Monday, February 14, 2011

Links Feb 14

30 conglomerates have 23 units in tax havens:data The Korea Herald
Feb 14 - More than one in 10 overseas corporations owned by Korea’s 30 major conglomerates are based in tax havens. According to online data service provider, Korea’s 30 major business groups operate 231 subsidiaries in tax-havens such as Hong Kong, Luxembourg, Bermuda and the Cayman Islands.

Territorial tax - the new threat to our tax base
Tax Research UK
Feb 14 - Following George Monbiot's Guardian article on the subject, Richard Murphy speaks on an extremely worrying development in UK taxation - a tax dodge that will be exploited ruthlessly by the very wealthy - enabling companies to move income outside of the UK to avoid tax due to the UK, whereby the move can be made to a very low tax or no-tax jurisdiction, resulting in double non-taxation.

Mopani is dodging taxes - CSOs The Post, Zambia
Feb 10 - MOPANI Copper Mines (MCM) is dodging taxes in Zambia, says a consortium of European-based and local civil society organisations. Mopani is 73.1 per cent owned by the Swiss commodity trader, Glencore AG, and the firm received a 48 euros million loan from the European Investment Bank.

Keep an eye on larger taxpayers, Waweru tells African authorities
Daily Nation
Feb 14 - The Kenya Revenue Authority has asked Africa’s revenue agencies to be cautious when dealing with large business taxpayers, as they are prone to complex tax avoidance and evasion schemes, - report from a meeting convened by the African Tax Administration Forum with Organisation for Economic Co-operation and Development (OECD).

Pakistan Starting New Tax Data Project
Taxation - International News and Information
Feb 12 - The Federal Board of Revenue (FBR) of Pakistan announced in a media statement that a new specialized analysis unit will be created in 2011, with the purpose of collecting greater amounts of data on high-income earners, in an effort to better monitor affluent taxpayers for instances of tax evasion.

Deutsche Bank loses a £50million battle over tax ploy
The Daily Mail
Feb 12 - Deutsche Bank has lost a £50million case involving an elaborate scheme to avoid tax on bankers' bonuses. The bank was paying staff through a share scheme involving a Cayman Islands company.

CTJ's Response to Claims that Oil Companies Pay a Lot of Taxes
Citizens for Tax Justice
Feb 10 - Our friends at Citizens for Tax Justice refute a claim that the U.S. tax system is not particularly lenient on oil companies.


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