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 recent negotiating trip to Washington resulted in a ‘sponsored exemption’ for foundations, as well as a previously granted exemption for trusts with a professional trustee”

UK Company ownership register will name ‘controlling’ trust beneficiaries STEP
See also recent blog On Britain’s new honesty box for corporate fraudsters

Russian Billions Scattered Abroad Show Trail to Putin Circle Bloomberg

‘India, Switzerland studying ways to share info on black money’ The Hindu

Luxembourg Challenges EC Over Tax Information Injunctions Tax-News

UK ‘a tax haven for multinationals’ BBC
See also recent blog: Fiat moves tax domicile to tax haven UK – but will it create jobs?

Google’s Latest, And Possibly Very Expensive, Argument With The French Taxman Forbes

Pfizer must be questioned about its tax affairs if the $100bn takeover bid for AstraZeneca goes ahead This Is Money
See also: U.S. Treasury Seen Loser in Tax-Avoiding Pfizer Deal Bloomberg

Amazon UK boss defends tax arrangements: How can following the law be unfair? The Guardian

India may sign transfer pricing pacts with Japan, UK Live Mint

Ireland a favourite tax bolthole as firms continue to leave US Independent

Britain’s Fraud agency opens investigation into Ukraine money laundering Reuters
See also: The March 2014 Taxcast: Russia, Ukraine, Londongrad

Australia and U.S. sign agreement to counter tax avoidance Reuters

Former China Resources chief Song Lin linked to two tax haven companies South China Morning Post

Too Big to Jail Newsweek
David Cay Johnston on Bill Black.


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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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