Links Nov 26
Nov 23 - Apple, Microsoft, Google, Facebook, Yahoo, Ebay and Amazon generated billions of Euros in sales but paid only 25 million Euros to the Treasury in the past three years.
Cayman networks in China Cayman News Service
Nov 23 - On Cayman's representation at a China Offshore Summit. "Besides private-sector firms such as law firms and company formation specialists, jurisdictions in attendance included Cook Islands, Samoa, the Bahamas, Cyprus, and the British Virgin Islands."
“The concept of a withholding tax has failed” swissinfo
Nov 24 - "Most Swiss newspapers have given the last rites to the withholding tax model, following the “no” from the German upper house of parliament to a tax treaty aimed at legalising undeclared assets held by Germans in Swiss banks ... 'The time has come for Plan B,' reckoned Le Temps in Geneva, adding that this officially didn’t exist."
If you thought tax evasion was insignificant think again – managing it represents 6 – 7% of the Swiss economy Tax Research UK
Nov 25 - Commenting on the Austria and UK governments continuing to support the Rubik agreements.
Swiss probe $139M SNC-Lavalin laundering case CBC
Nov 25 - The case involves a network of Swiss bank accounts and BVI companies with lone directors. "SNC-Lavalin knowingly allowed and condoned the use of millions of dollars to fund lobbyists in the Middle East to get lucrative contracts with major leaders of some countries, particularly in Libya," the suit claims.
Kodi Katika Afrika ATAF
Link to the newsletter Kodi Katika Afrika (meaning 'Tax in Africa' in Swahili), which we have linked before. Latest issue is Nov 20.
Africa Lost 1.6 Trillion in Capital Flight and Odious Debt Over Forty Years The Real News
Nov 26 - Featuring new research from new research from one of the authors of Africa's Odious Debts, Léonce Ndikumana.
U.S.: Early Dividend for Wal-Mart Is Latest Move in Tax Tactics NY Times
Nov 19 - "The Walton family, which founded Wal-Mart, could save as much as $180 million in federal income taxes after the huge retailer announced Monday that it would pay out its quarterly dividend on Dec. 27 instead of Jan. 2, as was scheduled."
Inequality is Killing Capitalism Project Syndicate
Nov 21 - Although not a new analysis, this is a good account.
Quote of the day: the City of London’s Good Chaps Treasure Islands
Nov 26 - From Rowan Bosworth-Davies, on the UK’s Financial Services Authority: "They think that by staffing themselves with former civil servants and Bank of England careerists, all of them suffering from the ‘Good Chaps’ syndrome to the core, that they think they can somehow regulate a market full of some of the most evil crooks and wide boys under the sun."