![]() Data gathered by the International Consortium of Investigative Journalists, the architect of the Pandora Papers release, suggests that governments collectively lose $427 billion each year to tax evasion and tax avoidance. ![]() On October 3, the release of the Pandora Papers flooded the global media, as millions of documents detailed incidents of wealthy and powerful people allegedly using so-called offshore accounts and other structures to shield wealth from taxation and other asset reporting. Meaningful Overlap or Superficial Similarities? …Ĭontinue Reading DOJ Report Calls For International Cooperation to Fight Digital Asset Crime Ballard Spahr to Present on Potential Money Laundering Risks Flowing From Real Estate Deals and Foreign Clients Bringing Funds Into the U.S. The resultant Report stresses the pragmatic problems facing cross-border investigations – particularly the reluctance or sheer inability of foreign jurisdictions to tackle such investigations independently – and makes three basic recommendations, all of which relate to improved funding, communication and standards. The Executive Order addressed concerns about the growing role of digital assets in money laundering crimes and sanctions evasion, and called for a report to be published by the AG for the purpose of strengthening international law enforcement cooperation. The Report was required by President Biden’s MaExecutive Order, Ensuring Responsible Development of Digital Assets, on which we previously blogged. recently introduced a sweeping bipartisan bill to bring clarity to cryptocurrency regulation by defining most digital assets as commodities (to be regulated primarily by the CFTC) and enacting rules governing stablecoins. senators Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y. Led by the Department of Justice, the Report represents a collaborative effort with feedback from the Department of State, Department of Treasury, Department of Homeland Security, Securities and Exchange Commission, and Commodities Future Trading Commission (“CFTC”). Tanzanias are divided on whether they favour higher taxes to support more government services, but a large majority say they would welcome higher taxes to fund programmes targeting young people.On June 6, Attorney General Merrick Garland (“AG”) issued a report titled “ How to Strengthen International Law Enforcement Cooperation For Detecting, Investigating And Prosecuting Criminal Activity Related To Digital Assets” (the “Report). Yet a majority report that citizens “often” or “always” avoid paying their taxes, and most say it is difficult to know what taxes and fees they are supposed to pay and how government uses tax revenues. ![]() The government recently introduced a tax on mobile-money transactions, whose proceeds are intended to support the improvement of social-services delivery, including the construction of classrooms and health centres, particularly in underserved areas (Mshomba, 2021).Īfrobarometer survey findings show that most Tanzanians see tax collection as legitimate and believe that the government uses tax revenues for the well-being of its citizens. The government has initiated several measures to improve tax compliance, including updating tax-collection technology, enhancing outreach of tax services and education to the public, restructuring the Tanzania Revenue Authority, and strengthening enforcement measures (Mzalendo & Chimilila, 2020). Tax revenues account for more than 85% of Tanzania’s domestic revenues and about 70% of government expenditures (Bank of Tanzania, 2021). Paying taxes is a fundamental civic duty meant to be exercised by citizens for their welfare and national development (Prichard, 2010).
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