Friday, March 23, 2012

Links Mar 23

Tax Justice Network's Taxcast Tackle Tax Havens
In March’s Taxcast: Apple i-tax dodging, reclaiming Arab Spring country assets, the rich country club of the OECD and the ABCs of setting up letterbox companies.

The world's biggest tax havens - the US and the UK? Public Service Europe
Mar 22 -"European Union institutions are stepping up their efforts against tax havens, shifting their attention from remote islands or alpine mini-states to actual EU member states - such as the United Kingdom..."

Tax Evasion Possibly Biggest Drain of Money From Africa Voice of America
Mar 22 - Article cites research by Global Financial Integrity (GFI).

Philippines: Senate defers approval of changes to anti-money laundering law Philippine Daily Inquirer

Mar 21 - Interesting perspective on tax evasion being a predicate crime for money laundering, and in the context of Financial Action Task Force (FATF) requirements.

U.S.: Audit rates of millionaires nearly double CNN Money
Mar 23 - "The IRS said its recent offshore tax evasion initiatives have contributed to the jump in audits of millionaires, since many offshore tax evaders are high-income earners. This year, the agency is offering taxpayers a reduction in penalties and no jail time for a limited window of time if they fess up to having offshore accounts."

Peru to Boost tax Take Tax-News
Mar 22 - "Peru's Finance Minister Luis Miguel Castilla has announced that Peruvian authorities are to target non-compliant taxpayers, aiming to boost the tax take by 2.5% of gross domestic product (GDP) within a four-year period."

Italy Boasts New Weapon In War On Evasion Tax-News
Mar 22 - "It will look at whether a taxpayer’s declaration of taxable income is coherent with his or her overall spending capacity ... The new system will be able to trace individuals' expenditure in more than 100 different categories to find disparities between spending and declared incomes.."

Australia: Tax Office does number on tax evaders PSnews
Mar 20 - The Australian Taxation Office (ATO) has released its 2011 prosecution figures for tax and superannuation offences ...'People deliberately committing tax evasion are often caught by the sharing of information between Government Departments and other third parties'”.

The erosion of India's consensus-building Business Standard
Mar 20 - "The Organisation for Economic Co-operation and Development’s effort to make the transfer of funds from one national jurisdiction to another more transparent has been strenuously and deviously resisted by several developed countries. Specious claims are made by financial institutions that receive funds from dubious sources that cross-country tax arbitrage is not a crime in their countries. Tax havens also claim that if tax avoidance or theft is alleged by countries from where capital flight has taken place, it is for the accusing country to provide the required evidence."


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