“The race to the bottom” is a well known phrase in offshore tax. It is the seemingly inevitable way in which tax havens are used to reduce both the headline and effective rates of tax charged on capital (such as corporation tax, taxes on investment income, capital gains and wealth). No one can deny that […]
The Observer has noted today that:
Northern Rock’s accountant PricewaterhouseCoopers is facing accusations of a damaging conflict of interest after it emerged that it earned bigger fees for helping the crisis-hit lender to sell on its loans, and borrow funds in the wholesale markets, than for auditing the business.
The bank’s annual report reveals that PwC was […]
I asked recently why no one was talking about the risks to ordinary people in the UK from the use of ’special purpose vehicles’ (SPVs) by banks such as Northern Rock’s Granite companies and HBOS’s Grampian set up.
Well, now the Observer has. Which is great news because people have to know that the City might […]
The Scotsman has reported that UK cabinet minster Tessa Jowell said at a Labour conference fringe meeting:
Over the past 10 years, as part of this process of global change, we have seen the arrival of the super-rich. And rich to a degree that would have been unimaginable 10 years ago. And I think that in […]
Nicholas Veron of the Bruegel Group was asked to advise the European Parliament on IFRS 8 and the EC’s report on its adoption. This is what he told them last week:
The IFRS 8 standard on operating segments was included in the IASB-FASB convergence program in February 2006 and subsequently adopted by the IASB in November […]
The EU Parliament’s Economic and Monetary Affairs Committee is to consider IFRS 8 on October 3. The resolution they will consider is here.
Three things are glaringly obvious. The Parliament is
1) quite unhappy about the EU process for approving IFRS
2) not convinced by objectiveness of the review undertaken by the EC on IFRS 8
3) not convinced […]
Just watch it!
Thanks to Duncan Wigan for the link.
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PWC has reported that
HMRC held a meeting with representatives of up to 100 financial institutions on 25 September 2007 in connection with offshore evasion by UK bank customers holding offshore accounts.
HMRC’s pursuit of suspected offshore evasion by UK bank customers with offshore accounts is now expanding in scope, beyond the five major UK banks targeted […]
The Guardian has noted that the back tracking on private equity has begun in the Treasury.
Gordon Brown said on Wednesday that:
Private equity will be dealt with in the PBR. I can assure you that we will do so.
Th[e] matter will be looked at in a few days and weeks and wherever there is a loophole […]
The following letter was published in the FT today:
Tax co-operation is essential for global business
Sir, Treasury ministers should take notice of the survey of large companies you report showing strong support for taxation of large European firms on a consolidated basis (”Europe’s business backs tax harmony, says poll”, September 25). The UK has been dragging […]
