Daily Archives: December 2, 2018

OECD releases latest BEPS Action 5 report on preferential regimes and moves to strengthen the level playing field by applying the ‘substantial activity’ requirements to the ‘no or low tax’ jurisdictions

On 15/11/2018, the OECD reported international efforts to curb harmful tax practices and prevent the misuse of preferential tax regimes are having a tangible impact worldwide, according to new data it release at that time. The latest progress report, from the 115 nation Inclusive Framework on BEPS, covers the assessment of 53 preferential tax regimes, demonstrating…

J5 Alliance (Australia, Britain, Canada, Netherlands and USA) targets “professional enablers” of international tax fraud – see who advertises; follow (show me) the money

On 15.11.18, Reuters reported that Tax enforcement agencies from the United States, Australia and 3 other countries, part of the J5 alliance, are leading a crackdown on “professional enablers” of international tax fraud, the US Internal Revenue Service head of criminal investigations has said. The IRS, via an alliance with Britain, Australia, Canada and the Netherlands…

OECD releases ‘synthesised text’ to give guidance on how relevant clauses of various DTAs would read after being modified by the MLI

On 14/11/2018, the OECD posted advice that it continues on the implementation of a landmark treaty to improve the international tax system which now covers 84 jurisdictions and will become effective on 1 January 2019 for the first 47 tax treaties concluded among the 15 jurisdictions that deposited their acceptance or ratification instrument. On the…

5 Year Jail Term for WA Phoenix operator – 2004-2007 historic offending investigated and prosecuted

The ATO reported that, on 16 November 2018, a Western Australian business owner: Sung Jae Cho, was sentenced in the District Court of Western Australia, to five years and four months’ jail for fraudulently obtaining more than $890,000 through illegal phoenix activity. He was also ordered to repay the money he stole. Mr Cho was convicted…