Tuesday, December 06, 2011

Links Dec 6

Public outcry “set to topple banking secrecy” swissinfo
Dec 5 - An interview with TJN's Nick Shaxson, author of Treasure Islands. "Switzerland’s prized banking secrecy, already under pressure from multiple countries, faces its biggest threat from public opinion."

UK: Nick Clegg's plan for shareholders to tackle fat-cat pay won't work Guardian

Dec - Prem Sikka comments in response to the UK government proposals for empowering shareholders to control runaway executive pay. The article calls for democratisation of big business and workers to have seats on company boards.

Corporate tax: UK unveils yet another offshore disgrace Treasure Islands

Dec 6 - On a completely one-sided article in the Financial Times on the UK government's "bid to make the corporate tax system the most competitive in the G20 group of nations." Race to the bottom, careering ahead.

Insight: African leader's son tests U.S. anti-corruption push Reuters
Dec 2 - "The wealthy son of Equatorial Guinea's president squared off this week against the U.S. government in a legal battle over efforts to seize his $30 million California mansion, exotic cars, a private jet and an extensive collection of Michael Jackson memorabilia."

Loopholes And Corporate Tax Dodging Costing Developing Countries Billions Huffington Post

Dec 5 - "It's no secret that many multinationals have become particularly adept at exploiting tax loopholes. Nor is it a surprising that the U.S. federal deficit is widening as a result. What's not as publicized, however, is that developing nations are also feeling the heat."

Amazon's Special Deals With States Unconstitutional, Law Profs Say Forbes

Dec 5 - "Here’s a delicious irony for those following the Internet sales tax wars ..."

U.S.: Baucus, Camp to Convene Joint Hearing on Tax Treatment of Financial Products
Committee on Ways and Means
Dec 6 - On a Hearing that
"will examine the complex relationship between the tax code and financial products." See also letter from the American Bar Association Section of Taxation, hat tip TaxProf.

EU Commissioner takes court action to prevent access to bank accounts Flanders News

Dec 3 - "Belgium's European Commissioner, Karel De Gucht, and his wife Mireille Schreurs, a judge, are taking court action against Belgian legislation that relaxes banking secrecy rules ... Flemish socialist lawmaker Dirk Vandermaelen suggests the EU commissioner is keeping rather suspect company: Antwerp diamond traders who were caught with undeclared funds in Switzerland."

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