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”

Related Posts

The Offshore Wrapper: the Panama Papers, one year on

Photos from the Protest outside PwC 1 Embankment Place, part of the Global week of action for tax justiceWelcome to the Offshore Wrapper – your weekly update from TJN.  Happy Paniversary! This week it’s been one year since the Panama Papers were leaked, and a number of organisations around the world have been marking the occasion though the global week of action for tax justice. In London, activists from the TJN and the […]


Protesting PwC: Professionals Without Conscience

Photos from the Protest outside PwC 1 Embankment Place, part of the Global week of action for tax justiceThis week is the global week of action for tax justice and on Wednesday 5th April activists from the Tax Justice Network and Methodists for Tax Justice held a protest outside the London offices of Price Waterhouse Coopers. The global week of action for tax justice is happening one year after the release of the […]


Germany moves forward on corporate transparency

ReichstagThe Bundesrat has today voted to recommend implementing a public register of the beneficial ownership of companies and trusts.  Great news from Germany, as the country takes an important step forward towards corporate transparency.


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 […]


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 […]


Leave a Reply

Your email address will not be published. Required fields are marked *

Back to Top