Links Dec 7
Dec 5 - "Trickle-down theory is dead. The belief fostered by Ronald Reagan in the US and Margaret Thatcher in the UK in the 1980s, that if the rich got richer their income and wealth would trickle down the income scale so that a rising tide lifted all the boats, has had the last rites pronounced on it – by the OECD". See the report Divided We Stand: Why Inequality Keeps Rising.
Tax evasion costs Namibia billions The Namibian
Dec 6 - "Avoiding the tax man robs State coffers of about nine per cent of Namibia’s gross domestic product (GDP) a year, a new World Bank study has found ... The majority of suspicious transaction reports (STRs) reported to the Financial Intelligence Centre (FIC) between May 5, 2009 and December 15, 2010 were related to tax evasion".
India presses for cooperation to deal with tax evasion, black money The Economic Times
Dec 7 - Finance Minister Pranab Mukherjee stated: "Tax evasion undermines the intended benefits of a progressive tax policy ... resolution of these issues requires international cooperation and alignment of tax systems for better cross-border compliance". See TJN blog on India's position as stated at Nov 2011 G20 meetings here.
Olympus banker sells home for $10, heads to Cayman Cayman News Service
Dec 6 - Banker involved in the scandal involving the Japanese camera mulitnational's funneling of funds through Cayman companies that subsequently vanished, appears to have vanished himself now in Cayman.
Rising Tax Cheats Alarm Australia International Business Times
Dec 5 - "Despite the tax authorities' high-profile campaign against tax evasion, the country has recorded a 20 percent spike on tax offenses, according to the latest report issued by the Australian Taxation office (ATO)."
Jersey Businesses Challenge Altered Transparency Goalposts Tax-News
Dec 7 - "The Jersey Chamber of Commerce, which represents Jersey private sector businesses, has urged the island's decision-makers to pause for thought prior to agreeing to a new raft of demands from advanced nations on tax information exchange." Some weasel words from Jersey powers, holding out against moves towards automatic exchange of information for tax purposes.
Quakers in Britain call for greater tax justice Ekklesia
Dec 6 - "Quakers in Britain, as members of the ‘Close the Gap Campaign’, have called for greater tax justice in a letter to the Chancellor of the Exchequer." The article talks about the epetition seeking to secure a parliamentary debate on the Tax Transparency Bill, that we blogged here. Hat tip: Offshore Watch.
Editorial: Tax cheats steal from us all Dominion Post
Dec 5 - "Just as taxpayers rightly condemn beneficiaries who commit welfare fraud, big corporations that try to get out of paying the tax they owe and others who arrange their affairs to pay less than they should, so, too, they should condemn tradespeople and small businesses who are also ripping off the system." Hat tip: Tax Research UK
The Goldman Saching of Europe ABC
Dec 7 - "I don't want to sound alarmist but it looks like Goldman Sachs has taken over Europe. The continent has succumbed to the dictates of global finance, there was no choice. The bankers are holding us all to ransom ... "