Links Apr 11

Country-by-Country Template Won’t Require Entity-by-Entity Financial Details, Andrus, Head of OECD’s Transfer Pricing Unit Says Bloomberg BNA
See recent TJN blog Submission to OECD on transfer pricing and developing countries

Not a palm tree in sight: Some onshore jurisdictions can be laxer than the offshore sort The Economist
See TJN’s Financial Secrecy Index.

Unholy Alliances: How Organized Crime, Government and Business Interact in Montenegro

Swiss unfreeze $40 million of Tunisian assets swissinfo

Russia: A book too far The Economist
Cambridge University Press gets cold feet on publishing book provisionally sub-titled: “How, why and when did Putin decide to build a Kleptocratic and Authoritarian Regime in Russia and what is its Future? See also March 2014 Taxcast on Russia, Ukraine, Londongrad and the offshore threat to global security.

Corruption Warning Looms For Public Natural Resource Funds ICIJ
More on a story linked yesterday

Hewlett-Packard Pays $108m to Settle Money Laundering and Bribery Charges International Business Times
HP has admitted to creating a “slush fund” of shell companies and bank accounts to launder money for bribe payments in order to secure lucrative government contracts in Russia, Mexico and Poland.

Labor Union to Cash Rich Apple: “It’s Tax Time” Mission Local

Australia: Potato boss Paul Rennie ‘can’t recall’ overseas transactions, Federal Court hears The Sydney Morning Herald
Potato king Paul Rennie has told a court he is unable to explain why he sent millions of dollars to tax havens in transactions revealed by a Project Wickenby investigation. For background on Project Wickenby, Australia’s biggest tax sting, see here.

In search of an honest accountancy firm Tribune

Financial institutions must comply with US tax evasion law The China Post

Charities must ask taxing questions of companies they do business with Third Sector

Germany to Give Banks Tax Relief on Subordinated Bail-In Capital Bloomberg Businessweek

Luxembourg Lowers Shipping Registration Levy Tax-News
Read about the context of landlocked Luxembourg’s shipping registry here.


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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 […]

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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 […]

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

AIB International Finance Centre Dublin - By Estoy Aquí (Own work) [GFDL (http://www.gnu.org/copyleft/fdl.html) or CC BY 3.0 (http://creativecommons.org/licenses/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 […]

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

bigben-mcbigbenfaceYesterday the Tax Justice Network was in the UK Parliament to launch a report it co-produced with the Public and Commercial Services Union. The report, entitled “HMRC, Building an Uncertain Future” is a study of HMRC’s (the UK tax authority) reform plans which it is calling “Building our Future”. The report published yesterday analysed the […]

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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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