International taxes

The scandal has increasingly ensnared Wall Street's biggest banks.

According to data released by the OECD, the average combined statutory tax rate in its sample of over 160 countries was unchanged at 20% this year.

Tax professionals have been clamoring for more detail and clarity regarding whether (and under what circumstances) corporations and partnerships must file Schedules K-2 and K-3, particularly where they have little or no foreign activity and shareholders or partners.

Ex-Maple Bank CEO Wolfgang Schuck was sentenced to four years and four months by the Frankfurt Regional Court, which also convicted three colleagues.

U.S. Supreme Court justices questioned the legality of stiff penalties the federal government says it can impose on people who fail to file required reports listing their foreign bank accounts.

Italy's Guardia di Finanza is alleging that Pfizer's unit based just outside Rome, Pfizer Italia Srl, transferred excess capital to affiliates in the U.S. and the Netherlands to avoid taxes on profits that can be as high as 26%.

The deal brings to an end the investigation into suspicions of laundering of tax fraud proceeds.

Credit Suisse Group AG will aim to settle a tax fraud and money laundering case in France on Monday that saw coordinated raids in five countries from Australia to the U.K.

The prime minister quit after a brief and chaotic tenure that saw her announce a massive package of tax cuts before unwinding most of it in the face of a market rout.

More and more, these assets are becoming embedded in the world's financial systems.