Wednesday, February 08, 2012

Links Feb 8

Unsafe haven? New IFC tax haven policy questioned Bretton Woods Project
Feb 8 - Guest analysis by María José Romero, LATINDADD, on a new report that "finds widespread use of tax havens by clients of the World Bank’s private sector arm, the International Finance Corporation (IFC), while the new Bank policy is criticised for having major loopholes." Hat tip: Juan O'Farrell.

See also:
The World Bank and extractives: a rich seam of controversy Bretton Woods Project

Feb 7 - "As World Bank projects fail to reduce corruption in the mining sector in the Democratic Republic of Congo (DRC), International Finance Corporation (IFC) investments in extractive industries are provoking complaints and protests around the world."

Oil companies lobby for less transparency as Global Witness exposes the need for more Global Witness
Feb 8 - See the press release and read the report. "Despite ‘big oil’ calling for a global ‘level playing field’, it appears to be fervently undermining efforts to create just that – a new global standard for transparency of revenue payments."

Philippines: Taxing Corruption BusinessWorld

Feb 9 - "The term "ill-gotten wealth" has again become a buzzword in the recent days mainly due to the ongoing impeachment proceedings against the Chief Justice..."

Ghana Sets Up Team To Review, Re-Negotiate Agreements With Mining Firms Borneo Post

Feb 2 - “Given that the country’s mining sector consists mostly of gold mines, one would have expected a higher fiscal take by the government. Unfortunately, the phenomenal increase in gold price has not sufficiently benefited the people of Ghana.” Hat tip: Sandra Kidwingira.

Strengthening Sierra Leone’s revenue mobilization efforts for the good of its people Cocorioko
Feb 2 - "Another institution that also needs public support insofar as Sierra Leone’s development could be discussed is the National Revenue Authority. Not only public support ... the NRA should be constantly watched with close eyes by the government, because it is the life blood of the nation and no government will want to toy with that."

How to do business offshore in Mauritius The South African
Jan 31 - On new legislation that has " long been awaited by professionals in the funds industry ... General Partners have the ability to manage operations from locations other than Mauritius ... a Mauritian LP may hold a global business licence and may elect to be taxed in Mauritius and thus take advantage of the Mauritius tax treaty benefits."

United tax evasion defences start to crumble swissinfo
Feb 5 - “Most net new money growth has been generated in Asia and Latin America. Growth has been flat or slightly negative in Europe and the US.” As TJN asserts, global cooperation is crucial to redress tax injustice.

UK: Liechtenstein tax amnesty extended Financial Times
Feb 7 - The amnesty for UK tax dodgers for previously undeclared assets held in Liechtenstein has been extended for another year. Apparently, some "investors" have been sitting on the fence while waiting to see what happens with the shabby Swiss tax deal. Hat tip: Markus Meinzer.

Swiss Bank Wegelin Charged in U.S. With Aiding Tax Evasion Bloomberg Businessweek

Feb 8 - An update on this case linked several times recently. Note: "Prosecutors said that Wegelin and the three bankers wooed U.S. clients fleeing UBS AG, the largest Swiss bank."

UBS Employee Tax-Evasion Probe Dropped by German Prosecutors Bloomberg Businessweek
Feb 8 - "German prosecutors dropped a probe into three employees at UBS AG, Switzerland’s biggest bank, over allegations they helped clients evade taxes by hiding money in Switzerland."

Police raids highlight Italy's fight against tax evasion Reuters

Feb 6 - "The two-man workshop close to the Vatican had been busy when tax police raided it last week, seizing about a million religious articles and souvenirs ranging from rosaries to images of Pope John Paul II ..."


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