giant HSBC has disclosed being probed by tax authorities in India and several other countries, including against its Swiss and Dubai units, for allegedly abetting tax evasion of four Indians and their families.
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The two main partners of Mossack Fonseca, the Panamanian law firm at the centre of the so-called `Panama papers` scandal, have been arrested, a media report on Friday said.
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The government of Panama on Tuesday announced a bill that would take a range of steps against countries that put it on their blacklists of "tax havens" in the wake of the Panama Papers revelations.
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Swamy has also called for bringing back black money stashed in tax havens abroad and nationalising those funds.
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After successfully amending the tax-treaty with Mauritius, India is mulling over a plan to amend the same in case of Singapore which is also considered a prominent source of round-tripping and revneue loss.
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The complete database of the Panama Papers was released on Monday by the International Consortium of Investigative Journalists.
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The IMF and World Bank focused Thursday on Britain`s possible EU pullout and widespread tax evasion as key threats to the global economy as they opened their Spring Meetings.
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As many as top 50 US companies, including the likes of Apple, Walmart, General Electric, Microsoft, Google and Coca-Cola have a whopping $1.4 trillion stashed in offshore tax havens, an Oxfam report has revealed.
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The vast majority of companies that received money from the World Bank's private lending arm last year to finance investment in Africa's poorest region use tax havens, a campaign group has said.
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The EU unveils plans on Tuesday to force the world`s biggest multinationals to accurately report their earnings and pay fair taxes, a measure made even more urgent by the Panama Papers scandal.
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France will put Panama back on its list of countries that do not cooperate in efforts to track down tax dodgers, Finance Minister Michel Sapin said today in the wake of the Panama Papers revelations.
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CBI is likely to register more FIRs into alleged loan defaults of Kingfisher even as it plans to expand its probe to look into the allegations of diversion of about USD 200 million dollars to "tax havens".
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The agency is likely to register more FIRs to bring into the ambit of probe the additional Rs 3100 crore loans from 10 other nationalised banks on which the company has allegedly defaulted, turning them into non-performing assets, CBI sources said.
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Kingfisher Airlines had allegedly diverted a substantial chunk of Rs 4,000 crore in loans secured from public sector banks to tax havens which has now come under the scanner of the CBI that has expanded its probe in the matter.
The recently launched book "It's Raining Black! Chronicles of Black Money, Tax Havens and Policy Response" -- talks about policy measures framed by the government to tackle the menace of illegal funds in the country and abroad.
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