Links Dec 10
Dec 10 - "The establishment of the 14-member specialist reference group, which includes union, business and taxation industry representatives, is the first step in a Treasury examination of multinational tax minimisation strategies." The group includes TJN's Mark Zirnsak.
Super tax flagged to beat havens Sydney Morning Herald
Dec 10 - "Starbucks, Google, Apple, eBay and other ''shape-shifting'' corporations that route their business through intermediaries located in tax havens may soon face an Australian tax from which other corporations would be exempt."
The predatory practices of major accountancy firms Guardian
Dec 8 - Prem Sikka reports: "Despite the evidence of fraudulent schemes, no firm has ever been disciplined by any professional accountancy body."
Google pays just 0.14% tax in seven years Independent - Ireland
Dec 9 - "Global giant paid less than €70m in tax on sales of €47bn through its Irish operations ... Apart from paying minimal tax to the Irish Exchequer, the accusation levelled is that countries all over the world are down billions in tax thanks to Google's legal tax practices in Ireland, dubbed "utterly immoral" in recent days by a British parliamentary body."
Malta losing €577 million a year to tax evasion Malta Independent
Dec 9 - On the European Commission's package of measures to tackle the estimated €1.3 trillion lost to tax evasion and fraud in Europe. "In addition to concerted action at EU level, the Commission has also underlined the need for individual member states to improve tax compliance and their fight against tax evasion."
JPMorgan to agree £500m tax settlement Accountancy Age
Dec 10 - "US bank JPMorgan is close to agreeing a £500m settlement with the UK government to pay back taxes avoided through an offshore trust for employee bonus payments, the Financial Times reports." See also, for some fun on bonuses and tax - Alex Cartoon - Telegraph.
U.S. Treasury finalizes anti-tax evasion pact with Ireland Reuters
Dec 6 - United States and Ireland sign a deal as part of the implementation of the U.S. Foreign Account Tax Compliance Act, or FATCA. Cites TJN-USA.
America’s billion dollar tax incentive battle The Bureau of Investigative Journalism
Dec 6 - Comment on the New York Times investigation that has revealed billions of dollars in state government incentives given to big businesses throughout the United States.
CEOs and Fix-the-Debt Gang Lobby for Terribletorial Corporate Tax System Citizens for Tax Justice
Dec 7 - "A move to a territorial system could give the 63 publicly-held companies in the Fix the Debt campaign an immediate windfall of up to $134 billion and would massively increase their incentives to move even more profits offshore, where they would then be permanently exempted from U.S. taxes. Terrible-torial."
End of the line for multinational tax abuse? The Bureau of Investigative Journalism
Dec 9 - More on TJN's new report on taxing transnational companies, in which Professor Sol Picciotto makes the case for shifting to unitary taxation with profits being apportioned to the various countries in which the TNCs have a genuine economic presence.
New York Times Asks How Obama Plan Really Affects the Top Two Percent Citizens for Tax Justice
Dec 7 - "A story in this week’s New York Times uses CTJ numbers to demonstrate what CTJ has said many times: President Obama’s proposal is not the confiscatory tax plan opponents would have you believe."
Quote of the Day: London and the criminal sink Treasure Islands
Dec 10 - From Rowan’s Blog: “The performers in this financial farrago are required to continue to maintain a steady stream of profit, and increasingly, as that profit becomes harder to achieve by lawful means, so the criminal means take over.”
It's the New Economy, Stupid The Nation
Nov 28 - "To secure a safe and prosperous future for subsequent generations, efforts to reduce unemployment and curb inequality must be considered alongside urgent threats to the environment and democracy." Cites the FACT Coalition.
We can win the argument, says head regulator This is Jersey
Dec 3 - "Jersey has to be more assertive in getting its arguments across that it is a not a haven for tax evasion, says the director general of the Jersey Financial Services Commission." Yet another example of We are not a tax haven. The answer is not so much reform, as spin.