Friday, December 10, 2010

Links - Dec 10, 2010

We're busy again today - minimal blogging. So here is our short cut:

Treasury's plans for tax avoidance rule sound like fantasy - The Guardian. A foolish article by somebody out of his depth who therefore to rely on the tax avoidance industry for his analysis. Believes that as long as it's legal, it's OK: he presumably would have approved of apartheid, or slavery, in their day. Will blog separately soon. In the meantime, we explained the issues clearly, here, and Judith Freedman gave a longer, excellent, explanation, here.

The hidden cost of online shopping - The Guardian on the UK's VAT loophole

Keeping Commitments - Huffington Post. GFI's Ray Baker says this year's International Anti-Corruption Day is marred by a U.S. Chamber of Commerce attempt to weaken the Foreign Corrupt Practices Act (FCPA), our nation's flagship anti-corruption legislation.

Levies on Irish tax exiles too slow to come - Irish Times During heated Dáil exchanges Taoiseach Brian Cowen is accused of “presiding over two laws – one for tax exiles and another for people dependent on social welfare payments”.

Russia’s VTB Bank to issue renminbi bond - Financial Times. McDonald’s started this. This has echoes of the emergence of tax-free offshore Eurobonds in 1963, which, alongside the nascent Eurocurrencies market, became the backbone of offshore finance and a component of dollar hegemony. This may be part of a (very) long-term Chinese strategy for the renminbi to overthrow the dollar as the world's reserve currency, via offshore Hong Kong. More on this kind of stuff in January.

François d'Aubert : « La France va faire des paradis fiscaux un sujet primordial du G20 » - Les Echos. France will make tax havens top priority at the G20. In French.

Least Developed Countries Report 2010 - Unctad. See its efforts to "promote domestic resource mobilization through increased aid for developing tax administration capability and financial deepening and with global financial and tax cooperation to reduce capital flight and transfer pricing”. Great words, now let's see the action. Focus on Chapter 5. Also see here.

Why liberals don't like the tax cut deal -- in graphs - Washington Post. Some nice pictures about Obama's recent tax pact with the wealthy.

Country by Country reporting: a presentation by Richard Murphy at Yale

What Is Wrong With Cutting Taxes? - Simon Johnson. Why the Laffer Curve is a joke. When I ask wealthy business owners and entrepreneurs why they’re not hiring, they rarely mention taxes. They say consumer demand. And jobs.”


Blogger Demetrius said...

I put this into my blog of Monday 6 December "Topshop Bottom Dollar":

"The trouble is that along with very large numbers of other wealthy people he has benefited from the money changing industry that has allowed the most wealthy to make tax payments in the UK largely optional. The distinction made, of which Pecksniff would be proud, between “avoidance” and “evasion” in this complicated field is technical.

Our previous government allowed the creation of a very large financial industry devoted to tax avoidance/evasion as well as encouraging foreign ownership of UK assets that had much the same effect. At the same time it did little about evasion amongst the very rich. The present one seems unlikely to impact on this."

You may or may not agree.

10:55 am  

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