We have written at some length about Credit Suisse's attempted defences of its long-standing business model, highlighted in a headline “Credit Suisse CEO says a few bankers are to blame for $10bn in tax evasion.” As we said: "The old ‘a few rotten apples’ defence. “Some Swiss-based private … [Read more...]
Finance Sector
Links May 15
Companies fear BEPS “tax chaos” Economia See also: Global business tax clamp-down could sting U.S. -IRS official Reuters - Is the U.S. undermining the interests of developing countries? See TJN Briefing on BEPS here and information on The BEPS Monitoring Group here. … [Read more...]
Why it’s so hard to audit hedge funds and private equity
Another reason why corporations may want to be taxed properly
. . . via top-ranked U.S. tax professor Reuven Avi-Yonah, in a paper entitled Just Say No: Corporate Taxation and Social Responsibility. It is US-focused, but has wide relevance. This, in fact, can be seen as another justification of imposing tax on the corporation: Rather than bear any social … [Read more...]
The Offshore Wrapper: a week in tax justice
The Offshore Wrapper is written by George Turner It’s just take, take, take… Three members of Take That, the highly successful UK boy band, have been caught “on the take” by Her Majesty’s Revenue and Customs (HMRC). … [Read more...]
Links May 12
Asian logging companies 'use British islands for tax dodging' The Guardian "Calls for crackdown as investigation finds huge Indonesian corporations evading tax through network of secret shell companies in British Virgin Islands and other tax havens." New Zealand: the Shell Company Incorporation … [Read more...]
Links May 9
World Bank’s content-free report shows need for a rethink of its policy on tax havens Eurodad See also: CSO letter to IFC calls for immediate review of policy on tax havens … [Read more...]
Links May 8
OECD: Countries commit to automatic exchange of information in tax matters The OECD's press release states "Bank secrecy for tax purposes is coming to an end". Sounds good, but is rather over-optimistic at this point. For TJN's views and briefings on information exchange see here. Kenya: Lobby … [Read more...]
Links May 6
G20 to talk tax in Tokyo The Australian Swiss banks follow the money to Panama swissinfo Swiss bankers might have been motivated to come to Panama because it’s “where they believe they can better protect the confidentiality of their clients”.' … [Read more...]
How Glencore made its money
From an excellent new article in Foreign Affairs, by Ken Silverstein. It concerns the commodity trading giant Glencore, which Reuters once called "the biggest company you never heard of," and which went public in May 2011. "What the IPO filing did not make clear was just how Glencore, founded four … [Read more...]
Links May 2
The political capture of rich countries in the fight against tax havens Oxfam France (In French) Ahead of the OECD's annual Forum in Paris, launch of a new report Arrangements Between Friends: Flaws in the OECD's Plan of Action Against Tax Havens India: Finance Minister Chidambaram warns … [Read more...]
Links May 1
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...]
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...]
