Links - June 9
** Also see our searchable archive of past story summaries; and Offshore Watch **
US probes target British business
May 31 (FT) - Companies based in the UK, Bermuda and the Cayman Islands account for 16 of the 29 ongoing investigations in Washington’s fast-expanding assault on graft by overseas companies, says Freshfields Bruckhaus Deringer, the law firm.
Guernsey Prepares Enabling Law For Possible Goods And Services Tax
June 08 (Tax-News) - Guernsey’s Treasury and Resources Department is taking draft legislation for a General Sales Tax to the States for approval this month. The government has however insisted that it does not seek to introduce a GST, but instead is merely considering its options.
A Commitment to Anti-Avoidance?
June 6 (Bad Conscience) - Section 765 of the UK tax code has existed in varying forms for 58 years. It has proved remarkably useful, for it forces companies to disclose their schemes and plans to the Revenue before undertaking them. Now, buried under all the political news: it is to be repealed. Following our blog.
Barclay twins join tax-haven CD retailers
June 7 (Observer) - The billionaire Barclay brothers are poised to join a fast-growing band of retailers exploiting a controversial Channel Islands tax loophole in order to sell VAT-free CDs, DVDs and video games over the internet, undercutting prices in struggling independent high street stores and depriving the Treasury of millions of pounds in lost revenues.
Microsoft Threatens US taxpayers
June 4 (Wash Post) - Microsoft chief executive Steven Ballmer said Microsoft would move some employees offshore if Congress enacts President Obama's plans to impose higher taxes on U.S. companies' foreign profits.
IRS Temporarily Suspends FBAR Filing
June 8 (Tax-News) - The Internal Revenue Service announced on June 5 that the reporting requirement with respect to foreign bank accounts, due to take effect on June 30, 2009, is temporarily suspended for those persons who are not citizens, residents, or domestic entities.
Billionaire Tax Felon Says UBS Lied in Pledge to Report to IRS
June 8 (Bloomberg) - California billionaire Igor Olenicoff’s story sheds light on the normally secretive world of dummy companies, offshore havens and phony financial filings that wealthy Americans often use to avoid paying U.S. taxes.
Charity loses status over tax-shelter scam
June 8 (Ottawa Citizen) - The Canada Revenue Agency has stripped an Ottawa-area charity of its charitable status after a damning two-year audit showed it was a front for a tax shelter scam offering big receipts for small donations.
Don’t Tell Tax Justice Why Sarasin Won’t Invest in Treasuries
June 5 (Bloomberg) - That any Swiss bank would market itself as ethical to the point of shunning the debt of the world’s largest economy over the death penalty is raising hackles in countries where paying taxes is the most socially responsible thing a citizen can do.
US probes target British business
May 31 (FT) - Companies based in the UK, Bermuda and the Cayman Islands account for 16 of the 29 ongoing investigations in Washington’s fast-expanding assault on graft by overseas companies, says Freshfields Bruckhaus Deringer, the law firm.
Guernsey Prepares Enabling Law For Possible Goods And Services Tax
June 08 (Tax-News) - Guernsey’s Treasury and Resources Department is taking draft legislation for a General Sales Tax to the States for approval this month. The government has however insisted that it does not seek to introduce a GST, but instead is merely considering its options.
A Commitment to Anti-Avoidance?
June 6 (Bad Conscience) - Section 765 of the UK tax code has existed in varying forms for 58 years. It has proved remarkably useful, for it forces companies to disclose their schemes and plans to the Revenue before undertaking them. Now, buried under all the political news: it is to be repealed. Following our blog.
Barclay twins join tax-haven CD retailers
June 7 (Observer) - The billionaire Barclay brothers are poised to join a fast-growing band of retailers exploiting a controversial Channel Islands tax loophole in order to sell VAT-free CDs, DVDs and video games over the internet, undercutting prices in struggling independent high street stores and depriving the Treasury of millions of pounds in lost revenues.
Microsoft Threatens US taxpayers
June 4 (Wash Post) - Microsoft chief executive Steven Ballmer said Microsoft would move some employees offshore if Congress enacts President Obama's plans to impose higher taxes on U.S. companies' foreign profits.
IRS Temporarily Suspends FBAR Filing
June 8 (Tax-News) - The Internal Revenue Service announced on June 5 that the reporting requirement with respect to foreign bank accounts, due to take effect on June 30, 2009, is temporarily suspended for those persons who are not citizens, residents, or domestic entities.
Billionaire Tax Felon Says UBS Lied in Pledge to Report to IRS
June 8 (Bloomberg) - California billionaire Igor Olenicoff’s story sheds light on the normally secretive world of dummy companies, offshore havens and phony financial filings that wealthy Americans often use to avoid paying U.S. taxes.
Charity loses status over tax-shelter scam
June 8 (Ottawa Citizen) - The Canada Revenue Agency has stripped an Ottawa-area charity of its charitable status after a damning two-year audit showed it was a front for a tax shelter scam offering big receipts for small donations.
Don’t Tell Tax Justice Why Sarasin Won’t Invest in Treasuries
June 5 (Bloomberg) - That any Swiss bank would market itself as ethical to the point of shunning the debt of the world’s largest economy over the death penalty is raising hackles in countries where paying taxes is the most socially responsible thing a citizen can do.
posted by TJN at 1:36 am
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