Links Feb 7

Special Report: A Long Island tax cut backfires on the Tea Party Reuters
Jan 27 - In Nassau Country, Long Island NY, a story of politics, time, energy and cost expended on conflict in budget deficit woes, focused on tax cuts," ... a metaphor for what is happening in the Western world". Ignoring the elephant-in-the-room that is massive scale tax dodging.

The Business podcast: Offshore havens, big business and the tax gap The Guardian
Feb 2 - What can be done to combat tax avoidance by UK business - estimated to be anywhere between £40bn and £120bn. The panel of experts includes Nicholas Shaxson, author of Treasure Islands.

Diamond traders dominate LGT account holders' list The Times of India
Feb 6 - India is home to the world's most powerful group of diamond traders ..."For many of them bank accounts in tax havens of Europe are just as normal as their daily dealings in millions and splurges." Now names have been exposed via the data leak from Liechtenstein's LGT Bank. For a wealthy elite around the globe, tax dodging has the illusion of a right and entitlement. But an outcry is rising against the abuse.

Action Aid - reporting UK companies for breaking the law Tax Research UK
Feb 7 - Richard Murphy comments on the latest of the UK's Mail on Sunday reports on tax abuse - companies failing to disclose a full list of their subsidiaries. Assertive exposure by our friends at ActionAid.

Switzerland as a location for financial services State Secretariat for International Financial Matters (SIF)
Feb 2 - Facts and figures, including "The financial sector contributes a significant share of ... the income and corporate tax revenues of the Swiss economy." Rather ironical perhaps. See also Tax Justice Focus - The Switzerland Edition.

Julies Baer Data Used by WikiLeaks for Assault on Bank Secrecy Bloomberg Business Week
Feb 4 - Commentary on informants helping authorities pursue tax evasion cases. While banks will try to ensure a reputation for secrecy, there is nervousness afoot.

Tax: Trouble to Avoid Financial Times
Feb 6 - UK Uncut has hit a nerve in their stance against corporate tax dodging - as we reported in The start of something beautiful. Richard Murphy comments: The FT misses the point on Corporation Tax.

The government expands its plans to become "Tax Haven UK" Tax Research UK
Feb 7 - Richard Murphy on the UK government encouraging wealthy people to come to the UK to avoid taxes. Read Treasure Islands for the history and the horror of the UK as a tax haven.

Denis Robert wins his final battle against Clearstream Le Figaro (In French)
Feb 5 - Journalist finally vindicated for exposing a secret system of hidden accounts within the Luxembourg-based securities clearing house. For background, see also Lucy Komisar's report.