Links Apr 24

India to provide info on US tax evaders Business Standard
“However, US refuses to share data on foreign assets of Indian entities”

Puerto Rico woos rich with hefty tax breaks Market Watch

Swiss tax authority contacts US clients swissinfo

US Seizes $458m In Corrupt Funds – But What Now? ICIJ

New Zealand: New US bank law raises privacy fears Radio New Zealand

India: Finmin officials to visit Cyprus to negotiate tax agreement Live Mint

Botswana big shots stash P50 billion in secret offshore accounts Sunday Standard

Financing the future: Why domestic revenue mobilization belongs on the post-2015 agenda devex

Africa’s Illicit Flow Problem in Three Charts Financial Transparency Coalition Blog

What Fuels Corruption In The Developing World? Forbes

How to Wield the Capital Weapon The American Interest
Charles Davidson interviews Hermitage Capital co-founder and CEO William Browder about the ongoing impact of the Magnitsky Act, which he championed, amid the Ukraine crisis and the intensifying worldwide fight against financial corruption.

Is the UK Ending Corporate Secrecy? More Spin Than Substance The Huffington Post
Prem Sikka comments. See also earlier blog On Britain’s new honesty box for corporate fraudsters.

Why only unitary taxation can curb tax competition TJN Germany Blog

KPMG in Holland again under investigation, this time for tax fraud Dutch News

“Judicial question time” in Hong Kong with offshore judges from Bermuda, Cayman and BVI Financial Secrecy Media Monitor

Banks Fall Short in Money Laundering Staff Expertise The Wall Street Journal

Austerity in Greece caused more than 500 male suicides, say researchers The Guardian

A more equal society will not hinder growth Financial Times (paywall)
“Inequality damages the economy and efforts to remedy it are, on the whole, not harmful”

BVI rejects liquidators’ clawback of Madoff redemption payments STEP

Brazil: Bitcoins liable to capital gains tax STEP


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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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