Links Nov 15
Nov 15 - Indications of further weakening of Swiss banking secrecy. The article cites TJN's widely reported analysis of the UK-Swiss tax deal.
The U.S.-Swiss Global Tax Settlement Negotiations TaxProf
Nov 9 - "This article provides a technical update in light of many media reports that the ongoing negotiations between the U.S. and Swiss governments will purportedly result in a global tax settlement agreement with an immediate turnover of Swiss banking data otherwise protected by Swiss bank secrecy law."
Bern opposes revisions on German tax accord swissinfo
Nov 14 - "Germany wants to renegotiate a tax treaty with Switzerland, agreed in August, but the Swiss reject this." See here for TJN's blog commentary on this yesterday.
Are the markets governable? diariobae (In Spanish)
Nov 10 - Aldo Ferrer, Argentina's Ambassador to France, observes that to reestablish market equilibrium and enable the essential functioning of the real economy, the global regulatory framework should include standards to eliminate the "tax havens" that protect tax evasion and money laundering. Hat tip: Jorge Gaggero.
Kenya: How transfer pricing audits help economy Business Daily
Nov 14 - "Transfer pricing has emerged in the global economy as one of the most important tax issues for multinational companies. The Kenya Revenue Authority is also increasingly choosing to focus on transfer pricing when auditing multinational companies." Hat tip: Sandra Kidwingira.
Kenya: Low income earners to pay less tax in new plan Business Daily
Nov 14 - A new revenue collection structure will ease tax burden for lower paid workers. Hat tip: Sandra Kidwingira.
Financial secrecy: We really are in it together Pambazuka News
Nov - Charles Abugre, the Africa Regional Director of the United Nations Millennium Campaign (for the MDGs), writes on how financial secrecy is a cause of the current global financial crisis, hurting the poor and eroding the social contract that underpins government accountability to deliver to citizens.
The offshore dance continues Treasure Islands
Nov 15 - Commenting on the a piece in the Financial Times that talks about (among other things) the UK’s Independent Commission on Banking under Sir John Vickers that looks at how to make banking safer - the article refers to the threats by financiers to move their business to other jurisdictions where they can escape tax and regulation.
On the dance of moving financial business offshore see a recent episode of "Alex" from the UK's Telegraph here, and an observation on the minds of financiers on the Vickers Commission here .
Singapore as a Holding Domicile for Your China Operations China Briefing
Nov 14 - "Both Hong Kong and Singapore provide viable domiciles for a holding company…But what are the differences?" - This piece provides some er, advice on "Tax Advantages", "Secrecy or, in in professional parlance, 'non-disclosure' ", and "Keeping China at arm’s length". Hat tip: Offshore Watch. Hong Kong and Singapore are ranked 4th and 6th on th Financial Secrecy Index.
Goldman Sachs: The connections with Mario Draghi, Mario Monti and Lucas Papadémos Le Monde (In French)
Nov 14 - On how the tentacles of the "Vampire Squid" penetrate the power structures of Europe. The article comments, however, that this network of influence is losing its effectiveness due to the outrage against financiers who caused the economic crisis, and the public calling for transparency and accountability.
Finally, a Judge Stands up to Wall Street Rolling Stone
Nov 10 - Matt Taibbi on how Federal judge Jed Rakoff, a former prosecutor with the U.S. Attorney’s office in New York, is "fast becoming a sort of legal hero of our time", in challenging the SEC’s plan to settle a fraud case against Citigroup - "refusing to let the captured regulatory agency sweep yet another case of high-level criminal malfeasance under the rug."
Stop companies supplying the government using tax havens Tax Research UK
Nov 15 - A survey by Ethical Consumer, that exposes the poor ethical record of companies being awarded contracts to run the UK's public services, found that 13 of the 20 companies surveyed avoid tax through the use of tax havens.
City tax is bullet to London's heart, says George Osborne London Today
Nov 14 - "The Financial Transactions Tax (FTT) has been proposed formally by Brussels to help raise money for a eurozone bailout, backed by France and Germany. A study by the commission claimed it would raise up to £35 billion in revenues and cut derivatives trading." However, the UK's Chancellor of the Exchequer Chancellor George Osborne warns that "Europe's plan for a financial transaction tax is 'a bullet aimed at the heart of London' ". Race-to-the-bottom elements in play here?