Thursday, December 06, 2012

Links Dec 6

Switzerland initials pact on US tax evasion law swissinfo
Dec 4 - The Swiss/US pact "aims to simplify the implementation of the Foreign Account Tax Compliance Act (Fatca)". See explanation of FATCA by TJN Senior Adviser David Spencer here.

Clean countries do dirty business 100 reporters

Dec 6 - "Many of the countries that appear “cleanest” on the [Transparency International] Corruption Perception Index — Singapore, Hong Kong, Japan, Switzerland, Luxembourg, Germany, Austria the United Kingdom, the United States, and the Bahamas – also appear conspicuously high on a list of culprits that shelter kleptocrats" - TJN's Financial Secrecy Index.

Guatemala Demonstrates Commitment To Tax Transparency Tax-News
Dec 6 - "Guatemala has become the second Central American country, after Costa Rica, to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters." For comment on the Multilateral Convention see here.

Jersey Showcased At Indian Tax Conference Tax-News
Dec 6 - "Jersey Finance sponsored the International Taxation Conference, where [Chief Executive] Cook gave a talk entitled "Jersey - a Centre of Quality and Substance."

Transfer pricing leads to record fines The Copenhagen Post
Dec 5 -  "Skat [Denmark's tax authority] has examined transactions conducted by multinational corporations between their subsidiaries in Denmark and other countries. They uncovered backdoor deals amounting to more than 15 billion kroner in income, on which it says the companies will now be required to pay taxes."

U.S.: Wonder Why States Are Broke? One Reason is Companies Play Them Off Against Each Other naked capitalism

Dec 6 - "Our states and localities are cannibalizing one another as they concoct targeted tax breaks which they use to lure corporations from their neighbors."

Pfizer Inc. Facing Numerous Challenges The Epoch Times
Dec 6 - "Pfizer Inc. has become the latest U.S. Security and Exchange Commission (SEC) victim in the hunt to catch aggressive tax avoiders."

UK: The Times wins journalism award for tax avoidance series Tax Journal
Dec 6 - "Giving the reasons for their award, the judges said: “This was a brave and determined investigation which exposed high profile rich figures who were effectively stealing from the poor.”

Why tax avoidance and morality are inextricably linked Tax Research UK
Dec 5 - Richard Murphy reiterates what tax avoidance is - getting round tax law to obtain an advantage parliament did not intend. "When the application of law is uncertain, and it can be, morality has to take its place as a guiding principle as to right action."

Paying Dexia’s Debts: The Risks of Globalized Finance naked capitalism
Dec 4- "American readers may tell themselves that the failures and stresses of European banks are Europe’s problem. That’s a simplistic view. Major European banks are significant lenders in the US, particularly to corporations. And European banks also fed heavily at the trough of US rescue facilities, as did the bank in case study, Dexia."

Fifa reforms face resistance – and huge support swissinfo
Dec 5 - "The Swiss anti-corruption expert charged with advising world football’s governing body Fifa on how to reform tells swissinfo.ch about the challenges of introducing good governance at the much-maligned sporting body."

The new offensive against tax havens BBC Mundo (In Spanish)
Dec 6 - Cites TJN's Nick Shaxson :"Things are changing. For the first time there are signs of a new global architecture based on fiscal transparency and a more genuine fight against tax havens.".

See latest links from the TJN Germany Blog here.

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