Links Apr 5
Apr 5 - Important news on Transfer Pricing: "Brazil cracked down on multinational commodities firms Wednesday with rules to block them from shifting tax liabilities to more favorable countries."
India: No tax relief for investors in Mauritius, says govt The Times of India
Apr 5 - "The finance ministry has bluntly told representatives of top foreign institutional investors (FIIs) that it would not roll back the anti-tax avoidance framework proposed in the budget and asserted that investors who do not have 'substantial commercial presence' in Mauritius could be taxed under the new provisions."
Could abolishing tax havens solve Africa's financing needs? Pambazuka News
Mar 29 - "Africa is experiencing economic growth, and for the increasing wealth to be channelled to public services, development and the achievement of the millennium development goals by 2015, it is urgent the problem of tax havens as a conduit for illicit outflows is addressed."
The incorporation business: They sell sea shells The Economist
Apr 7 edition - "The companies that form companies are a shadowy world and a thriving industry..." Cites Global Witness. Hat tip: Clark Gascoigne.
Company formation: Shells and shelves The Economist
Apr 7 edition - "Making money by making companies: another industry that is globalising, consolidating and shifting east." Interesting how the article notes "The industry is adept at playing small offshore centres off against each other."
Amazon: £7bn sales, no UK corporation tax Guardian
Apr 4 - "Online retailer's British operation owned by company in Luxembourg which receives all payments for books, DVDs and other goods." And "Amazon is currently disputing a tax bill of nearly £1bn imposed by US authorities relating to transfer pricing." Richard Murphy and TJN cited.
How Amazon finds tax loopholes Guardian
Apr 4 - "Company's US map shows states in red, yellow or green colour to warn executives where laws could trigger tax collections."
More on those quack UK corporation tax cuts Treasure Islands
Apr 5 - See this post for a number of links including Nick Shaxson's piece in the Guardian commenting on the UK budget. Nick observes - further to his recent TJN blog Could a new consensus emerge on corporate taxes? -"Latest evidence is that such a consensus is starting, albeit slowly at first, to emerge.
The FT slams the Swiss tax deal and the UK’s sell out to tax criminals Tax Research UK
Apr 5 - Richard Murphy observes: "It couldn’t get much clearer than this. Having noted in an editorial this morning that Germany is having second thoughts about signing a tax deal with Switzerland it goes on to say: 'They are right to reject the deal – just as the UK, which has concluded a similar agreement, should have done...' "
No let-up in US fight against tax evasion swissinfo
Apr 4 - US Department of Justice (DoJ) spokesperson states: “Off-shore non-compliance remains a priority for this government.”
Who Pays Taxes in America? Citizens for Tax Justice
Apr 4 - New report that shows: "America’s tax system as a whole is just barely progressive."