France Targeting 3,000 Tax Evaders

September 2, 2009 International Tax CooperationOffshore BankingTaxation in FranceTaxation in Switzerland  No comments

French authorities are intensifying their search for tax evaders by brandishing a list of names, all suspected of using Swiss bank accounts for tax evasion purposes.

On the 30th of August it was announced by Eric Woerth, the French Budget Minister, that the French Government had obtained the names and account details of 3,000 French nationals who are suspected of using Swiss bank accounts to evade their French tax liability. Statements made regarding the list indicate that its information was attained by three banks who volunteered it up, along with the French government’s own investigations.

The list of names is surrounded in a shroud of secrecy, which has not yet been penetrated to reveal whose names are on the list, what banks gave up the information and whether it even originated fr...

Read More

UK State Inefficiency Eating Through Tax

September 1, 2009 Taxation in UK  No comments

New research shows that inefficiencies and waste within the United Kingdom’s public sector total almost half of it’s annual personal tax collection.

According to a research paper released by the Center of Economic and Business Research (CEBR) on the 23rd of August, inefficiency on the part of the UK public sector could be valued as high as ?58 billion. The research paper is based on information released quietly by the Office of National (ONS) Statistics on the 14th of August. The ONS information revealed that between 1997 and 2007 the productivity of the public sector in the UK had decreased by 3.4%. This lies in stark contrast to the market sector productivity, which had risen by 27.9%. Further, relative to the market sector, the cost of the public sector productivity had risen 30...

Read More

Tax Looms as Battleground for German Elections

August 31, 2009 Taxation in EUTaxation in Germany  No comments

The issue of taxation is growing to be a major deciding factor in the upcoming German elections.

Tax cuts, tax overhauls, job cuts, falling balances and rising deficits, phrases that are being drawn out with progressively higher frequency in the face of the upcoming German elections. Increasingly attention is being focused on three major parties within the election: the Christian Democratic Union (CDU) headed by Chancellor Angela Merkel, the Social Democratic Party (SDP) headed by Franz Müntefering, and the Free Democrat Party (FDP) who are currently the preferred coalition partner to CDU.

Germany faces a progressively worsening economic situation, its id facing a public sector deficit of 4...

Read More

Irish Commission on Taxation Released

August 28, 2009 Taxation in EUTaxation in Ireland  No comments

The Irish Government’s Commission on Taxation has released its report reviewing the Irish taxation system and its subsequent recommendations.

Today, the Commission on Taxation handed its report with over 250 recommendations regarding Ireland’s financial taxation system to Brian Lenihan, Minister of Finance. Due to errors in its indices, the 600 page report will not be made available to the public until early to mid-September. The report was originally requested to be complete on the 20th of September but has been completed ahead of the initial schedule.

Among others, the main recommendations include the introduction of water tax and increased carbon taxes...

Read More

Radical Transaction Tax Proposed in UK

August 28, 2009 Taxation in EUTaxation in UK  No comments

The idea for a new financial transaction tax in the UK has been floated by the chairman of Britain’s Financial Services Authority.

Lord Adair Turner, chairman of Britain’s Financial Services Authority (FSA), has proposed that the UK implement a tax on financial transactions, so as to detract from the appeal of wide-spread foreign currency speculation by financial institutions. The tax, which is often referred to as the Tobin Tax, would see a levy on capital flows. The rate of levy has not yet been discussed.

In its original form, the Tobin tax was envisioned as a global tax with it being implemented equally everywhere, as opposed to a selective number of nations...

Read More