Links - Jan 18
Jan 14 - Swiss bankers are complaining that there is an over-reaction by regulators to the global tax evasion clampdown. Is this reaction only due to cost of the implementation workload, or, are the fig-leaves beginning to wear thin?
On the ball: Top soccer stars dodge having to pay millions in tax by cashing in on loophole - Daily Mail (UK)
Jan 17 - Sports heroes depriving the public purse through legal loopholes. UK tax authorities investigating and demanding compensatory money to be paid by the soccer clubs. But such remedial action then begs the question - then would a consequent reduction of the soccer clubs' income mean that they then pay less tax?
UK Treasury announces general anti-avoidance principle study group - Tax Research
Jan 14 - Richard Murphy's comments on this initiative which is part of the Government’s commitment to tackling tax avoidance and building sustainable defenses to address long-standing avoidance risks. It appears to be good news.
India set to join OECD to pace up efforts to check tax evasion - One India
Jan 16 - India may soon join ranks with top world economies by becoming a member of the OECD. So good news for boosting the diversity of OECD membership, but on combating massive-scale tax dodging it's not as if the OECD is a model to follow
Chief financial officers from multinational companies meet with U.S. Treasury Secretary to air gripes about the tax code under which they pay the steepest rate in the industrialized world. Reuters
Jan 14 - Multinationals in the U.S. want the tax rate slashed. But they dodge most of it - While the full corporate tax rate is 35, President Obama's May 2009 call to curb corporate tax dodging cited an effective tax rate of 2.3%!
Deja Vu All Over Again? Reflections on Auerbach's 'Modern Corporate Tax' - SSRN
Dec 1, 2010 - The declining proportion of corporate income tax in U.S. federal revenue is particularly troubling as budget pressures increase. Reuven S. Avi-Yonah comments.
Jersey - Let finance work for you - Tax Research
Jan 18 - Richard Murphy speaks in Jersey on 24 Jan!
This BP deal is, finally, the death of the British Empire - Daily Mail
Jan 16 - On the BP/Rosneft deal: "Sadly, for our Government’s revenue, the new Russian shareholders are no more likely to want to pay corporation tax here than other ‘British’ companies which have relocated to tax havens. Maybe BP will get access to Russia’s Arctic Sea oil and gas resources but the British public will pay for them – and the profits will increasingly go non-dom."
Analysis: The hidden gold in intellectual property - New Age (South Africa)
Jan 18 - "Privatised seeds branded as the property right of Monsanto, one of the world’s leading agro-chemical and biotechnology companies, ... grab the market for inelastic basic staples: food that the world’s poor cannot live without." Monsanto dominates the global agricultural intellectual property market, while dodging taxes through incorporating via a Delaware-based structure.