Wednesday, December 12, 2012

Links Dec 12

Starbucks shows need for tax change Financial Times
Dec 11 - Following his recent column on how corporate tax should be fair and shared, John Kay observes that the hypothetical world which the arm’s length principle envisages is one which could not generate the profits which the principle attempts to tax. Concurs with TJN's new report by Sol Picciotto.

More UK aid channelled via investment funds in tax haven of Mauritius Guardian
Dec 11 - "Britain's aid budget for Africa is increasingly being channelled through public-private investment funds based in the offshore tax haven of Mauritius, despite [Prime Minister] David Cameron's recent commitment to tax justice for poor countries."

Panic in Jersey as they realise they’re far up the creek without a paddle in sight Tax Research UK

Dec 11 - On news of complete panic having broken out in the upper echelons of the Jersey government as a result of the decision by the Isle of Man to sign up to full information exchange with the UKSee also: New business for Island more crucial than ever.

French budget minister caught on tape discussing his secret Swiss account Mediapart
Dec 5 - An investigative report reveals that French Budget Minister Jérôme Cahuzac owned a Swiss bank account, undeclared to French tax authorities, for several years before transferring the funds to a Singapore account in 2010 via a complex offshore financial structure. Cahuzac last month announced his ministry was launching a crackdown on tax fraud. See also: French leaders support minister on UBS charges The Local

Liechtenstein, Austria Eye Swift Conclusion Of Tax Deal Tax-News
Dec 12 - "[T]here are growing concerns in Austria that Austrian citizens with undeclared and untaxed wealth in Switzerland will simply relocate their wealth to Liechtenstein ahead of the entry into force date of the Swiss tax treaty."

Italian tax police raid Facebook offices Australian Financial Review
Dec 9 - "Italian police on Friday raided the Milan offices of US social media giant Facebook over possible violations of tax laws, Italian media reported. Facebook Italia is based in Milan and is associated with Facebook Inc. in the United States and Facebook Ireland."

Global Corporate Taxation and Resources for Quality Public Services Education International
Nov 28 - A study commissioned by the Education International Research Institute on behalf of the Council of Global Unions. See the press release: Tax avoidance by multinationals: this shameful game must stop.

Territorial Tax System Reform and Corporate Financial Policies Social Science Research Network
Nov 30 - Examining the effect of a permanent change to a country income repatriation tax system on a set of corporate financial policies. A study on the 2009 switch by Japan and the UK from a worldwide system to a territorial system for the taxation of foreign earnings repatriated by their multinational firms. Hat tip: Joshua Simmons.

Britain could end these tax scams by hitting the big four Guardian

Dec 10 - "The spiders spinning the web of avoidance are the major accountancy firms who make billions from the public purse."

A government so quick to join the race to the bottom is no friend of tax reform Guardian
Dec 9 - "[Chancellor] George Osborne publicly disparages avoidance and abuses – but his relish at undercutting other countries' corporation tax rates is palpable."

Argentina and America – of Vulture Funds and Justice. Golem XIV
Nov 28 - "Vultures eat the dead. Vulture funds, however, eat the still living ... We should not allow nations to be sued. Such a simple decision would rid the world of Vulture Funds and close at least this one path to the world of vulture morality. It would also restore the incentive for bankers to alloy their greed for profits with a need for prudence – in this one area at least."

Standard Chartered’s Fine Tally Runs to $667 Million Wall Street Journal

Dec 10 - Here’s a rundown of which regulators are getting what from the $667 million in settlements from Standard Chartered's illegal schemes.

Offshoring goes onshore Harry Shearer Show
Dec 11 - Interview with TJN's Nicolas Shaxson, discussing recent news in corporate tax dodging, tax havenry, and Treasure Islands.

The IMF’s Half Step Project Syndicate
Dec 5 - "With much fanfare, the IMF recently embraced a new “institutional view” that seemingly endorses re-regulating global finance. While the Fund remains wedded to eventual financial liberalization, it now acknowledges that free movement of capital rests on a much weaker intellectual foundation than does the case for free trade."

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