Thursday, December 13, 2012

Links Dec 13

German-Swiss tax deal sinks at last-ditch meeting swissinfo
Dec 12 - Excellent news. "Representatives from both chambers of Germany’s parliament have failed to reach an agreement on a German-Swiss tax accord, effectively ending any chance of ratification after the opposition refused to review its position."

Deutsche Bank offices raided amid tax evasion inquiry Guardian

Dec 12 - "Deutsche Bank co-chief executive Jürgen Fitschen has been drawn into a widening tax evasion investigation related to carbon trading at Germany's biggest lender as hundreds of police and tax inspectors raided the bank's offices."

Luxembourg: Luc Frieden - A new era without secrecy Le Quotidien
(In French)
Dec 12 - Luxembourg's Minister of Finance says, with regard to Luxembourg's intent to sign an agreement with the U.S. on FATCA, that it will be difficult to avoid automatic exchange of information with European states if that is agreed to with the U.S.. Whilst stating that bank secrecy is over, Frieden asserts that Luxembourg should remain competitive on tax.

Support Argentina in the struggle against Vulture Funds Eurodad
Dec 12 - Diálogo 2000, member of Jubilee South Americas, has released the statement “The real debt is to the rights of the people of Argentina“ in defense of the rights and sovereignty of the people of Argentina in the face of recent vulture funds actions - they are asking for organizational endorsements.

Free Trade Agreement EU – Colombia & Peru: Deregulation, illicit financial flows and money laundering  SOMO
Dec 5 - New report, presented at the European Parliament, reveals that with the signature of the Free Trade Agreement (FTA) between the EU, Colombia and Peru, there is a great risk of increased economic instability, tax evasion and even laundering of drug money. See press release here. Hat tip: Markus Henn.

Pakistan politicians engulfed by tax evasion storm Guardian
Dec 12 - "Nearly 70% of Pakistan's politicians, including some of the country's wealthiest people, did not file tax returns last year, according to a report that shines a light on a longstanding problem that reaches to the top of society."

Swiss Hedge Funds Consider Relocating to Liechtenstein, PwC says Bloomberg
Dec 12 - Swiss hedge fund managers trying to sidestep tougher regulations. "Switzerland has amended legislation to mirror the EU’s Alternative Investment Fund Managers Directive, tightening risk, compliance and auditing standards and increasing fund transparency. Managers from countries that don’t pass equivalent laws won’t be able to market to EU investors." Hat tip: Offshore Alert.

U.S.: Emerging Fiscal Cliff Deal Spares Corporations, but Not the Safety Net The Nation
Dec 12 - "So step back and take the long view: Obama could easily end up agreeing to a deal that asks corporate America to contribute nothing—revenue-neutrality is the selling point of his corporate tax plan—and could even end up giving them extra benefits. Meanwhile, Americans who rely on the safety net would have to make substantial sacrifice, and moreso if they’re not wealthy."

See also:
Why Is Big Business Supporting Obama? The New Yorker

Dec 12 - On a letter to the President, from the Business Roundtable, on the Need to Avoid the Fiscal Cliff - "I can’t help it. When I see Fortune 500 titans like Rex Tillerson, the chief executive of ExxonMobil, calling for higher taxes on the rich, I suspect there’s something fishy happening ... "

Pennies over patriotism? Stars move to tax havens Almogordo News
Dec 13 - A rundown on some celebrity moves of residence to avoid tax.

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