Cristiano Ronaldo arrives with his girlfriend Georgina Rodriguez to appear in court on a trial for tax fraud in Madrid, Spain on Jan 22, 2019. (Photo source: Reuters/Susana Vera) Sporting sunglasses and a smile, accompanied by his girlfriend Georgina Rodriguez, Ronaldo arrived at the court in northeastern Madrid for a brief hearing. He was handed a two-year jail sentence immediately reduced to a fine of €365,000 and another penalty of €3.2 million, according to the sentence. Accused of having avoided paying €5.7 million in taxes due on his image rights between 2011 and 2014, Ronaldo has already paid the taxman €6.7 million for what he owed plus interest, the sentence read. That - plus the court fine - comes to more than €10 million. In June, the player's lawyers and Spain's taxman came to an agreement that Ronaldo would pay a grand total of €18.8 million. That amount was not mentioned in the sentence but a source at the court, who refused to be … [Read more...] about Ronaldo avoids jail but hit by hefty fine for tax fraud in Spain
Penalties for tax evasion
Vietnam eyes harsher penalties for tax evasion
Vietnam's Ministry of Finance is planning to increase fines on tax evasion and errors in tax returns. Individuals who fail to file accurate returns will have to pay 20 percent of the shortfall as fine, double the current rate, if tax authorities find no mala fide intent. For organizations it is 40 percent, online newspaper Thoi bao kinh te Sai Gon reported, quoting from the draft. But for deliberate tax evasion and other frauds, the fine will be up to three times the shortfall. There will also be fines for other offences -- of VND100,000-1 million (US$4.8-48) for delaying filing of returns by one to 10 days and twice that if the delay is of 10-20 days. The fines will be be double for organizations. There could also be criminal charges for these offences. Like us on Facebook and scroll down to share your comment … [Read more...] about Vietnam eyes harsher penalties for tax evasion
More transfer pricing, tax evasion cases found at FIEs
Le Hoang Last year, the country’s tax agencies intensified the fight against transfer pricing at the FIEs which had constantly reported losses but still had expanded operations. Through inspections at over 2,100 companies, the agencies collected tax arrears and fines worth around VND988 billion (nearly US$47 million), up 32.3% against 2012, and reduced tax deductions by roughly VND136.9 billion. In addition, the tax inspections made the companies revise down combined losses amounting to more than VND4.1 trillion (around US$195 million). Notably, FIEs accounted for 40% of the total tax arrears. As per the reports of tax agencies nationwide showed 720 out of the inspected 870 foreign direct investment (FDI) enterprises were involved in transfer pricing and tax evasion. The number of FDI companies found responsible for transfer pricing in certain localities was really high, at 100% of the inspected firms. For instance, the tax department in the central province of Quang Ngai … [Read more...] about More transfer pricing, tax evasion cases found at FIEs
Tax chief walks as subordinates charged in bribery case
Central Highlands Dak Lak Province tax officials will be tried for accepting bribes while their boss, who approved shady transactions surrounding the alleged deal, walks away scot-free. The four are accused of accepting bribes from Minh Nguyet Company in return for an illicit tax refund worth more than twice what the company would have been due. In addition to the taxmen, Minh Nguyet Director Nguyen Van Minh was also charged with bribery. But the chief tax official who approved the refund has escaped prosecution and must only "review his responsibility and face non-criminal penalties," police said. … [Read more...] about Tax chief walks as subordinates charged in bribery case
NA lowers budget revenues target for 2009
The National Assembly lowered the revenues target in a budget plan for next year to VND389.9 trillion (US$23 billion) Nov. 8. The government had originally proposed budget revenues of VND418 trillion ($24.7 billion) for 2009. … [Read more...] about NA lowers budget revenues target for 2009