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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