There is a very obvious mood for reform of the EU Savings Tax Directive right now. The FT summarised it this morning, saying:
Germany’s call for a clampdown on European tax havens won support on Tuesday from a majority of the European Union’s 27 member states, determined to tighten rules on bank secrecy, which they see [...]
The Times has reported that:
THE chancellor is to step up hostilities against Britain’s super-rich by pressing for sanctions against Monaco, the Mediterranean tax haven.
Under one proposal, to be discussed by Alistair Darling with European finance ministers on Tuesday, there will be a levy on any money transferred to a Monaco account from anywhere in Europe.
Withholding [...]
More from the OECD tax conference in South Africa:
The OECD’s Deputy Secretary General, Pierre Carlo Padoan, says capital flight to tax havens is harming the continent’s development.
He says while Africa is beginning to fulfil its economic potential, better tax revenues are needed to finance the infrastructure and the skills needed for a vibrant economy.
Read the [...]
Accountancy Age has reported that:
A global accountability report published today by the One World Trust, credits the International Accounting Standards Board for having the best developed external stakeholder engagement capabilities amongst 30 of the world’s most powerful global organisations.
As they say:
The news may come as something of a surprise to critics of the body, the [...]
I think the latest story in loss of tax data is illuminating. According to the BBC:
An investigation has been launched after the personal and financial details of more than 50 people [that] should have been delivered to the HM Revenue & Customs office in Cumbernauld …arrived at the headquarters of Insights Learning and Development Ltd [...]
Dennis Howlett was on the ball whilst I was away in Brussels that last couple of days.
First about the Revenue’s data loss. As he rightly said, this is an IT issue, not a tax one. Second, he was spot on to say that the ICAEW is wrong to say
that the causes are likely to be [...]
The Jersey Evening Post has a four page supplement tonight explaining how the States will deal with the ‘black hole’ arising from the 0 / 10 tax policy the Island has adopted. I have not read it all - in fact, it’s only been read to me in part because none of it is on [...]
I am aware that my latest comment on why Jersey and the Isle of Man will fail the EU Code of Conduct on Business Taxation has been well circulated in Jersey this weekend. I also hear that Senator le Sueur, its finance minister, has described it as a “rant” to which he will provide a [...]
Terry Le Sueur, finance minister of Jersey wrote to all members of the States of Jersey yesterday telling them why he thought Jersey will be EU Code of Conduct compliant when the Isle of Man was not. His letter reached me this morning and is available here. It’s worth a read to make sense of [...]
The EU Parliament approved the following motion concerning IFRS 8 this morning:
1. Accepts the Commission’s proposal to endorse IFRS 8 incorporating US SFAS 131 into EU law, which will require listed EU companies to disclose segmental information following the ‘through the eyes of management approach’;
2. Regrets that the impact assessment carried out by the Commission [...]
