tax havens

offshore accounts

Offshore Onshore And Luxembourg, The Black Heart Of Europe

“Corruption and the role of tax havens” was the headline of the annual workshop of the Tax Justice Network – and the word Luxembourg was heard quite often there. Two things are still playing around in my head: an exchange on the offshore bubble inside, not outside, of our Western countries – and the destructive role of Luxembourg when it comes to both taxation and finance.



hands tiedTC

Cyprus and Iceland: a tale of two capital controls

LONDON | March 6, 2015 | By Sigrún DavídsdóttirBoth in Cyprus and Iceland foreign funds flowed into the islands, in the end forcing the government to make use of extreme measures when the tide turned. These measures are normally called ‘capital controls’ which in these two cases hides the fact that the measures used are fundamentally different in all but name. In Iceland, the controls contain the effect of lacking foreign currency, effectively a balance of payment problem – in Cyprus, the controls were a way of defending banks against bank run, i.e. preventing depositors to move funds freely.


swiss 21

Swiss leaks: HSBC under fire after admitting to have helped conceal $100 billion

MADRID | The Corner | After the biggest banking leak in history, British bank HSBC admitted on Sunday that its Swiss subsidiary systematically helped big fortunes dodge taxes and hide millions of dollars of assets. Switzerland and the whole industry are under the spotlight: long known for its banking secrecy, the country signed a fiscal transparency agreement with Brussels in 2004 which has proved insufficient. A new, enlarged version of the accord is being debated now and expected to be ready in 2018. But will it be enough? And what until then? 

 

 


No Picture

Spain’s Tax Agency to ‘urgently’ check on ten former tax havens

MADRID | As published on Monday by Negocio, Spanish tax inspectors believe the Tax Agency should take some urgent actions to close leaks of fiscal revenue. Bearing in mind the budgetary restrictions that the State is about to suffer, and that any legal change against fiscal fraud would require too long a process, one of their intended measures would be giving a new twist to the message that vice-president Soraya Sáenz de Santamaría…