Credit Suisse, BNP Paribas U.S. Charges Said to Be Weighed Bloomberg Businessweek
“Prosecuting the companies would break with a past practice of brokering settlements with large banks that are considered integral to the financial system.” See also: Two Giant Banks, Seen as Immune, Become Targets Dealb%k, The Rise of Corporate Impunity ProPublica, and Swiss Enabler to Plead Guilty in Credit Suisse Tax Case Bloomberg Businessweek
G5 Agree Deadline For Automatic Info Exchange Tax-News
See also: Europe’s G-5 Finance Ministers Vow Strong Action on Tax Evasion, BEPS Transfer Pricing Watch. For background on information exchange see here, see TJN’s Briefing on the BEPS project here, and read on the BEPS Monitoring Group here.
Norway: Parliament President Thommessen’s tax haven tangle NewsInEnglish.no
Intriguing story on a Guernsey trust set up by the high-ranking politician, and a fight to break through confidentiality. “He suspected the links between the trust managers and island authorities were too close.”
Luxembourg news: “welcoming tax regime” and “lack of political baggage” promoted internationally Financial Secrecy Media Monitor
New Yorkers, Boris Will Save You! Bloomberg
“Boris Johnson, London’s the eminently quotable mayor, is reaching out to New Yorkers who might fancy a change of scenery if New York Mayor Bill de Blasio should decide to raise taxes.”
Australia: Singapore, Ireland top havens for multinational tax dodgers Sydney Morning Herald
Australian companies sent almost $60 billion to related parties in tax havens in 2012, with payments to Singapore and Ireland featuring high on the list, according to new data released by the Australian Tax Office.
Tax avoidance: The Irish inversion Financial Times (paywall)
Explains how US companies are shifting their headquarters abroad to protect growing overseas cash piles, and comments: “The popularity of inversions … undermines Ireland’s insistence that it is not a tax haven, making it more difficult to defend its system in an international climate that is turning sharply against tax avoidance.”
Ireland’s corporation tax to come under microscope again Independent
KPMG warns Irish tax deals for global firms near an end Irish Examiner
Also recent TJN blog: If Ireland is not a tax haven, what is it? A bagel?
The EU elections and tax Tax Research UK
Sad Pragmatism and Tax Incentives The Tax Analysts Blog