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European Commission’s Tax Transparency Package keeps tax deals secret
March 18th, 2015
The European Commission’s new measures to combat secret tax deals made between multinational companies and governments cannot be called tax transparency, as they fail to give citizens access to any information.  The Tax Transparency Package, published today in response to the Luxembourg Leaks scandal, makes some improvements to the information that tax administrations receive, but keeps tax rulings confidential, denying proper public scrutiny of governments’ tax administrations and large companies.  Tove Ryding, Head of Tax Justice at the European Network on Debt and Development (Eurodad), said: “This is not tax...
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The world can’t afford to exclude developing countries from new anti-tax evasion system
March 16th, 2015
BRUSSELS—Weeks after the shocking revelations of wide-spread tax evasion at HSBC’s Swiss branch, a new report from a European Commission expert group on the Automatic Exchange of Financial Information (AEFI) makes it clear that the world can’t afford to exclude developing countries from new anti-tax evasion measures. The expert group set out to address a number of questions around new efforts to clamp down on tax evasion through the automatic exchange of financial information between governments. Composed of business and industry associations, as well as some civil society groups, including the Financial Transparency Coalition (FTC), the panel concluded that...
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Leaked HSBC Records Shed Light on Culture of Corruption in the International Banking System
February 9th, 2015
WASHINGTON, DC – Leaked HSBC documents revealed today by the International Consortium of Investigative Journalists (ICIJ) highlight a culture of corruption in the international banking system that goes far beyond the world’s second biggest bank, noted Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization. Featured Sunday evening on CBS News’ 60 Minutes program, the files allegedly highlight how the Swiss branch of the bank meticulously catered to some of the world’s biggest dictators and criminals, and they are but the latest example of a global bank gone rogue.
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