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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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| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 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 |
| 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 |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 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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Swiss Bankers Condemn German Government In Tax Probe,
by Ulrika Lomas, Tax-News.com, Brussels 12 March 2008
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Swiss bankers have condemned what they see as underhand tactics being used
by German and other governments to obtain information about their own citizens'
financial affairs, in the light of the still-unfolding international tax evasion
scandal centred on Liechtenstein.
With Switzerland under renewed pressure from the OECD and European Union to
change its banking and tax laws, Urs Roth, the Swiss Bankers Association's second
highest official, defended Swiss legislation which classes tax evasion as an
administrative rather than a criminal offense, meaning that Switzerland is not
obliged to provide judicial assistance to other countries in such cases.
"Tax evasion is no trifling offense, but it's not a capital crime either,"
Roth was quoted as observing.
According to the report, foreigners have deposited an estimated CHF1 trillion
Swiss francs (USD950 billion) in Swiss banks. But by eliminating the distinction
between tax evasion and fraud - which is a criminal offense in Switzerland -
and by diluting banking confidentiality laws, Roth and other Swiss bankers argue
that the country's reputation as one of the best financial centres would be
damaged, perhaps irreparably.
One Swiss banker who has suggested that the current crackdown on banking secrecy
and offshore tax evasion could change the face of the Swiss banking industry
is HSBC Private Banking (Suisse) Chief Executive Peter Braunwalder, who last
week announced that he would be retiring in October 2008.
"I think it's time to leave the industry... when governments buy stolen
goods to basically get their way through," he was quoted as observing by AFP,
referring to the sale of a computer disc to the German intelligence service
by an ex-employee of Liechtenstein bank LGT, containing names of clients of the
bank's trust services business.
"I see this industry becoming more and more difficult...the German government
is doing things that shock me," he reportedly added.
Another Swiss banker who has been fiercely critical of the German government's
actions is Pierre Mirabaud, the head of the Swiss Bankers Association, who was
forced to apologise after comparing the tactics used by the German authorities
to obtain information for their tax evasion investigation to "methods worthy
of the Gestapo" whilst speaking on Switzerland's French language broadcaster
last month.
Mirabaud stated at the time that he did not expect the German tax evasion probe
to be extended to Switzerland, although the AFP has reported that a former employee
of Swiss private bank Julius Baer handed over confidential data on German clients
to tax authorities in Germany as long ago as April 2007.
Meanwhile, Swiss bank Vontobel has moved to fend off pressure from Germany
to throw open its books, after rumours that its Liechtenstein client base had been
leaked to the German authorities.
"Various media have reported on the possible involvement of clients of
Vontobel Treuhand AG, Liechtenstein, in the German tax affair," the bank
stated recently. However, it went on to add that:
"The German tax authorities are continuing to focus on client data from
the records containing information for the period up to 2002 that are known
to have been obtained unlawfully from a Liechtenstein-based financial institution.
Vontobel Treuhand AG, Liechtenstein, wishes to confirm that none of its client
data have been obtained unlawfully or used for improper purposes."
A comprehensive report in our Intelligence Report series
examining offshore banking jurisdictions is available in the Lowtax Library at
http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report3.asp
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| THE LOWTAX LIBRARY
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