Friday, November 23, 2012

Links Nov 23

German Senate blocks divisive Swiss tax deal swissinfo
Nov 23 - More reporting on the rejection of Rubik by the German upper house of parliament.

How GSK orchestrated a law that saved them 405 million Euro in taxes Médiattitudes (In French)
Nov 23 - David Leloup reports on how the pharma giant engaged in lobbying that resulted in the passing of a law that enabled them to avoid 405 million Euro in taxes on patents.

India: GAAR amendments finalised Hindustan Times
Nov 23 - "Amendments to GAAR, the controversial law against tax avoidance through foreign investments, have been finalised, finance minister P Chidambaram disclosed."

Cayman Islands profile BBC
Nov 22 - "One of the world's largest financial centres and a well-known tax haven, this British overseas territory in the Caribbean has more registered businesses than it has people..."

Operation Tempura complaint ordered released Compass Cayman

Nov 22 - Operation Tempura in Cayman is a corruption case highlighting alleged misgovernance between Britain and its offshore financial centres. This latest news is a very important ruling.

Liechtenstein pens tax deals with South Africa, Bahrain Expatica Switzerland
Nov 21 - More news on how Liechtenstein "is keen to boost its image as a more transparent tax haven." See also "We are not a tax haven."

BVI students exposed to careers in financial services BVI News
Nov 22 - "The BVI International Finance Centre (BVIIFC) in partnership with industry professionals participated in the ... ‘Career Expo’ held at the Catholic Community Centre in Virgin Gorda last week." Heads in the sand?

France says Google would lose court case over taxes Phys
Nov 20 - French Junior Minister for Budget, Jerome Cahuzac, "said he had 'the most genuine conviction' that the courts would back France's claim against Google over unpaid taxes."

UK: Corporation tax black hole raises spectre of further cuts The Independent
Nov 21 - "A slump in corporation tax receipts in October has knocked the Government’s deficit reduction plans for this year further off course. It also raises the likelihood that the Chancellor will be forced to outline further cuts."

Tax avoidance is also an ethical issue Herald Scotland
Nov 22 - "The question often raised is whether such arrangements are ethical. Morality is not a concept that troubles those charged with drawing up balance sheets. Politicians and businesses are increasingly aware that terms such as "legitimate tax avoidance", "tax efficiency" and "tax planning" are the focus of public anger."

Why these huge corporation tax losses could be just the tip of the iceberg The Independent
Nov 22 - Richard Murphy explains that his research, based on the accounts of major UK companies and published by the TUC in both 2008 and 2010, estimated that the total loss to tax avoidance by such corporations might have been £12bn a year at that time - and that there are various reasons why this estimate will now be low.

Whistleblowers reveal bonus targets Santander staff are pushed to hit  The Is Money
Nov 15 - Whistleblowers reveal how Santander coaxes staff to hit targets by selling inappropriate products. Awful stuff. See also report from last July Case Against Chairman of Banco Santander Is Dropped New York Times on Spain’s national court closing a tax fraud investigation on Emilio Botín, the chairman of Banco Santander, and 11 of his relatives.

Land of the corporate giants The Economist
Nov 3 - "Economies of scale run out at a certain point. The largest firms in America may be beyond it."

Beware the next financial blindspot Financial Times
Nov 22 - Describing the perils of policy-making in silos - and mental blindspots - highlighting how the shadowy network of non-bank finance entities in London poses systemic risks, and asking what issues continue to fall through the cracks.


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