Monday, June 06, 2011

Links Jun 6

EU Needs to Halt Direct Investment into Mining in Africa Taxation News and Information
May 25 - On the call for a ban in Europe on the government financing of mining activities, following allegations of gross tax evasion by resource sector operators in Africa.

Kenya: Closed budget making fans corruption The Standard

May 23 -
"Failure by the public to understand how they are taxed makes them less interested in how their taxes are used ... Failure to interrogate budget details creates room for a situation where a tax policy framework in which the wealthy do not pay their share of taxation — meaning the poor shoulder the larger burden, exacerbating the inequality gap in the process."

World’s Wealthy Rose by 12%: Boston Consulting Bloomberg

Jun 1 - The ranks of millionaires expanded by 12 percent in 2010, according to a report by the Boston Consulting Group . The report’s authors also looked at the performance of 120 wealth management firms worldwide - "Revenue increased by an average of 8.5 percent, and assets under management increased by 7.5 percent".

'Saint Bono' the anti-poverty campaigner facing huge Glastonbury protest – for avoiding tax Daily Mail
Jun 5
- When Bono's band U2 perform at a major music festival later this month, Art Uncut will hoist a massive inflatable sign with the message 'Bono Pay Up' spelled out in lights during the Irish band's headline performance. An Art Uncut spokesperson said "Bono claims to care about the developing world, but U2 greedily indulges in the very kind of tax avoidance that is crippling poor nations.' See here for earlier posts on Bono.

UK: Vince Cable says Osborne's policies are "Beggar thy Neighbour" economics Golem XIV

Jun 6 - "George Osborne (UK Chancellor of The Exchequer) now wants to lower UK corporate Tax to be the lowest in Europe. ... In other words Osborne wants the UK to take over from Ireland as the country where global corporations shift all their profits so as to pay the lowest possible tax on them and in so doing help them cheat tax payers in all other countries."

Brits probed over Swiss bank assets City A.M.

Jun 6 - Thousands of HSBC customers with money in Swiss bank accounts are to be investigated by the UK taxman. The details of 7,000 British clients have been obtained by HM Revenue & Customs, after a whistleblower leaked the data.

When Barclays tried to censor The Guardian OWNI (In French)
Jun 6 - On a story from 2009 on conflict between Barclays and The Guardian, of rampant tax dodging through tax havens, leaked documents, and inpuity for bankers. The Guardian article itself cites: 'The Lib Dem Treasury spokesman, Matthew Oakeshott, said that the leaked documents showed that HMRC attempts to keep up with the banks' tax avoidance were like "a fat policeman chasing a speeding Ferrari".'

Tax shelters put BDO Seidman in middle of firestorm with federal prosecutors Chicago Tribune

Jun 4 - "The former chief executive of Chicago-based accounting firm BDO Seidman was found guilty last month of participating in a fraud that generated billions of dollars in bogus tax benefits. Other former top partners at BDO Seidman pleaded guilty in the scheme. ... The U.S. Department of Justice is compelling more businesses to cooperate with investigations on tax shelters or risk being indicted."

The IRS Grills Taxpayers on Offshore Accounts Bloomberg Businessweek
Jun 2 - "In 2009, as U.S. prosecutors were bearing down on Swiss bank UBS to disclose the names of tax cheats, thousands of wealthy Americans decided it was best to avoid prosecution and come clean with the Internal Revenue Service ... Now, IRS agents and federal prosecutors are going back to some of those same people to milk them for more information on the bankers and advisers who helped them hide their money ... a crackdown of unprecedented scope.

‘Nigeria can earn more from taxes than oil’ The Nation
Jun 5 - On an interview held with the outgoing President of the Chartered Institute of Taxation of Nigeria - “the outgoing president renders account of his stewardship and provides useful insights into the tax regime in Nigeria and the continent at large.”


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