Thursday, April 30, 2009

Links - April 30

** Also see our searchable archive of past story summaries; and Offshore Watch **

EU unveils hedge fund regulation
April 29 (FT) - Angry criticism from all sides greeted EU proposals to regulate “alternative investment funds” Wednesday, with private equity and hedge fund managers claiming they would profoundly damage their industry and some politicians saying the proposed rules are too lax.

Firms Brace For Details Of Obama Tax Plan On Foreign Profits
April 29 (Dow Jones) - U.S. business groups are bracing for the release, slated for next week, of the Obama Administration's proposals to tax overseas profits. Treasury officials now believe repealing deferral would generate significantly more than that, business sources say, perhaps as much as $250 billion.

UK Revenue to pour quarter of its £4bn budget into battle against tax evasion
April 28 (Times) - HM Revenue & Customs is to spend £1 billion on enforcement and compliance this year to cut tax avoidance and evasion by £2.4 billion, Britain's most senior tax collector said last night.

Developing countries to benefit from tax haven crackdown
April 27 (Economy News) OECD head says a crackdown on tax havens and cross-border tax evasion will help developing countries to raise more revenues.

Switzerland offers US possible deal on tax
April 27 (The Times) Switzerland has offered to sign up to a new tax accord with the US if it drops a tax evasion case against UBS, the Swiss bank.

PM pledges to seek return of $100bn stashed abroad
April 27 (Guardian) India's prime minister, Manmohan Singh, has made an election campaign pledge to claw back more than $100bn (£68bn) of cash stashed abroad by the country's wealthy.

Swiss finance minister asks U.S. to drop tax cases with dual-tax pact: report
April 26 (Market Watch) Switzerland asked U.S. Treasury Secretary Timothy Geithner for criminal cases involving Swiss bank UBS AG

European Lawmakers Urge End To EU Tax Havens By 2014
April 24 (Nasdaq) Lawmakers at the European Parliament called Friday on all European Union governments to give up banking secrecy from 2014 at the latest.

IRS Wins a Battle in the War on Tax Havens
April 24 (CTJ) Tax Day marked a small victory for law-abiding taxpayers who are tired of subsidizing those who evade their taxes. On April 15, the U.S. District Court for the District of Colorado granted the government permission to serve a "John Doe" summons on First Data Corporation.

More offshore tax probes in works: NY's Morgenthau
April 24 (Reuters) New York investigators have launched more probes like the $350 million money laundering case against Lloyds and are also working to uncover wrongdoing in offshore tax havens.

Arbitration not litigation will solve transfer pricing wrangles
April 23 (Accountancy Age) The highly complex and divisive issue of transfer pricing the practice of pricing or handing goods or assets from one part of a company to another and the need for the transaction to be priced at arms length.

German cabinet backs bill to fight tax dodging
April 22 (Guardian) German Chancellor Angela Merkel's cabinet has approved a draft law that would give the government additional powers to oversee companies and individuals that do business in tax havens

New measures to curb evasion
April 22 ( FT) Britons who fail to report the full extent of their earnings are to be “named and shamed” by HM Revenue & Customs (HMRC) as another round of measures to curb tax evasion begins.

Tax Haven Questions Could Trip Up Panama Trade Pact
April 22 (WSJ) Questions about Panama's status as a tax haven have raised a new hurdle for U.S. approval of a free trade deal between the U.S. and the Central American nation.

Austria a top tax oasis, says expert
April 17 (Weiner Zeitung) Head of Tax Justice Network John Christensen included Austria along with the UK, Switzerland, Luxembourg and the US state of Delaware as among the top ten tax havens in the world


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