Links Jun 21

Governments must live up to G20 commitments Christian Aid

Jun 20 - "Christian Aid’s senior economic justice adviser Joseph Stead welcomed the G20’s call for more countries to sign up to a multilateral information sharing agreement between tax jurisdictions. ‘Automatic information exchange is vital if the cloak of secrecy tax havens offer those who use their services is to be lifted,’ he said. ‘By allowing account holders to hide their identities, tax havens effectively condone corruption."

Accounting transparency - European Parliament vote for tougher EU rules would reduce scope for unethical corporations and tax avoidance European Free Alliance

Jun 20 - Reporting on some very important developments. Hat tip: Alex Mariage.

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Action Plan on Tax Fraud and Tax Evasion due this year Europolitics

Jun 20 - "The European Commission will announce, on 27 June, its intention to propose a detailed action plan, by the end of 2012, designed to scale up the fight against tax fraud and tax evasion in the Union and in relation to non-EU countries."

Caribbean Banks Urged To Prepare For FATCA Tax-News

Jun 21 - Overview of measures to implement FATCA, and associated risk factors. Jamaica's Minister for Finance and Planning, Dr Peter Phillips, quoted as saying " ... the message must be that we are facing an increasingly stringent global regime of tax compliance and we need to put our house in order in this regard."

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Switzerland and United States announce declaration on FATCA implementation Swiss Federal Department of Finance

Jun 21 - "Today, Switzerland and the United States announced a joint declaration on the implementation of the US tax legislation known as FATCA. The details are to be negotiated in the months ahead. The Federal Council will adopt a mandate for negotiating an intergovernmental agreement beforehand. This should increase legal certainty for affected financial institutions and reduce implementation costs." Hat tip: Bruno Gurtner.

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Japan, Swiss set up tax deals with U.S. Treasury Reuters

Jun  21 - "The U.S. Treasury Department said on Thursday it had reached agreements with Switzerland and Japan to crack down on tax evasion by Americans, a move meant to help banks in those countries comply with upcoming U.S. tax regulations. The announcement expands the list of countries already cooperating with the Treasury to implement the U.S. Foreign Account Tax Compliance Act."

Indonesia: Tax fraud: Can we stop it? Jakarta Post

Jun 20 - "Authorities suspect that there is a so–called “tax mafia” among which many tax-related fraud offenses are orchestrated." The article cites TJN.

Italy PM: Size of Tax Evasion is "Huge Wound" to Our Credibility Nasdaq

Jun 21 - "Italian Prime Minister Mario Monti said Thursday tax evasion is a "huge wound" to the country's international credibility and can be fought with international agreements."

Jersey finance industry defended after tax avoidance claims BBC

Jun 20 - Reporting on the tax-dodging scheme known as K2. Cites Richard Murphy: "Jersey is a key component in the international tax avoidance industry whose primary purpose is to deny governments the revenues they need to balance their books to provide a stable economy in which people can live, work and thrive."

Tax avoidance isn't a left or right issue, it's a cancer eating our democracy - Everything you need to know about tax. New Statesman

Jun 21 - Intriguingly and amusingly expressed views and insights. The piece credits Treasure Islands.