Issues Regarding the Task Force

Momentum Builds for Global Crackdown on Tax Loopholes

September 26, 2011

LONDON – In a sign of growing anxiety about tax competition that costs governments billions of dollars a year, international economic policymakers are exploring the need for a global crackdown on tax loopholes.

Senators Introduce Bill to Stop Offshore Tax Havens

July 13, 2011

WASHINGTON, DC – Sen. Carl Levin, D-Mich., and several other senators have introduced a bill to close offshore tax loopholes and strengthen offshore tax enforcement.

Tax claims hit reputation as well as coffers

November 9, 2010

LONDON — Over the past fortnight, Vodafone stores across Britain have been blockaded by pro­testers wielding banners with the slogan “tax dodgers”. Orchestrated with the help of social media, the campaigners focused on a comparison between swingeing welfare cuts in the UK and what they claimed was Vodafone’s £6bn unpaid corporate tax bill – in spite of the figure being dismissed as an “urban myth” by HM Revenue & Customs. “If the rich paid their tax, you wouldn’t need to make a single cut to any essential service,” read one placard.

The fight against corruption: Naming and shaming

October 26, 2010

THE ECONOMIST—CONGRESSMEN working late into the summer nights to overhaul America’s system of financial regulation were surprised when Bono started lobbying them. Yet the rocker-cum-campaigner helped to insert a far-reaching change into the legislation they were drafting. It has nothing directly to do with America’s financial mess, but it will push forward the fight against corruption in the developing world, a cause which has made some much-needed progress recently.

Crackdown on tax evasion in attempt to help poorer countries

January 27, 2010

The Guardian — Large companies should reveal how much of their profits they pay in tax to developing nations to show they comply with local corporation tax regimes, Stephen Timms, the Treasury minister, will say tomorrow as part of a three-pronged effort to boost tax revenues in poor countries.

Illicit Money: Can It Be Stopped?

November 16, 2009

On May 4, the Obama administration announced a plan to crack down on offshore tax havens, which it said are costing the United States tens of billions of dollars each year. The President’s proposals were primarily aimed at finding ways to increase revenue from wealthy companies and investors who use loopholes in the law and offshore subsidiaries to reduce their US taxes. But the administration is largely missing a far more devastating problem related to offshore finance: money gained from criminal and other illicit sources. With the use of tax havens and other elements of an increasingly complex “shadow” financial network, vast sums of illegal money are being shifted throughout the global economy virtually undetected.

“Political Elites Ensure Continuing Flight of Dirty Money”

September 16, 2009

PARIS, Sep 16 (IPS) – Illegal capital flight in the form of corrupt, criminal and illicit commercial proceeds out of developing economies could be as high as one trillion dollars a year.

Tax Transparency Is Set To Increase

July 24, 2009

The emphasis on tax transparency at the April G20 meeting in London has not dissipated; rather, it has strengthened. Governments increasingly seem determined to implement serious change. Agendas have broadened from a strict focus on tax haven secrecy to measures in the area of corporate profit-shifting.

Tax proposals welcomed by charities

July 7, 2009

British charities have welcomed moves announced by the Government which could herald major improvements in the way tax is regulated internationally.

The UK supports Country by Country reporting standards and publishes study minimising transfer mispricing impacts on development

June 26, 2009

Finance ministers meet (sic) in Berlin on Tuesday 23rd June to review the international crackdown on tax havens. The meeting was organised by the French and German finance ministries and was also attended by Hans-Rudolf Merz, Swiss finance minister. Interestingly, this meeting has been the occasion for the UK to announce its support for Country by Country reporting in order to fight aggressive tax avoidance, informs recent article in the Financial Times.

UK in drive to extend global tax clamp

June 22, 2009

Stephen Timms, financial secretary to the UK Treasury, will push this week for a move towards “country-by-country” financial reporting for multinationals.

Country-by-country reporting could end transfer pricing misuse

June 18, 2009

For companies that use transfer pricing to avoid paying tax, news that country-by-country reporting is on the agenda of a meeting of G20 finance ministers in Berlin next week is bad news.

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