Links Mar 14

Money laundering: Own up, owners The Economist
Insight into the status and potential of beneficial ownership transparency, following this week’s European Parliament vote “to back open registers for companies, trusts, foundations and practically any other corporate vehicle or legal arrangement that is deemed to be open to abuse”, examining why “for trusts, this would mark a sea change in disclosure”.

The great corporate cash-hoarding crisis Al Jazeera
David Cay Johnston on how companies are turning a profit on their taxes. See also: Uncle Sam is paying US companies to borrow their tax-sheltered cash Quartz, and Cash Abroad Rises $206 Billion as Apple to IBM Avoid Tax  Bloomberg

Luxembourg Says Savings-Tax Deal Still Possible by End of March Bloomberg
See also: Luxembourg blocks EU tax transparency (again) Financial Secrecy Media Monitor

Austria Agrees Support For New EU Savings Tax Directive Tax-News

Turkish PM refutes claims of accounts in Swiss banks Hurrriyet Daily News

India: Many HSBC swiss account holders may escape income-tax net The Economic Times

Australia: Bank deal with Switzerland of no use catching former tax cheats: Treasury Sydney Morning Herald

Argentina signs agreement with Switzerland to access bank data La Nacíon
But Switzerland refuses automatic exchange of information, the agreement provides for on-request only. Hat tip: Jorge Gaggero. 

Over US$318mn in taxes paid, Google responds to Brazil’s communications minister Brazilian American Chamber of Commerce
See also: Brazil tries to grasp online cross-border taxation ZDNet

Zimbabwe: Govt Fumes Over Diamond Revenue allAfrica / The Herald

Nigeria: Capital flight: An epidemic that must be stopped Business Day

Ukraine: Investigations Mushroom In Kurchenko’s Wake Hetq
Ukrainian ex-billionaire, suspected of being a front man for overthrown President Viktor Yanukovych’s family, had companies registered offshore that are accused of trading in oil products using a tax evasion scheme costing Ukraine’s government an estimated US$1 billion in lost revenues.

Putin’s Enablers; The West is complicit in Russia’s corruption Slate

Uzbek president’s daughter faces Swiss money-laundering investigation The Guardian

Bahrain news: Investment bank to fund USD 3 billion “financial park” in Tunisia Financial Secrecy Media Monitor

Cayman: 80% of whistleblowers sacked Cayman News Service
Some parallels in accountability, fairness and transparency in the Bahamas?

Call for more action to shake Cayman tax image Cayman27

CBC Sunday Edition Talks Tax Fairness Canadians for Tax Fairness

Tax law to force US expats to seek new investments Gulf News

New Citizens for Tax Justice Reports Explain Obama’s Budget Tax Provisions

Apple iTax: made in Ireland, designed in the US The Conversation

Where does the money go when you buy a phone? TJN Norway

British Virgin Islands, US Close to Signing FATCA Agreement Caribbean Journal

German court sentences Bayern boss Hoeness to jail for tax evasion Reuters

UK: One Direction urge fans to lobby George Osborne about corporate tax avoidance The Independent
Pop band with 18 million Twitter followers move into tax justice activism through Global Citizen, meanwhile, structuring their finances in Ireland.

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New estimates reveal the extent of tax avoidance by multinationals

Price Waterhouse CoopersNew figures published today by the Tax Justice Network provide a country-level breakdown of the estimated tax losses to profit shifting by multinational companies. Applying a methodology developed by researchers at the International Monetary Fund to an improved dataset, the results indicate global losses of around $500 billion a year. The figures appear in a […]


Banking Secrecy in China, its related territories and Taiwan

Hong Kong from Sky 100Foreword. The Tax Justice Network is a non partisan network of experts working towards transparency, so we do not take any position about countries’ territorial and political claims. However, we do expect countries with a de jure (legal) or de facto (in practice) influence over other territories, to take responsibility for their power. We point […]


Is tax avoidance at the heart of Ireland’s economic miracle?

AIB International Finance Centre Dublin - By Estoy Aquí (Own work) [GFDL ( or CC BY 3.0 (], via Wikimedia CommonsComing out of the economic crisis Ireland was one of the best performing economies, with GDP growth rates of 8.5% in 2014 and an extraordinary 26.3% in 2015. But how much of this economic activity was real, and how much a fiction created by Ireland’s tax haven status? A new paper by Heike Joebges of the University […]


New Report: HMRC’s “Building our Future” programme

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Financial secrecy in football: time for action

bigben-mcbigbenfaceEveryone has known for years that football is rotten to the core and financial secrecy is at the heart of the problem. Why then is no one doing anything about it? This post from the Offshore Game project originally features in the Independent. 


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