Links Aug 15

Ending poverty devex

Switzerland proposes severe punishment for bank secrecy breach Zee News
A fresh setback to India’s efforts to get details of the so-called HSBC list from Switzerland. See also: Swiss Federal Council advocates better protection of bank client data Kuwait news Agency, reporting that “the relationship between the client and the financial institution in Switzerland will not be affected by the [Automatic Exchange of Information] AEOI”.

Switzerland “suffering under Brazil’s arbitrary tax decisions”  Financial Secrecy Media Monitor

HSBC Argentina under investigation for alleged tax evasion and money laundering Noticieros Televisa (In Spanish)
See also: HSBC raided in laundering investigation Buenos Aires Herald

UK regulator rates Cayman ‘high risk’ Compass Cayman

Controversy over QCs who give ‘deliberately misleading’ tax advice STEP

UK: HMRC says offshore trusts cannot use Liechtenstein settlement facility Financial Times (paywall)

UK: Call on your council to support Towns Against Tax Dodging ActionAid

Tax changes must be in tandem with other states – US chamber The Irish Times
See also TJN on Tax ‘competition’ – more accurately known as Tax Wars here.

The New Tax Fad: Are Corporate Inversions Fair? Bloomberg TV
Video briefly and clearly explains the inversion issue.


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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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