Links Aug 2
Clarification of the Meaning of "Beneficial Owner" in the OECD Model Tax Convention - Public Discussion Draft OECD
Jul 15 - "The concept of “beneficial owner” found in Articles 10, 11 and 12 of the OECD Model Tax Convention has given rise to different interpretations by courts and tax administrations. Given the risks of double taxation and non-taxation arising from these different interpretations, the OECD Committee on Fiscal Affairs ... has worked on proposals aimed at clarifying the interpretation that should be given to that concept in the context of the OECD Model Tax Convention." Hat tip Markus Meinzer.
Brazil Introduces Tax On Currency Futures Tax-news.com
Aug 1 - "As its battle against currency appreciation continues, the Brazilian government has introduced a new tax designed to curb the profitability of currency speculation.' Hat tip Markus Meinzer.
Ghana: Why Barclays Gave Up Its Offshore License modernghana.com
Mar 3 - We missed this article a few weeks back (though see our earlier blog). "Barclays Bank has dissolved the offshore banking unit at its head office in Accra and hopes to either convert its offshore account to an ordinary account or transfer the accounts holders to one of its partners with an offshore facility, possibly to Mauritius . . . Barclays, is therefore expected to wind up, on its offshore banking operations within six months. . . Central Bank Governor, Kwesi Amissah-Arthur explained that the decision was taken because of perceptions of money laundering, low interest by Ghanaians in the service and lack of regulations. . . . “At a time that Ghana was gaining a reputation for launder, we did not want to confirm this misperception”, the Governor said. A hugely welcome positive step for tax justice by an African country.
UK: Danny Alexander: Lamont is 'in cloud cuckoo land' with call for 50p tax cut Guardian
Jul 31 - "Lib Dem Treasury minister joins Vince Cable in attacking Tories' proposed tax cuts for the rich as coalition tensions show."
Chart of the day: America’s small tax revenues Reuters
Jul 31 - Dramatic graph. "The US seems to think that it can work as an advanced democracy while maintaining a tax rate more commonly associated with tinpot basketcases. Up until now, it’s managed to do that by borrowing the difference. But if it wants to try to cut spending to a level commensurate with its tiny tax base, it’ll soon learn how economically disastrous that can be."
U.S. : Small Businesses Demand Debt Deal Address Corporate Tax Dodging Huffpost Business
Jul 31 - " Scott Klinger, Tax Policy Director at Business for Shared Prosperity, a nonpartisan small-business advocacy group, said offshore tax loopholes are not just bad tax policy, they also mean job loses for American workers. 'Tax loopholes that reward corporations for shifting jobs and investment offshore undermine small and domestic businesses that invest and create jobs in America.' "
The long arm of corporate influence Guardian
Jul 31 - David McNair of Christian Aid writes "Felicity Lawrence is right to highlight the enormous power of transnational companies (TNC) relative to that of many governments. She is also right to say that governments will find it increasingly difficult to get tax payments from such entities, many of which make extensive use of tax havens in order to reduce their tax bills in other countries – including the poorest.