Links Sep 28
Sep 28 - "It’s incredibly hard to get accurate numbers on tax haven issues, not least because you’re trying to measure secret stuff. An assets/liabilities discrepancy noted by the IMF for the Cayman Islands ($2.2 trillion vs. $768 bn) is just a case in point" On this subject of data, Nick Shaxson has recently had a bit of an email back and forth with someone from the Cayman Islands..."
Tackling India’s Black Money The Diplomat
Sep 26 - "What we do need is public pressure on the government to come up with a plan of action that provides strict timelines for procedures that will bring the tax evaders and money launderers to book ... now seems a good time for India to set a shining financial example for the world."
End for tax evasion, but not havens: Kuhn Business Live
Sep 27 - A managing partner of major international beancounters Ernst and Young comments on the Swiss-German and Swiss-UK tax deals - "It's the end of tax evasion in Switzerland, but tax havens still enjoy competitive advantages. Wealthy people in particular still believe in the capabilities of Swiss banks." We don't agree that these shameful deals are the end of tax evasion.
Ignoring tax cheats Reuters
Sep 27 - David Cay Johnston observes "Why has nothing been done for more than 11 years to make the cheats in New York pay what the law requires? ... It is time for New York’s three top state officials, all Democrats with higher ambitions, to do their duty, especially since the thieves are virtually certain to include some of their campaign contributors."
'Tick the box' was no accident - this was tax abuse by design Tax Research UK
Sep 28 - Richard Murphy on a simple rule meant to cut paperwork for US companies that has grown into one of the biggest multinational tax breaks around, as an FT/ProPublica report says.
Private Equity Bribery Risk Grows As Tax Shelters Clamp Down Wall Street Journal
Sep 27 - "The private equity industry will be at a higher risk of violating foreign bribery laws as a result of money barred from tax shelters, according to one expert. The world of capital flight has shrunk, as countries like Switzerland try to shed the image of being havens for tax evaders and heads of state to park stolen assets ... The possibility of such assets ending up in private equity funds represents an “added peril” to private equity."
It's time that Goldman Sachs stopped ruling the world Tax Research UK
Sep 28 - See this video, broadcast on the BBC this morning. This shows the mindset of some of those in powerful seats in finance. Possibly, you will not be surprised.