Wednesday, June 01, 2011

Links June 1

India: Before Ramdev black money fast, panel set up Hindustan Times
May 29 - The government has set up a committee to examine ways to strengthen laws to curb the generation of black money and its transfer to overseas locations and to bring these back into India’s legitimate financial system. The move comes exactly a week before the proposed indefinite hunger strike by yoga guru Baba Ramdev from June 4, to pressure the government to bring back black money allegedly stashed in foreign tax havens.

Transform the banks and save the National Health Service (NHS), say protesters Ekklesia
May 29 - NHS Direct Action and UK Uncut activists dressed in medical scrubs have staged a protest outside HSBC's AGM over the bank's NHS profiteering. A recent BBC investigation found that HSBC used a tax loophole to divert millions of pounds of NHS money into a Guernsey 'tax haven', says UK Uncut.

Corporation tax is a problem that won't go away Tax Research UK
Jun 1 - Richard Murphy on an article in the Financial Times . The article observes "Advocating global economic agreement is, in general, a recipe for expensive meetings with no consequences. But if corporation tax on multinationals is not to disappear into a morass of complexity and avoidance, there is really no alternative to such agreement – and some fresh thinking." As Richard says, "Some of us are trying to deliver just that. We’re even confident of delivering"

UK: Aggressive tax avoidance schemes to be blacklisted Accountancy Age
May 31 - "A list of the most "aggressive and contrived" tax avoidance schemes will be published today as part of a series of proposals by the Taxman. Their publication by HM Revenue & Customs will require taxpayers who use such schemes to pay the tax bill upfront or face a bigger bill after an investigation if the scheme is shown to be invalid, the Financial Times reports."

Why corporation tax cuts are a waste of money New Statesman

May 28 - A new study shows that The UK Chancellor of the Exchequer Osborne's tax cuts will do little to create growth and jobs.

Light-footed Google in $4.6bn tax dodge The Australian
May 30 - The U.S. Internet giant Google has avoided paying more than $4.6billion in tax in Britain and other countries over the past five years. "It has an elaborate network of companies spanning at least five legal jurisdictions -- including Ireland, Holland and Bermuda -- to minimise its tax bill."

New tax fairness report issued by Citizens for Public Justice Canadians for Tax Fairness
May 25 - Featuring a report titled Taxes and the Common Good by Chandra Pasma, who just joined the board of Canadians for Tax Fairness.

Tax incentives don't create jobs: economist Calgary Herald

May 31 - Tax incentives for small business don't create jobs and in some cases restrict a company's growth, says a new study from University of Calgary economist Jack Mintz. Hat tip Offshore Watch.

We must tax the rich The Charleston Gazette
May 30 - "Cisco CEO John Chambers, Jr., ... revealed what many should understand: U.S. companies that publicly proclaim loyalty to America are in fact loyal only to money. Chambers ... admitted that Cisco keeps $40 billion in profits in low-tax foreign nations to avoid U.S. corporate taxes. But Cisco is not unique."


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