More News

A Sea Change in Switzerland
May 30th, 2012
Yesterday Switzerland’s parliament approved a much-anticipated tax information exchange agreement with Germany. The country has made similar agreements with Britain and Austria and is already in talks with Italy to make a similar deal. Under the agreement, Swiss banks will make anonymous advance payments to German tax authorities for undeclared money. Germany stands to make big gains: lawmakers already plan to levy a retroactive tax of 21 to 41 percent on their citizens with undeclared accounts. With holdings of an estimated 222 billion euros ($291.8 billion) in Swiss accounts, about 60 percent of which are undeclared, German citizens can expect...
Continue Reading
OECD: OECD and India to enhance tax cooperation
June 15th, 2011
PARIS – The OECD and India have announced plans to strengthen ongoing co-operation on tax-related issues through the development of a three-year partnership that will provide greater opportunities for structured dialogue and sharing of information.
Continue Reading
U.S. Banks Picking Mexican Drug Cartels’ Side In The U.S.’s War On Drugs
May 19th, 2011
If I told you that while the United States is engaged in a costly war against illegal drugs and the vicious cartels that traffic them, U.S. banks are willfully flouting U.S. and Mexican laws and helping these cartels launder their money, would you believe me? For decades the U.S. has served as a safe haven for the ill-gotten finances of corrupt foreign leaders and their ilk. Former foreign government ministers, military leaders, and corrupt heads of state have mansions, businesses, and bank accounts here. The banks who facilitate much of these activities are required by law to conduct...
Continue Reading
Rich Countries Should Listen to the Developing World on Tax Co-operation
May 17th, 2011
Rarely have developing countries been more vocal and united on a question of international taxation. The vexed question of the status of the arcane-sounding “Committee of Experts on International Cooperation in Tax Matters” is hotting up, after rich and poor countries clashed at a United Nations meeting last month. The UN tax committee is charged with promoting international cooperation to deal with important issues such as taxing multinational companies across borders, and sharing best practice between countries. It has a specific mandate to take into account the specific needs of developing countries, which is why developing countries want to see...
Continue Reading
Follow @FinTrCo