Links Aug 20

Swiss sanctions dilemma over Russia  BBC

Swiss Private Banks: Not a Pretty Picture Wall Street Journal

US fine provisions hit Swiss private banks swissinfo

It’s not just the Swiss – banks far from Switzerland should know what institutions there disclose Corporate Counsel

Foreign banks pack their bags in Switzerland swissinfo
U.S. & European banks leaving Switzerland, rumours of banks from Brazil, China & Singapore filling some of the gaps

Cayman Islands Chamber says UK’s FCA “High Risk” listing “Insulting and lacks credibility” and Cayman Finance accuses FCA of “hypocrisy” Cayman iNews
See also: Cayman news: Government “astounded” at being included on UK high-risk country list Financial Secrecy Media Monitor

Mexico Praised For Tax Transparency Tax-News

Tax Burden in U.S. Not as Heavy as It Looks, Report Says Dealb%k

UK Government restricts Liechtenstein route for tax disclosure Chartered Institute of Taxation

Is Global Income Inequality Really Falling? Slate

Banking corruption: more of the same. When will it end? Tax Research UK


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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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