Deputy AG calls for investigation into auditor general
Fact: Deputy attorney-general Savvas Angelides called for an independent investigation into auditor-general Odysseas Michaelides.
law firm
UK financial sector seeks stronger accountability of regulators
A new sector-wide body could help ensure that Britain’s financial regulators fully comply with their new remit of aiding international competitiveness when writing rules.
Federal budget hikes capital-gains tax on companies and wealthy individuals
The federal government is increasing capital gains taxes on wealthy individuals and companies to finance new spending on housing and other government priorities.
IESBA sets ethics standards for corporate tax planning
The International Ethics Standards Board for Accountants has released ethical standards for business tax planning in response to concerns about tax avoidance by multinational companies.
Former Labor minister calls for major tax shake-up
David Bradbury, the OECD’s departing tax executive, believes Australia needs a new review of tax and spending across the federation to implement difficult reforms.
How investment firms shield the ultrawealthy from the IRS – ICIJ
The fact described in the text is that the IRS has received a major infusion of funding, including billion in 2022, to address the issue of large partnerships used by the ultrawealthy to hide income and avoid paying taxes.
Law Office advances prosecution in largest ‘golden passports’ fraud case
The Law Office of the Republic has given the go-ahead to begin prosecutorial actions in the largest citizenship services fraud case, along with three additional cases. One of the cases involves a prominent law firm investigated for its role in 20 specific citizenship applications, with implications in over a hundred cases overall. The judiciary is expected to examine all four cases, potentially leading to formal charges against the firm, individual lawyers, and additional staff members. The police have gathered evidence to identify the culprits involved in the offenses. The investigations into the ‘golden passport’ scandal are ongoing, with Police Chief Stelios Papatheodorou hinting at imminent advancements in resolving the cases.
Updates expected on St Habakkuk scandal investigations
The Attorney-General has convened two meetings this week with police investigators for important cases. The first meeting is about the scandal of granting citizenship to foreign investors, the second is regarding the scandal at the Saint Habakkuk Monastery. Another meeting is scheduled for next week to discuss possible violations of US sanctions against Russian oligarchs in Cyprus. The investigations at the Saint Habakkuk Monastery are progressing, with updates expected after a meeting with investigators. Additionally, there will be a meeting with the Financial Crime Unit to discuss cases related to golden passports. Decisions are pending on a major case involving citizenship grants. Investigations into sanctions on Russians by the US, specifically involving Alexey Mordashov divesting shares through an organization in Cyprus, are nearing completion.
Many GOP billionaires balked at Jan. 6. They’re coming back to Trump.
Nelson Peltz expressed remorse for voting for Donald Trump after the Capitol insurrection on Jan. 6, 2021, but later had breakfast with Trump and other billionaires at his mansion in Palm Beach, Florida. Peltz has stated that he would “probably” vote for the GOP front-runner in 2024. Elite donors who were once critical of Trump are now rediscovering their affinity for him due to fears of President Biden’s tax agenda. Some billionaires are considering supporting Trump financially, including Larry Ellison and Richard Uihlein, while others like Ken Griffin and Peter Thiel remain resistant. Some tech investors and leaders in Silicon Valley who were alienated by Trump’s election-fraud crusade are now coming around to support him. Gary Cohn, who was once critical of Trump, has recently spoken positively about the former president. Robert Bigelow, who criticized Trump after the Capitol riot, has pledged million to a pro-Trump campaign group. Trump is facing financial challenges and is seeking support from wealthy donors to fund his campaign.
Tennessee lawmakers split on how and why to give businesses major tax help under fear of lawsuit
Republicans in the Tennessee House and Senate are planning to offer businesses new tax help worth over billion. The Senate has passed a proposal that includes .56 billion in one-time refunds for potentially 100,000 businesses and 3 million in annual tax breaks. The House has presented a version that limits tax refunds to 0 million, requires public disclosure of businesses receiving refunds, and sets limits on suing. The debate is complicated by Tennessee’s financial situation and concerns that the state’s franchise tax may violate the U.S. Constitution’s Commerce Clause.