Financial Transparency Coalition

Although most people don’t know this, the tailspin that Greece’s economy is in now did not begin in 2008, but rather in 2001, when it joined the euro. Although that statement doesn’t necessarily imply causality. The problem was there, but festering. When the financial crisis did get going, it didn’t so much create Greece’s problems, as it revealed them. At the beginning of 2010,Greece found itself on a precipice of financial ruin, driven by years of excess spending and borrowing and insufficient revenue. To prevent the country from defaulting on its debt, in May of 2010 the International Monetary Fund...

Friday's Top Stories from Global Financial Integrity

Today, the House Subcommittee on Financial Institutions and Consumer Credit held a hearing on a proposed IRS regulation which would allow the IRS to track the deposits of non-resident aliens in the United States. The United States functions as a tax haven for many non-resident aliens, as the IRS is unable to determine how much money is hidden in US banks. The IRS is seeking the regulation as part of a global effort to increase tax information exchange, and eventually collect revenue from more US tax evaders. Video is available here. Here's how it all works. The IRS collects information...

The EU could adopt a Common Consolidated Corporate Tax Base by early next year. Regrettably, participation will be optional for both member states and companies and no minimum tax rate will be applied, leaving the door open to increased tax competition.