Monday, June 01, 2009

Links - June 1

** Also see our searchable archive of past story summaries; and Offshore Watch **

Critics Call Delaware a Tax Haven
May 29 (NY Times) - Critics of the arrangement in Delaware say it cheats state governments out of money. Delaware, these people say, has created its own onshore Cayman Islands. Even the Swiss are complaining, claiming that the United States is letting this homegrown haven flourish even as the I.R.S. pursues offshore shelters. As we’ve always said.

OECD Removes Last Three Jurisdictions From Blacklist
June 1 (Tax-News) - The Organization of Economic Cooperation and Development (OECD) has announced that Andorra, Liechtenstein and Monaco have been removed from its list of ‘uncooperative tax havens’.

A Shelter That Could Start a Stampede
May 30 (NY Times) - “If the I.R.S. countenances this strategy, which involves the use of borrowed stock to achieve affiliation, a fertile new area of tax avoidance will become available,” Mr. Willens wrote, “and tax advisers can be expected to enthusiastically recommend it to their clients.”

Maryland: Millionaires on the Move?
May (ITEP) - Officials say the number of millionaires filing tax returns in the state had dropped significantly. News outlets, such as the Washington Examiner, subsequently seized on his assertion, arguing that tax changes enacted over the past two years were driving the affluent out of the Free State. This latest release from ITEP demonstrates, Maryland's millionaires may be moving, but their likely destination is a lower income group.

Premier League to investigate Portsmouth's new investors
May 28 (Guardian) - The UK Premier League is preparing to use Sulaiman Al-Fahim's takeover of Portsmouth as a test case for its strengthened fit-and-proper-persons rule that is due for introduction next week. A source with knowledge of the deal said Al-Fahim is the owner of the fund but that it had numerous investors who had pledged their money on condition of anonymity.

SARS given right to slap taxpayers with fat penalties
May (Taxationweb) - South African Revenue Services (SARS) is homing in on such indiscretions, it has already uncovered 400,000 South Africans who were not paying taxes after employers submitted their PAYE data to SARS.

The Myth of a Corporate Tax Exodus
May 27 (Reuters) - When the Obama administration unveiled its plan to crack down on corporations using tax havens to avoid paying their full share of tax, there was a corporate outcry, especially loud in the business media.

Reagan Did It
May 31 (Krugman/NY Times) - For the more one looks into the origins of the current disaster, the clearer it becomes that the key wrong turn — the turn that made crisis inevitable — took place in the early 1980s, during the Reagan years.

Panama wrong choice for Obama's first trade deal
May (Seattle Times) - President Obama should steer clear of the Bush administration-negotiated trade deal with Panama, write guest columnists David Batker and Stephanie Celt.

Lawful does not mean appropriate
May 30 (Tax Research) - Bill Cash MP was quoted in yesterday’s Telegraph saying: “What is lawful is appropriate.” Wrong Bill. Apartheid was legal. Slavery was legal. I could go on. Big mistake Bill, confusing ethics with legality. Tax avoiders take note.

Accenture to Shift Incorporation to Ireland
May 27 (Reuters) - Technology outsourcing and consulting firm Accenture Ltd plans to change its place of incorporation to Ireland from Bermuda, following an exodus of large multinational companies to Europe as the U.S. government plans to tighten tax rules.

NC appeals court upholds tax bill for Wal-Mart
May 19 (AP) - The state Court of Appeals ruled Tuesday against Wal-Mart Stores Inc. and its efforts to get a $33 million tax refund, upholding a trial judge's ruling that found a complex corporate structure was used primarily to avoid corporate income taxes.

A Fight to Protect Americans From British Libel Law
May 24 (NYT) - The American Civil Liberties Union may not often see eye to eye with the American Center for Democracy, a research group with neoconservative credentials. But the two organizations are united on at least one thing: their distaste for British libel laws, which they say are being exploited to suppress free speech in Britain and beyond.

Swiss to Attend Berlin Talks on Tax Havens
May 25 (Reuters) - Switzerland will attend a high-level meeting on tax havens taking place in Berlin on June 23 after host Germany, the most vocal critic of Swiss bank secrecy, agreed to extend an invitation to Berne.

British banks revolt against Obama tax plan
May 24 (Telegraph) - British banks and stockbrokers may refuse to take on American clients if new international tax proposals outlined by President Obama are passed.

L’accord Luxembourg – Etats-Unis est jugé positif pour la Suisse
May 26 (Le Temps) - Un traité similaire entre Berne et Washington renforcerait la place helvétique

EIB Reviews Lending To Offshore Jurisdictions,
June 1 (Tax-News)- The EIB said on May 27 that its board of directors “took the initiative to encourage a review” of lending policies to certain countries following the conclusions of the G20 summit of world leaders in London in April 2009 regarding offshore financial centres.

Briefing paper: Tax Information Exchange Agreements
June 1 (TJN) Following a draft briefing paper last month, and a series of blogs about the relative merits of automatic exchange of tax information between jurisdictions, versus the far weaker "on request" exchange of information, we now publish our briefing paper on the subject.

OECD Forum in Paris - helping taxpayers fight abuse?
June 1 (TJN) - The OECD forum on tax administration met in Paris on May 28-29. We’ve criticised the OECD much recently – but we are very pleased at what has emerged in this Forum.

Britain's skewed middle
June 1 (TJN) The Trades Union Congress (TUC) in Britain published a detailed pamphlet last week looking at the British middle classes, and find that the media has been living under something of an illusion - the middle classes appear to have been doing better than they actually have been.

The Netherlands as a tax haven - a misunderstanding?
May 25 (TJN) – A White House press briefing fingered the Netherlands as a tax haven. The next day, after lobbying, the sentence was removed, and the Dutch embassy said it was a “misunderstanding.” SOMO went to see whether it really was a misunderstanding.

Netherlands wants more automatic information exchange
Another indication of more actors keen to push forwards with multilateral and automatic exchange of information.

Britain's Conservative Party sets out its stall
June 1 (TJN) We have long lamented the fact that Britain's Labour Party has been captured by interests in Britain's financial and offshore sectors, and that they have failed to crack down where it is needed. Britain's Conservative party, however, are more vociferous and constant supporters of the offshore system.


Anonymous Inheritance tax Help UK said...

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2:16 am  
Anonymous John Christensen said...

@Inheritance tax help UK

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8:10 am  

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