Tuesday, October 18, 2011

Links Oct 18

Public anger and shareholder unease threaten tax havens’ tranquillity The Economist
Oct 15 - Another very, very good article from The Economist. Amongst the important points noted: "Putting pressure on a handful only pushes business elsewhere—from the Channel Islands and Switzerland, say, to Mauritius and Singapore. Rules so far have slowed, not reversed, a race to the bottom." Check out the "User's Guide" on tax havens.

Message to Wall Street Huffington Post
Oct 17 - Great commentary by Jeffrey Sachs. "Here, then, Wall Street and Big Oil, is what it comes down to. The protesters are no longer giving you a free ride, in which you can set the regulations, set your mega-pay, hide your money in tax havens, enjoy sweet tax rates at the hands of ever-willing politicians, and await your bailouts as needed ... Be sure that the era of mega-greed is going to turn into an era of renewed accountability, lawfulness, modest compensation, honest taxation, and government by the people rather than by the banks.

Germany Acquires ‘Tax CD’ Related to Luxembourg Bloomberg Businessweek

Oct 14 - "The German state of North Rhine- Westphalia, acting in concert with the federal government, acquired a “tax CD” related to Luxembourg, according to the German Finance Ministry." The CD is reported to contain data from 3,000 customers of the Luxembourg branch of HSBC. Hat tip: Markus Meinzer.

Doubts loom over new Indian tax treaty swissinfo

Oct 13 - So-called “black money” stashed abroad and the fight against corruption remain hot political issues in India. The new double taxation agreement (DTA) came into force this week, but a Swiss critic says it will not change much.

'Africa must be weaned off aid’ Africa News
Oct 14 -"A senior Uganda government official has urged African governments to consider putting up strategies of reducing heavy reliance of aid and focus on ways to mobilize domestic recourses and generate more revenue." Hat tip: Sandra Kidwingira.

Turkey to take lead in MENA tax reforms with İstanbul meeting Today's Zaman
Oct 14 - "Turkey expects to lead the way for anticipated reforms in tax administration in the Middle Eastern and Northern African (MENA) countries as it will share experiences in tax policy as a member of the Organization for Economic Cooperation and Development (OECD) with these countries during a summit to be held in İstanbul this month." Hat tip: Sandra Kidwingira.

How to find €1trillion and $1 trillion, at the same time? Easy - just recruit the tax inspectors Tax Research UK

Oct 18 - We have a choice: we can save the world from its financial crisis. We can do so without punishing ordinary people. We can raise the money we need. We just have to tackle tax havens head on. We have to employ the tax inspectors to do this. We have to out in place the measures to do this. We have to tackle the political issues to do this.

Taking on the tax havens Left Foot Forward
Oct - An article by Chris Jordan of ActionAid, following their report that exposed that 98 of the FTSE 100 companies are using tax havens, where they locate almost 40% of their overseas subsidiaries. You can add your voice to their campaign here.

UK Uncut fights for 'tax justice' in Britain Los Angeles Times

Oct - "Long before the Occupy Wall Street movement, protesters in Britain began combining populist protest with political theater to attack local operations of corporations." Hat tip: Offshore Watch.


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