Links - Feb 4
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Dutch fire salvo at London’s tax cut
Feb 3 (FT) - The UK’s cut in value added tax and the do-nothing approach of some European Union states to the financial crisis have been criticised by Wouter Bos, Dutch finance minister. “Lowering taxes is always popular . . . whereas most experts know that it’s probably the least effective means of bringing the economy back on path again,” he said. “If one country does it, it doesn’t help the other countries that are fighting to withstand public pressure on exactly that.”
Companies warm to Irish and Swiss tax regimes
Feb 3 (Reuters) - Bermuda's business climate is getting chillier, so some multinational companies are seeking more hospitable locales -- like Ireland and Switzerland. In recent weeks, there has been an exodus of large companies incorporated in Bermuda and the Cayman Islands to Europe. They're looking to reincorporate ahead of U.S. legislation that could require companies based there to pay regular income tax.
In Shift, Chinese Move More Money Overseas
Feb2 (NYT) - Some Chinese are so eager to turn their yuan into other assets that when an online real estate brokerage organized a tour of foreclosure auctions in the United States, it received so many applications that it had to turn away nearly 400 people. Total outflows in the fourth quarter were as much as $240 billion, but this is using the broadest possible definition and includes everything from capital flight to a slowdown in repatriation of overseas profits by Chinese companies. There is no good data assessing the motives of those moving money out of China.
Dutch fire salvo at London’s tax cut
Feb 3 (FT) - The UK’s cut in value added tax and the do-nothing approach of some European Union states to the financial crisis have been criticised by Wouter Bos, Dutch finance minister. “Lowering taxes is always popular . . . whereas most experts know that it’s probably the least effective means of bringing the economy back on path again,” he said. “If one country does it, it doesn’t help the other countries that are fighting to withstand public pressure on exactly that.”
Companies warm to Irish and Swiss tax regimes
Feb 3 (Reuters) - Bermuda's business climate is getting chillier, so some multinational companies are seeking more hospitable locales -- like Ireland and Switzerland. In recent weeks, there has been an exodus of large companies incorporated in Bermuda and the Cayman Islands to Europe. They're looking to reincorporate ahead of U.S. legislation that could require companies based there to pay regular income tax.
In Shift, Chinese Move More Money Overseas
Feb2 (NYT) - Some Chinese are so eager to turn their yuan into other assets that when an online real estate brokerage organized a tour of foreclosure auctions in the United States, it received so many applications that it had to turn away nearly 400 people. Total outflows in the fourth quarter were as much as $240 billion, but this is using the broadest possible definition and includes everything from capital flight to a slowdown in repatriation of overseas profits by Chinese companies. There is no good data assessing the motives of those moving money out of China.
posted by TJN at 9:58 am
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