HSBC has been linked a US tax evasion case for allegedly helping a client move money offshore.
New Jersey prosecutors filed charges against Vaibhav Dahake for tax evasion, alleging five unnamed bankers from HSBC helped him open accounts in India from the British Virgin Islands, and move money from the US taxman’s gaze.
The bank told the Independent that it complied with all law in all the jurisdictions it operates, and that the bank was not named as a party to the case.
“HSBC does not condone tax evasion and fully supports the US efforts to promote appropriate payment of taxes by US taxpayers,” a spokesman told the paper.
The authorities are considering a broader investigation into whether the bank helped a number of clients evade tax, according to the report.
Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals