Links - Jan 27
A Jan 2005 briefing by TJN Director John Christensen, just added to our recently established webpage of offshore history. A refresher read. "The time has come for the world to wake up and do something about the fact that tax avoidance, tax competition and tax havens cause poverty."
Bermuda plays the tax card to lure hedge funds The Australian
Jan 25 - Bermuda, which has long been the preferred offshore home of the insurance sector, is vying with Switzerland and other low-tax regimes for a chunk of the highly mobile hedge fund industry. Hat tip - Offshore Watch
The CBO on Tax Expenditures - US Congressional Budget Office
Jan - See page 96 on tax expenditures: Gross income totaled $8.4 trillion in 2008, but once the allowable deductions and exemptions were subtracted, total income subject to tax (taxable income) was $5.7 trillion—or 67 percent of gross income. Phew!.
Gov't sets up panel to estimate quantum of black money The Hindu Business Line
Jan 25 - The Indian Finance Minister The Finance Minister expressed “Like many well-intentioned people in society, the Government is equally interested in unearthing black money, bring it to the country as and when possible and at the same take steps to plug loopholes through which tax evasions are taking place.” Absolutely, we agree, many in government are. But some are not, they are mixed with the spheres of influence that perpetuate the abuse. Beware of fig-leafism.
Psst. Have you heard about the Eu's secret committee? FT Alphaville
Jan 26 - Apparently the EU has a covert, conspiratorial - top-secret eurozone reform committee There seems to be a tax element in here. We don't know about it - is this looking at the Common Consolidated Corporate Tax Base (CCCTB)? We await further news.
Universities told to develop programmes on tax evasion Ghana Business News
Jan 26 - A call on Ghana's universities and learning institutions to develop specific programmes aimed at educating tax professionals to meet global tax needs. Brilliant - as long as that is not sponsored by the private sector. See Richard Murphy on murky underdealings in training young tax professionals
Greek cabinet approves bill to boost fight against tax evasion Peoples Daily Online
Jan 26 - Tax evasion is regarded as a key factor behind the acute debt crisis which has hit Greece hard since late 2009. To reduce the budget deficit, combating tax dodging is regarded as a most significant key to success.
Rep. Ryan’s House GOP Budget Plan Citizens for Tax Justice
March 9 2010 - U.S. Federal government would collect $2 trillion less over a decade and yet require bottom 90 percent to pay higher taxes.
Bono's Blues - TFIED Blog
Jan 25 - Bono's Global Fund, providing development aid to poor countries, is under fire for losing funds to corruption. Bono appears somewhat wise to, and concerned about, the corruption risks, - apparently leakages were discovered through the organization's self-audit. But please Bono, come clean on your tax dodging too, as we keep urging you - such as here http://taxjustice.blogspot.com/2010/11/bono-go-home-your-country-needs-you.html.
Names of black money hoarders to go public after I-T assessment Tehelka
Jan 25 - We've blogged several times in earlier links on the public outcry against tax evasion and corruption bleeding money from India via secrecy jurisdictions. The Indian government is now saying that names of offenders will go public once the authorities reach the stage of prosecutions. While there are obvious sound reasons, unfortunately this still leaves wiggle room for offenders of particular influence to remove themselves from inquiry.
Offshore Banks Must Adapt or Die in WikiLeaks Era Bloomberg Businessweek
Jan 24 - No, no, no. A writer who does not understand the subject. "The age of hyper-transparency?" Is he serious? He also advocates for offshore. Better to read any article here, for a true reflection of the state of secrecy in the world.