Links Dec 11

Trial Delayed as Ex-Banker Charged in Swiss Secrecy Case Collapses The Wall Street Journal Moneybeat
See also Ex-HSBC Employee Falciani Said Indicted on Data Theft Bloomberg, and earlier blog Tax haven whistleblowers: where are the human rights organisations?

UK territories unite against public company registry Compass Cayman
This, despite: UK Overseas Territories 2014 Joint Ministerial Council communiqué “We commit to continue to work together in raising international standards to tackle money laundering, tax evasion, illicit finance and corruption, leading by example given the importance of our financial centres to the international financial system. We agree to meet again ahead of the G20 meeting of Finance Ministers and Central Bank Governors in February to agree a way forward on implementation of the G20 principles on beneficial ownership.” See also: Cayman says no to public access to beneficial ownership Cayman News Service, and earlier blog The UK tax havens and broken promises

A Repatriation Tax Holiday for US Multinationals? Four Contagious Illusions Tax Policy Center

If the US is not going to stand up to tax abuse then we’re all in trouble Tax Research UK

EU bank breaches own rules in Glencore Zambia tax dodging investigation International Business Times

UK ‘Google tax’ will target inter-company payments Reuters
See also:  The Google tax is “really on the margins” Tax Research UK, and Taxing Diverted Profits: The Empire Strikes Back Tax Analysts

Tax-Leaks ‘Tsunami’ Sees Luxembourg Push for Fiscal Law Bloomberg

Luxembourg tax files: Juncker ‘solved problems’ for Amazon move The Guardian
Web retailer’s former tax expert claims EU chief presented himself as a business partner who ‘helped solve problems’

Does this Disney tax strategy go too far? CBS

Swiss bank Lombard Odier targets Asia with Thailand’s Kasikornbank tie-up Financial Times (paywall)
“The partnership between Switzerland’s oldest private bank and Kasikornbank, Thailand’s second-largest bank by market capitalisation, follows similar deals Lombard Odier has set up in Japan, Australia and South Korea that give it access to domestic markets, where most wealth in the region is held.” Lombard Odier is also expanding in Latin America and the Caribbean: Bahamas ‘Hub’ On Lombard Odier’s Latam Expansion The Tribune, and apparently engaging in revolving doors: Head of Swedish buffer-fund inquiry joins Lombard Odier IM IPE

The good and bad news from UK’s HMRC on country-by-country reporting Tax Research UK

Ex-U.S. Fed chairman Volcker buys stake in Latvian bank MarketWatch

Ferrari said to weigh moving fiscal residence to outside Italy to save on corporate taxes Bloomberg

Guernsey ‘should do more’ to attract millionaires BBC
More on the topic of economic residency

U.S. generic drugs maker Mylan pays $50m in executive bonuses to ease tax bill Financial Times (Paywall)
Engages in “spinversion” via a Dutch company to slash corporate rates, and avoids the disincentive of personal taxes for executives and directors by paying bonuses.


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UN must defend target to curtail multinational companies’ tax abuse

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The BVI: Responsible for worldwide tax losses of $37.5 billion a year

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Event: Making Tax Work for Women in the UK and Globally

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Historic event on women, human rights and tax justice in Bogota

BogotaLast week civil society organisations, researchers, labour union activists and policy makers met in Bogota, Colombia to explore how tax justice issues can ensure governments, multinational corporations and others meet their obligations to women in order to secure their full range of human rights. The Women’s Rights and Tax Justice conference opened with a conversation […]


The Offshore Wrapper: the Panama Papers, one year on

Photos from the Protest outside PwC 1 Embankment Place, part of the Global week of action for tax justiceWelcome to the Offshore Wrapper – your weekly update from TJN.  Happy Paniversary! This week it’s been one year since the Panama Papers were leaked, and a number of organisations around the world have been marking the occasion though the global week of action for tax justice. In London, activists from the TJN and the […]


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