Links Jul 3

Africa: Regional integrated tax systems needed to curb illicit financial flows New Vision
See also: Why Africa Must be at Heart of Global Tax Reforms Chimpreports.com

Switzerland Agrees Tax Regime Review With EU Tax-News

IMF Urges Caribbean To Cooperate, Not Compete Tax-News
Christine Lagarde, IMF Managing Director, says: “By definition, a race to the bottom leaves everybody at the bottom.”. See also our page on “Race to the Bottom” here.

Russian authorities to offer tax amnesty for offshore companies Russia Beyond the Headlines

Egypt’s richest man sentenced to prison for tax evasion Global Construction Review

Renzi Pressed to Put Google, Facebook Taxes on EU Agenda Bloomberg

Will the EU’s new anti-money laundering rules have teeth? Eu Observer

BVI: Premier signs tax-information agreement with Japan BVI Beacon
Described as “a move designed to bolster the reputation of the territory’s financial services.” Read here for resources on information exchange, and to understand why multilateral and automatic information exchange is needed, rather than bi-lateral and on-request.

India: Swiss money trail leads to gold and diamonds Business Today

Britain is a corporate tax haven – that’s why US firms are keen to uproot The Guardian

The days of banking blind are long gone Moneyweb
See also: An opportunity missed rather than a case settled Financial Times (paywall), and BNP fine sparks calls for cultural change Financial Times – BNP compliance officers repeatedly warned senior execs that the bank was breaking US law, and Swiss finance heavyweight slams BNP Paribas fine swissinfo

After BNP, U.S. targets range of firms in crackdown on illicit money flows Reuters

UK: Red faces at Serious Fraud Office over taxman’s fine The Independent


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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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