Evasion

The nation's millionaires and billionaires are evading more than $150 billion a year in taxes, adding to growing government deficits and creating a "lack of fairness" in the tax system, according to the head of the Internal Revenue Service.The IRS, with billion of dollars in new funding from Congress, has launched a sweeping crackdown on wealthy taxpayers, partnerships and large companies. In an exclusive interview with CNBC, IRS Commissioner Danny Werfel said the agency has launched several programs targeting taxpayers…

Kerala MVD often manages to stay in the news for one reason or another. This time, they have issued a fine against a Rolls Royce Ghost luxury car for alleged tax evasion. The Motor Vehicle Department officers have issued a whopping Rs. 12 lakh fine against the vehicle. The car is owned by a car rental company based in Kochi. The company rents this car for wedding photoshoots and other events. The car caught the officers’ attention during one such event recently. Rs 12 lakh fine for Rolls Royce According to the…

A day after he walked out on Rep. Marjorie Taylor Greene (R-Ga.) during a surprise appearance at a House Oversight Committee hearing, Hunter Biden pleaded not guilty to tax evasion in a federal courtroom in Los Angeles Thursday. He received a trial date of June 20. It was the first court appearance for President Joe Biden’s son after a federal grand jury indicted him December 7 on nine charges alleging he “willfully failed” to pay $1.4 million in taxes while living an “extravagant lifestyle.” According to…

The ED has officially filed its first charge sheet in connection with the ongoing money laundering investigation involving Chinese smartphone manufacturer Vivo, Lava, and several other entities. The companies have also been accused of tax evasion…

Singer-songwriter Shakira has slammed the Spanish government as she resolved her alleged tax fraud case the day the trial was due to begin. The 46-year-old chart topping star had been accused by Spanish authorities of failing to pay 14.5 million euros ($15.8 million) in Spanish income tax between 2012 and 2014, reports `Mirror.co.uk`. But the singer had argued she was living a "nomadic life" during the years of 2012 and 2014 and was not based in Spain. The Colombian star was in a relationship with Spanish footballer…

Oppo Mobile, Vivo India, and Xiaomi Technology have collectively evaded tax worth Rs 9,000 crore, by dodging custom duties and GST, said IT Minister Rajeev Chandrasekhar. So far, the government has successfully recovered Rs 1,630 crore from these companies…

The Directorate General of GST Intelligence (DGGI) has widened its probe against the insurance companies for wrongful claim of input tax credit. It has served show cause notices to multiple insurance intermediaries including HDFC Bank, Go Digit Insurance, Policy bazaar, people familiar with the development said.The notices, sent by the Mumbai, Ghaziabad, and Bengaluru offices of DGGI, alleged that these companies issued fake invoices for many insurance companies without providing any service, which is a punishable offence…

The world's biggest crypto exchange Binance and its CEO and founder Changpeng Zhao were sued by the U.S. Commodity Futures Trading Commission (CFTC) on Monday for operating what the regulator alleged were an "illegal" exchange and a "sham" compliance program. The CFTC sued Binance, Zhao and its former top compliance executive with "willful evasion" of U.S. law, "while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit." Zhao, a billionaire who was born in China and moved to Canada at…

Cancer cell experiencing endoplasmic reticulum stress. Credit: Ella Marushchenko (2018)According to a study led by researchers at Weill Cornell Medicine, a protein prevalent in high quantities within lung cancer cells has been found to regulate a critical immunosuppressive pathway, enabling lung tumors to avoid immune response. This discovery could accelerate the creation of treatments aimed at overcoming this tumor defense mechanism, ultimately enhancing the prospects for lung cancer patients.The researchers, in their…

Tax officers are investigating GST evasion of about Rs 23,000 crore by gaming companies between April 2019 and November 2022, Minister of State for Finance Pankaj Chaudhary said on Monday.In a written reply to a question in the Lok Sabha, the minister said the Enforcement Directorate has attached proceeds of crime of more than Rs 1,000 crore in several cases related to Cyber and Crypto assets frauds wherein online gaming etc have been used for siphoning the proceeds.About evasion of Goods and Services Tax (GST), Chaudhary…