These are my links for February 27th:
- Tax havens are getting more popular, more dangerous - and more useful - International Herald Tribune - The OECD says it does not want to put tax havens out of business. Nor do I. But I do want to end the secrecy they provide. That will, as it happens, put most of them out of business. The OECD knows that.
- Comment is free: Bringing banks to book - Prem Sikka on why the banks don't live up to their CSR claims
- 195 confess in German tax probe - Accountancy Age - The data was good. And I'm pleased to see Vince Cable thinks on balance it was right to pay to break a pariah like Liechtenstein.
- The sub-prime primer | AccMan - Another classic
- Treasury 'fag packet' tax regime blasted by CBI - Accountancy Age - Complete rubbish - if business can't make it without tax subsidies how entrepreneurial does the CBI think it is?
- FT.com / Companies / Financial services - Good governance pays better than bad - Offshore is sign of bad governnance. Tescos take note.
- Taxman swoops on 20 wealthy Aussies - Accountancy Age - More good news
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Having read the ABI report, it’s clear that offshoring is not a sign of bad governance in their definition.
You may believe offshoring to be a sign of bad governance, but it’s misleading to imply that the ABI has suggested that offshoring leads to poor share performance.
John
Offshoring is not the same as going offshore, in fact far from it.
The reality is that use of offshore can be a sign of poor governance. Think of all recent major corporate failures (Northern Rock included) and note that all involved an offshore element in the cause of downfall.
Richard
Sorry, I introduced an ambiguity while trying to be brief. What I mean is that ABI does not define tax-reducing offshore structures as a sign of bad governance, whether or not you believe them to be a sign of bad governance, and therefore it’s misleading to suggest that the ABI report finds a correlation between poor performance and tax-reducing offshore structures.
[isn’t the reason all major corporate failures have involved an offshore element simply because all major corporates *have* an offshore element? They’ve also all involved computers and people in suits, but it’d be hard to say that these were key factors in those firms’ downfall…]