Links Mar 15
Mar 9 - Ugandan MP Henry Banyenzaki, who chairs the Parliamentary Forum on Oil and Gas, writes to Peter Voser rebutting his comments on undermining national sovereignty, made at the recent Extractive Industry Transparency Initiative (EITI) conference in Paris. "Breaking down payments to the project level reduces the opportunities for corrupt accounting and gives local people a better understanding of the assets that exist in their communities. That is why I am urging European leaders to act swiftly to implement their version of Dodd-Frank. I do hope you will reconsider your opposition to the wave of transparency reforms that are being celebrated throughout Africa, and indeed the world."
India: Rs 1 lakh cr in tax net, panel to track black money Hindustan Times
Mar 14 - Finance minister Pranab Mukherjee stated that the country’s revenue authorities were able to detect tax evasion of Rs 1 lakh crore (trillion) owing to international cooperation and domestic surveillance. “We may say it is inadequate and I will agree it should have been much more. But you can’t say it is nothing.” Enumerating initiatives taken to trace black money stashed in tax havens abroad, Mukherjee said the government had entered into the Tax Information Exchange Agreement (TIEA) with 10 countries. To address the inadequacy, they need to assert a move forward from fig-leaf TIEA's to automatic exchange of information, see here.
Hoard of cash lets Qaddafi extend fight against rebels New York Times
Mar 15 - U.S. Justice Department documents show that Libya had worked with Swiss banks to launder international banking transactions for years, with “hundreds” of senior Libyan officials allowed to surreptitiously move money.
The cheaters and their banks New York Times
Mar 13 - "The Obama administration is rightly keeping the pressure on tax cheats and the bank executives who help them by stashing their money in secret accounts overseas. Now we would like to see the Internal Revenue Service and the Justice Department take the battle to the banks themselves. That’s the only way of getting them to drop this lucrative and illegal business."
The European Union Savings Tax Directive Amendments - a practical guideline Tax Research UK
Mar 15 - Richard Murphy on the stunning guide by Mark Morris on the proposed amendments to the European Union Savings Tax Directive.
U.S. Internal Revenue Service (IRS) Boosted Auditing of Richest Taxpayers, Almost Doubling Rate Last Year Bloomberg
Mar 14 - "Through its voluntary offshore disclosure programs and court cases involving Swiss banks, the IRS has gotten a better understanding of how wealthy people in non-corporate businesses manage their assets ... They learn things and then they roll those things out across the board.”
UBS Credit Suisse client sentenced in tax dodge Reuters
Mar 14 - A U.S. judge sentenced a wealthy client of both UBS and Credit Suisse to three years probation on Monday for hiding assets abroad, the latest case to involve a former Credit Suisse client in the government's tax-evasion probes. Assets were hidden through a sequence of UBS and Credit Suisse accounts in the Bahamas and Switzerland.
Bulgaria footballers to face the music again over tax frauds novinite.com
Mar 15 - Bulgaria's national revenue agency announced it will continue to investigate local football clubs for possible tax evasion as part of measures to curb rampant fraud and boost budget revenues. The probe is a follow-up to previous checks of Bulgarian players and top flight clubs that revealed millions of levs of unpaid taxes and social securities.