Wednesday, July 13, 2011

Links Jul 13

ADB recommends modernization for tax administration BusinessWorld Online
Jul 12 - 'The Philippines along with its Asian neighbors should address tax evasion to increase revenue collection, the Asian Development Bank (ADB) said as part of its recommendations to reform tax administration.' The ADB publication entitled “Taxation in Asia” said “Too little tax revenue can make it difficult for governments to spend adequately in critical areas for economic growth, including public infrastructure and investment in human capital creation through education and health services.”

Pakistan Transparency asks Karachi Port Trust to probe tax evaders The News
Jul 13 - 'Transparency International (TI) has asked the Karachi Port Trust to probe and take appropriate action against contractors who were evading taxes by declaring themselves as investors. TI has also quoted a case of tax evasion of Rs109 million ... if cases are thoroughly probed, this scandal can become another “containers scandal” where billions of rupees of taxes were being evaded.'

U.S.: Pew Launches
Tax Expenditure Database TaxProf
Jul 13 - The Pew Economic Policy Group has launched the full version of its Tax Expenditure Database: Pew’s Subsidyscope presents a first-of-its-kind database of federal tax expenditure estimates from the Department of Treasury (Treasury) and the Joint Committee on Taxation (JCT).

U.S.: Small Businesses Applaud Levin Tax Haven Bill The Main Street Alliance
Jul 12 - 'Tax haven abuse tilts playing field against small businesses, robs U.S. of tens of billions of tax dollars each year; bill would level playing field and restore needed revenues.'

Jersey: Zero-ten tax clears another hurdle Jersey Evening Post

Jul 8 - 'States Members bowed to pressure yesterday from Europe and scrapped a controversial element of the zero-ten tax regime which Brussels officials said was harmful. They voted to amend the Income Tax Law to remove a provision which meant that investors in Jersey companies paid tax on company profits, but non-resident shareholders did not.'

New Zealand: 'Rich gain most' from no capital tax

Jul 9 - 'Research highlighted that people on lower incomes earned money from wages, which were fully taxed, while the largest proportion of capital gains went to people at the upper end of the income spectrum and this income was untaxed.'

Russia: Tax Rules Close Loopholes With More Red Tape The Moscow Times

Jul - 'The State Duma has passed a bill enabling the Federal Tax Service to control transfer prices for goods and services traded between parent companies and their affiliates starting Jan. 1, in a measure expected to prevent tax evasion.' Hat tip Offshore Watch.

Greece hires lawyers, accountants to pursue top 10,000 tax cheats Washington Post & Bloomberg

Jul 8 - A ministry statement said that while an estimated 900,000 Greek residents and companies owe the state €41 billion ($58 billion) in taxes and fines, 90 percent of that money is owed by 14,700 taxpayers and firms.

Why Italy? Why Not? Wall Street Journal

Jul 12 - 'Any austerity is likely to be as self defeating as Greece’s, given how much of a national sport tax evasion is and the political clout of the bureaucratic classes.'


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