Links Mar 11
Mar 10 - Billionaires, even low on the Forbes list, have more money than they can spend. Why do they still strive to increase their fortunes? This discussion observes that those who are in that money world, they are very interested in their status - the fact that they can't use all that money doesn't really bother them at all. And a calculation shows - "take someone who's not even that rich by billionaire standards, number 297 on the list, if you were to invest his money in a safe U.S. Treasury bond and be fully taxed, no tax shelters for him, he would still get an income of US$ 270,000 a day."
European Council calls for country by country reporting Tax Research UK
Mar 11 - Richard Murphy comments on a step forward for transparency in reporting for the extractive industries.
Mar 11 - The Bureau of Internal Revenue has filed multimillion-peso tax evasion complaints against the persons involved in the alleged diversion of funds in the Armed Forces of the Philippines.
Guernsey politician defends comments regarding Channel Islands tax loophole The Telegraph
Mar 10 - A political storm arises from the acknowledgement that a tax ‘loophole’ has had a real impact on small UK businesses unable to compete with offshore companies exploiting a provision that was designed to assist the Channel Islands' horticultural industry. Highlighting the fact that this isn't a left-right issue, this is the Telegraph, and a Conservative Lord, coming down on the side of the rebel Guernsey MP. See also Tax Research on this.
Shells, Shams and Corporate Scams The Komisar Scoop & The American Interest
Jan-Feb 2011 Issue - Lucy Komisar explaining how, within the U.S, the corporate secrecy system works to enable fraudsters all over the world to carry out scams, launder illicit profits, stash stolen loot and hide money from tax authorities. Note: the U.S. ranks 1st in the Financial Secrecy Index.
Rudolf Elmer, the enemy within Le Courrier (In French)
Mar 9 - Rudolph Elmer continues to be held in prison, accused of violating Swiss bank secrecy. Interestingly this article has a tone very different to most Swiss media coverage. As the Financial Times noted on Jan 16: "The Swiss media has paid little attention to his latest claims, amid additional scepticism about the relevance of any material given the gap that has passed since he left the bank. By contrast, foreign publications have latched onto his latest claims."
See also TJN blog No school for whistleblowers.
Why tax evaders seek Swiss banks? Headlines Today / India Today
Mar 9 - No identification issues, no tax proofs and complete secrecy make Swiss and Liechtenstein banks a perfect haven for black money. Video articles with correspondent David Leloup in Zurich and Vaduz - interview with a private banking insider, Marcel Tesler, a former colleague of the LGT whistlewblower Heinrich Kieber.
Black money: tax havens exposed Headlines Today / India Today
Mar 9 - Comparing the stories of the two whistleblowers Heinrich Kieber and Ruedi Elmer.
Millions in the closet: Spanish nuns in tax-dodge probe after they report robbery of £1.3m cash from a cupboard in their convent Daily Mail
Mar 9 - A group of Spanish nuns have found themselves at the centre of a tax-dodging probe - after they reported £1.3million in cash being stolen from their convent. Police swooped on the Cistercian convent after the sisters reported the theft, then lowered the sum to £344,000. The nuns' lawyer said they made the money through bookbinding and restoration of antique books.
Wealthy Swiss Tourist Offers U.S. Government $87 Billion To Buy Indiana's Populace For Just One Night The Onion
Mar 9 - In its own inimitable style, The Onion reports.
New Early Day Motion in Parliament supporting Financial Transaction Tax - Tax Research UK.
"That this House welcomes the vote by the European Parliament in favour of two resolutions on 8 March 2011 proposing the introduction of a Robin Hood tax on financial transactions, clamping down on tax havens and introducing measures aimed at tackling tax evasion; and calls on the Government to introduce urgently legislation that reflects this policy to ensure that the financial sector pays its fair share towards reducing the national deficit."