Links May 8

OECD: Countries commit to automatic exchange of information in tax matters
The OECD’s press release states “Bank secrecy for tax purposes is coming to an end”. Sounds good, but is rather over-optimistic at this point. For TJN’s views and briefings on information exchange see here.

Kenya: Lobby groups against double taxation pacts The Star
TJN-Africa’s Dereje Alemayehu says: “Businesses persons coming in because of low taxes are vultures not investors.”

Illicit financial flows impeding Zambia’s economy – TJN The Post Online

Economic Rent Seekers Hold Down Nigeria’s Progress allAfrica / Vanguard

Bangladesh: Amnesty for black money: a no-go The Daily Star

U.S. Seeking Guilty Plea From Credit Suisse Parent Bloomberg
See also: Not All DoJ Punishments Are Created Equal, Just Ask Credit Suisse And UBS Forbes

Coutts braced for hit from US tax inquiry into Swiss bank The Independent

Sweden slammed for keeping EU tax loophole open EurActiv

Switzerland To Retain Flat Tax For Wealthy Expats Tax-News

Swiss banks’ move ‘to aid graft fight’ China Daily

Dolce and Gabbana sentenced for tax evasion: no media mention of support with Luxembourg shell company Financial Secrecy Media Monitor

Cayman news: the case for offshore? Financial Secrecy Media Monitor

Record High Amount Of Canadian Cash Stowed In Tax Havens Huffington Post

Public registry of ‘beneficial owners’ and the consequences for Cayman The Cayman Islands Journal
Chair of the International Financial Centres Forum points out: “Criminals rarely self-report”. Though we clearly differ in perspective on the overall issue, this a valid point – see On Britain’s new honesty box for corporate fraudsters.

Pfizer cannot use UK as tax haven, Business Secretary Cable tells MPs BBC
See also: Even the FT thinks the UK may be turning into a tax haven Tax Research UK

It cuts both ways: The man who took Caffe Nero to task over its tax affairs The Independent
More on the story here

India Tax dispute: Vodafone serves arbitration notice; govt to drop peace offer The Economic Times

U.S. to use tax law on Russian banks AP
More on a story reported earlier. See also: Financial Action Task Force Cancels Moscow Summit The Moscow Times

Top 10 highest-earning hedge fund managers CBS\
“Income inequality got you down? Better avert your gaze … In all, they raked in more than $15 billion last year, or more than the Gross Domestic Product of Jamaica, Cambodia and Iceland”


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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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