Links Sep 23

U.S. Treasury moves against tax-avoidance ‘inversion’ deals Reuters
See additional links to press and blogosphere coverage via TaxProf Blog, and AstraZeneca shares fall as Obama thwarts tax inversion deals The Guardian

U.S. Business Shows Continuing Concern Over BEPS Tax-News
U.S. Business Roundtable says BEPS could hurt U.S. multinationals, includes a concern for “country by country reporting … to maintain its confidentiality”. See also recent TJN blogs on BEPS here and here.

India: Pressure on Switzerland on sharing bank account information The Economic Times
See also: Global spotlight on stolen data The Times of India, India urges all nations to join tax information pact The Financial Express, and recent blog OECD again pretends it’s solved the problem of financial secrecy

New Zealand banks baulking at global FATCA style initiative to combat tax evasion; Lobby group says the later we adopt it the better

Switzerland prepares to tighten screws on whistleblowers swissinfo / Reuters

Swiss cabinet presents plans for corporate tax reform swissinfo

Luxembourg Freeport  opens; officials deny it is “no-man’s land” Financial Secrecy Media Monitor

Azerbaijan: SOCAR Oil Deal Benefits Hidden Investors Linked To … SOCAR? Organized Crime and Corruption Reporting Project
Hat tip: ICIJ. Story involves “murky transactions” through a web of offshore entities.

France demands greater transparency from extractive industries EurActiv

DMS Consulting reports Spain before the European Commission for attacking the free movement of people and goods
In 2013 Spain introduced a high penalty on undeclared assets, where the entire undeclared asset is deemed income, taxable at 52% plus penalty of 150%. Now private lawyers are trying to get EU Commission to rule this is illegal according to EU law.

French rich hold €17bn in low-tax Belgium The Guardian


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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 […]


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 […]


Is tax avoidance at the heart of Ireland’s economic miracle?

AIB International Finance Centre Dublin - By Estoy Aquí (Own work) [GFDL ( or CC 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 […]


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 […]


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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