Monday, December 03, 2012

Links Dec 3

Cyprus bail-out doubts over Russian money laundering Telegraph
Dec 3 - "Politicians across Europe are urging their governments to demand a crackdown on alleged Russian money-laundering in Cyprus as a condition of any bail-out for the troubled eurozone member."

See also:
Corruption scandals dominate Russian headlines LA Times

Dec 2 - "Allegations have involved Russia's defense and agriculture ministries and even the space program. Some wonder whether the regime is cracking down or fracturing."

Uganda: Rising Income, Oil Prospects Attract Offshore Interests allAfrica
Dec 3 - Banks touting for business - "The rising level of income among the growing middle-class in Uganda is creating new opportunities for offshore financial institutions. The other strong pull factor, according to Standard Bank Group's offshore division, is the budding oil and gas industry that analysts believe will be a game changer by raising wealth levels in the country."

N.Korea to Seize Property for Tax Evading Companies in Gaeseong arirang
Nov 27 - "The South's Unification Ministry says it is negotiating with North Korea, but Pyongyang says it is legitimately imposing taxes on South Korean firms that have engaged in tax evasion." Hat tip: Offshore Alert.

OECD Assesses Tax Transparency Tax-News
Dec 3 - "Hosted by Japan's National Tax Administration, the Offshore Compliance Network of experts held closed two-day discussions on recent developments on tax transparency and information exchange, which have included the development of further intergovernmental model agreements with the United States for the implementation of the Foreign Account Tax Compliance Act (FATCA), and the negotiation by European nations of bilateral withholding tax agreements with Switzerland and Austria as an alternative to automatic information exchange." As we have written extensively, the bilateral agreements do not offer an alternative to automatic information exchange.

Switzerland and EU “at breaking point” swissinfo
Dec 2 - On Switzerland's reticence to engage in a global and coordinated approach in its relations with the EU, of which the bilateral tax agreements are a prime example.

Ain’t nuthin’ but a Cork thang for Dre Irish Examiner

Dec 3 - Reporting on "the world’s highest-paid musician." - "Gangsta rap pioneer Dr Dre, who helped launch the careers of Eminem and 50 Cent, has based three of his companies in one of the region’s best-known towns to avail of Ireland’s generous corporate tax rate, thereby reducing his tax liability."

Zut alors The Financial Crimes
Oct 11 - A link from a few weeks back, but some apt commentary on "the former head of a US multinational that ran all its European revenue through Ireland to get a 12.5% tax rate, and an Irish popstar who thinks it is perfectly reasonable to book all of his royalty income in the Dutch Antilles where it suffers tax 5%."


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