Tuesday, January 25, 2011

Links - Jan 25

Links - Jan 25

Black money trail: Liechtenstein rejects help to India The Economic Times
Jan 23 - Liechtenstein has declined help in India''s quest for suspected black money trail to the small but rich European country bordering Switzerland, citing absence of a bilateral treaty for such information exchange. Don't sign a Double Tax Agreement with Liechtenstein! Here's why not.

Corporation Tax Cuts Don't Lead to Prosperity Tax Research UK
Jan 24 - Corporation tax cuts are trumpeted by business and corporate as leading to growth, while the truth is starkly to the contrary, as Richard Murphy reports. Yet another outfit amongst the Emperor's New Clothes.

WikiLeaks founder Assange slams Swiss banker arrest Reuters
Jan 23 - On the re-arrest of Ruedi Elmer in Switzerland, Julian Assange brings to attention that "Mr. Elmer is in prison because he has revealed a criminal offshore system of tax evasion in which Swiss banks play a leading role. ... Instead of investigating these offshore structures and going after the tax evaders, the authorities are going after Mr. Elmer".

War declared on tax evasion by foreign firms Vietnam News
Jan 24 - The Ministry of Finance presses the Taxation Bureau to regulate the transfer pricing mechanism used by foreign invested enterprises (FIEs) to declare losses to evade taxes in VietNam.

IRS to look into private equity funds in Korea. Korea Times
Jan 25 - U.S. Internal Revenue Service (IRS) team is keeping a close watch over American private equity funds operating in South Korea for tax evasion. "Both countries share the same vision to ferret out tax evasion on both sides.” Amongst others under investigation, a Dallas-based private equity fund operating in South Korea claims it owes no taxes there as its main business was done in its affiliate in Belgium

Dutch push ahead with tax evasion crackdown Forexyard
Jan 24 - The Dutch Finance Ministry is to extend a crackdown on tax evaders in 2011 as it announced more than 250 million euros ($349 million) in hidden funds were declared to the government last year. Other European countries, notably Germany, have embarked on similar clampdowns.

Ed Balls: Hit bankers with new £3.5 billion tax on bonuses The Telegraph
Jan 24 - The new shadow chancellor in the UK's opposition Labour party demands a bankers' bonus tax to help create jobs and generate growth. These bankers are employed courtesy of the British taxpayer, with banks being state subsidized post-crisis.

The Bankers aren't going Tax Research UK
Jan 24 - Richard Murphy reports on HSBC changing its mind about relocating its head office from London to Hong Kong. "Politicians please note: you need not be held to ransom by these people. Whenever they talk about leaving it’s just bluff. The truth is, there is no where to go that suits as well London. And they know it." Read Treasure Islands to find out more about the lure and protection for the bankers within the City of London.

U.K. austerity protesters target businesses American Public Media
Jan 24 - Reporting in the U.S.A. on how opponents of the U.K. government's austerity program are campaigning against businesses and rich people who avoid taxes - TJN, UK Uncut and others. TJN Director John Christensen states that the whole avoidance industry has caused a major social injustice.

The Bofors Scandal - Caught in Tax Net Frontline
Issue 03 Jan 29 - Feb 11 - In India, investigations into tax evasion revives interest in details of the funneling of bribes in a major arms deal. Secrecy and layering via the UK, Switzerland, the Channel Islands, Panama. Read Treasure Islands for insiders speaking on the inner workings of this sordid system.

Kaira lauds govt for taking parties into confidence on economy
Pakistan Observer
Jan 25 - Punjab Finance Minister states that said that the GDP rate was lower than other countries in Pakistan due to tax evasion and corruption in tax collecting departments.


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