Tuesday, November 01, 2011

Links Nov 1

EU proposal helps curb corruption but fails to tackle tax dodging Eurodad
Oct 25 -“Disclosure of payments to governments on a Country-by-Country and project by project basis is a very welcome step to combat corruption but it will only give a very partial picture of a company’s activity ... This proposal will not address tax dodging by multinational companies, which represents the biggest share of illicit capital flight”.

The Greens response to the EU commitment on country-by-country reporting Tax Research UK

Oct 25 - In response to the EU’s commitment to country-by-country reporting for the extractive sector and forestry, Greens finance spokesperson Sven Giegold said: “While it is welcome that the Commission wants to strengthen EU transparency and accounting rules, the selective approach proposed would make this a missed opportunity to properly shed light on the activities of corporations."

G20: the new tax cooperation does not work, as shown by the figures Platforme Paradis Fiscaux et Judiciaries
(In French)
Oct 24 - On how the issue of prime importance at the G20 level - the end of tax havens - has not happened, and how the OECD's "euphoric" pronouncements of success are not supported by data that would demonstrate progress.

See also:
Why does the G20 strategy on tax cooperation not represent a true threat to tax evaders? Platforme Paradis Fiscaux et Judiciaries (In French)
Oct 24 - "How can it be explained, after 3 years of the proclaimed fight against tax havens, that it is still not possible to know the amount of recouped tax, or the number of times tax havens have been willing to provide information in response to requests from other jurisdictions?"

Argentina tightens dollar exchange controls BBC
Nov 1 - "The Argentine government has imposed new restrictions on the purchase of US dollars, in an attempt to reduce capital flight and tax evasion. People wanting to exchange Argentine pesos for dollars must now explain where they got the money, and show they have paid their taxes."

See also:
The Global Financial Crisis is the primary challenge for Fernández after her re-election El País
(In Spanish)
Oct 24 - Jorge Gaggero, Economist with the Centro de Economía y Finanzas para el Desarrollo de Argentina, comments on the fiscal deficit and the crucial issue of capital flight ,and observes how the Argentine economic agenda is inextricably interlinked with the global situation.

Court upholds 100 appeals from UBS clients swissinfo
Oct 31 - "The Swiss administrative court has concluded its considerations of appeals by UBS clients angry at the transfer of their banking data to United States tax authorities."

Credit Suisse slashes 1,500 more jobs swissinfo
Nov 1 - "The US authorities recently named Credit Suisse as one of a number of Swiss banks it suspects of helping its citizens evade taxes. The SFr295 million that the bank has put aside in anticipation of a settlement is way below the $780 million that UBS had to pay out in 2009."

Switzerland: Kudelski calls for tax breaks and cuts jobs swissinfo
Nov 1 - "The head of the Kudelski service technology group has called for tax breaks to alleviate companies struggling under the strong Swiss franc ... In an interview with Le Temps newspaper, Kudelski suggested making research costs tax deductible in Switzerland similar to regulations in neighbouring France and in the United States."

Profit tax holiday could blunt U.S. exports: gov't Reuters
Oct 31 - "Any economic benefit that might result from a U.S. tax holiday for overseas corporate profits could be muted, or even reversed, if it strengthened the U.S. dollar and weakened exports, according to a Congressional Research Service report."

An idea to make U.S. Congress members dress like Nascar drivers Treasure Islands
Oct 31 - "As Thomas Friedman put it in the New York Times recently, in the context of financial firms: an idea from the blogosphere: U.S. congressmen should have to dress like Nascar drivers and wear the logos of all the banks, investment banks, insurance companies and real estate firms that they’re taking money from. The public needs to know."

The UK's scandalous legal aid bill is a threat to global human rights Guardian
Oct 29 - Nick Mathiason asks "Why is the UK coalition government proposing a bill that will make it harder for people from poorer countries to get legal redress for human rights violations?"

New UN report says criminals may have laundered $1.6 trillion in 2009 UN News Centre
Oct 25 - "Criminals may have laundered around $1.6 trillion in 2009, one fifth of that coming from the illicit drug trade, according to a new report by the United Nations Office on Drugs and Crime (UNODC). The $1.6 trillion represents 2.7 per cent of global gross domestic product (GDP) in 2009." Hat tip: Clark Gascoigne.

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