Monday, February 21, 2011

Links Feb 21

Barclays branches hit by protests over '1% tax bill': Campaigners target bank that made £11bn profit Daily Mail
Feb 21 - Dozens of branches of Barclays were brought to a standstill by anti tax avoidance campaigners, UK Uncut at the weekend. The action followed revelations that the bank paid just 1 per cent tax in the UK on profits of more than £11billion.

See also George Osborne shelves bank tax plan The Guardian Feb 21 - The UK's Chancellor of the Exchequer has shelved plans that would have forced banks to pay billions of pounds in tax over the next few years, despite Barclay's admission that it paid just £113m in corporation tax in 2009 - see The Guardian Feb 18, and How the Guardian was gagged from revealing Barclays tax secrets The Guardian, Feb 18. And UK Uncut protesters target Barclays over tax avoidance The Guardian Feb 19.

Big companies reveal secret of hundreds of tax haven subsidiaries Daily Mail
Feb 19 - Hundreds of secret tax haven subsidiaries belonging to major companies have been revealed after the UK's Daily Mail exposed widespread failures of disclosure in Companies House filings. TJN Director John Christensen said 'There is a great step forward in corporate transparency. It is important to know who does what and where.'

Preliminary Analysis of President Obama's Fiscal Year 2012 Budget: Plan Would Make Permanent 81 Percent of the Bush Tax Cuts Citizens for Tax Justice
Feb 18 - Our friends at CTJ comment on how, while President Obama's budget outline includes several provisions to raise revenue, it does not do nearly enough to offset the costs of the proposed tax cuts.

Reclaim all stolen Southern Sudanese public funds before July 2011
The New Sudan Vision
Feb 20 - A call to bring back looted funds to Southern Sudan.
"All tax havens are now under scrutiny and no where is safe to hide away money"...."Some countries in the West unfortunately welcome crooks from developing countries to bank their money in their countries".

India Finance Minister Calls for Transparency, Pressure on Tax Havens at G-20 Meet in Paris Press Information Bureau, Government of India
Feb 21 - India's call for curbing abuse of secrecy jurisdictions adds to impetus at the G20 level.

India for removal of distinction between tax evasion and fraud The Hindu
Feb 21 - Further steps forward in India’s drive to get back money stashed in secrecy jurisdictions.

Corporate tax avoidance: Impoverishing the public The Guardian
Feb 19 - Bankers' determination to minimise their contribution to public funds is matched by the lavishness of the benefits they have enjoyed at public expense.

Banks could be forced to reveal corporation tax contributions Accountancy Age
Feb 21 - In the UK, banks could be forced to reveal the extent of their corporation tax contributions as part of a parliamentary committee's review on the sector, following reports over the weekend about Barclays paying £113m in corporation tax in 2009. The bank made £11bn profits that year.

HMRC targets footballers' image rights Accountancy Age
Feb 21 - UK tax authorities are set to sign a multi-million pound agreement with the Premier League over tax owed by footballers for their image rights. Any player with an offshore account will be charged for all the taxes owed over the past eight years, while those with British accounts will be dealt with more leniently.

McTaggart takes on Cayman slight in UK Commons Cayman News Service
Feb 18 - New head of Cayman Finance sends a letter to UK parliamentarian on "the enormous economic benefits UK companies gain by using Cayman" See Richard Murphy's comments in Tax Research UK.


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