Tuesday, May 15, 2012

Links May 15

The Fall of the Mighty and the Rise of Justice in the Philippines Huffington Post
May 14 - "A useful gauge of the Philippines' comparative rankings and competitiveness comes from the [TJN] Financial Secrecy Index (FSI), designed to help economists better understand global financial secrecy, corruption and illicit financial flows ...  "

IRS Non-Resident Reporting Rule Questioned Again Tax-News
May 15 - On opposition to developments that represent an important step forward in exchange of information for tax purposes. See recent TJN blog on the developments being challenged.

See also:
Foreign depositors rule is welcome Orlando Sentinel
May 8 - Nicole Tichon, TJN-USA Executive Director, has a letter published - explaining why a new Treasury rule is a welcome development towards multilateral exchange of tax information and confronting international tax evasion. (Click link and scroll down page half-way to read).

Why America Should Stop Worrying and Love Taxmageddon The Atlantic

May 10 - "Taxpocalypse Now Please - Here are five reasons not to fall for the now-conventional wisdom." Hat tip: TJN-USA

EU Pledges Campaign Against 1 Trillion Euros in Tax Evasion Bloomberg
May 15 - "European Tax Commissioner Algirdas Semeta later this year will offer new proposals to combat tax havens and 'aggressive tax planning'".

Swiss Bank Whistle-Blowers Said to Have Handed Over Data to U.K. Bloomberg
May 15 - "Whistle-blowers at two Swiss banks have handed over client account data to U.K. tax authorities ...  At least one of the banks is foreign-owned and has clients spanning more than 100 jurisdictions ... Swiss secrecy laws threaten bank employees with a jail term if they divulge client information."

Who wants to be a Swiss banker? swissinfo
May 15 - "Who would want to enter an industry scarred by reputational damage and poor job security?... Legal and compliance professionals are most in demand as banks seek to keep ahead of the changing regulatory landscape. But some banks are still hiring relationship and portfolio managers and strategic specialists as they chase more assets."

Tax havens: a low cost place in the sun The Bureau of Investigative Journalism

May 15 - " One tiny country, with a population smaller than London, has become an impentatrable piggy-bank for some of the world’s biggest corporations."

Transparency still an issue  Cayman News Service

May 14 - Reporting on the STEP Caribbean Conference - "Cayman Islands Monetary Authority chairman Tim Ridley detailed the ways in which OFCs could survive and prosper through this heightened scrutiny ... While existing skills sets would still apply, new ones would need to be learned. OFCs fell behind when it came to balancing confidentiality and legitimate law enforcement. Transparency, he said, was still an issue."

Courts have no time for tax cheats: ATO 9news
May 15 - "The Australian Tax Office has used the jailing of three company directors to warn that courts are showing a low tolerance of tax fraud."

Jeopardizing Justice: President Obiang’s Brazen Attempt to Foil French Law Task Force Blog

May 11 - "What do you do when your eldest son, already well-known for his reckless spending and extravagant lifestyle, becomes the focus of a corruption investigation in France? Well, if you’re the world’s longest-ruling leader, President Teodoro Obiang Nguema of Equatorial Guinea, you brazenly attempt to thwart justice and the rule of law by appointing him to a position at UNESCO, a position that comes with a convenient perk: diplomatic immunity."

Globalization and Taxation: Trends and Consequences Global Labour University
May 14 - "To misuse Marx’s often quoted phrase: governments are in love with tax revenue but ‘the course of true love never did run smooth’. This failed romance should be of concern to those of us who prioritise egalitarian economic outcomes, because taxes and benefits can substantially mitigate the effects of poverty..."


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