Links Jun 13
Jun 13 - Reporting from the TJN transfer pricing conference in Helsinki: "China, India, Brazil, Nigeria and now South Africa at all have the same things to say - First, the OECD’s arms length pricing model just does not accord to the economic reality of what they see happening on the ground..." Check into the Tax Research UK blog for more news from the conference. A conference report will soon be available via the TJN blog.
Illicit funds from Mexico find safe haven in U.S. CNN
Jun 12 - Op-ed by Heather Lowe, legal counsel and director of government affairs at Global Financial Integrity. "Mexico's tax authorities need easy, automatic, access to bank deposit information on Mexican citizens with accounts in the United States, so that they may track tax evasion and other financial crimes across the border."
ING Bank N.V. Agrees to Forfeit $619 Million for Illegal Transactions with Cuban and Iranian Entities U.S. Department of Justice
Jun 12 - “For years, ING Bank blatantly violated U.S. laws governing transactions involving Cuba and Iran, and then used shell companies and other deceptive measures to cover up its criminal conduct.” Several ING Bank employees raised concerns to management about the bank’s sanctions violations - however, no action was taken.
Norway becomes first OGP country to open its company data… and Belgium announces it will too OpenCorporates News
Jun 12 - "This shows not just a commitment by Norway and Belgium to open data, but an understanding that the company registers are critical public registers, essential to the understanding and supervision of companies, which after all are artificial entities given legal personality by the state separate from the owners and managers for the good of society." Hat tip: Stephanie Ostfeld.
UBS faces criminal complaint over Malaysia ties swissinfo
Jun 12 - Malaysian politician accused of laundering over $90 million (SFr86 million) in corruption proceeds through UBS in Hong Kong and Zurich.
Bern and Rome "make progress" on tax deal swissinfo
Jun 12 - "After meeting with Swiss President Eveline Widmer-Schlumpf, Italian Prime Minister Mario Monti said an Italian-Swiss working group was making good progress on a deal to fight tax evasion."
World’s first offshore requests bailout from crisis in eurozone – is next Luxembourg? Azerbaijan Business Center
Jun 12 - "The status of a financial offshore, as it turns out, does not guarantee complete security from the crisis the eurozone experiences."
UK's Liechtenstein tax disclosure to raise three times more than planned Money Marketing
Jun 12 - "Originally scheduled to end on March 31, 2015, the scheme was extended to April 5, 2016 after 2000 UK taxpayers put applications into the scheme, more than were expected over its lifetime."
U.S.: Sustainable business comes to the White House GreenBiz
Jun - "A group called the American Sustainable Business Council (ASBC) convened in [the U.S.] capital to issue "A Business Call for a New Economy" that's built around “triple bottom line” principles, shared prosperity and environmental stewardship ... supporting, among other things, higher taxes on big companies, closing overseas tax havens."
When Bermuda’s too pricey, there’s always Ireland MarketWatch
May 21 - "Commentary: Dropping the corporate anchor in a hot tax haven."
Taxes, the gift we give each other Canadians for Tax Fairness
Jun 11 - An inspirational short video produced by the Canadian Centre for Policy Alternatives.