Links June 8
Jun 8 - Tanzania, which vies with Mali to be Africa’s third-biggest gold producer, may introduce a “super profit” tax on minerals similar to one in Australia, the East African nation’s planning commission said. Tanzania says it has been only getting one fifteenth of the value of gold exports as government revenue.
Blow for Glencore over Zambian tax avoidance allegations Daily Mail
Jun 8 - Glencore has been left with egg on its face after Zambia’s finance minister blew apart a key plank of its public defence against allegations of tax avoidance.
India: Black money: CBDT plans global info hub Hindustan Times
Jun 7 - The Central Board of Direct Taxes (CBDT) is coming up with an information hub with a view to fast-tracking money laundering and tax evasion cases and make exchange of tax-related information easier and faster between India and other countries.
India wants foreign governments to seize assets of tax evaders Business Standard
Jun 8 - Caught in a political storm over the black money issue, the government is writing to some countries to freeze the assets of Indians that have not been declared in India and repatriate the money.
The proposals of ¡Democracia Real Ya! OWNI (In French)
Jun 1 - The Real Democracy Now Movement has announced their demands in a press release preparing for their international demonstration to take place Oct 15 2011. These include two concerning tax havens: - a ban on Spanish banks investing in tax havens, and, real and effective controls to combat tax dodging and capital flight through tax havens.
USA: ITEP Testifies in Rhode Island on Corporate Tax Avoidance and Sunset Bills Citizens for Tax Justice
May 25 - The Institute on Taxation and Economic Policy (ITEP) recently testified in front of the Rhode Island House Finance committee, on closing down some of the most egregious tax avoidance schemes available to multi-state corporations by mandating “combined reporting.” See also from the Center on Budget and Policy Priorities : A majority of states have now adopted a key corporate tax repfrom - "Combined Reporting" .
The Tory Treasurers: a hedge fund manager and a Monaco boy Tax Research UK
Jun 8 - "The Tories - (British Conservative Party) - have appointed a new joint Treasurer of the party. As the Independent reports "Peter Cruddas, the latest multimillionaire to take on the role of co-treasurer of the Conservative Party. Mr Cruddas … lived for several years in a tax haven favoured by the super-rich. He was one of the City’s “Monaco boys”... "
How come HMRC has 500,000 names of tax evaders but there's been no action? Tax Research UK
Jun 7 - Richard Murphy asks some pertinent questions on the UK's HM Revenue and Customs having secured the names of 500,000 people in this country who have offshore bank accounts.
Microsoft’s foreign tax planning under scrutiny Financial Times
Jun 7 - US securities regulators prodded Microsoft earlier this year into disclosing details of how it uses foreign tax planning to reduce its US taxes, the software company has disclosed. While Bil Gates engages in highly publicized philanthropy, there is another side to this particular coin.
Has Tim Geithner read Treasure Islands? Treasure Islands
Jun 8 - Nick Shaxson on a recent speech about ‘competition’ between countries on regulation, by the US Treasury Secretary. He also described Britain's 'light-touch' financial regulation as 'tragic." "See also coverage of Geithner’s speech in the Guardian, Financial Times, and the predictable counter-attack (containing a useful pot-kettle critique, mixed with some nonsense) from the City of London, reported in the Telegraph."
Crisis centre cashes in on war of words Cayman News Service
Jun 8 - More on the story we blogged here. "The author of a controversial, but critically acclaimed book about tax havens, has taken on the Cayman Islands Stock Exchange chairman and his spoof book award and selected the Cayman Islands Crisis Centre as the recipient of the $1000 donation." See also My Cayman Award Isn't Big Enough on Treasure Islands.
Federal Agencies Put More Heat on Offshore Tax Havens Law.com
Jun 8 - The Obama administration's war on foreign tax havens is intensifying as investigators process a windfall of information about international bankers and their U.S. account holders.
Millionaires Group: Tax Us to Cut the Deficit WSJ
Jun 8 - To mark the 10th anniversary of the Bush-era tax cuts, Patriotic Millionaires is calling again for ending the tax breaks, at least for those making more than $1 million a year. See report also from our friends at Wealth for the Common Good and A Decade of Magical Tax-Cut Thinking on CommonDreams.org.
Vice-ometer calculator: Your tax thisismoney.co.uk
Jun 8 - "This calculator shows how much the UK Treasury trousers from your - depending on your point of view - filthy or fun habits." ... Enter your details to see how much of the national debt you're helping to clear.