Monthly Archives: July 2013

US blocks G20 crackdown on tax avoidance by net firms like Google and Amazon

"Senior officials in Washington have made it known they will not stand for rule changes that narrowly target the activities of some of the nation's fastest growing multinationals. The OECD plan has been billed as the biggest opportunity to overhaul international tax rules since a framework for bilateral tax treaties was first established after the first world war. In the case of Google, in 2011 French tax officials demanded €1.7bn (£1.47bn) in back taxes. Google settled the case, agreeing to paying €60m. The French president, François Hollande, said it was 'a model for effective partnership and is a pointer to the future in the global digital economy.'" Continue reading →

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Which States Are Most Drunk on Wine Taxes?

"I shared some fascinating details the other day about how federal taxes inhibited the development of America’s beer industry. And I’ve used a story about buddies sharing beer to illustrate the dangers of redistribution and class warfare. But this blog hasn’t paid much attention to wine. Well, thanks to this new map from the Tax Foundation, that oversight has been addressed. I reckon the politicians in Kentucky don’t have much use for those effete, wine-sipping bi-coastal elites?" Continue reading →

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French president auctions off wines in austerity fire sale

"The expected price of the wines range from 20 euros to 2,500 euros ($25 to $3,235) per bottle and include top-end offerings such as a Chateau Latour dating back to 1936, a 1990 Petrus and a slew of 1985 Romanee wines. The cellar at the Elysee was established in 1947 during the presidency of Vincent Auriol and now holds 12,000 bottles. Burgundy and Bordeaux wines will dominate in the auction but there are also offerings from Alsace, the Loire and the Rhone valley. Demand for wine from France, the world’s leading wine producer by value, is high especially from well-heeled buyers in China and the United States. China is the world’s biggest importer of Bordeaux wines." Continue reading →

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Idea of Euro Exit Finds Currency in Portugal

"A book by a Portuguese economist achieved a small feat on its release last month: It instantly topped Portugal's bestseller list. The book, 'Why We Should Leave the Euro' by João Ferreira do Amaral, has helped ignite a public debate in Portugal about the real cause of the country's economic pain. Communist parties in Portugal and Cyprus have turned against euro membership. Two parties in Italy's Parliament want a euro referendum. And two small anti-euro parties recently formed in depression-hit Greece. Even in prosperous Germany, angst about the cost of euro-zone bailouts has led to the launch of an anti-euro party, Alternative for Germany." Continue reading →

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Pot smoking to be reduced to ticketing offence in Switzerland

"A revision of the country’s drug laws, set to take effect on October 1st, will allow police officers to issue 100-franc ($105) tickets for people caught smoking a joint. On-the-spot fines will replace a court appearance in cases of cannabis possession involving amounts of 10 grams or less. The federal government issued a reminder of the planned change on Friday. It follows amendments to drug laws adopted by the senate and the house of representatives (national council) on September 28th 2012. If the person ticketed agrees to pay the fine, he or she can avoid appearing in court." Continue reading →

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EU retreats from olive oil ban after wave of ridicule

"Barely a week after it was announced for 'hygiene' and 'consumer protection' purposes, the EU commissioner in charge, Dacian Ciolos, rushed to the same press room to announce he was withdrawing the measure. The proposal would have banned jugs and dipping bowls of olive oil in restaurants from next year and was meant to prevent restaurant-goers from being served any old inferior oil. It had been pushed by big olive-oil producing countries. Critics immediately said it would push small artisan producers of olive oil out of business and was ignoring the fact that fraud mostly takes place before the oil is bottled and not at the restaurant table." Continue reading →

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Appenzell Innerhoden enjoys ‘pure democracy’

"Every year, voters from across the northeastern demi-canton, or region, of Appenzell Innerhoden flood into the Landsgemeindeplatz to elect their local leaders and judges — not by casting ballots but by raising their hands. The tradition of the Landsgemeinde, or open-air assembly, dates back to the 14th century. Historians say that back then, only men willing to go to battle to defend their community were allowed to vote — a right they for centuries have demonstrated by carrying a side-arm into the voting ring. 'This is the only place in the world, I think, where a weapon serves as voter ID,' says Rudolf Keller, the second secretary in the Appenzell cantonal government." Continue reading →

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French crackdown on tax cheats ‘to accelerate’

"He added there would be no amnesty for those with hidden bank accounts in Switzerland, the wealthy Alpine nation long accused of protecting the privacy of its clients over obligations to tax authorities in other nations. The finance minister's remarks came in the wake of a deal signed on Thursday in Paris between the countries that means inheritances will be taxed where the recipient, rather than the deceased, is living. The minister stressed he had no desire to harass the Swiss, over bank secrecy, but said he wished the country might become 'more European' and less isolated in its outlook." Continue reading →

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Spy-spotter: joke about scary visit came true

"A German man who called on Facebook friends concerned about American secret service operations to join him in a walk around a US army spy centre near his home, found secret service men at his door checking his political leanings. He said a state security agent arrived with a local police officer, and asked him a load of questions about his political activities and his opinions, and whether he had any connection to activists willing to use violence. They suggested his Facebook entry could be interpreted in different ways. In the end around 80 people showed up on Saturday to take a walk, have a talk and look at the US base." Continue reading →

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Indian jewellers join government’s gold bar and coin ban

"In a bid to support the Indian government’s efforts, jewellery retailers have decided to join in and curb investment into the precious metal. Several prominent retailers like Gitanjali Gems, TBZ and Tanishq, are to voluntarily stop sales. All India Gems and Jewellery Trade Federation, which has more than 40,000 members, has said that over 85% of its members have agreed to the ban. The rest are slated to join over the weekend. 'The jewellery community has come together in supporting the country in times of crisis. We are happy to help with this voluntary action,' said Haresh Soni, chairman of the Federation." Continue reading →

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