Links May 31
May 30 - Recently in Rolling Stone, Matt Taibbi detailed how Wall Street lobbyists, with a big assist from congress and the White House, are rolling back the Dodd-Frank financial reform law. Join Matt Taibbi's "Thunderclap" tweet here by June 6 to help Matt stand up to the Wall Street lobbyists.
Swiss Council Of States Votes Through Tax Deals Tax-News
May 31 - "The majority of lawmakers in the Council of States provided their backing for the agreements, albeit with a distinct lack of enthusiasm, arguing that the withholding tax model agreed with the three states in question serves as a pragmatic solution to the longstanding dispute, without the need to relinquish traditional banking secrecy." See TJN on Rubik here and here.
Switzerland Sees No Barriers To Austrian Tax Deal Tax-News
May 31 - More on Rubik, and attempts by Switzerland and Austria to safeguard bank secrecy and undermine the European Savings Tax Directive - see here for background.
Russia Will Fight Tax Dodgers at Offshore Havens Bloomberg
May 30 - "Russia is seeking to curtail corporate use of tax havens as the government considers changes to taxes on foreign profits by offshore-registered units, Finance Minister Anton Siluanov said."
Former UBS Client Pleads Guilty To Not Reporting More Than $11 Million To IRS Wealth Briefing
May 31 - "The US, along with a number of other countries, has attempted to hunt down alleged tax evaders in a bid to plug massive shortfalls in national budgets. The pressure on Switzerland is significant as the Alpine state generates about 12 per cent of its gross domestic product from banking and financial services."
Regulatory push continues Cayman Financial Review
Apr 11 - "There seems to be no let up from the tidal wave of international legislation in the pipeline this year from both sides of the Atlantic, targeting the financial services industry..."
New York Lawyers Issue FATCA Recommendations Tax-News
May 31 - "The New York State Bar Association (NYSBA) has written to the United States Treasury and the Internal Revenue Service (IRS), submitting a report on the proposed regulations implementing the Foreign Account Tax Compliance Act (FATCA) and outlining an alternative approach to implementing some of its information collection and reporting requirements." See here for explanation of FATCA by TJN Senior Adviser David Spencer.
U.S.: Lavoie: Patriotism and Taxation -- The Tax Compliance Implications of the Tea Party Movement TaxProf
May 31 - "In order to strengthen the impact of patriotism on tax compliance and lessen any adverse impact of the tea party movement on the country’s taxpaying ethos, the government should take steps to disentangle American patriotism from its anti-tax roots. Important first steps in this regard are outlined in this Article."
Robin Hood, nurses, Woody Guthrie and Friends of the Earth: Let's tax Wall Street! Friends of the Earth blog
May 30 - Inspired reporting from the National Nurses United’s rally demanding a Robin Hood Tax.