Monday, August 08, 2011

Links Aug 8

US extends Swiss bank tax inquiries Financial Times
Aug 8 - "At least six more Swiss and one Liechtenstein private bank have attracted the attention of US prosecutors investigating whether Swiss bankers helped rich Americans evade tax. The revelations, contained in the latest court documents, show how inquiries by the US authorities that started with UBS in 2007 have mushroomed to include a swathe of the country’s financial sector. "

End Tax Haven Secrecy Campaign in Brazil Christian Aid & INESC

Great video on Brazil joining the End Tax Haven Secrecy campaign. See also our earlier blogs Tax Justice goes Brazilian and Brazil: two major tax justice events .

India: Tax Haven FDI to face tough scrutiny The Financial Express
Aug 4 - Based on a recommendation from the National Security Council (NSC), the finance ministry will trace the parentage of investors from tax havens such as Mauritius, Cayman Islands and Cyprus three steps back like in sensitive sectors. The firms will have to specify such parentage and give details of source of funds, and give clear information of their organisational structure.

Vince Cable: mansion tax should replace 50p rate The Telegraph

Aug 4 - If Cable, the UK's Business, Innovation and Skills secretary, means a version of Land Value Tax - though it isn't clear that it is - then this could be an acceptable idea, depending on the specifics, and whether it at the end of a day it had the effect of reducing inequality. See our blog today on Land Value Tax , and Tax Justice Focus.

The Worst "Job Creation" Idea Yet: The "Life Sciences" Tax Break to Help Pharma & Biotech Companies Dodge Taxes Citizens for Tax Justice
Aug 5 -A bipartisan group of lawmakers in Congress proposes to help companies that engage in “life sciences” research by combining two terrible tax policies — the research and experimentation (R&E) credit and a tax holiday for repatriated offshore profits — into one monstrosity...

Anonymous Owners of U.S. Shell Companies Now Funding Politics Citizens for Tax Justice

Aug 4 - Earlier we linked an article on this very interesting story, hat tipping Rebeccas Wilkins. Read Rebecca's commentary on how the Levin-Grassley Incorporation Transparency Bill would help identify a mysterious $1 million contribution to the Romney campaign.

See also:
U.S. Treasury Dept Welcomes Introduction of the Incorporation Transparency & Law Enforcement Assistance Act Task Force on Financial Integrity and Economic Development Aug 4 - This was originally posted on the U.S. Treasury Department’s Treasury Notes Blog.

Proud to invest in America The Hill's Congress Blog
Aug 5 - "I have been fortunate to live the American Dream. I know my success is due to many factors. I know, for example, as a software entrepreneur, that I would have had no business at all without the government assistance I received for my college education, or the government research that led to the Internet. It’s obscene that computer and internet companies like Google, Microsoft, Apple and Cisco are part of a coalition clamoring for a tax holiday to “repatriate” profits they shifted to tax havens to avoid U.S. taxes."


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