Friday, December 21, 2012

Links Dec 21

Europe needs joint effort to tackle tax avoidance: EU Reuters
Dec 20 - On "an action plan detailed by EU taxation policy commissioner Algirdas Semeta on Thursday to deal with inventive and increasingly common tactics used by big companies and others to reduce their tax bills."

Netherlands To Support Tax Collection In Developing Countries Tax-News
Dec 19 - Very positive news - Dutch Minister for Foreign Trade and Development Cooperation Lilianne Ploumen has announced plans to assist developing countries in the collection of taxes. Further, existing tax treaties will be examined to assess the effects of the accords on tax revenues in developing countries.

Family trusts face greater scrutiny from banks when New Zealand's anti-money laundering law comes into force next June interest .co .nz
Dec 19 - "New Zealand's reputation has also taken a hit from a long list of New Zealand registered companies, often so-called offshore finance companies, committing crimes overseas."

CHART: The Global Corporate Tax Rate Plummeted In The Last Decade Think Progress
Dec 19 - Countering a conservative myth that corporations suffer from too-high taxes, a Deutsche Bank report illustrates how the global effective corporate tax rate has dropped significantly in the past decade.

Vietnam: Many foreign firms under tax evasion question vietnamnet
Dec 13 - Reporting on challenges faced by Vietnam with transfer pricing. Cites as one example: "Coming to Vietnam in 1993, Coca Cola has continuously invested in production expansion; its revenue growth is always strong, but the tax agency said they have not collected any coin of taxes from the company."

U.S.: 515 Groups Send Letters to White House & Congress Americans for Tax Fairness
Dec 20 - A letter sent to President Barack Obama and Capitol Hill in support of revenue-positive changes to the corporate tax code and to voice strong opposition to a territorial tax system.

In Russia, unheeded cries of corruption Reuters
Dec 18 - On challenges of journalists reporting on corruption in Russia. Cites President Barack Obama signing into law the so-called Magnitsky Act, which will deny visas to Russia officials thought to be connected with the violent death in jail of Sergei Magnitsky, a lawyer pursuing a state-level tax fraud.

UK: Revenue & Customs offers deal on tax avoidance sheltering £3.5bn Guardian
Dec 20 - "HM Revenue & Customs is to write to some of Britain's wealthiest bankers, hedge fund managers and celebrities offering a chance to settle income tax avoidance schemes estimated to have sheltered more than £3.5bn through film financing structures and other tax-motivated partnerships."

UBS Traders' 'Humongous' Libor-Fixing Boasts CNBC

Dec 19 - On the shocking content of emails and instant messaging by UBS traders involved in rigging Libor, released by The U.K.'s Financial Services Authority.

Tax avoidance could earn you a seat in the Lords Farmers Weekly
Dec 20 - An amusing account, by an English farmer, of a tax strategy structured via his "farming holding company "Carrbucks" registered in the little-known Caribbean atoll of "Amoral"".

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