Archive for June, 2014

Germany seizes tax evasion info

Sunday, June 22nd, 2014

German customs authorities in the Port of Hamburg have confiscated documents that may contain information about the accounts of suspected tax evaders. This was reported by German media on June 21.

Two containers with around 14,000 documents inside were confiscated at the end of May, with some coming from a branch of private bank Coutts, a subsidiary of the Royal Bank of Scotland, in the Cayman Islands, newspaper Welt am Sonntag said in an advance copy of an article due to be published on Sunday.

It was also reported that customs authorities confiscated a container of Coutts documents from the Cayman Islands on May 20. Since then, finance experts had been evaluating the information and searching for evidence of tax evasion.

A spokesperson for Coutts told Reuters: “We are not aware of any investigation into our Trust Company or its papers and we are working with the authorities to allow these papers to continue on their way.”

EU adopts European Tax Compliance Activities

Sunday, June 1st, 2014

The European Commission has adopted the 1st annual program for its new anti-fraud regime Hercule III. Over the year 2014, EUR13.7 million will be made available to support EU member states in their enforcement activities that include fighting fraud and fiscal crime.

This program will allow member states to finance specific projects and purchase of technical equipment by national authorities, as well as to tackle smuggling and other activities affecting the EU’s financial interests. Under Hercule III, EU countries will be able to apply for more funding. They could receive funding of up to 80% of the overall costs for actions to strengthen the technical and operational capacity of customs and law enforcement agencies. In exceptional and duly justified cases, the funding could be increased to 90%.

Also, the European Commission will pay for access to specialized databases for use by member states’ customs and tax authorities. Funds will be allocated for training activities and seminars and conferences for customs and police staff.

According to Tax Commissioner Algirdas Ĺ emeta, “Fighting fraud and corruption in the EU must really be a partnership. Hercule III means that member states will have significant financial support in catching fraudsters and protecting taxpayers’ money. Thanks to the work program adopted today, many useful anti-fraud projects can now be put into practice.”