Credit Suisse unit draws US tax scrutiny swissinfo "For years, Credit Suisse used a secondary Swiss banking brand, Clariden Leu, to woo clients who wanted a smaller, more personalised experience. Now, its decision to keep that little-noticed unit separate has become an issue in the long-running … [Read more...]
Archives for 2014
New Germany-UK tax treaty undermines OECD tax reforms
A little-noticed new protocol to the Germany-UK tax treaty needs dragging into the daylight, since it appears to be a sneaky effort to undermine reforms by the OECD, the club of rich countries that oversees the international tax system. … [Read more...]
Stop press: large U.S. multinational decides to pay some tax
As expert after expert - and citizen after citizen - agrees: the international tax system is broken. Multinational corporations run rings around even the most sophisticated and well-resourced tax authorities, producing democracy-killing results such as the fact that General Electric paid a minus 11 … [Read more...]
Links Apr 30
Credit Suisse, BNP Paribas U.S. Charges Said to Be Weighed Bloomberg Businessweek "Prosecuting the companies would break with a past practice of brokering settlements with large banks that are considered integral to the financial system." See also: Two Giant Banks, Seen as Immune, Become Targets … [Read more...]
Avaaz on Jersey: give the tax thieves nowhere to hide
From Avaaz, a new campaign: Jersey is trying to get away with limited implementation of the G8's tax transparency reforms. I worked in Jersey’s government, and know a deluge of messages from across the UK will surprise them. Write what you feel about tax dodging, and draw from the points below. … [Read more...]
Links Apr 29
India: Govt refuses to name account holders in tax haven despite Supreme Court order The Times of India "Why is the government reluctant to share the names of Indian tax evaders having accounts in LGT Bank in Liechtenstein with the Supreme Court even when it amounts to contempt of court?". See … [Read more...]
Pfizer and Astrazeneca merger shows US and UK both lose from UK’s predatory tax regime
Update: see this must-read post from Citizens for Tax Justice in the U.S., entitled Why Does Pfizer Want to Renounce Its Citizenship? From Tax Research UK: "The financial press is full of stories about Pfizer this morning, and its planned takeover of Astrazeneca. A recurring theme is the tax … [Read more...]
Links Apr 28
International community continues making progress on tax transparency OECD Global Forum on Transparency and Exchange of Information for Tax Purposes issues 12 new reports. See here for background and resources on Information Exchange Bahamas claims FATCA exemption for foundations STEP "The … [Read more...]
The Offshore Wrapper: A week in Tax Justice
The Offshore Wrapper is written by George Turner "In Formula One, everyone cheats. The trick is not to get caught." … [Read more...]
Russia and Ukraine: how secrecy jurisdictions undermine international sanctions
From the Financial Times: "Wealthy Russians and Ukrainians are trying to shift more cash into London property, say estate agents, amid indications that eastern European oligarchs are using the capital’s housing market to conceal their assets from international sanctions." … [Read more...]
Publicis and Omnicom: a merger driven by tax abuse?
Reuters is carrying a fascinating story with a less than fascinating headline: "Push for tax-avoidance curbs in G-20 threatens Publicis-Omnicom deal." Last July Paris-based Publicis and New York-headquartered Omnicom announced plans to merge to create the world's biggest advertising group, which … [Read more...]
New report: Inequality, Tax and a Rising Africa?
From Tax Justice Network for Africa and Christian Aid, a new report entitled Africa rising? Inequalities and the essential role of fair taxation. It investigates income inequality in Ghana, Kenya, Malawi, Nigeria, Sierra Leone, South Africa, Zambia and Zimbabwe: there has been little definitive … [Read more...]
Links Apr 25
UK Prime Minister's letter to the Overseas Territories on beneficial ownership See also: Transparency call to 'tax havens' The Courier, recent TJN Blog On Britain’s new honesty box for corporate fraudsters, and Turks and Caicos Islands Considers Public Beneficial Ownership Register Tax-News … [Read more...]
Why Piketty’s inequality numbers are understated
As we and everyone else have remarked, it's the book of the moment: Thomas Piketty's Capital in the 21st Century. We are reading it, and like so many others, we are impressed. Our main contribution to the debate will be - when we finish our analysis - to argue that the inequality problem is … [Read more...]
PWC survey: most CEOs back country by country reporting
From Reuters: "Most chief executives globally would support the publication of country-by-country financial information to help stamp out corporate tax avoidance, a survey showed on Wednesday. … [Read more...]
