Exclusive: Italian tax police search Amazon in new tax probe, sources say | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]Flags flutter outside a distribution centre, during a strike at Amazon's logistics operations in Italy, in Passo Corese, Italy March 22, 2021. REUTERS/Remo Casilli [Purchase Licensing Rights, opens new tab]- Companies[Amazon.com Inc]FollowMILAN, Feb 12 (Reuters) - Italian tax police carried out searches on Thurs ...

Core Viewpoint - HSBC has agreed to pay 268 million euros (approximately $312.9 million) to settle allegations of tax fraud with French authorities, acknowledging its cooperation in the investigation and corrective measures taken [1][3]. Group 1: HSBC's Settlement - The settlement includes fines and back taxes, with HSBC having already paid 35 million euros (about $40.8 million) in interest payments and other sanctions [3]. - French prosecutors allege that HSBC's French arm engaged in intra-group trading transactions from 2014 to 2019 to benefit from a tax exemption, constituting "aggravated tax fraud" [2]. Group 2: Broader Implications - French investigators are examining whether other banks, including Crédit Agricole, have engaged in similar tax avoidance schemes, with estimates suggesting France may have lost up to 4.5 billion euros (about $5.3 billion) in revenue due to these practices [4]. - Crédit Agricole has also settled a French investigation, agreeing to pay 88.2 million euros (approximately $103.4 million) for using dividend-arbitrage trades to avoid withholding taxes [5].

Tax Evasion Advice (Disclaimer: This is for informational purposes only and does not constitute financial or legal advice) - Crypto held on exchanges or wallets is considered an asset until withdrawn to a bank [1] - No withdrawal from exchanges equals no taxable event, according to the advice [1] Cryptocurrency Taxation - Taxes are only owed when profits are realized [1] Investment Strategy (Disclaimer: This is for informational purposes only and does not constitute financial or legal advice) - The advice suggests using crypto without cashing out to avoid income recognition [1]

Core Viewpoint - Campari asserts that it is not affected by the ongoing tax dispute involving its controlling shareholder Lagfin, despite the seizure of shares worth €1.3 billion ($1.49 billion) by Italian authorities due to alleged tax evasion [1][3][4]. Group 1: Tax Dispute Details - Italian financial police executed a precautionary seizure of €1.29 billion of shares from Lagfin, claiming that capital gains exceeding €5.3 billion were not declared and taxed as required by law [2]. - The tax dispute has been ongoing for approximately two years and has never involved Campari Group directly [4]. Group 2: Company Statements - Campari Group clarified that the tax litigation does not concern Davide Campari-Milano or its subsidiaries, indicating no expected impact on the company [3]. - Lagfin expressed confidence in its compliance with applicable laws and regulations, asserting that it will defend itself vigorously in legal forums [4]. Group 3: Market Reaction - Following the news, shares of Campari, known for brands like Aperol and Courvoisier, fell by 3.54% [5].

Core Viewpoint - U.S. Senator Ron Wyden is investigating Dan Morehead, founder of Pantera Capital, for potential tax evasion related to his move to Puerto Rico and the reporting of capital gains from crypto sales [1][2]. Group 1: Investigation Details - Wyden's inquiry began in January and focuses on how Morehead reported taxes on over $1 billion in capital gains from crypto sales, specifically questioning whether he misrepresented his residency status to avoid U.S. taxes [2][3]. - The investigation highlights that Morehead may have treated hundreds of millions of dollars in gains as exempt from U.S. tax, despite a significant portion accruing while he resided in California [3]. Group 2: Legal and Political Context - Morehead's legal representation has reportedly become unresponsive, raising concerns about the seriousness of the allegations against him [3]. - The current inquiry does not have the full backing of the Senate Finance Committee, as the Democrats are in the minority and the committee chair has not joined the investigation [4]. Group 3: Broader Implications - The timing of Wyden's letter coincided with a Senate Finance Committee hearing on crypto tax issues, where witnesses indicated that the IRS may soon face a significant increase in tax reporting demands [5].

he decided to shit all over Chicago insteadMila Joy (@MilaLovesJoe):JB Pritzker removed all the toilets from his mansion to make it uninhabitable, lowering the from ($6M to $1M) giving him a $330K dollar tax breakFederal tax evasion is a crime for you and me and Pritzker is guilty of it.Lock him up.https://t.co/Qje0lG1k7A ...

According to Bloomberg, crypto advocate Roger Ver, known as “Bitcoin Jesus,” has filed a case with the European Court of Human Rights against Spain in an attempt to block his extradition to the U.S. on tax evasion charges. Ver argues that Spain violated his legal rights by approving his extradition to Los Angeles for trial. https://t.co/6hqhDU01eL ...

Group 1: UBS Tax Probe Settlement - UBS Group AG has agreed to pay $511 million to resolve a tax probe by the U.S. Department of Justice against Credit Suisse for preparing false income tax returns and tax evasion [1] - The DOJ's two-year investigation found that Credit Suisse aided tax evasion through 475 offshore accounts, concealing over $4 billion from the IRS, with most misconduct occurring between 2014 and June 2023 [2] - Credit Suisse was found guilty and liable to pay $371.9 million as part of the settlement, along with an additional $138.7 million related to undeclared U.S.-linked accounts in its Singapore unit [3] Group 2: UBS Integration and Cost Management - UBS is facing challenges and legal claims post-acquisition of Credit Suisse, increasing its costs, but is on track to complete the integration by the end of 2026 [5] - In the first quarter of 2025, UBS consolidated its branch network in Switzerland, merging 95 branches since the July 2024 merger, with business migrations planned to complete by the first quarter of 2026 [6] - UBS realized an additional $0.9 billion in gross cost savings in the first quarter of 2025, with cumulative savings amounting to $8.4 billion, representing around 65% of its goal to achieve $13 billion in annualized exit rate gross cost savings by the end of 2026 [7] Group 3: UBS Stock Performance - Over the past three months, UBS Group shares have lost 7.2%, while the industry has seen an 8.8% rise [13]

Core Viewpoint - Credit Suisse Services AG will pay over $510 million in penalties for aiding U.S. taxpayers in evading taxes through offshore accounts, as part of a guilty plea and non-prosecution agreement with the Department of Justice (DOJ) [1][2]. Group 1: Financial Penalties and Agreements - The total amount of over $510 million includes penalties, restitution, forfeiture, and fines related to the bank's actions [2]. - The guilty plea and non-prosecution agreement involve conspiring to hide over $4 billion in assets held by wealthy clients through offshore accounts [2][3]. - Credit Suisse's non-prosecution agreement specifically addresses undeclared accounts worth over $2 billion held at Credit Suisse AG Singapore from 2014 to June 2023 [6]. Group 2: Conduct and Violations - Credit Suisse Services AG conspired with employees and U.S. customers to willfully aid in concealing ownership and control of assets from January 2010 to July 2021 [3]. - The bank provided offshore private banking services that facilitated the hiding of assets from the IRS, violating a previous 2014 plea agreement [5]. - Prior to the settlement, the U.S. Senate Finance Committee found that Credit Suisse violated its 2014 agreement by continuing to assist in tax evasion, concealing over $700 million from the government [9]. Group 3: UBS Involvement - UBS, which acquired Credit Suisse in March 2023, stated it was not involved in the underlying conduct and has a zero-tolerance policy for tax evasion [10]. - UBS has committed to cooperating with ongoing investigations and providing further information about U.S. accounts as part of the agreement [8]. - The acquisition of Credit Suisse was driven by concerns of its potential collapse, and UBS aims to resolve legacy issues promptly [12][10].