Links - Jan 26
Jan 25 - An IMF report on Guernsey's financial sector has called into question the effectiveness of the island's anti-money laundering provisions. Hat tip: Markus Meinzer
Gap between rich and poor names 8th wonder of the world Treasure Islands, from The Onion
Jan 25 - Brilliantly funny, highlighting the enduring horror of the ever increasing wealth gap. And Nick Shaxson comments on how the murky, opaque world of secrecy-jurisdictionism masks the true picture of income and wealth inequality.
India cites Bermuda treaty in tax crackdown Bernews
Jan 25 - News from Bermuda self-congratulates. A tiny step forward good that a developing economy with major world influence is involved, but it remains a fig leaf. See why here. Watch out, groups of smiling faces around a TIEA signing hoo-hah! - the fig-leaves are wearing thin.
Bringing the hospital to Boots UK Uncut
Jan 25 - Info on how you can join in this incredibly fun, yet tragically serious campaign. As we have blogged, Boots the UK high street chemist, a national stalwart over many years, now being run by tax dodgers and headquartered in Switzerland while UK healthcare funding cuts hurt deep.
My speech in Jersey on Monday Tax Research UK
Jan 25 - Richard Murphy's speech to the people of Jersey. Says it all very clearly, and to the point. How tax havenry is causing harm and deprivation to local people of that lovely place, as it is to others around the planet. And offering a clear, simple alternative Plan B for sustaining and developing a healthy economy.
Revenue-Positive Reform of the Corporate Income Tax Citizens for Tax Justice
Jan 25 - Close Corporate Tax Loopholes — But Don’t Give the Revenue Back to Corporations as a Rate Cut. Despite what corporate CEO’s and many politicians claim, U.S. corporate taxes are already lower than the corporate taxes imposed by the countries that we compete with. Surveys show that most Americans want large corporations to pay more, not less, in taxes.
A Visual History of Koch Conservatism, from John Birch to Cato Alternet
Jan 25 - Funny and incisive infographic on how the Tea Party is corporately-financed and "grassroots" right-wing activity is not spontaneous. Hat tip: naked capitalism
Tax Administration Review CIAT Inter-American Center of Tax Administrations
The CIAT 2010 Review - There is an interesting section on Thin Capitalisation in Ecuador, Argentina, Spain and DR from page 111. Hat tip: David McNair
Report sees risk from "shadow" banks" as rules tighten Reuters
Jan 25 - Regulators seeking to prevent the next financial crisis should be careful not to push banks too hard with rules that force financial activity into an unregulated "shadow banking" sector Are they talking race-to-the-bottom here?. Shadow banking isn't the same as offshore banking, but it overlaps heavily (see Treasure Islands for more on that.) Both involve banking outside the social contract, as explained here.
Why the new EIB tax haven policy won't be effective Eurodad
Jan 26 - Our friends at Eurodad report on the European Investment Bank (EIB) and its recent review of its policy on "non-cooperative jurisdictions" - aka secrecy jurisdictions. While the EIB's policy goes further than other international financial institutions (IFI's), it still engages in - and makes bad jokes of excuses for - investing public money via tax havens.
El espía que escapó de los paraíos fiscales BBC Mundo
Jan 25 - Interview with TJN Director, John Christensen, talking about his earlier work within the offshore world, undercover, learning from the inside how the system, really, truly works. In Spanish.
Press Release from Ministry of Finance, India Press Information Bureau, Government of India
Jan 25 - The release opens: On 'black money.' Measures include joining the Task Force on Financial Integrity and Economic Development, which we applaud. However, disappointingly, fig-leaf Tax Information Exchange Agreements TIEA's are heralded as part of the solution. Much work still to be done.