Tax-news.com reported late last week that:
Niue Premier Sani Lakatana revealed this week that the OECD has expressed concerns over the Government’s decision to retain its International Business Company (IBC) licensing regime, despite his recent announcement that the jurisdiction’s offshore banking legislation is set to be repealed.
At a meeting with Niue Financial Secretary Leonard Tukuitonga in [...]
The US Senate Permanent Subcommittee on Investigations issued the following press release this morning:
Permanent Subcommittee on Investigations to Hold Hearing June 17:
Tax Haven Banks and U.S. Tax Compliance
The Permanent Subcommittee on Investigations has scheduled a hearing, Tax Haven Banks and U. S. Tax Compliance, on Thursday, July 17, 2008, at 9:30 a.m., in Room 106 [...]
Jersey has published its figures for tax retained under the EU Savings Tax Directive in 2007. The press release they put out is misleading. I thought it would be useful to compare the 2007 data with that for 2006 as an indication of how things are really going.
The data is as follows:
It’s important to note [...]
On Thursday (when I was at a conference and out of blogging action) the FT reported that:
The US Internal Revenue Service is to solicit the help of the world’s top accounting firms in its widening effort to clamp down on offshore tax evasion.
The IRS is planning to speak on Tuesday to six accounting firms about [...]
I’ve already written about Tax Havens: Creating Turmoil and the recommendations for change we make in it. There is a reason for all the effort expended in its creation: the recommendation made would have real, positive impact on the world. For example, if they had been adopted they would have reduced the impact of the [...]
I spoke at the meeting calling for tax justice in London this evening, supported by a wide range of organisations. This is what I said:
We have already heard this evening of the need for tax justice for a great many people who live in this country. I wholeheartedly agree with what has been said. But [...]
The FT has reported that:
Baugur, the Icelandic investment group that owns much of the British high street, could move to the UK in the wake of the conviction on book-keeping offences of executive chairman Jon Asgeir Johannesson.
Lawyers for Baugur, whose sprawling retail portfolio includes House of Fraser and Hamleys in the UK, are investigating whether [...]
The Treasury Committee (TC) announced on 30 April 2008 that it had “decided to undertake an inquiry into Offshore Financial Centres, as part of its ongoing work into Financial Stability and Transparency” and asked for written evidence to be submitted .
Writing a 73,000 word submission was not on my agenda at the time. In fact, [...]
UBS is fighting for its survival, not just in the US, but quite possibly around the world following the exposure of the corporate corruption at the heart of its tax practise in the USA. But in the Observer today a senior UBS official is quoted as saying:
It does look bad. Everyone is pretty upset.
The Swiss [...]
Deeply confusing and contradictory messages are coming out of the Channel Islands.
Guernsey has submitted its evidence to the Treasury Select Committee hearing on Offshore Financial Centres and says Guernsey is
* An effective regulatory regime that meets or exceeds international standards on financial regulation, anti-money laundering and controlling the financing of terrorism;* International co-operation on regulation [...]
