Friday, December 07, 2012

Links Dec 7

EU Seeks to Crack Down on Tax Havens The Wall Street Journal
Dec 6 - "The European Union's executive arm moved Thursday to step up efforts against tax havens, encouraging members to "name and shame" ultra low-tax jurisdictions and crack down on cross-border tax avoidance within the 27-nation bloc ... Mr. Semeta pointed to EU member Luxembourg and to Switzerland, which has close ties to the bloc, as examples of countries that don't comply with proposed EU criteria on tax avoidance." See also TJN Germany Blog on Action Plan to combat tax fraud and evasion.

Dear UK, Stop stealing the world's wealth The Rules
Dec 6 - Petition from The Rules - "a global movement to bring power back to people, and change the rules that create inequality and poverty around the world."

What America Could Do With $150 Billion Lost to Offshore Tax Havens U.S. PIRG

Dec 6 - Report illustrates the size of the revenue lost to tax havens with clear explanations as to where the money could be spent. See also their news release First Step to Avoid the Fiscal Cliff: Close Offshore Tax Loopholes.

Why America's Fatca might spell disaster for Britain's fatcats The Independent
Dec 5 - Reporting ahead of draft legislation to be published next week for UK compliance with FATCA. Interesting quote from a Deloitte representative: "It's a giant step with regard to increasing cross-border exchange of customer information. It's difficult to see how the juggernaut will stop."

Tax Havens - Investigating International Finance new economics foundation
Nov 29 - "This is the first in a series of four videos investigating different areas of the international finance system. Each is a short introduction to a major challenge we face if we want to reform global finance and make it work for people and the planet."

Pressure Grows on Swiss Banks to Expose Tax Cheats’ Billions International Herald Tribune
Dec 6 - "Action by the U.S. and European governments is hacking away at Switzerland’s hallowed tradition of banking secrecy, threatening the Alpine nation’s reputation as the coolest place to park hot money."

Starbucks row exposes timidity of the taxman Guardian
Dec 7 - "It's too easy for multinationals to create a loss, or to minimise profits, in the UK via clever tax planning." See also: Starbucks Offers To Pay Extra UK Tax Tax-News. See also blog earlier today on UK Uncut action at Starbucks.

Dunne Explains NZ’s Tax Approach To Multinationals Tax-News
Dec 7 - "New Zealand Revenue Minister Peter Dunne has addressed issues around the tax treatment of large multinational companies, stressing that the country is pursuing international projects and agreements as the answer to such problems."

How Tax Arbitrage Ended GE’s Foray Into Silicon Valley Bloomberg
Dec 4 - "The construction equipment manufacturer Caterpillar Inc. (CAT) recently joined a long line of businesses that have threatened to move their operations because of onerous state taxes. The historical record offers some sobering lessons for those contemplating such a move."


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