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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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Luxembourg PM Calls For US 'Tax Havens' To Be Blacklisted,
by Ulrika Lomas, Tax-News.com, Brussels 03 April 2009
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Luxembourg Prime Minister Jean-Claude Juncker has suggested that US President
Barack Obama should look to the 'tax havens' in his own back yard before telling
the financial centres of Europe and elsewhere how they should be running their
affairs.
In a speech to the European Parliament on March 31, Juncker implied that it
was hypocritical of Obama and other world leaders such as UK Prime Minister
Gordon Brown to moralise over banking secrecy laws in the likes of Luxembourg,
Switzerland and Austria when it is still possible to set up companies in certain
low- or no-tax US states and provide the minimum of information to the authorities
about the ownership of the company.
Juncker argued that if countries like Luxembourg are facing the prospect of
being 'blacklisted' for their privacy laws, then so should the United States.
"The G20 has no credibility as an undertaking if Delaware, Wyoming or
Nevada or far-flung islands from the United States are not on the blacklist,"
he told MEPs, adding: "If there must be a blacklist then, America should
have its place on it."
Juncker said that by the end of the G-20 conference in London on April 3, it will be
possible to discern whether the US, the UK et al would have found a "real
solution" to the problems of regulating that world's financial system -
one which includes the United States - or whether Obama and Brown are merely posturing and
playing to the "public gallery" with their anti-tax haven rhetoric.
Nearly two million corporations and limited liability companies are formed
within the United states each year, but in many cases US states form these corporations
without asking for the identity of the corporation’s beneficial owners,
and this can make life difficult for law enforcement agencies when investigating
allegations of financial and other crimes.
A recent bill introduced into the US Senate would require state authorities
to obtain beneficial ownership information for the corporations formed under
their laws and to provide access to this information to law enforcement bodies
upon receipt of a subpoena or summons. A similar bill introduced last year was
co-sponsored by President Obama when he was a member of the Senate.
Michigan Democrat Senator Carl Levin, who also supports the crackdown on offshore financial centres
and has introduced a bill which attempts to neutralise banking secrecy, has
been pursuing this issue since 2000, when a Government Accountability Office investigation
found that just one individual had been able to set up over 2,000 Delaware companies and move USD1.4bn through company bank accounts.
The United states has drawn criticism from the Financial Action Task Force (FATF)
for its failure to comply with certain standards on the reporting of beneficial
ownership which the FATF warns could undermine attempts to thwart money laundering. It urged
the United States to correct this deficiency by July 2008.
For its part, Luxembourg, in an attempt to ensure it is omitted from any blacklist,
announced on March 13 that it intends to conclude more double tax treaties to
the benchmarks set by the OECD, thereby increasing exchange of information channels
in cases where fiscal crime is alleged to have taken place.
However, a government statement announcing the decision also pointed out that
OECD rules do not cover banking secrecy, and therefore Luxembourg will
maintain this "in order to maintain its depositors’ privacy.”
Luxembourg has already established a double tax treaty network covering more
than 50 countries, all following the OECD Model Tax Convention, although the treaty with
the US contains 'Savings' and 'Limitation of Benefits' clauses which can negate
the purpose of the treaty in some circumstances.
A comprehensive report in our Intelligence Report series
examining offshore confidentiality 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_report1.asp
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| THE LOWTAX LIBRARY
One of the web's largest and
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tax-planning in depth, including banking secrecy, the EU's savings tax
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Reports are available for immediate downloading or as subscription
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