Friday, June 01, 2012

Links June 1

Country-by-country reporting: the most definitive report to date Tax Research UK
Jun 1 - See the new report by Richard Murphy working with TJN: Country-by-Country Reporting - Accounting for globalisation locally

German research consultancy, imug, launch position paper on Secrecy Jurisdictions & Tax Avoidance CSR Europe

May 22 - In this position paper, imug draw upon the issue of “secrecy jurisdictions and tax evasion” in line with expertise and research provided by internationally regarded governmental and non-governmental organizations.

New Communities for "Stop Tax Havens" Platformes Paradis Fiscaux et Judiciaires (In French)
May 30 - See the map of French regions that are officially committed to tax transparency, including those which are demanding country-by-country reporting from the banks they work with. Areas in Sweden and Finland are following the French example.

Money laundering probe puts spotlight on the £15 million sale of the Duke of York’s home The Telegraph

May 26 - A murky story surrounding the sale of Prince Andrew's home, a wedding gift from the Queen -- "The inquiries are focusing on 'a network of personal and business relationships' allegedly used for 'international corruption'." The money trail involves offshore trusts and a BVI company.

Argentina’s economy - The blue dollar The Economist

Jun 2 edition - "From this week, any Argentine wanting to take a foreign holiday must not only provide his tax identification-number but also tell the tax agency (known as AFIP) where, when and why he is going. Officials say this violation of privacy is needed to fight tax evasion and money laundering...." And read about the example of the corporate tax dodge orchestrated through "El blue".

Farmers call strike as Argentine tax bill passes Reuters
May 31 - "Growers in Argentina's top agricultural province will halt sales of grains for nine days to protest against a tax hike passed by the local Congress on Thursday, threatening corn and soy exports from a leading global exporter."

Peru Looks to Capitalize on Growth Americas Society
May 28 - "In order to harness the power of the growing economy, Peru’s Congress is considering tax reform to increase tax revenues to 18 percent of GDP by 2016. The new legislation seeks to close loopholes and cut tax evasion .. The legislation—which aims to bring in an additional $4.5 billion over the next four years—also moves toward a more progressive income tax regime."

See also:
Tax Reform in Peru: more weight to the progressive sanctions
Red de Justicia Fiscal de América Latina y el Caribe (In Spanish)
May 25 - María José Romero of Red de Justicia Fiscal notes that changes to the tax system deserve public debate.

Tax System Encourages Investment in China Taxation International News and Information
Jun 1 - "The government will soon begin implementing new protocols and investigations methods to deter tax evasion in China by foreign registered entities."

India: 'Banks sharing data with IT dept will help deter tax evasions' Zeebiz

Jun 1 - "Banks agreeing to share data with the income tax authorities will help in checking accumulation of black money and keep tax evaders at bay, industry body Assocham said."

UK: Stealthy change shapes corporate tax regime economia

May 30 - "The latest set of anti-avoidance rules were drawn up in consultation with the likes of Barclays, Vodafone, Shell, Diageo and GlaxoSmithKline. Former British tax collector and Private Eye journalist Richard Brooks has argued that the influence of such firms has been too great." See comment from Tax Research UK.

U.S.: Finding That Pay-For Sweet Spot National Journal
May 28 - "Another tax loophole measure sponsored by Senators Levin and Conrad would save money by authorizing action against overseas banks that impede U.S. tax enforcement..." Read on for summary of how this would work.

U.S. prosecutor in Swiss tax probe to exit Reuters
May 31 - "The U.S. prosecutor most responsible for piercing the veil of Swiss bank secrecy has resigned, but tax experts said his exit was unlikely to slow Justice Department efforts to rein in American offshore tax evasion there."

Blocher defiant over immunity decision swissinfo
Jun 1 - "Former justice minister Christoph Blocher has denounced as “purely political” a ruling by a Senate committee that he is not protected by parliamentary immunity in the case of alleged violation of banking secrecy laws."

How to kickstart the UK economy – at zero cost to 99% of us Guardian
May 31 - Interesting number crunching and proposals.

UK: Taxman to target buy-to-let landlords, taxi firms and even 'Del Boy' market traders This is Money

May 31 - "the taxman's aggressive stance against individuals has come in for criticism in light of the apparently more lax stance it has taken with Britain's biggest businesses. HMRC has been accused of letting major companies such as Vodafone off the hook for vast amounts of tax.


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