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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 29/07 New
Lowtax Editor Column, by Kitty Miv |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu
, Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 19/07 Expats
Turn Backs On US Taxes, Tax-News.com |
| 16/07
Congress Approves US Financial Reform Bill, Tax-News.com |
| 15/07 New
Lowtax Editor Column, by Kitty Miv |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-News.com
Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
| 09/07
Antigua Pursuing Trade Sanctions Against US, Tax-News.com |
| 08/07 New
Lowtax Editor Column, by Kitty Miv |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 05/07
Australian Mining Tax Agreement Reached, Tax-News.com |
| 02/07 Online
Trading For Expats, Investors Offshore special feature |
| 29/06 EC
To Extend Common System Of VAT, Tax-News.com |
| 28/06
Lowtax Dubai, annual update |
| 25/06 Jersey
Considers Tax Future, Tax-News.com |
| 22/06 VAT
Hiked In UK Emergency Budget, Tax-News.com |
| 21/06 Steady
Progress In TPP Negotiations, Tax-News.com |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
| 14/06 Ethical
Moonshine, Penelope Wise blog entry |
| 11/06 Germany
Purchases Stolen Tax Data Disc, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 07/06 G-20
Shelves Global Bank Tax, Tax-News.com |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 31/05
OECD And EU Strengthen Tax Cooperation, Tax-News.com |
| 28/05
Lowtax Guernsey, annual update |
| 25/05
Lowtax Jersey, annual update |
| 24/05 Lithuania
Summary PBTG Guide, added to Personal Business Tax Guide |
| 21/05
Lowtax Liechtenstein, annual update |
| 18/05 Latvia
Summary PBTG Guide, added to Personal Business Tax Guide |
| 17/05 Offshore
And The Euro, Jeremy Hetherington-Gore blog entry |
| 14/05 IO
Focus: Barbados, Investors Offshore special feature |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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STEP Comments On OECD Transparency Drive,
by Glen Shapiro, LawAndTax-News.com, New York 13 June 2006
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The Society of Trust and Estate Practitioners has argued this week that US
states are undermining an initiative by the Organisation for Cooperation and
Development (OECD) to track global financial data.
By continuing to incorporate anonymously-owned US companies for foreigners,
the states are ignoring new international "transparency" standards
even while their government demands that other countries adopt them, the Society
argued.
The OECD's recently issued report, "Tax-Cooperation: Towards a Level Playing
Field", looked at how 82 countries collect and exchange tax information.
The report was undertaken following complaints from small finance centres about
OECD countries demanding onerous data tracking obligations they were unwilling
to implement at home.
According to STEP, the OECD report showed that most small countries with international
finance centres have put in place mechanisms which enhance transparency and
exchange of information for tax purposes. But US states such as Delaware, Nevada
and Wyoming still fall far short of what the OECD is demanding of small countries
in terms of transparency and exchange of information.
In April 2006, a report by the US Senate’s General Accounting Office
(GAO) stated: “Most states do not require ownership information at the
time a company is formed and while most states require corporations and limited
liability companies to file annual or biennial reports, few states require ownership
information on these reports.”
The report also noted that most law enforcement officials interviewed by the
GAO had said they had closed cases “that reached dead ends because of
the lack of US company ownership information”.
Richard Hay, Co-Chairman of the International Committee of the Society of Trust
& Estate Practitioners, announced that:
"The OECD's bid to end harmful tax practices cannot just be for the little
people in the global economy. If companies with secret ownership merely migrate
out of small finance centres and into the US, what is the point of the OECD's
project?"
“The US General Accounting Office has complained that criminals are increasingly
using anonymous tax-free US companies to conceal their identity and illicit
activity. Virtually every US state still permits foreigners to establish such
companies, even while the OECD, backed by the US federal government, has hunted
them to near-extinction elsewhere".
Mr Hay went on to add:
“As the smaller jurisdictions meet or exceed regulatory standards in
the larger countries, discrimination against the smaller competitors looks increasingly
inequitable. Indeed, the OECD report states that financial centres that meet
the new transparency standards should be fully integrated into the international
financial system.”
“If the US federal government is unable to commit its states because
of the constitutional division of powers, then the states should be asked to
commit directly, just as the British overseas territories and crown dependencies
have done."
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| THE LOWTAX LIBRARY
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