Tax evasion Financial News

A Nigerian court has scheduled the verdict for the tax evasion trial against cryptocurrency exchange Binance for October 11. The announcement was made by presiding judge Emeka Nwite on Friday.

Guy Ficco, the Criminal Investigation Chief at Internal Revenue Service (IRS), has indicated the agency is bracing for a significant increase in cases of crypto-related tax evasion this tax season.

Central Board of Direct Taxes (CBDT) has decided to increase the scope of theIncome Tax Department in filing of appeal cases in tribunals and courts. It has been directed by CBDT via a circular dated March 15, 2024, that the tax department can now file appeals with income tax tribunals and courts without considering the tax effect amount for certain specified cases based on the merit of the case. Among the specified cases, one is about penny stocks which falls under the category of cases involving organised tax evasion including cases of bogus capital gain/loss through penny stocks and cases of accommodation entries. «Monetary limits given with regard to filing appeal/SLP shall be applicable to all cases including those relating to TDS/TCS under the Act with the following exceptions where the decision to appeal/file SLP shall be taken on merits, without regard to the tax effect and the monetary limits,» said CBDT in its circular dated March 15, 2024.

Panama Papers Scandal: Twenty-seven people are set to go on trial on Monday for money laundering in connection with the "Panama Papers" tax evasion scandal, which revealed how many of the world's wealthy stashed assets in offshore companies. The 2016 revelations rocked governments, exposed high-profile personalities, triggered scores of investigations around the world and dealt a blow to Panama's reputation as an offshore financial hub. The defendants due to go on trial in a Panamanian criminal court include Jurgen Mossack and Ramon Fonseca Mora, the founders of the now-defunct law firm at the centre of the scandal.

Nigerian authorities has asked in court for cryptocurrency exchange Binance and two of its executives to be tried for alleged money laundering and tax evasion, the first legal step following weeks of a criminal investigation into the trading platform

Income Tax Act is the primary provision addressing tax evasion in India. This section specifies the penalties for individuals intentionally trying to evade taxes, which can range from imprisonment to fines. The magnitude of the penalty is determined by the amount of tax evaded.

Binance , the world’s largest cryptocurrency exchange, is facing tax evasion charges in Nigeria, as the dispute between the exchange and Nigerian authorities escalates. 

Alkem Laboratories nosedived more than 13% on Monday, witnessing their biggest single-day fall in at least three years, following reports of a large-scale tax evasion by the drug major. According to reports, Alkem Labs allegedly claimed over Rs 1,000 crore in bogus deductions.

foreign airlines including British Airways, Etihad, Thai Airways and Qatar Airways been questioned by the Directorate General of GST Intelligence (DGGI) over allegations of tax evasion which have run into hundreds of crores of rupees, TOI reported on Sunday. The DGGI has questioned these executives over allegations of these carriers’ booking expenditure related to their India operations with their overseas head offices in the last month. Citing sources, TOI reported that the DGGI has requested documentation from these airlines covering every expense incurred by the international carriers for their operations in India. This may include aircraft leasing, crew and ground staff costs, fuel for the aircraft, and any additional maintenance or repair expenses. For the first time, Indian authorities have requested that international airlines report all of their expenses relating to India and pay taxes for services provided here under the new GST regime.

US President Joe Biden's son, Hunter, accusing him of failing to pay $1.4 million in taxes while spending millions of dollars on a lavish lifestyle. Hunter Biden, 53, was hit with three felony and six misdemeanor tax offenses, according to an indictment filed in U.S. District Court, Central District of California.

The Indian government has detected goods and services tax (GST)evasion of 1.51 trillion rupees ($17.99 billion) in 2023/24, and recovered tax worth 185.4 billion rupees up to October, according to data shared by the finance ministry on Tuesday.The highest tax evasion of 844 billion rupees was detected in the industrial state of Maharashtra, Minister of State for Finance Pankaj Chaudhary told lawmakers.

The OECD's Crypto-Asset Reporting Framework will require crypto platforms to share taxpayer information with tax authorities.The UK government says that the standard could potentially recoup hundreds of millions of pounds in lost revenue.“Today we are sending out a strong message that we will not allow criminals to use crypto to avoid paying their fair share,” says Financial Secretary to the Treasury, Victoria Atkins.The 48 signatories to the agreement encouraged other countries to join them.

Forty-eight countries across six continents have committed to a new tax transparency standard starting in 2027 to fight crypto-related tax evasion.

The OECD's Crypto-Asset Reporting Framework will require crypto platforms to share taxpayer information with tax authorities.The UK government says that the standard could potentially recoup hundreds of millions of pounds in lost revenue.“Today we are sending out a strong message that we will not allow criminals to use crypto to avoid paying their fair share,” says Financial Secretary to the Treasury, Victoria Atkins.The 48 signatories to the agreement encouraged other countries to join them.

Amir Bruno Elmaani, the 31-year-old founder of the now-defunct cryptocurrency scheme Oyster Protocol has been handed the maximum sentence of four years in prison for tax evasion.

high-net-worth individuals (HNIs) who engage in tax underpayment, according to Financial Express. This decision follows the department's discovery that the reduction in the highest tax rate on personal income from 42.74% to 39% in the FY24 Budget has not deterred tax evasion among HNIs. The department is currently engaged in a comprehensive “360-degree profiling" of individuals who have either reported or are likely to have an annual income exceeding ₹1 crore.

By Mathieu Rosemain and Noele Illien

Lux Industries shares declined over 3 per cent on Friday, September 22, after reports said that the Income Tax (I-T) department conducted searches at company's headquarters in Kolkata. The I-T Department has reportedly alleged a tax evasion of ₹200 crore by the company. Raids were conducted in multiple cities at premises linked to Lux Industries.

Nobel Peace Prize winner Maria Ressa has been acquitted of a final tax evasion charge though she still faces two remaining legal cases she believes the former Philippine president used to muzzle her critical reporting

Bloomberg. The department has sent notices to founder Supam Maheshwari asking why he didn’t pay more than $50 million in taxes on equity transactions conducted in privately-held FirstCry, the people told Bloomberg, asking not to be named as the information is not public.

₹600 crore as part of the probe. The I-T department carried out raids on Kalpataru Group across 30 locations in Mumbai, Gujarat and Rajasthan on August 4, according to a report by Business Today.