Links - Dec 22
WikiLeaks cables: US suspected Allen Stanford long before ECB deal - Guardian
Shows U.S. diplomatic staff in a flattering light. But why didn’t anyone do anything earlier?
Tax dodging by multinationals: Zug tricks Ghana - Alliance Sud
A nice summary by a Swiss NGO of what we’ve already reported, showing that there is a lot of opposition within Switzerland to its financiers' offshore tricks.
Deutsche Punished On Bogus Shelters - WSJ
Deutsche Bank AG agreed Tuesday to pay $553.6 million and admitted criminal wrongdoing to settle a long-running probe over fraudulent tax shelters that allowed clients to avoid paying billions of dollars in U.S. taxes.
HSBC Asks Australian Government To Abolish Tax Measures - Tax News
The Report says: “Under current interest withholding tax arrangements, authorized deposit taking institutions in Australia are required to pay a 10% interest withholding tax on the interest they pay for funds borrowed from their parent or affiliated banks offshore. Similarly, foreign bank branches in Australia are required to pay 5% interest withholding tax on the interest they pay to their parent company. HSBC wants to stop all this, and more, and make Australia more like a tax haven.
What Countries Get For Their High Taxes - SFGate
Contrary to its famous advertising slogan, Disneyland may not be the "happiest place on Earth." According to studies conducted through the Blue Zones Project, that distinction belongs to the tiny country of Denmark. How is this possible when the Danes pay the highest taxes in the world? A trawl through various countries.
Supertaxman can’t avoid the leakers - FT
On disaffected taxmen who have been leaking stories to the media, particularly to the satirical magazine Private Eye. Comes down in favour of the leakers.
The Coming Iraqi Business Boom – WSJ
The WSJ reveals it hasn’t a clue about Adam Smith or taxing rents.
Does anyone in America believe in the rule of law? – Salon
ON a casual approach to the law, on the left and on the right. On the right: on libertarians and conservatives who defend the offshore tax havens that defraud federal, state and local governments of tens of billions of dollars in tax revenue each way. The "dark matter" of the "shadow banking system" created by these complex law avoidance schemes contributed to the global financial crisis and today's prolonged recession.
Shadow banking – in pictures. Federal Reserve Bank of New York
The picture on the first full page shows the monster in pictures; the table a few pages later shows how this has grown bigger than the traditional banking system. For shadow bank wonks. Hat Tip: Andreas Missbach, Berne Declaration.
Senators Drop Tax Item Affecting Foreign Companies - WSJ
Foreign-based multinational corporations won a victory in the U.S. Congress as senators agreed to drop a provision targeting some cross-border transactions from legislation that could pass before year’s end.
Ernst & Young 'sat by silently' as Lehman Brothers tried to hide financial troubles, lawsuit alleges – Telegraph
More ghastly revelations about accountants. Also see Tax Research on this, here (And see Accounting Majors Score Lowest in Verbal and Writing Among All Grad Students - Taxprof - with a Monty Python sketch on accountants thrown in.