Links Sep 23
Sep 23 - "The conclusion of bilateral tax agreements between Switzerland on the one hand, and Germany and the United Kingdom on the other, is creating real havoc in the European Union. Luxembourg and Austria, in any case, used it as a pretext to block any compromise, on 22 September, on revision of the EU's savings taxation directive and it's agreements in this area with Switzerland, Liechtenstein, Andorra, San Marino and Monaco." Hat tip Offshore Watch. See also yesterday's story about how the deals will fail to collect the money in any case.
Tax treaty rejig on hold as Mauritius faces political crisis The Economic Times
Sep 22 - "India loses an estimated over $600 million a year in revenues on account of the tax provisions in double taxation avoidance agreement (DTAA) with Mauritius."
"This Is The Greatest Financial Crime In The History Of The World And No One Senior ... Has Gone to Jail" Zerohedge
Sep 17 - On an interview with William Black, Associate Professor of Economics and Law at the University of Missouri and author of the book “The Best Way to Rob a Bank Is to Own One.” See the links in this post. Hat tip The Cynical Tendency.
HMRC and the tax gap: their data just does not stack at all (wonkish, but worth reading) Tax Research UK
Sep 23 - Richard Murphy on how likely it is that the tax gap is vastly bigger than HMRC say - "But still ministers will argue otherwise. What are they trying to hide? Could it be they really don’t want to collect tax from the crooks and the cheats? Is that their reason for denying the truth? Anything else is very hard to imagine."
U.S.: Offshore tax dodgers pay IRS nearly $3B The Monitor
Sep 22 - "The IRS began a stepped up enforcement program in 2009 when it offered to allow people who had secret foreign bank accounts to come forward and pay back taxes, interest and penalties to avoid prosecution and possible prison...The IRS said 30,000 people have taken advantage of the program." Hat tip Offshore Watch.
Revenue targets accounts of 2,000 suspected tax dodgers Irish Examiner
Sep 23 - "High Court orders have been obtained against clearing banks in Ireland — those permitted to transfer money offshore — ordering them to release details of foreign lodgements to the Isle of Man, Jersey, Guernsey, Switzerland and Liechtenstein."
How to Hide (and Find) Assets Bloomberg Businessweek
Sep 22 - "Layers of companies can serve to mask the owners of assets, but be careful whom you alienate..."
Outspoken top athlete takes stand on politics swissinfo
Sep - "Triathlon champion Magali Di Marco-Messmer says she abhors political games. And she cannot understand why many of her fellow citizens defend Swiss banking secrecy."
Greece moved offshore to become tax haven The Poke
Sep 21- "Crisis News: The IMF, supported by the City of London and the European Union, have thrown Greece a lifeline today by proposing a new scheme to float the country far enough out into Mediterranean for it to qualify as an ‘offshore tax haven’."