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 United States tax evasion investigation.” See also: Credit Suisse executives clashed on tax probe Financial Times (paywall) Executives questioned moves by Credit Suisse private bank co-heads to reclassify assets from the Americas to the business in Switzerland.

Ex-Mizrahi Banker Said to Be Indicted in U.S. Tax Fraud Case Bloomberg Businessweek

Resource-rich developed nations told ‘practice what you preach ICIJ

India: Curbing generation and outflow of black money are more important than bringing it back dna

U.S. May Close Door On Russian FATCA IGA Talks Tax-News

U.S.: Do-Nothing Congress Continues Helping GE, Apple, Other Multinational Tax Dodgers Yahoo Finance
See also: GOP Lawmakers Say Yes To $310 Billion For Business, But $12 Million For At-Risk Kids? Nope Huffington Post

Why Does Pfizer Want to Renounce Its Citizenship? Citizens for Tax Justice
See also:
Recent TJN blog Pfizer and Astrazeneca merger shows US and UK both lose from UK’s predatory tax regime
Pfizer’s Acquisition of AstraZeneca May Spur Rush of Tax-Avoidance Inversions (and Congressional Action) TaxProf
IRS Chief Says Agency Can’t Stop Companies’ Offshore Tax Deals Bloomberg Businessweek
Behind big US deals in Europe: avoiding taxes GlobalPost / Agence France Presse

Chairman of Silvio Berlusconi’s Mediaset Blasts Google, Facebook for ‘Neo-Colonialism’ The Hollywood Reporter
“Said it was unfair that foreign companies paid low taxes in Italy as founder Silvio Berlusconi battled his own tax evasion problems.”

Google Australia’s tax bill jumps tenfold The Sydney Morning Herald
“Despite the big increase, following a political backlash against the Australian arm of the technology giant, the tax bill is only 15 per cent of its Australian profits, which don’t count Google’s lucrative search business.”

Swiss Business Federation says Switzerland Must Enhance Its Perks For Corporates Tax-News

F1’s Ecclestone avoided potential £1.2bn tax bill BBC
See also this week’s Offshore Wrapper “In Formula One, everyone cheats. The trick is not to get caught.”

Tackling Tax Evasion: Bloomberg Follows Greece’s Fraud Squad Greek Reporter

Bill Black: GAO and Wall Street Journal Whitewash Huge Criminal Bank Frauds naked capitalism

How A Former Senior SEC Official Manipulated The System For His Clients’ And His Own Benefit Vice


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G20: Pressure rising on tax haven USA

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Will the G20 ever end the global problem of tax avoidance and tax evasion?

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