Monday, July 25, 2011

Links Jul 25

Credit Suisse Tax Evasion Probe: Bankers Unlikely To Get Help From Switzerland HuffPost Business
Jul 24 - 'Switzerland's parliament would not vote for a second tax treaty to help settle U.S. charges that Credit Suisse bankers helped wealthy Americans evade taxes ... The investigation against Credit Suisse has also prompted Swiss private banks Sarasin and Julius Baer to ban staff from traveling to the U.S. "For the last two weeks it has been necessary to get approval for all private and business trips to the U.S. ... It's about protection. So the bank and its employees will be protected from investigations and arrests" '.

HSBC Acts on Offshore Cash Wall Street Journal
Jul 20 - 'The global banking giant is cutting ties with wealthy American clients who bank offshore, as U.S. prosecutors turn up the heat on the bank to produce information about account holders who may be evading taxes.'

Foreign Tax Profile of Top 50 U.S. Companies Tax Analysts
Jul 25 - Of America's 50 most profitable companies in 2010, seven are with a coalition seeking the repatriation holiday that we've blogged extensively - Apple, Cisco Systems, Devon Energy, Google, Microsoft, Oracle, and Pfizer had a total of $164 billion in accumulated undistributed foreign profits. On average, their foreign effective tax rate was 12%. Hat tip

Pakistan: Auditors detect tax evasion of Rs209bn Dawn
Jul 25 - 'Auditors have unearthed tax evasion and irregularities of more than Rs209.797 billion in 50,000 cases over the apst few years. Experts say the dodging of such a huge amount is not possible without official connivance.'

Jersey’s wealthiest to pay even less tax – and the BBC applauds
Treasure Islands

Jul 25 - Check out the quotes, such as: ‘I pay a quarter in tax terms of what the guy who collects my bins does. I play golf all day while he probably can’t even afford to pay for the house he lives in. Living in Jersey is like that: if you’ve got the money, you get the cream’.

Luxembourg: less transparent than Nigeria? Treasure Islands
Jul 25 - The
Financial Secrecy Index ranks Luxembourg as the world’s second-biggest secrecy jurisdiction, after the United States. 'Now, from Access Info ..."“Luxembourg, one of the wealthiest countries in the world, is failing to achieve even minimum standards when it comes to open government, public participation, and accountability” '...

UK: HMRC under fire over tax-dodging disclosure deadline The Guardian
Jul 25 - Lawyers and accountants have rounded on HM Revenue & Customs over proposals for a tax-dodging amnesty and toughening rules on how struggling companies offset their losses. A deadline of 60 days ix proposed for miscreants to reveal how much tax they have withheld.

UK: Taxman triggers rebellion over powers to put accountants out of business This Is Money
Jul 24 - '
The taxman may be given the power to put accountants out of business for organising efficient tax planning for their clients.'


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