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Tax recoveries remain at $30m Tax ombudsman suspects corrupt practices behind low offshore recoveries ISLAMABAD: The government could recover a meagre $30 million (Rs4.6 billion) out of cases of billions of dollars referred by the Organisation for Economic Cooperation and Development (OECD), prompting a state institution to launch probe into complaint of malpractices. Average tax recovery in 1,150 cases by three zones was just Rs4 million or $25,800 per case owing to poor performance of the Karachi Zone of the Federal Board of Revenue (FBR), according to official documents seen by The Express...

He replaces Peter Kenny, chief executive of Quilter International Neil Chadwick has been appointed chairman of the Manx Insurance Association (MIA). He will hold the role for two years and takes over from Quilter International chief executive Peter Kenny, who assumed the role in 2019. Chadwick is head of technical services for International Financial Group Limited (IFGL); which owns RL360, RL360 Services, Friends Provident International and Ardan International. Commenting on his appointment, Chadwick said: “I’m looking forward to representing the insurance sector and working with the Isle...

Tax havens - a big challenge Experts estimate annual global revenue loss of $200b as result of abuse of tax havens Salaried class contributed Rs69.4 billion or 7.8% of the total income tax collection in the first half, which was higher by 20% when compared with the same period of last year. PHOTO: FILE ISLAMABAD: The Panama Papers, Luxembourg Leaks and Paradise Leaks clearly reveal how tax evasion and money laundering are being carried out on a massive scale through tax havens across the globe. The ill-gotten and tax-evaded money channeled/ laundered through tax havens has become a global is...

Credit: UN Office on Drugs and Crime (UNODC) UNITED NATIONS, Feb 26 2021 (IPS) - A sign outside a laundry in New York city had a frivolously flippant slogan: “We launder dirty clothes, not dirty money.” And a 2019 movie titled “Laundromat,” based on a book ‘Secrecy World’ by Pulitzer Prize winning author Jake Bernstein, exposed the byzantine world of money laundering. That’s the insidiously darker side of the world’s financial system – with millions of dollars in ill-gotten gains finding safety in offshore banks– a crime perpetrated on a global scale, says a High-Level P...

Uganda commits to start automatic exchange of financial account information by 2023 Exchange of information   17/02/2021 – Uganda has committed to implement the international Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) by 2023. The commitment made by the Minister of Finance, Planning and Economic Development, the honorable Matia Kasaija, makes Uganda the 116 Maria José Garde, Chair of the Global Forum, said “I am delighted to welcome Uganda’s commitment to the AEOI Standard. As for the 115 other committed jurisdictions, the Global Forum will ...