Thursday, March 17, 2011

Links Mar 18

Tax Expenditure of the Week: Offshore Tax Deferral Center for American Progress
Mar 16 - This is part of a new series, aiming to explain the often-confusing constellation of tax breaks in a way the average citizen can understand. Offshore deferral encourages companies to use accounting techniques to record profits offshore, even if they keep actual investment and jobs in the United States. Hat tip: anonymous.

Country-by-country bill table in UK Parliament Tax Research

Mar 17 - Caroline Lucas MP, leader of the UK Green Party, yesterday tabled a Bill in the House of Commons that would require country-by-country reporting by all UK companies for all their activities. With the disclosure provided for in this bill, UK financial transparency would leap forward. Richard Murphy worked on the bill with Caroline Lucas.

US Uncut protest targets Napa Bank of America Napa Valley Register

Mar 16 - A group of protesters braved bad weather in California, unhappy with what they perceive as Bank of America not paying its share of corporate taxes. The Uncut protests grow.

India: Tax seizures grow faster than GDP Hindustan Times

Mar 16 - Is black money growing faster than the GDP? Has economic liberalisation including easier tax rates failed to curb tax evasion? A statistical comparison of the country's economic growth and the amount of money and valuables seized by income-tax authorities in their search operations would suggest so.

Courts open up tax advisers to negligence claims Accountancy Age
Mar 17 - In the UK, the courts have overturned the protection that tax advisers received when helping clients set up tax schemes involving trusts, opening them up to negligence claims. Another sign that tax dodging is perhaps becoming riskier?

UBS bosses boost share of shrinking bonus pot swissinfo.ch

Mar 16 - We have blogged much about the nefarious dealings of Swiss bank UBS. Now it seems that there are rumblings within the ranks. “The new heartless managers from the US are raking in millions while the rest of us who slave away, pulling extra shifts and taking on extra responsibilities, get nothing,” a UBS IT worker in Switzerland said.

Offshore, you can't escape it Treasure Islands

Mar 17 - Check out the sponsored links that appeared for the book's Amazon page.

India: 2G scam linked to hawala deals The Tribune

Mar 15 - A probe into a scam allegedly involving government officials and the telecoms industry, has revealed hawala transactions involving transfer of huge amounts of money to other countries including tax havens such as the Isle of Man, Cyprus, Jersey, Virgin Islands, Channel Islands, Singapore and Mauritius. (For a definition of hawala see here.)

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