Links Jun 24
Jun 3 - This report summarizes important attributes of the environmental taxation scheme in Mauritius, and presents potential reforms that could be adapted in many developing country contexts.
A lovely little detail from Switzerland Golem XIV - Thoughts
Jun 23 - 'The Swiss banks have very nearly run out of bank deposit box space. ... The last few weeks have seen such a torrent of wealthy Europeans wanting to get their 'assets' out of Europe and in to a Swiss bank...'
Plutonomy - the Citigroup plan for the mega-rich - at cost to everyone else Tax Research UK
Jun 24 - On a report that Citigroup published and then tried to suppress. Amongst the report's statements: 'Beyond war, inflation, the end of the technology/productivity wave, and financial collapse, we think the most potent and short-term threat would be societies demanding a more ‘equitable’ share of wealth.'
Transocean Will Fight Norwegian Tax-Evasion Claim Bloomberg
Jun 23 - The senior public prosecutor at the the National Authority for Investigation and Prosecution of Economic and Environmental Crime observes that 'The company may face a tax claim of as much as 5 billion kroner, including interest ...“I find it hard to believe that the world’s biggest rig company will run away from its bill, should it be convicted. If they choose to hide behind tax havens, then no one will dare to have anything to do with them again.” '
Slovenia: Deputies Support Public List of Firms Dealing with Tax Havens Slovenian Press Agency
Jun 22 - 'The deputies on Wednesday deemed changes to the act on prevention of money laundering and the funding of terrorism suitable for further debate. The motion proposed by the opposition People's Party (SLS) would introduce a public list of firms performing transactions with countries that are on the IMF list of offshore tax havens.'
UK: Putting the global into Labour’s policy review Progressonline
Jun - Regarding the "beyond aid' agenda, Harriet Harman - Shadow Secretary of State for International Development and Shadow Deputy Prime Minister - 'has rightly prioritised the problem of tax avoidance as one of her key policy areas.'
Bangladesh: National Board of Revenue (NBR) opens wings to detect tax evasion The Financial Express
Jun 21 - Authorities in Bangladesh are engaged in 'intensified efforts to find out tax-evaders. According to a recent study of the Transparency International Bangladesh (TIB), the country lost 3.0 per cent of the GDP on account of tax evasion in 2009-2010, which is again 34 per cent of the total tax collected in the year.'
Lower-Tax Shores Draw U.S. Firms Wall Street Journal
Jun 24 - Reporting on the growing trend for incorporating in tax havens. 'U.S. IPOs by companies incorporated in two tax havens—the Cayman Islands and Bermuda—have grown steadily in recent years, according to research firm Dealogic, from about 1% of the total a decade ago to 26% in 2010 and more than 21% so far this year'.
Dollar Repatriation and Inflation GoldSeek
Jun 22 - We've been linking on the repatriation issue, and pointing out that such a tax holiday will reward wealthy investors and executives rather than job seekers. This article observes: 'Additionally, the repatriation of capital to American soil could bring inflation.'
CBPP Opposes Repatriation Tax Holiday TaxProf
Jun 24 - The Center on Budget and Policy Priorities yesterday released Tax Holiday for Overseas Corporate Profits Would Increase Deficits, Fail to Boost the Economy, and Ultimately Shift More Investment and Jobs Overseas: '
Tax Repatriation: You Can't Turn This Into a Good Idea Huffington Post
Jun 23 - 'No more deferral of taxes on overseas profits. Boom!... problem solved.'