Friday, March 16, 2012

Links Mar 16

India seeks tax law change after Vodafone verdict Reuters
Mar 17 - "India on Friday proposed retroactive changes in its tax rules, prompting speculation that Vodafone's $2.2 billion tax case could be reopened ...The proposed amendment in tax rules may also be also significant for other multi-national companies including Kraft Foods, SABMiller and AT&T Inc, which also face potential tax demands in India over cross-border deals."

Global financial crisis as a human rights issue Al Jazeera

Mar 16 - "The UN should have the obligation to protect citizens who are being abused by elite decisions and inequality."

Argentina: For more taxes for the rich Tiempo (In Spanish)
Mar 11 - Commentary on Argentina needed fundamental reform for its tax system, cites an interview with Jorge Gaggero.

U.S.: US Highways Bill Takes Aim At Tax Havens Tax-News
Mar 13 - "The Democrat-led Senate has adopted an amendment, which would provide a range of further measures for the Treasury Department to take against foreign governments and financial institutions that 'significantly impede United States tax enforcement', to the bill to provide for an extension of the United States highway-related taxes. The provisions of the amendment offered by Carl Levin (D – Michigan) and Kent Conrad, (D – North Dakota) had previously been included in the Cut Unjustified Loopholes Act, which they had introduced in February."

U.S.: The Case of the Missing $96 Billion in Corporate Taxes Citizens for Tax Justice

Mar 14 - "The latest monthly statement by the Treasury Department contains a startling revelation: the amount that Treasury expects to collect in corporate taxes in 2012 has been slashed by more than 28 percent, from $333 down to $237 billion."

Italy Said to Pay Morgan Stanley $3.4 Billion Bloomberg
Mar 16 - "The five largest U.S. swap dealers -- Goldman Sachs, Morgan Stanley, Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. -- have a combined net derivative counterparty exposure to Italy of $19.5 billion, filings show." Hat tip: Markus Meinzer.

On Goldman Executive Greg Smith's Brave Departure Rolling Stone
Mar 14 - Matt Taibbi on "a resignation – a historic one. Greg Smith, the executive director and head of Goldman Sachs’s United States equity derivatives business in Europe, the Middle East and Africa, not only decided to quit Goldman, he decided to do it in the New York Times, eloquently deconstructing the firm’s moral slide in a lengthy op-ed piece."

TARGET2: A Channel for Europe’s Capital Flight Pimco

Mar 16 - "Taxpayers in the eurozone are contingently liable for eventual losses incurred by the Eurosystem’s monetary policy operations." Hat tip: Markus Meinzer.

Oligarch’s Dirty Cash Sloshes Around Globe, Flunky Flees: Books Bloomberg

Mar 11 - This new book review observes: "Tax havens are like plumbing: They flush money around the globe so efficiently that few people notice ...”

Taxes And The Art Of Mustache Maintenance Forbes
Mar 10 - Er, no comment.


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