The Royal Bank of Canada has released an official statement, explaining that the bank is not guilty for any illegal activities including tax evasion in connection to shell company set up as mentioned in leaked papers from Panama’s Mossack Fonseca. The bank claimed to have high standards to ensure clients would not use its services to evade tax.
Advocacy groups heavily criticized the draft as it allows company to hide their activities. Meanwhile, Iceland Prime Minister has resigned following protest over Panama leaks.
The Panama Papers documents leak suggest that Ukrainian President Petro Poroshenko might be using an offshore company to evade tax. However, the president has denied such accusations, saying that he has not been managing the assets since he became president in 2014.
The $160-billion merger plan of Pfizer Inc and Allergan Plc is heading towards termination owing to new measures announced by the US Treasury Department which has been taking measures to curb malpractices by US companies in tax evasion by merging with foreign firms.
HSBC (HSBA.L) reported a 17 percent fall in annual pretax profit and cut its profitability target, saying allegations its Swiss business had helped customers to dodge taxes had brought shame on the bank.
RJ Lane filed a case against Deutsche Bank, BDO Seidman and a former partner of BDO Seidman over claims that they formed a fraudulent tax shelter that caused him losses, Bloomberg reported.
The new agreement between US and Swiss governments would allow payment of fines or deferment of prosecution from tax evasion committed by US clients.
A decrease in foreign-owned Swiss banks continue due to investors withdrawal of their money and taxes that were not paid accordingly.
The U.S. Conference of Mayors said President Barack Obama's financial plan would hurt the economy.
Barclays is under investigation by German tax authorities for possible tax evasion according to German newspaper.
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