Links Oct 4

Taxing Times in Timor ABC
Oct 1 - "Timor-Leste, or East Timor, is one of the smallest and poorest countries in Asia. Its only economic hope for the future lies in massive reserves of oil and gas in the Timor Sea ... it's now taking on some of the world's biggest private energy companies, demanding they pay their fair share of tax on the resources they're extracting."

Ghana: Law On Use of Mining Money Being Considered allAfrica
Oct 1 - Reporting from the Africa regional conference on the Extractive Industries Transparency Initiative (EITI.

Madagascar doubles revenue from natural resources EITI.org
Oct 2 - "Madagascar published its 2010 EITI Report on 24 September, disclosing how much the government has received in taxes from the country's extractives sector. The report said that the government of Madagascar received 318 billion Ariary (almost USD $145m) from oil, gas and mining companies in 2010, double the amount reported the previous year."

Overseas Cash and the Tax Games Multinationals Play Dealb%k
Oct 3 - "Hoarding cash in tax havens is evidence of the implicit cost of international tax deferral, as companies engage in wasteful tax planning techniques and fail to allocate economic resources in an efficient manner."

Spain Suffers as Corporations Save on Taxes AdvisorOne
Oct 3 - "A combination of small-business failures and the move of large corporations toward countries considered tax havens has led to a drop of nearly two-thirds in the corporate taxes collected by Spain, increasing the difficulties already faced by a nation on the verge of a bailout."

Tax Injustice Following the Tax Trail Eurodad
Oct 4 - Eurodad member Christian Aid Ireland commissioned TASC to produce this report on tax incentives and tax dodging, comparing the situation both in Ireland and at global level, and showing the parallels.

UK: HMRC drops eurobond tax crackdown Financial Times
Oct 2 - "HM Revenue & Customs said it would not go ahead with a plan to withdraw a tax exemption in cases where inter-company debt was converted into quoted eurobonds to escape charges on interest payments. The Revenue had proposed tightening the rules on eurobonds issued to another company in the same group and listed on a stock exchange in places such as the Channel Islands and Cayman Islands where they were not actually traded."

Companies have to pay taxes - tax cuts for companies do not make economic sense SGB/USS (In German)
Oct 2012 - New report by Swiss trade unions analyses profits booked under various special Swiss tax regimes.