HSBC to Pay 300 Million Euros to Settle French Tax Dodging Probe in Switzerland

HSBC to Pay 300 Million Euros to Settle French Tax Dodging Probe in Switzerland

HSBC will pay 300 million euros ($352.5 million) to settle tax evasion investigation of French citizens through its HSBC Private Bank in Switzerland.

“HSBC Decides to Pay 300 Million Euros to Settle French Tax Dodging Probe via HSBC Private Bank in Switzerland”

The French financial prosecutor’s office said that French citizens will end proceedings against the bank provided it does make that payment. The settlement was the first of its kind under a new French legal framework.

Source: Reuters, Business Insider

 

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About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about213,000 shareholders in 132 countries and territories.

Visit: HSBC

 


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Australia Budget: Multinationals to be hit with ‘Google Tax’

Australia Budget: Multinationals to be hit with ‘Google Tax’

Multinational companies that move profits offshore to avoid tax will be penalized under new measures in Australia’s budget. Companies that are caught shifting profits will then be taxed at a penalty rate of 40%, instead of the usual 30% rate.

“The Australian Tax Office will get a 1,000-person strong team of tax avoidance specialists who will target large companies and wealthy individuals avoiding tax”

~ BBC

The government is seeking to raise additional revenue to pay for tax cuts. Multinational firms that shift profits offshore will be taxed at a penalty rate of 40% under a diverted profits tax, similar to the so-called “Google tax” introduced in the UK last year. The Australian Tax Office will get a 1,000-person strong team of tax avoidance specialists who will target large companies and wealthy individuals avoiding tax.

Related Reports: BBC, Bloomberg

 

About Australian Taxation Office

The Australian Taxation Office (ATO) is the principal revenue collection agency of the Australian government. Our role is to effectively manage and shape the tax and superannuation systems that support and fund services for Australians, including:

  • collecting revenue
  • administering the goods and services tax (GST) on behalf of the Australian states and territories
  • governing a range of programs which result in transfers and benefits back to the community
  • administering the major aspects of Australia’s superannuation system
  • custodian of the Australian Business Register.

We operate under the Public Governance, Performance and Accountability Act 2013, within the Treasury portfolio, and are accountable under the Public Service Act 1999.

Visit: Australian Taxation Office


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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UBS & Deutsche Bank Lose Bonus Tax Challenge

UBS & Deutsche Bank Lose Bonus Tax Challenge

UBS and Deutsche Bank may have to pay tens of millions of pounds to HM Revenue & Customs after the supreme court ruled that bonus schemes operated by the investment banks are not exempt from tax. “In our society, a great deal of intellectual effort is devoted to tax avoidance,” said Lord Reed, delivering the ruling.

“The firms tried to exploit tax exemptions on restricted securities by awarding staff bonuses comprised of shares in offshore companies set up especially for reward”

~ The Guardian

The UBS and Deutsche Bank schemes, he added, were designed to “to avoid the payment of income tax on bankers’ bonuses”. The firms tried to exploit tax exemptions on restricted securities by awarding staff bonuses comprised of shares in offshore companies set up especially for rewarding employees.

Related Reports: The Guardian, Bloomberg, Financial Times

 

About UBS

Headquartered in Zurich and Basel, the UBS Group is a global firm providing financial services to private, corporate and institutional clients. The UBS Group is present in all major financial centers and has offices in over 50 countries. The UBS Group employs approximately 60,000 people around the world. The UBS Group’s historical roots stretch back more than a century.

Visit: UBS

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank




The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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