Thursday, September 29, 2011

Links Sep 29

Barroso enters the fray Europolitics
Sep 28 - "In a surprise move, European Commission President José Manuel Barroso personally joined the combat the Union is trying to lead against tax evasion."

MEPs say race to the bottom must be stopped starting with double non-taxation EURODAD
Sep 28 - On a report by the Committee for economic and monetary affairs (ECON) in the European Parliament, "containing both concrete measures and broader statements against the race to the bottom in European corporate taxation, citing the financial strain this is placing on European countries and their citizens."

The suits in Strasbourg – Yukos Oil, tax evasion and human rights UK Human Rights Blog

Sep 27 - The collapse of the Russian oil giant Yukos following enforcement proceedings for multi-billion tax evasion has not prevented the ghost of the now-defunct company appearing in Strasbourg as a “victim” of the Convention. Hat tip: Alex Marriage.

African governments urged to curb tax evasion Africa News
Sep 19 - "African governments have been urged to introduce legislation that makes tax evasion a money laundering offense as a way of deterring those who engage in the vice and therefore denying them income."

Transfer pricing law - reflections & prejudices Business Standard
Sep 12 - "Last few weeks saw Indian media debating on how multinational corporations are at logger heads with Indian Revenue in relation to shifting profits out of India. In the world of taxation this concept of transfer pricing is amongst the more popular topics."

India: Patil Likely to Press Switzerland on Black Money Issue Daijiworld
Sep 29 - "India is likely to renew its request to the Swiss government to end bank secrecy and to help get billions of dollars stashed in secret accounts by some Indians when President Pratibha Patil meets her Swiss counterpart Micheline Calmy-Rey next week." But beware the fig-leafism of Tax Information Exchange Agreements (TIEA's) .

India: I-T dept''s special units for high profile cases functional MSN News
Sep 29 - "The Income Tax Department has operationalised its ''Criminal Investigation'' units, which have been tasked to crack high-profile tax evasion and track money laundering cases."

U.S. client tax indictment raises pressure on HSBC Reuters
Sep 29 - "The United States heaped more pressure on HSBC Holdings, Europe's second-largest bank, on Wednesday with an indictment that laid out the role of two unnamed senior HSBC executives in providing tax evasion services to Americans born in India."

You Do the Math: Adding Up the Costs of Complying with FATCA Task Force on Financial Integrity and Economic Development
Sep 28 - In our earlier blog Crying Wolf: why are banks frightened of FATCA? we challenged banks to show us the numbers on which to base their claims that costs of complying with FATCA would be crippling ( we also observed and compared their costly lobbying against FATCA.) Now, a new survey by RBC Dexia Investor Services reveals: “about 85 percent of the banks estimated the cost of complying with FATCA at up to $1 million and 54 percent expect to spend less than $100,000.”

The Need for the “Buffett Rule”: How Millionaire Investors Pay a Lower Rate than Middle-Class Workers
Citizens for Tax Justice
Sep 27 - In his September 19 speech outlining his deficit-reducing plans, President Obama proposed what he called the "Buffett Rule," the principle that the super wealthy should not pay a lower rate of federal tax than middle-class taxpayers. CTJ's report shows why the Buffett Rule is sorely needed.

Another take on Martinelli's Panama Newsroom Panama

Sep 29 - An apparent fan of tax havenry declares: "Sure, at first glance today you might think the TIEA and the politics of Ricardo Martinelli have sullied Panama’s status as the world’s ultimate offshore haven. But let me assure you: They haven’t." See a recent link here on the Panama situation.

"Something Has Started": Michael Moore on the Occupy Wall St. Protests That Could Spark a Movement Democracy Now
Sep 28 - This piece also reports on over 100 non-violent protesters being arrested, while observing the impunity for bankers who created the financial schemes that destroyed the economy.

See also:
Sorry, but this trader's banking confession was no prank Guardian

Sep 29 - Yesterday we linked to commentary by a financial trader in It's time that Goldman Sachs stopped ruling the world Tax Research UK. Here The Yes Men write that they have been blamed for the trader's comments on the financial crisis - "But sometimes truth outdoes satire."

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