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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: tax haven

tax haven stories: 15 news summaries

(Newser) - UBS will hand over the names of 4,450 of its American account holders as part of a tax evasion settlement, the Wall Street Journal reports, and another 5,000 names will be produced under a special IRS amnesty program. UBS won’t pay a monetary fine. Those being... More »

MORE ABOUT:
Switzerland • UBS • tax evasion • settlement • tax haven • Swiss bank

(Newser) - Offshore tax havens may not be fair, but they’ve been around for decades. So why is President Obama taking them on now, Clinton Labor Secretary Robert Reich asks in Salon. It’s not to try to keep jobs here, as the White House claims; the move might even drive... More »

MORE ABOUT:
Barack Obama • universal health care • tax evasion • Robert Reich • tax breaks • tax haven • Obama administration • President Obama

 Big Biz, Dems Rebel 
 on Offshore Tax Reforms 

Business groups and lawmakers worry about effect on US competitiveness

May 5, 09 12:00 PM CDT
(Newser) - President Obama’s plan to crack down on the tax practices of US-based multinationals has elicited much squawking from business groups and lawmakers who fear it may limit the competitiveness of American firms, the Hill reports. Even Democrats have greeted Obama’s proposals with trepidation: “I want to make... More »

MORE ABOUT:
Barack Obama • Democrat • corporate tax • big business • tax haven • Obama administration • tax shelter

 White House Takes Aim 
 at Offshore Tax Dodges 

The Obama Administration will unveil details of its tax-haven crackdown today

May 4, 09 7:35 AM CDT
(Newser) -  White House plans to curb offshore tax avoidance will be rolled out today, the Wall Street Journal reports, with the target on both US multinationals and wealthy individuals who are sheltering an estimated $700 billion in US earnings overseas. The plan takes particular aim at “deferral,” which... More »

MORE ABOUT:
Barack Obama • tax evasion • tax breaks • tax code • tax haven • Timothy Geithner

Firms Fight Overseas Tax Changes Worth Billions

Last year's sheltered earnings could have brought US $20B

Apr 22, 09 11:10 AM CDT
(Newser) - Overseas tax reform plans in the works under President Obama would put a serious squeeze on top firms, which under current law can store foreign income abroad indefinitely, reports the Wall Street Journal. Ten of the biggest companies earned $58 billion in 2008 that’s now sheltered overseas—money that... More »

MORE ABOUT:
taxes • Treasury Department • tax haven • Obama administration • President Obama • tax shelter

UBS Announces $1.7B More
 Losses, 8,700 Job Cuts

Bank blames US tax fraud case for some of its 1Q losses

Apr 15, 09 7:52 AM CDT
(Newser) - Bad times are continuing for UBS in the wake of last year's record loss, the Guardian reports. The troubled Swiss bank reported a $1.75 billion loss in the first quarter, and announced plans to ax 8,700 employees—11% of its global workforce—sparking rumors that it plans to... More »

MORE ABOUT:
layoffs • Switzerland • UBS • earnings reports • tax evasion • bank • banking • tax haven

Report: US Loses $100B Yearly to Tax Havens

Tax Day release highlight burden tax-dodging firms put on taxpayers

Apr 15, 09 6:49 AM CDT
(Newser) - Corporations stashing their cash in tax havens cost the US—and ordinary taxpayers who shoulder the burden instead—$100 billion every year, the Huffington Post reports. A new report breaks down the loss through "shell companies and sham headquarters" by state, finding that the people of New York are... More »

MORE ABOUT:
taxes • tax evasion • Cayman Islands • tax dodge • tax haven

UBS Bans Its
Execs From Foreign Travel

Swiss bank facing US inquiry into tax dodge grounds managers

Apr 7, 09 6:56 AM CDT
(Newser) - UBS has banned managers who deal with foreign clients from traveling abroad, the Daily Telegraph reports. The Swiss bank, which has refused to give US investigators the names of 50,000 suspected tax dodgers, denied that the ban is to protect senior staff from American authorities. Analysts, however, see the... More »

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IRS • UBS • tax fraud • tax haven • Swiss bank

(Newser) - The G20 leaders have agreed to a plan to pump $1 trillion into the world economy, British PM Gordon Brown announced today; the agreement will also tighten global financial regulation and crack down on secret tax havens. The plan calls for:
  • The money available to the International Monetary Fund
... More »

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China • global economy • protectionism • G20 • tax haven • global stimulus

10 Tax Havens Agree to Curtail Bank Secrecy

Brown will announce G20 deal with Switzerland, Monaco

Mar 31, 09 9:01 AM CDT
(Newser) - Ten tax-haven nations—including Switzerland, Liechtenstein, and Monaco—will share information with other countries about suspected tax dodgers in a deal to be announced at this week’s G20 summit, the Telegraph reports. The deal is a coup for PM Gordon Brown, who is hosting the summit and who has... More »

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Gordon Brown • Switzerland • Monaco • Liechtenstein • G20 • tax haven

(Newser) - The IRS is challenging a series of tax-skirting deals engineered by the much-maligned AIG Financial Products unit, the Wall Street Journal reports. The deals exploited differences in international tax codes to reduce tax payments for foreign banks—many of the same banks the US government would later pay to... More »

MORE ABOUT:
IRS • AIG • Internal Revenue Service • tax code • bailout • tax haven

OPINION

Time to Forget AIG and Nab Offshore Cash

We're fretting about millions in bonuses, while firms hide billions

Mar 23, 09 11:40 AM CDT
(Newser) - Everyone’s aflutter about the AIG bonuses—but there’s a much more lucrative way to take Wall Street to task than obsessing over $165 million, writes Joe Conason in Salon. The government should instead focus on the billions that financial firms are putting in offshore tax havens. Corporate tax... More »

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Wall Street • tax evasion • bank • AIG • corporate America • tax haven

(Newser) - Even as Washington rails against AIG’s bonus giveaway, the insurer is quietly suing the government for $306 million in tax payments, the New York Times reports. AIG’s case hinges largely on its use of offshore tax havens, including one entity that handles executive compensation. It also says it... More »

MORE ABOUT:
lawsuit • AIG • Internal Revenue Service • tax code • bank scandal • bailout • tax haven

G20 Will Push
for End to
Tax Havens

Brown enlists Obama to help crack down on offshore facilities

Feb 19, 09 7:52 AM CST
(Newser) - Ahead of the G20 financial summit in London this April, Gordon Brown is pushing ahead with a major diplomatic effort to crack down on international tax havens that cost governments $150 billion a year. The British PM has held talks with fellow world leaders, including Barack Obama, reports the Guardian.... More »

MORE ABOUT:
Barack Obama • Gordon Brown • Switzerland • tax evasion • Cayman Islands • G20 • tax haven

 Out of Land,
 Monaco Eyes Ocean 

Tiny, rich principality wants landmark on stilts, but environmental concerns loom

May 22, 08 2:10 PM CDT
(Newser) - Monaco, flush with cash from tourism and its status as a tax haven, is trying to acquire the one thing it lacks: space. Its square mile of space is full (it's the world's second-most-densely populated country), moving Prince Albert II to decide to build an artificial offshore district—on stilts,... More »

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ocean • ecology • Prince Albert II • Monaco • environmental damage • tax haven

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