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Luxembourg agrees to help fight tax cheats

Tax Forms

Luxembourg says it will exchange information with the rest of Europe to help fight tax evasion. The initiative, which is to start in 2015, follows international pressure on Luxembourg to end its policy of banking secrecy that critics say has helped people hide money from tax authorities. Luxembourg, a tiny country of half a million people, boasts a huge financial industry with more than 3 trillion euros ($4 trillion) in assets.


Billionaire hedge fund manager Paulson Leads Funds to Bermuda Tax Dodge Aiding Billionaires

Last year, about $450 million belonging to top executives at billionaire hedge fund manager John Paulson’s New York firm took a quick round trip to Bermuda. In April, the executives sent the money to a reinsurance company that they’d set up on the island 650 miles off the North Carolina coast. By June, the Bermuda company, which has no employees and sells far less reinsurance than the industry norm, had sent all the cash back to New York, to be invested in Paulson & Co. funds.


Threatened by isolation, Switzerland lifting veil on secret bank accounts

Swiss Banks

For decades, Switzerland was the place where money went to hide. Cash sent to its mountain aeries was protected by some of the strictest secrecy laws in the world.


Microsoft, HP skirted taxes via offshore units: Senate panel


Technology giants Microsoft Corp and Hewlett-Packard Co used offshore units to shield billions of dollars from U.S. taxes by taking advantage of loopholes and stretching the limits of the tax code, a U.S. Senate panel said on Thursday.


Tax havens help rich hide $21 trillion, study shows

Thanks to lax international tax rules the world’s super rich have siphoned at least $21 trillion into secretive tax-free havens, according to a study by UK campaign group Tax Justice Network.


Mitt Romney’s Gray Areas

Mitt Romney

...there are potentially legitimate reasons for parking large sums of money in overseas tax havens. But we don’t know which if any of those legitimate reasons apply in Mr. Romney’s case — because he has refused to release any details about his finances. This refusal to come clean suggests that he and his advisers believe that voters would be less likely to support him if they knew the truth about his investments.


U.S. starts new offshore amnesty for tax cheats

Wealthy tax evaders with assets stashed offshore can come clean with U.S. authorities under a new amnesty program letting them pay taxes with reduced penalties, the government said on Tuesday.


Man linked to stolen bank data found dead in Swiss prison

A man held in connection with client data stolen from a bank and sold to German tax authorities has been found dead in prison, Swiss authorities said on Friday.


Tax Havens' Days Are Numbered

The era of banking secrecy may be coming to an end.


I.R.S. Releases Criteria to Get Names in UBS Case

I.R.S. Releases Criteria to Get Names in UBS Case

The Internal Revenue Service on Tuesday disclosed the criteria being used by the Swiss banking giant UBS to select names of American clients that will be turned over to the agency as part of a settlement of a tax evasion case.


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