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15,000 US offshore tax evaders
May 17th, 2010
Significant Number of Offshore Asset Cases to be Done by End of Year, IRS Officials Say | US Law Watch | BNA International. As US Law Watch reports:

The Internal Revenue Service has assigned cases to agents for nearly all of the 15,000 taxpayers who came in under the special program to allow voluntary disclosures of offshore assets that ended last October, and expects a significant number of cases to be closed by the end of the calendar year, senior IRS officials said May 8.

As ever, you can be sure...
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Here’s What You Need To Know About BP’s Insurance Setup
May 4th, 2010
Here’s What You Need To Know About BP’s Insurance Setup. BP has caused one of the world’s biggest ever oil spills - and appears to have no idea what to do about it. So this report is not encouraging:

BP owns its key insurance company, Jupiter Insurance LTD, according to the company’s SEC filings.

Jupiter Insurance LTD. insures the company’s international oil and gas assets from a base in Guernsey, the offshore UK tax haven. It is likely located in a special purpose vehicle (SPV),...

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European Commission explicitly supports country-by-country reporting
April 23rd, 2010
The European Commission issued a paper this week entitled “Tax and Development: Cooperating with Developing Countries on Promoting Good Governance in Tax Matters”. Amongst its commentary is the following:

In order to enhance transparency and facilitate access of relevant data by tax administrations in developing countries, there is an increasing interest in a country-by-country reporting (CBCR) standard for multinational corporations operating in developing countries. The Commission supports the timely conclusion of ongoing work being done by the OECD with respect to a CBCR guideline, which should then be referred in the OECD Guidelines for...

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Investments for development: Derailed to tax havens
April 22nd, 2010
I have written a report with the above title for a group of mainly Scandinavian NGOs.The summary says:

Development Finance Institutions (DFIs) are state owned companies located in European countries that invest their capital in developing countries for the express purpose of advancing development in those places by promoting investment in local business. In this respect their activities can be compared to that of the European Investment Bank (EIB) and International Finance Corporation (IFC) – a part of the World Bank. All these institutions are closely related...

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