Thursday, December 08, 2011

Links Dec 8

Four tax havens are classed AAA Le Monde (In French)
Dec 7 - "While credit rating agencies condemn public deficits in most countries, they praise those who siphon off their tax revenues". Before tax havens crow about their ratings, note the key difference: a) will tax havens steal/lose your money? b) will tax havens help you steal / lose someone else's money? The answer to (a) may be no, but that isn't the point. The point is (b).

Google India gets Income-Tax Dept notice for not revealing correct revenues The Economic Times

Dec 8 - "Google India's businesses ... are 'dictated by Google Ireland' and Google India 'only gets a mark-up on marketing expenses in India and not any share of India generated profits from Adwords programme'."

10 countries providing tax-related information to India The Hindu Business Line
Dec 7 - "When asked if India was getting information under the renegotiated double tax avoidance agreements (DTAAs), Mr Gujral [Finance Secretary] said, 'The answer is yes'. He, however, declined to name the countries or the revenues mobilised from such information sharing with India." Hat tip: Offshore Watch.

Ex-UBS Client Indicted for Hiding Accounts Bloomberg
Dec 7 - The indicted client is cited: "
“What is also interesting or perhaps appalling is that the laws of a country and perhaps its tradition is being broken to save a bank’s ass for selling out its own clients who have been trusting and feeding them for years!”

Big business tax holidays are bad for small business, bad for America The Hill

Dec 8 - Comment by Margot Dorfman, CEO of the U.S. Women's Chamber of Commerce: "If small business owners decided to stop paying our fair share of taxes, we'd be sent to jail. Big business tax dodgers want Congress to reward them with a tax holiday." Hat tip: Holly Sklar.

Chambers Tries Bribing Shareholders To Help Cisco Get A Tax Break Business Insider
Dec 7 -"Cisco CEO urged shareholders to lobby congress for a big corporate tax break. In return, he promised to increase their dividend if the tax break comes through. He was talking specifically about repatriation". See FACT sheet on repatriation. Hat tip: Holly Sklar.

Big Firms Limit Paying State Taxes, Study Finds New York Times

Dec 7 - One the CTJ/ITEP study blogged here. "As states have struggled to balance their budgets by cutting services, laying off workers and raising taxes, a study ... suggests that many profitable Fortune 500 companies have not been paying as much in state corporate income taxes as the average levied on American companies, with some big firms paying none at all in recent years."

See also:
Biz Beat: State firms named in tax avoidance report The Cap Times
Dec 7 - "The problem, says Bruce Speight, the director of the Wisconsin Public Interest Research Group (WISPIRG) is that other taxpayers have to make up the difference ... WISPIRG's own study last year of offshore tax havens found that households in Wisconsin pay on average $372 in additional federal taxes to make up for that revenue lost."

Canada: Ottawa awaits U.S. accommodation on tax law Reuters

Dec 7 - On the U.S. the Foreign Account Tax Compliance Act (FATCA): "We're not a tax haven in Canada and the American provisions are really designed to get at people hiding money in tax havens," Flaherty [Canada's Finance Minister] told reporters." See some recent blogs on FATCA here, here and here.

Eurozone: France and Germany urge common taxes BBC
Dec 7 - "The leaders of France and Germany have called jointly for eurozone countries to have common corporation and financial transaction taxes."

UK: HMRC tax deal with Vodafone 'may have been illegal' Guardian
Dec 7 - "A highly controversial tax deal which cost the public purse billions may have been illegal, according to allegations being examined by a powerful parliamentary committee." See recent TJN blogs here and here and here.

Yet more evidence of the London financial black hole Treasure Islands

Dec 8 - Nick Shaxson on an example of how London is an offshore jurisdiction for financial regulation (as well as for many other things), as observed in Zero Hedge.


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