More than 100 of Britain’s richest people have been caught hiding billions of pounds in secretive offshore havens, sparking an unprecedented global tax evasion investigation.
George Osborne, the chancellor, warned the alleged tax evaders, and a further 200 accountants and advisers accused of helping them cheat the taxman: “The message is simple: if you evade tax, we’re coming after you.”
HM Revenue & Customs warned those involved, who were named in offshore [...]
REPORT: Russian Banks Have $40 Billion At Risk In Cyprus
The “Wealth Tax” Contagion Is Rapidly Spreading: Switzerland, Cyprus And Now
It was only yesterday that we wrote about comparable problems to those which Russian depositors may (or may not be?) suffering in Cyprus right, this time impacting wealthy Americans and their Swiss bank accounts, where as a result of unprecedented DOJ pressure the local banks will soon breach all client confidentiality and expose all US [...]
bbc.co.uk
January 22, 2013
The Italian authorities have been accused of resorting to police state-style tactics with the introduction of a new weapon to hunt down the nation’s many tax dodgers.
The new procedure makes it possible to scrutinise any family’s spending pattern, and compare this with what it says it earns.
Tax evasion in Italy has been a chronic problem for generations.
The authorities say the equivalent of nearly 120bn euros (£100bn, $160bn) worth [...]
From Bloomberg:
Just before Christmas, I met with former Greek Finance Minister George Papaconstantinou, and he talked about how excited he was to spend the holidays abroad, where – unlike in Greece – he could roam freely without a security detail. His holiday didn’t go quite as expected.
On Dec. 28, Papaconstantinou was accused of removing names from a list of Greeks with Swiss bank accounts – the so-called Lagarde list – [...]
… The extension of the tax incentive allows for all film productions, including each individual episode of a television series, to a deduction of between $15 million and $20 million depending on the location of the production, reported Breitbart…
http://www.newsmax.com/US/Hollywood-incentives-tax-Obama/2013/01/01/id/469676
there is another story here about tax breaks for dems biggest supporters:
http://townhall.com/columnists/michellemalkin…
“Obama’s Tax Evaders of the Year”
Financial Crime in London’s “Parasites Paradise” – The Best Sanctuary Money Can Buy
By Prof. James Petras
October 11, 2012
Whenever financial swindlers prosper at the expense of investors or a bank jiggers interest rates to bugger their competitors or tax evaders flee fiscal crises or rent gouging petrol monarchies recycle profits or oligarchs pillage economies and drive millions to drink, drugs and destitution they find a suitable secure sanctuary in London. They [...]
Greek politicians fail their people. Nobody has the balls to go after the rich tax evaders, so they come up with lame excuses like, we lost the memory stick with the documents and their names. lol.
Can a memory stick bring down a political order? That is the question in Greece, where a tragicomic debate over what became of a list of nearly 2,000 Greeks with Swiss bank accounts is rapidly [...]
Swiss banks must lure affluent clients from emerging markets or face a “slow death” as the pursuit of tax dodgers by U.S. and European authorities results in outflows of assets, industry officals and investors said.
Western Europeans may pull as much as 135 billion francs ($139 billion), or 15 percent of their holdings, from Swiss banks, said Herbert Hensle of Cap Gemini SA. Bank Sarasin & Cie. AG reported last week that private [...]
Brit Dee, Contributor
Activist Post
HM Revenue and Customs, the UK government’s tax and customs department, has been accused of encouraging schoolkids to report tax evaders in their local area.
The allegation relates to a document available on the HMRC website, used as a ‘Citizenship’ module in schools to teach kids why they should become responsible taxpayers.
Page 2 of the Key Stage 4 lesson plan, designed for use by 14 to 16 year olds, involves a [...]
BERLIN (Reuters) – Authorities in the German state of North Rhine-Westphalia have bought a CD from Switzerland containing wealthy Germans’ bank details as part of a drive to identify tax evaders, the Financial Times Deutschland said in its online edition on Saturday.
The CD contains the names and bank details of some 1,000 wealthy Germans who are customers of the Zurich branch of Coutts, the private banking arm of Britain’s Royal [...]
By Quentin Fottrell
Those who order “Fifty Shades of Grey” in paperback generally pay sales tax, but in most of the country the e-book version is tax free. That may soon change.
Republican governors are gradually easing their longtime opposition to sales taxes on online purchases, The Wall Street Journal reported Monday. This will push up the price for the wide variety of tangible goods sold on sites like Amazon.com. (Amazon did not respond [...]
The latest round of threats about a Greek exit from the eurozone garnered attention in the Athens press, with one daily reporting that German Chancellor Angela Merkel may want to mete out exemplary punishment to Greece so as to dissuade other country’s from breaking the rules. The initial report was published in the Italian daily Il Messaggero.
The mounting pressure on Merkel to take decisive action to manage the European debt [...]
Source: NYT
As European leaders grapple with how to preserve their monetary union, Greece is rapidly running out of money.
Government coffers could be empty as soon as July, shortly after this month’s pivotal elections. In the worst case, Athens might have to temporarily stop paying for salaries and pensions, along with imports of fuel, food and pharmaceuticals.
Officials, scrambling for solutions, have considered dipping into funds that are supposed to be for Greece’s [...]
From Zero Hedge:
What is it about IMF heads and inserting foot or some other appendage in mouth, or some other orifice?
The Forelash (sic): It’s payback time: don’t expect sympathy – Lagarde to Greeks
Using some of the bluntest language of the two-and-a-half-year debt crisis, she says Greek parents have to take responsibility if their children are being affected by spending cuts. “Parents have to pay their tax,” she says.
Lagarde, predicting that [...]
IMF boss who caused international outrage when she suggested that Greeks should pay their taxes earns a tax-free salary
Kim Willsher
Guardian
May 29, 2012
Christine Lagarde, the IMF boss who caused international outrage after she suggested in an interview with the Guardian on Friday that beleaguered Greeks might do well to pay their taxes, pays no taxes, it has emerged.
As an official of an international institution, her salary of $467,940 (£298,675) a year plus $83,760 additional allowance [...]
Intro: After the elections the country is in even deeper chaos, ungovernable. The greek young lady: The politicians have decieved people for many years and we are in deep trouble. The man: In a fallen state, there is a lot of corruption (EU paper:) and criminal energy. Next man: With the correct numbers, Greece would not have been admitted to the Euro. The Greek Politician: Frau Merkel – the austerity [...]
Spain Bans Cash Transactions Over 2,500 Euros … Spain has outlawed the use of cash in business transactions in excess 2,500 euros in order to crack down on the black market and tax evaders. The motivations behind the push for digital currencies is exposed as Spain heads down the road of the Greeks in combating their sovereign debtcrisis. As the government scrambles for every tax dollar it can get its hands on, [...]
The Pain in Spain is too Big to be Contained
Courtesy of Phil of Phil’s Stock World
Depression.
Not the Economy (yet) but how I feel so far in my weekend reading. Even John Mauldin, who went against his wishes to ignore Spain this week, now echos my thoughts on the subject in an excellent overview of the situation. Russ Winter has a similar view in “Bernanke and Germany Wake up to a Merda Storm,” [...]
Now that the time has come to expect Greek March economic data, which will show an acceleration in the total financial collapse of a society which is merely used as an intermediary to bail out insolvent European banks, something that virtually everyone takes for granted, together with a third bailout package sometime in the late summer, we can focus on the more entertaining developments out of the country that has [...]
Instead, over three hours the tax collectors interviewed the staff, took a look at the books and then checked out the cash register receipts at the end of a busy night of dinner service.
“We’ve always had controls of various kinds, health and social insurance officials,” said Anna Leo, the restaurant’s owner. “But this was a first.”
The unexpected intrusion was part of a new, all-out war against tax evaders that Italian [...]
I found an article about the German reform from Reichsmark to D-mark.
So now came the D-mark. But what happened with saved assets, mortgage loans, other debts or assets? Immediately an escape into asset values set in when the first rumours of a future currency reform began to reach population in April 1948. But since no one knew much about it the reaction remained rather restrained. Only when the D-mark was [...]
Now you may argue that many of these must have been public sector “non-job” but if it was that or nothing why would someone not take it?
I know quite a few Greeks, albeit none working in the public sector, and they are generally honest, very hardworking, family centred and worried out of their minds about how they are going to care for their families. The imposition of the latest round of [...]
By www.thetrader.se
Ft.com
China’s December lending and money supply growth exceeded economists’ estimates, reports Bloomberg, with new loans totalling 640.5bn yuan ($101bn) for the month. M2 rose 13.6 per cent, comparedhttp://ftalphaville.ft.com/thecut/2012/01/09/822301/chinas-december-mone…
Mario Monti has defended a tough crackdown on tax evaders in luxury ski and coastal resorts, rejecting angry reactions from leading members of Silvio Berlusconi’s centre-right party whose support in parliament is vital for Italy’s new government of technocrats,http://ftalphaville.ft.com/thecut/2012/01/09/822291/monti-defends-tax-cr…
David Cameron has left open [...]
(As someone who uses cash for virtually every financial transaction, I find the premise of this article somewhat worrisome. About two years ago, I first began to realize that a Cashless Society is likely inevitable when I heard a bevy of terrorism “experts” proclaiming that when the “Underwear Bomber” paid for his airline ticket with cash, it should have been “a big red flag!” Paying cash is terrorist behavior?? Geez [...]
100 lawmakers to debt panel: Consider all options
Tax Evaders Face Greater Scrutiny as National Debts Pile Up
Q: Have you heard about McDonald’s’ new Obama Value Meal?
A: Order anything you like and the guy behind you has to pay for it.
– Conan O’Brien
The liberals are asking us to give Obama time.
We agree and think 25 to life would be appropriate.
– Jay Leno
America needs Obama-care like Nancy Pelosi needs a Halloween mask.
– Jay Leno
Q: What does Barack Obama call lunch with a convicted felon?
A: A fund raiser.
– Jay [...]
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