Links Jun 7
Tax Competition in East Africa: a Race to the Bottom? - Tax Incentives and Revenue Losses In Kenya
New report prepared by ActionAid and Tax Justice Network-Africa analyses the use of tax incentives in Kenya and their role in eroding the revenue base. More than 1 billion USD is lost each year due to tax incentives, of which incentives for large domestic and foreign investors take up a large part.
Kenya: Tax Exemptions Cost Nation Sh100 Billion Yearly allAfrica
Jun 6 - "A new study released by the Tax Justice Network-Africa (TJN-A) and Action Aid International revealed that despite being the most generous with tax incentives in the region, Kenya was the biggest loser in Foreign Direct Investment (FDIs) flows compared to Uganda and Tanzania."
Tax policies in the New EU Member States: A Shot in the Foot? V 4 Revue
Jun 6 - Juraj Draxler, Associate Research Fellow at the Brussels-based think-thank CEPS, and lecturer at the Anglo-American University, Prague, provides useful insights on how "Central and Eastern Europe is suddenly rethinking taxes."
Eastern Europe to See Decline in FDI in 2012, Institute Says Bloomberg
Jun 6 - According to the Vienna Institute for International Economic Studies, "Financial flows that are used for tax optimization have become a major part of investment ... 'As an extreme example, about two-thirds of Russian FDI inflows and outflows are to and from Cyprus and other tax havens.'"
Tax Evasion Eating Into Italian GDP Wall Street Journal
Jun 6 - Summary of the culture and challenges of tax evasion in Italy. "Late last month the European Commission pressed Italy to take "further determined action" to tackle the scourge of tax evasion."
Greeks observe preelection ritual of tax dodging Los Angeles Times
Jun 6 - "While Europeans breathlessly wait to see if Greece can seat a government, get its fiscal act together and commit to staying in the euro currency club, some citizens of the heavily indebted Balkan state have been engaging in a time-honored tradition ahead of their June 17 election: tax evasion..."
Overseas account holders required to report to NTS The Korea Herald
Jun 6 - "The overseas financial account reporting system was introduced last year to prevent offshore tax evasion, expand tax revenue and enhance fairness."
Transparency and Partnership: Transitioning Arab Economies Scoop
Jun 7 - Remarks by Jose W. Fernandez, Assistant Secretary, Bureau of Economic and Business Affairs, U.S. Department of State, at the Middle East and North Africa "Better Governance and Fair Tax Systems" Conference in Tunis. Speaks of TJN's role and contribution in the Tax Advisors without Borders Program.
Swiss banks under fire over Madoff fraud swissinfo
Jun 7 - "Trustee Irving Picard hopes to recover several hundred million dollars generated through investments in feeder funds in Madoff’s former company. The complaints seek $354.9 million (SFr340 million) from Swiss private bank EFG Bank SA and $179.4 million from private bank Lombard Odier Darier Hentsch & Cie."
World Bank Lauded for Publishing Sanctions Decisions IPS
Jun 6 - "This week, for the first time, the World Bank began publishing decisions by the institution's sanctions board on cases involving fraud or corruption. The move was heralded by several watchdog and advocacy groups as a victory for transparency"