Thursday, April 05, 2012

Links Apr 5

Brazil tightens taxes on commodities companies Reuters
Apr 5 - Important news on Transfer Pricing: "Brazil cracked down on multinational commodities firms Wednesday with rules to block them from shifting tax liabilities to more favorable countries."

India: No tax relief for investors in Mauritius, says govt The Times of India
Apr 5 - "The finance ministry has bluntly told representatives of top foreign institutional investors (FIIs) that it would not roll back the anti-tax avoidance framework proposed in the budget and asserted that investors who do not have 'substantial commercial presence' in Mauritius could be taxed under the new provisions."

Could abolishing tax havens solve Africa's financing needs? Pambazuka News

Mar 29 - "Africa is experiencing economic growth, and for the increasing wealth to be channelled to public services, development and the achievement of the millennium development goals by 2015, it is urgent the problem of tax havens as a conduit for illicit outflows is addressed."

The incorporation business: They sell sea shells The Economist
Apr 7 edition - "The companies that form companies are a shadowy world and a thriving industry..." Cites Global Witness. Hat tip: Clark Gascoigne.

See also:
Company formation: Shells and shelves
The Economist
Apr 7 edition - "Making money by making companies: another industry that is globalising, consolidating and shifting east." Interesting how the article notes "The industry is adept at playing small offshore centres off against each other."

Amazon: £7bn sales, no UK corporation tax Guardian
Apr 4 - "Online retailer's British operation owned by company in Luxembourg which receives all payments for books, DVDs and other goods." And "Amazon is currently disputing a tax bill of nearly £1bn imposed by US authorities relating to transfer pricing." Richard Murphy and TJN cited.

See also:
How Amazon finds tax loopholes Guardian

Apr 4 - "Company's US map shows states in red, yellow or green colour to warn executives where laws could trigger tax collections."

More on those quack UK corporation tax cuts Treasure Islands
Apr 5 - See this post for a number of links including Nick Shaxson's piece in the Guardian commenting on the UK budget. Nick observes - further to his recent TJN blog Could a new consensus emerge on corporate taxes? -"Latest evidence is that such a consensus is starting, albeit slowly at first, to emerge.

The FT slams the Swiss tax deal and the UK’s sell out to tax criminals Tax Research UK

Apr 5 - Richard Murphy observes: "It couldn’t get much clearer than this. Having noted in an editorial this morning that Germany is having second thoughts about signing a tax deal with Switzerland it goes on to say: 'They are right to reject the deal – just as the UK, which has concluded a similar agreement, should have done...' "

No let-up in US fight against tax evasion swissinfo
Apr 4 - US Department of Justice (DoJ) spokesperson states: “Off-shore non-compliance remains a priority for this government.”

Who Pays Taxes in America? Citizens for Tax Justice

Apr 4 - New report that shows: "America’s tax system as a whole is just barely progressive."


Anonymous tax free poker said...

In Europe poker sites that are licensed inside the EU are able to offer their citizens tax-free poker winnings; how do you think rules in the US regarding poker winnings will be once poker is legalized?

5:42 am  
Anonymous Jessica Chivers said...

John, what's the alternative to supporting Amazon? If they're 'at it' with the Luxemburg connection does this mean the likes of WHSmith and Waterstones may be too? I've been rewatching a Panorama programme you appeared in, in 2009 re Tax Havens and am starting to think about how we can rally the masses in the UK to increase the political will that has been so lacking in the UK. Tax havens must end - we could close the ones down associate with our Crown, in an afternoon.

12:49 pm  

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