From Alexander Lebedev in the New York Times:
“According to the Tax Justice Network, an independent group promoting efforts to curb tax avoidance, crooked business people, working with corrupt officials, have embezzled $30 trillion over the last 15 years — or half of the world’s annual gross domestic product.”
From The Guardian:
“Senators Carl Levin and John McCain had harsh words for the Justice Department and the Swiss government, too, as they released a 178-page permanent subcommittee on investigation (PSI) report into offshore tax avoidance.
The International Advisor magazine has just reported:
“Guernsey chief minister Peter Harwood resigned today, in the wake of publication of a critical article in the current issue of the British satirical and investigative publication, Private Eye.”
This refers to an excellent report entitled “Milking in Guernsey” by The Eye into the scandal-plagued Guernsey-based Channel Islands Stock Exchange (CISX,)
Bloomberg tax star Jesse Drucker has another fine article out about the Spanish retailer Inditex, the parent of high street retail giant Zara. We would urge you to read it. Among many other things, it contains:
“In the past five years, Inditex has shifted almost $2 billion in profits to a tiny unit operating in the Netherlands and Switzerland, records show. Although that subsidiary employs only about 0.1 percent of Inditex’s worldwide workforce, it reported almost 20 percent of the parent company’s global profits last year.”
A major new report from the indefatigable Citizens for Tax Justice in the U.S.
The Executive Summary begins:
The Sorry State of Corporate Taxes
What Fortune 500 Firms Pay (or Don’t Pay) in the USA And What they Pay Abroad — 2008 to 2012
We have remarked before on Dubai’s role as a particularly egregious and recalcitrant secrecy jurisdiction, harbouring some of the world’s worst scoundrels and their money: the likes of Indian master criminal Dawood Ibrahim, the arms dealer Viktor Bout, and many others. Dubai ranks 16th in our Financial Secrecy Index overall, and a pretty mucky 19th place (out of 82) when measured purely on its secrecy score. Read the whole fascinating story about how Dubai became a secrecy jurisdiction here.
Now, from Global Witness, a tale to confirm our concerns:
Revealed: Why Dubai’s first conflict gold audit never saw the light of day
25th February 2014
According to a former partner at Ernst & Young, the global accountancy firm turned a blind eye when a report of major audit failures at Dubai’s biggest gold refinery went unpublished. A Global Witness report released today, City of Gold,considers the implications.
Cross-posted from the Treasure Islands blog:
From the Financial Times, a short video entitled Bright Future for British Engineering? It looks at some promising stuff going on in the Advanced Manufacturing Research Park, a collaboration between the University of Sheffield and Boeing Corp.
The video is notable not just for the fact that the t-word is absent.
Recently we explored the welcome (if imperfect) news that the OECD had presented its report on a new global standard for countries and tax havens to exchange information with each other automatically: a brand new tool for fighting tax evasion. And a few days ago we reported on a European parliamentary vote to create public registries of companies and trusts in the EU.
Now, from Tax-News.com:
“European Union Tax Commissioner Algirdas Šemeta has confirmed that an agreement on plans to revise the European Union (EU) Savings Tax Directive is expected in March.