KPMG have published a guide to the new domicile rule. It includes this fascinating flow chart:
I am not going to argue with one little bit of that. The fact is that it is not what is said that matters here, it is what is not said that matters.
There are two serious omissions. The first is [...]
The IMF has issued a report on its web site today but which is dated 21 March 2008. It is entitled ‘ Liechtenstein: Assessment of Financial Sector Supervision and Regulation’. It forms part of the IMF’s regulatory review process. These are the reports which most tax havens use to claim that they are incredibly well [...]
Jersey Law firm BakerPlatt (who, I admit I had never heard of) got themselves in Accountancy Age saying:
Having researched the background to some of the countries included, we question why countries that fall behind recognised international standards are on the list, whilst finance centres such as Jersey, the Bahamas and the Cayman are not.
I can [...]
This evening there is a private view for a new exhibition of art in Jersey. Some is from my friend and local activist Pat Lucas. More is from a nun, Sister Peter. The theme of the exhibition is Jersey, Island of Beauty and Contradictions.
Pat’s works emphasise this with regard to the tax haven status of [...]
It has been reported that:
HM Revenue & Customs (HMRC) has named private equity executive Mike Clasper as its new chairman.
He replaces Paul Gray, who quit after an embarrassing scandal that saw the HMRC lose the personal details of 25 million child benefit claimants.
Taking up the post on 1 August, he will be responsible for overseeing [...]
This is from the States again, but is another article that translates well:
The hoariest of tax chestnuts is that capital gains need to be taxed at a lower rate than labor to encourage capital formation and grow the economy. Because US economic growth depends on the growth of family businesses and entrepreneurs, rather than international [...]
I was intrigued by a comment that I noticed had been posted on AccountingWeb. In response to comments that I had posted Steve Pipe, who advises accountancy firms on how to maximise profits, said:
the only thing we really differ on is the judgement call as to what constitutes “acceptable tax planning”.
You clearly take a very [...]
I like this:
Our national debate on tax, such as it is, suffers from “experts” who typically know little to nothing of the history, practical rationale, moral basis, or economic benefits of tax. Their expertise is in delivering memorized talking points, not imparting understanding.
It’s true: the fact that it was written of the USA is beside [...]
KPMG have just published a case study on the new Advance Thin Capitalisation Agreements available from HM Revenue & Customs. The case study lays out the following scenario:
So “let’s start with a wholly artificial structure and let’s ask HM Revenue & Customs to agree all is OK” would appear to be KPMG’s opening gambit.
Good, isn’t [...]
Should the super-rich pay more tax? Are tax havens causing global poverty? Do low and middle-earners need a tax break? Should fair tax be the centrepiece of the Government’s programme?
Is it Time for Tax Justice?
Speakers
Rt Honourable Peter Hain MP
Brendan Barber, General Secretary, TUC
Polly Toynbee, Columnist, The Guardian
Richard Murphy, Director, Tax Research
Chair
Kevin Maguire, Associate Editor, Daily [...]
