Wednesday, October 17, 2012

Links Oct 17

Argentina's Taxman Clamps Down On Grain Exporters Tax-News
Oct 17 - "The announcement from AFIP comes as part of efforts to tackle tax avoidance and evasion among the nation's largest companies. In previous years, AFIP pursued a handful of major exporters for triangulating trades through other nations and using illegitimate accounting ploys to cut taxable profits." See here for background.

Denmark Toughens Rules On Holding Companies Tax-News
Oct 16 - "The legislation also seeks to ensure that foreign companies do not use Danish companies as conduit companies to achieve tax-free dividend distributions between foreign companies and non-European Union (EU) parent companies." See the Financial Secrecy Index for information on Denmark as a secrecy jurisdiction.

Global Witness condemns API lawsuit to strike down Dodd-Frank oil, gas and mining transparency provision Global Witness
Oct 12 - "Global Witness is outraged by a lawsuit filed by the American Petroleum Institute (API), the U.S. Chamber of Commerce and others to gut Section 1504, an important anti-corruption provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act."

Cayman Financial Crimes Unit: Not enough SARs filed Cayman News Service
Oct 15 - "The volume of suspicious activity reports (SARs) being filed in the Cayman Islands is far too low considering that the jurisdiction is the fifth largest in the world, according to Detective Superintendent Brian Donley, lead in the RCIPS Financial Crimes Unit. DS Donley said that there had to be more suspicious activity taking place in Cayman and compliance officers were either being prevented from reporting such suspicious activity or were just not seeing it." Compliance officers are, in general, conscientious - so this highlights interesting questions.

Bank staff data handover grates in Switzerland swissinfo
Oct 17 - "The Swiss government’s authorisation to hand over bank employee details to the United States as part of a large tax probe has riled banking circles and divided politicians back home ... Five banks have now delivered the names of thousands of their staff and consultants, who in many cases were not even informed in advance and could take no recourse."

Monaco: Prince Albert's Taxing Issue CNN
Oct 16 - More on the topic of "We are not a tax haven".

See also:
Singapore - Full disclosure The Economist

Oct 17 - As reported in Oct 15 links, Singapore's real story is here.

Occupy London celebrates first birthday with launch of The Little Book of Ideas Occupy London

Oct 15 - ‘The Little Book of Ideas’, the free pocket sized book – written by the Economics Working Group of Occupy London – is now available for download. Includes chapters on Tax Avoidance, Tax Havens, and Accounting Transparency.

U.S.: States battle Levin effort to unmask beneficial owners, as US agencies make historic funding offer ACFCS
Oct 16 - "United States law enforcement agencies and prosecutors believe so strongly in a law that would help uncover the true beneficial owners of corporations formed in the various states that they have taken the unprecedented step of offering to fund state expenses with federal forfeiture funds. To facilitate passage of the legislation, the Treasury and Justice Departments have offered $30 million in forfeiture funds over three years to defray the expenses the states say would result from the legislation."

Double Taxation Agreement Germany/Liechtenstein TJN Germany Blog
Oct 17 - A press release of the Federal Parliament summarizes the public technical discussion in the finance committee of the Bundestag. TJN's statement is here.

Starbucks facing boycott over tax Daily Mail
Oct 17 - More on the UK Starbucks story - "Protest groups threaten to try and close branches over revelations it hasn't paid for three years."

See also:

UK committees to examine Starbucks tax strategies Reuters
Oct 17 - "The legislators said such investigations should also lead to recommendations on how to change tax law to prevent companies from shifting profits overseas."


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