Friday, February 17, 2012

Links Feb 17

Banks urged to report suspected tax crime Financial Times
Feb 16 - Article on events TJN blogged earlier: FATF makes big step on tax evasion, must do more. Note: "While western banks already have obligations to report money suspected to be the proceeds of crime, including that of tax crime, there could be a difference between having rules in place and rules being followed, said Robert Palmer of Global Witness".

Zambia to audit miners, believes up to $1 bln owed
Reuters
Feb 7 - "Top African copper producer Zambia plans to audit all its mining houses in a bid to dig for back taxes of up to $1 billion it estimates it is owed."

What Occupy Nigeria Looks Like Huffington Post

Feb 15 - Reporting on the growing impact of the Occupy movement. After the government eliminated fuel subsidies - "This robbed Nigerians of virtually the only benefit of the country's oil wealth, and after remaining quiet for so long, Nigerians took a hint from Occupy Wall Street and Arab Spring and engaged in nationwide resistance against the government's actions."

See also:
Famed Author Chinua Achebe On The Occupy Nigeria Strikes Sahara Reporters

Jan 12 - "Nigeria's unrest can be eased by better, less-corrupt leaders. ... Any involvement of ordinary Nigerians in a non-violent (peaceful), organized, protest for their rights and improvement in their living standards, in my opinion, as a writer, should be encouraged..."

Tax Havens: Ireland is Europe's top corporate tax haven Finfacts
Feb 16 - "Microsoft explained to the US Securities and Exchange Commission (SEC) last year that its declining effective tax rate ... resulted from using Ireland, Puerto Rico and Singapore as regional sales centres for routing profits, because of their low-tax regimes." Hat tip: Offshore Watch.

Ireland: US secrecy law to pile pressure on International Financial Services Centre Irish Times

Feb 17 - The US's FATCA law seems set to make new and expensive demands on the international financial system, where Ireland is a huge player. See info Ireland's in TJN's Financial Secrecy Index.

Indians have $622 billion in tax havens AsiaOne
Feb 17 - Reporting in the SIngapore press - "India's top cop has spoken ... the jurisdiction in criminal law is territorial and does not apply to other nations. 'Criminals use such principles to their advantage by often spreading the crime over at least two jurisdictions and investing in a third,' MrSingh said."

Amsterdam and Dublin tax havens for Facebook Radio Netherlands Worldwide
Feb 17 - "Social media leader Facebook has set up a complex structure of foreign subsidiaries, stretching from Amsterdam and Ireland to the Cayman Islands in the Caribbean in order to avoid paying millions in tax to the US. ... Facebook’s Amsterdam office bears all the hallmarks of an unused space – no one actually works there."

Rubik under fire from European Parliament Europolitics
Feb 15 - "Germany and the United Kingdom are still ambiguous about their real intentions. They seem to be resigned to safeguarding Swiss banking secrecy in the context of the Rubik agreements ... But in the joint declaration they signed with the United States, Italy and Spain on the American FATCA, London and Berlin commit to working at international level ... to ensure that the FATCA gives rise to a “common model for the automatic exchange of information” that would sound the death knell for banking secrecy." Hat tip: François Gobbe".

Sarkozy denies tax haven slur swissinfo

Feb 17 - "French President Nicolas Sarkozy has said 'under no circumstances' does he want to fall out with Switzerland, adding for good measure that he 'adores Roger Federer'."

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