Thursday, November 29, 2012

Links Nov 29

UK May Plan FATCA-Style Regime For Dependencies Tax-News
Nov 29 - "Britain’s overseas territories, including the Crown Dependencies, the British Virgin Islands and the Cayman Islands, are expected to meet UK Government officials imminently to discuss the possibility of their exchanging more information with the UK, in the wake of a report that the UK is seeking to impose its own version of the US Foreign Account Tax Compliance Act on them."

Shipwreck in tax dispute - now sustainable solutions are in demand TJN Germany Blog
Nov 24 - Bringing you the press release of our colleagues from Alliance Sud and the Berne Declaration on the collapse of the Swiss/German tax deal.

Monti Cool On Italo-Swiss Tax Agreement Tax-News
Nov 29 - "Following recent indications by both governments that the tax treaty currently being negotiated between Italy and Switzerland could be ready by the end of this year, the Italian Premier Mario Monti and the Undersecretary for the Economy Vieri Ceriani have underlined that the talks still have some way to go ... any suggestion that Italian depositors in Switzerland should remain anonymous could be a sticking point."

Prosecutors raid German UniCredit unit in tax probe Reuters
Nov 29 - "State prosecutors raided the Munich offices of UniCredit SpA's [Italian banking group] German unit HVB as part of a tax evasion probe relating to share deals several years ago."

Italian tax probe says Google failed to declare £240m income Telegraph
Nov 28 - "Google's Italian arm has failed to declare income of €240m and pay VAT of €96m, according to a probe by Italian tax authorities, which the technology giant strongly denies."

See also:
Google Joins Apple in Drawing French Tax Collectors’ Ire Bloomberg

Nov 27 - "In what may be Europe’s first such effort, President Francois Hollande’s government says it will look into changing laws next year that will block the ability of online companies to pay levies on French earnings in European countries with lower tax rates.”

Buffett Says U.S. Businesses Haven’t Been Hurt by Taxes Bloomberg
Nov 28 - Warren Buffett said "Corporate taxes have not been a problem for corporate America ... The biggest beneficiary of reductions in tax rates in the last 30 or 40 years has been corporations, and the biggest increase has been in the payroll tax."

Secrecy for Sale: Inside the Global Offshore Money Maze - Nominee Directors Linked to Intelligence, Military ICIJ
Nov 28 - "A number of so-called nominee directors of companies registered in the British Virgin Islands (BVI) have connections to military or intelligence activities, an investigation has revealed."

Offshore secrets: government refuses to act on disclosures Guardian

Nov 28 - "UK Land Registry allows buyers to conceal identities by recording anonymous offshore entity as the purchaser."

Tax and the offshore industry: when bad money drives out good Guardian
Nov - "The stories that have been turned up in the course of the Guardian's investigation this week into Britain's offshore tax-avoidance industry have been jaw-dropping sometimes, but they underline one point: tax avoidance may well be an issue that nearly all developed countries are now trying to tackle – but Britain is at the extremes of the business of financial chicanery."

Inside Job - How crooks set up the largest bank in Afghanistan & then robbed it for almost $1 billion Global Witness
Nov 18 - ”Which banks accepted corrupt money from Kabul Bank shareholders or politically exposed persons? What measures did they take to assure themselves that the funds were not the proceeds of corruption? The answers to these questions are necessary to understand why so much corrupt money was able to flood the international financial system, to facilitate the recovery of stolen assets, and to ensure that it doesn’t happen again.”

South Sudan’s new laws offer a blueprint for a transparent oil sector Global Witness
Nov 29 - "Building a transparent and accountable oil sector in South Sudan will require serious political engagement from the government, major capacity building, and consistent implementation of the blueprint set out in the new legislation."

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