Links May 12

Asian logging companies ‘use British islands for tax dodging’ The Guardian
“Calls for crackdown as investigation finds huge Indonesian corporations evading tax through network of secret shell companies in British Virgin Islands and other tax havens.”

New Zealand: the Shell Company Incorporation Franchises naked capitalism

Swiss minister says tax deal with Italy possible by year-end Reuters
Potentially a useless agreement, like Rubik?

Credit Suisse chief urged to quit as tax spat nears end Financial Times (paywall)
Senior politician also saying Switzerland should allow Credit Suisse to fail, that: “The ‘too-big-to-fail’ preparations actually ought to be far enough advanced, that the state doesn’t have to intervene even if the existence of Credit Suisse is at stake”. See also: 2 Banking Giants Implore U.S. Authorities to Go Easy Dealb%k

Oh how beautiful is the tax haven of Panama? Die Welt (In German)

UK research foundation concerned about Pfizer bid for AstraZeneca: FT Reuters
See also recent blog: Pfizer and Astrazeneca merger shows US and UK both lose from UK’s predatory tax regime


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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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