Links Apr 25
Apr 25 - Welcome news - "The European Parliament has voted in favour of making mandatory the implementation of a Common Consolidated Corporate Tax Base among European Union member states despite sustained opposition from some nations."
Activists and taxpayers clash over country-by-country reporting International Tax Review
Apr 24 - "Country-by-country reporting remains the solution for many in the tax justice movement, but multinationals are set against it. On May 2, they will go head to head at International Tax Review’s Tax & Transparency Forum in London to debate one of the most controversial issues in tax." Richard Murphy will be speaking. The forum is free to attend for tax directors and NGOs - see the article for details and registration.
Country-by-country reporting: Lord Browne demands it in the FT Tax Research UK
Apr 25 - Explaining the distinction between full country-by-country reporting that would apply to all multinational corporations without exception, and the form that relates only to the extractive industries. Speaking of how "the extractive industry demand has been built into US law and is being considered for inclusion in EU law. This is the subject of much debate and negotiation but the case for doing so is unassailable."
Glencore says EU law would not increase transparency on tax payments The Australian/ The Times
Apr 25 - "Glencore dismissed as unworkable European Union (EU) plans to force mining and oil companies to disclose all tax payments to developing countries. Tim Scott, the global head of tax for Glencore, which recently reported full-year profits of $US4 billion ($3.8 billion), told British MPs that publishing accounts on a country-by- country basis would be very expensive."
Glencore, an investigative report FT Alphaville
Apr 24 - "FP’s report provides a fascinating account of how Glencore came to power, and the unique relations it had to forge with questionable entities along the way: This means operating in countries where many multinationals fear to tread; building walls made of shell corporations, complex partnerships, and offshore accounts to obscure transactions; and working with shady intermediaries who help the company gain access to resources and curry favor with the corrupt, resource-rich regimes that have made Glencore so fabulously wealthy..." For more on Glencore see here.
EU must not allow big oil to undermine vital transparency law Global Witness
Apr 23 - "Ahead of Thursday’s meeting of the European Parliament's Legal Affairs committee, Global Witness staged a parade of “dictators” in protest at plans to water down upcoming European laws to make oil, mining and timber companies more transparent about the billions of dollars that they pay in revenues to countries around the world." Read more about the campaign at www.globalwitness.org/dictatorscharter
Swiss braced for fresh attack on banking secrecy swissinfo
Apr 25 - "Swiss banking secrecy faces renewed attack from members of the Council of Europe on Friday when they vote on a resolution demanding a clamp-down on tax havens."
France Publishes Revised 2012 'Black List' Tax-News
Apr 25 - "French Finance Minister François Baroin and Budget Minister Valérie Pécresse have recently updated the country’s ‘black list’ of countries deemed to be ‘uncooperative’ in tax matters (les Etats et territories non coopératifs – ETNC). The list has retroactive effect from January 1, 2012, and contains the following eight jurisdictions: Brunei, Guatamala, Marshall Islands, Montserrat, Nauru, Niue, the Philippines, and Botswana." Compare and contrast to TJN's Financial Secrecy Index.
TJN's April Taxcast
In April's Taxcast: Amazon's tax affairs, the global tax cut race to the bottom, India tackles tax havens and the miners in Zambia who pay more tax than the multi-national mining company.