Tuesday, November 18, 2008

Links - Nov 18

Also see Offshore Watch and TJN's historical news page.

Building societies and overseas banks targeted in tax probe
Nov 17 (FT) - A fresh onslaught on offshore tax evasion is to be mounted by UK Revenue & Customs early next year when it targets customers of 25 building societies and foreign banks with British operations.

AIG's Tax Dispute With U.S. Has Twist of Irony
Nov 14 (WSJ) - American International Group Inc. is in a battle with the Internal Revenue Service over $329 million in back taxes and penalties in part stemming from the company's use of a type of transaction the IRS has called "abusive," securities filings show.

Trade protection and growth
Nov 17 (Rodrik) - Ugh, yet again! The question of whether trade liberalization /protection promotes or retards economic growth. Two recent papers conclude that industrial tariffs were positively correlated with growth. Agricultural tariffs were negatively correlated with growth, although the relationship was often statistically insignificant at conventional levels. There was no relationship between revenue tariffs and growth.

Call for probe into ex-Goldman executives
Nov 17 (FT) - A senior Republican senator is is seeking an investigation into potential conflicts of interest among former Goldman Sachs executives serving at the US Treasury. He is specifically concerned with a change in the tax code the Treasury initiated in late September that saved some institutions tens of billions of dollars and paved the way for Wells Fargo's acquisition of Wachovia.

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