Bandit Gang Writ Large

G20 vows to combat corporate tax avoidance

"G20 finance ministers meeting in Moscow have pledged to crack down on tax avoidance by multinational companies. The final communique said members were determined to develop measures to stop firms shifting profits from a home country to pay less tax elsewhere. The UK, France and Germany were the main movers behind the drive. The communique also said members would refrain from devaluing their currencies to gain economic advantage, amid fears of a new 'currency war'." Continue reading →

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UK Government and Isle of Man in deal to stop offshore tax evasion

"Under the agreement, a wide range of financial information on UK taxpayers with accounts in the Isle of Man will be passed automatically to HM Revenue and Customs (HMRC). A disclosure facility will allow account-holders to come forward and settle their past affairs before the details are automatically passed on to HMRC. The Treasury said the deal with the Manx authorities closely followed an agreement struck with the United States to improve international tax compliance." Continue reading →

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Cisco Won’t Buy Any US Companies Or Hire Any US Workers Until The Tax Code Is Changed

"Cisco has $46 billion in cash, but CEO John Chambers says he is no longer willing to use it to acquire U.S. companies. That's because 80 percent of that cash is stored in overseas accounts and if Cisco spends it in the U.S., the company will have to fork over 35 percent in taxes. For years, he has been trying to get the U.S. to change that tax rule. He's said before that this prevents him from hiring more U.S. workers. But now he's said he's also stopped shopping for acquisition targets in the U.S., too. Microsoft keeps about 87 percent of its $66.6 billion stored outside the U.S.; Oracle, 80 percent of its $31.6 billion; and Apple about 68 percent of its $121.3 billion." Continue reading →

Continue ReadingCisco Won’t Buy Any US Companies Or Hire Any US Workers Until The Tax Code Is Changed

You Should Be Able to “Dear John” The State

"Meet Ray. We'll call Ray a conscientious objector, because he acts out of conscience. People confine this term to those who object to military service. But why do those persons object? A conscientious objector is someone who wants the right to divorce a service provider or institution. He is disgusted by what is done in his name under the rubric of democracy, appalled at what is done with the money extracted from him in taxes. He wants to terminate his support. You may think Ray is noble until I tell you to what he objected: State schooling, otherwise known as 'public schools.'" Continue reading →

Continue ReadingYou Should Be Able to “Dear John” The State

India mulling further efforts to curb gold imports

"The world's biggest gold importer has been trying to get its population to buy less of the metal. Late January, the government hiked the import duty on gold and platinum to 6% from 4% to curb imports of the precious metal. However, realising that an import duty hike was in the offing, bullion retailers purchased 23% more gold in January this year, ahead of the duty hike. 'The shipment was the highest in 18 months and clearly undermined the government's efforts to cap imports. A purchase of 100 tonne in one month is 40% more than the monthly average. This has got the government worried once again,' said Baijal Pushpesh, bullion retailer." Continue reading →

Continue ReadingIndia mulling further efforts to curb gold imports

The Unsung, But Massive Obamacare Sales Tax Increase That Is On the Way

"In 2014, Obamacare will take effect, with many of the changes set to roll out over the next six months. There are a number of new taxes that the ACA will bring- twenty one to be exact- but the sales tax on the purchase of health insurance is by far the largest. The tax increases that remain on the books will cost taxpayers more than $675 billion over the next ten years. Chief among these will be the sales tax on the purchase of health insurance, totaling $101.7 billion, and making it larger than all the other industry-specific taxes combined." Continue reading →

Continue ReadingThe Unsung, But Massive Obamacare Sales Tax Increase That Is On the Way

Manny Pacquiao prefers to fight in China because of high U.S. taxes

"Manny Pacquiao's chief adviser insisted Monday that the Filipino superstar's preference is for his next bout – a fifth fight against Juan Manuel Marquez – to take place away from Las Vegas, with the off-shore Chinese gambling resort of Macau emerging as the 'favorite.' Michael Koncz told Yahoo! Sports that the 39.6 percent tax rate Pacquiao would face if he were to fight again in the U.S. makes a fall bout in Las Vegas 'a no go.' Promoter Bob Arum Arum said Pacquiao would not have to pay taxes if the fight takes place in casinos in either Singapore or Macau." Continue reading →

Continue ReadingManny Pacquiao prefers to fight in China because of high U.S. taxes

Iraq demands U.S. energy giant ExxonMobil end deal with Kurdistan

"Nuri al-Maliki also appeared to once again rule out production-sharing deals that Exxon has signed with Kurdistan, arguing that Iraq’s substantial oil reserves 'belong to all Iraqis,' an oft-cited phrase in Iraq’s constitution that central government officials see as justifying per-barrel service fees. The meeting was the first between Maliki and Exxon chief Rex Tillerson since the firm signed an agreement in October 2011 for oil exploration with Kurdistan, angering the central government in Baghdad, which regards deals signed without the expressed approval of the federal oil ministry as illegal." Continue reading →

Continue ReadingIraq demands U.S. energy giant ExxonMobil end deal with Kurdistan

Is America now the largest and most secret tax haven?

"According to the Financial Secrecy Index, America ranked #5 in 2011 in banking secrecy, trailing only after Switzerland, the Cayman Islands, Luxembourg and Hong Kong. America created FATCA to destroy its competition, forcing other countries to provide America with financial data while rejecting reciprocity. With America pushing Switzerland, the Cayman Islands, Luxembourg and Hong Kong to drop down the ranks in financial secrecy, will America finally succeed in achieving its goal of becoming the world’s largest and most secret tax haven at the expense of innocent Americans abroad whom it harmed in the process?" Continue reading →

Continue ReadingIs America now the largest and most secret tax haven?

Is America now the largest and most secret tax haven?

"According to the Financial Secrecy Index, America ranked #5 in 2011 in banking secrecy, trailing only after Switzerland, the Cayman Islands, Luxembourg and Hong Kong. America created FATCA to destroy its competition, forcing other countries to provide America with financial data while rejecting reciprocity. With America pushing Switzerland, the Cayman Islands, Luxembourg and Hong Kong to drop down the ranks in financial secrecy, will America finally succeed in achieving its goal of becoming the world’s largest and most secret tax haven at the expense of innocent Americans abroad whom it harmed in the process?" Continue reading →

Continue ReadingIs America now the largest and most secret tax haven?